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. IN Reg Z Advertising which states only __is permitted






2. ___ 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.)






3. 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.






4. What is easment?






5. Advantages of FHA loans


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






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






8. The minimum withdrawal from a home equity LOC is






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






10. High tension wire should be disclosed






11. Partially amortized loan - benefit






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






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






14. There are four basic characteristics of value






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






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






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






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






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. It is called?






20. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






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






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






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






32. ___market is where lenders go for money






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






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






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






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






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






39. 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.






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






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


42. An ___ is a limitation on your rights






43. __ "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.






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


45. Includes real property plus personal property






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






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






48. Property Manager ( which type of Agency)






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






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