Test your basic knowledge |

Brokers License

Subject : certifications
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Includes real property plus personal property






2. This will not impact of the seller's credit rating.






3. An agent's duties to his principal are...






4. IN Reg Z Advertising which states only __is permitted






5. Loans qualified to be purchased in the secondary market are called






6. ___ is a limitation on your rights. It may also be a cloud on the title






7. Property Manager ( which type of Agency)






8. For what group of buyers would the ARM be the least desirable?






9. ___ are imposed to control land use - development and methods and materials for construction.






10. The trustee has two functions in accordance with the Deed of Trust.






11. High tension wire should be disclosed






12. Broker- Salesperson - owner-property manager-> which agency?






13. 'Due on sale' clause states that the balance of the secured debt becomes due if the property is sold by the mortgagor without the mortgagee's approval. It is called?






14. An ___ is a limitation on your rights






15. One who acquires property under a deed is....






16. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.






17. This is a partially amortized loan with a final payment substantially larger than the others. The benefit of this type of loan is a lower interest rate.






18. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity






19. ___ gives the agent the power to perform only specific acts and no others.






20. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)






21. Ownership by two or more without rights of survivorship is called






22. __ clause - states that the lien is defeated when the debt is repaid.






23. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood






24. A property where there has been a murder or alleged haunting is called...






25. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___






26. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.






27. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___


28. Partially amortized loan - benefit






29. An attorney-in-fact is the holder of...






30. When the principal learns of those actions - if the principal accepts those actions - that creates agency___






31. The veteran must obtain a Certificate of Eligibility from the VA






32. IRS Lein - Specific lein or general lein






33. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest


34. A person who has real property willed to her by a relative is said to acquire title by...






35. Real estate investors can defer taxation of capital gains by making ___






36. The secondary market warehousing agencies are...






37. Lenders can deny credit if your sole source of income is__






38. Common law does not always takes precedence over...






39. Power given to a municipality to regulate and control the character and use of property for the health - safety and general welfare of the public.






40. On income producing property land can never be depreciated for...






41. ___ can protect a broker if the seller misrepresents property condition - the broker is unaware of the misrepresentation - and could not have detected it by visual inspection.






42. ___ is a loss of value due to outside factors. This is also called external obsolescence. It is incurable. (zoning - air pollution - noise - traffic - jobs - etc.)






43. When a principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying that agency - agency by __ is created.






44. The deed of trust involves three parties...






45. The insurance on the FHA loan is referred to as___






46. There are four basic characteristics of value






47. The minimum withdrawal from a home equity LOC is






48. __ "Due on sale" clause states that the balance of the secured debt becomes due if the property is sold by the mortgagor without the mortgagee's approval.






49. ____ - the refusal to lend in a particular geographic area - is prohibited.






50. ___loan - Covers more than one piece of property