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






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






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






4. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.






5. The secondary market warehousing agencies are...






6. 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.






7. Covers more than one piece of property. (several lots on one note)






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






9. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000






10. ___ 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.






11. Property Manager ( which type of Agency)






12. '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?






13. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...






14. A principal's duties to an agent ar...






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






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






17. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings






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






19. An ___ is a limitation on your rights






20. This lease survives death and/or the sale of the property. No notice is required to terminate.






21. The minimum withdrawal from a home equity LOC is






22. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.






23. Which of the following instruments is the promise to repay a debt?






24. ___ is created when a licensee acts like an agent and others respond to those actions.






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






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






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






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






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






30. Must sign the Deed of Trust.






31. IN Reg Z Advertising which states only __is permitted






32. __ is a specific type of joint tenancy where the co-owners are husband and wife.






33. ___loan - Covers more than one piece of property






34. 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.






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






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






37. 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.






38. ___ 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.)






39. Loan novation?






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






41. Advantages of FHA loans


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


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






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






45. High tension wire should be disclosed






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






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






48. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.






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






50. IRS Lein - Specific lein or general lein






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