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. Advantages of FHA loans


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






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






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. ___ 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.)






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






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






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






9. IRS Lein - Specific lein or general lein






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






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






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


13. Must sign the Deed of Trust.






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






15. ___loan - Covers more than one piece of property






16. ___market is where lenders go for money






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






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






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






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






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






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






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






24. '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?






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






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






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






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. Loan novation?






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






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






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






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






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






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






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






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






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






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






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






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






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






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






44. An ___ is a limitation on your rights






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






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






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






48. Partially amortized loan - benefit






49. 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.






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