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. Partially amortized loan - benefit






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






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






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






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






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






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






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






9. High tension wire should be disclosed






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






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






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






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






14. 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.






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






16. IRS Lein - Specific lein or general lein






17. Property Manager ( which type of Agency)






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






19. __ "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.






20. '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?






21. Includes real property plus personal property






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






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


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






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






26. Advantages of FHA loans


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


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






29. Must sign the Deed of Trust.






30. There are four basic characteristics of value






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






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






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






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






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






36. Loan novation?






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






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






39. ___ 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.)






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






41. ___market is where lenders go for money






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






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






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






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






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






47. 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.






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






49. IN Reg Z Advertising which states only __is permitted






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