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






2. What is easment?






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






4. 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.






5. High tension wire should be disclosed






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






7. Partially amortized loan - benefit






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






9. There are four basic characteristics of value






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






11. Must sign the Deed of Trust.






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






13. The secondary market warehousing agencies are...






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






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






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






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






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

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






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






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






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






23. Property Manager ( which type of Agency)






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






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






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






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






28. __ "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.






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






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






31. ___market is where lenders go for money






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






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






34. An ___ is a limitation on your rights






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






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






37. ___ 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.






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






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






40. IRS Lein - Specific lein or general lein






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






42. 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.






43. ___ 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.)






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






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






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






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






48. Loan novation?






49. IN Reg Z Advertising which states only __is permitted






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