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






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






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

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5. ___ 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.






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






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






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






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






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






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






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






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






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






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






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






17. Includes real property plus personal property






18. ___ 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.)






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






20. High tension wire should be disclosed






21. The minimum withdrawal from a home equity LOC is






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






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






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






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






26. Advantages of FHA loans

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27. Must sign the Deed of Trust.






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






29. What is easment?






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






31. ___loan - Covers more than one piece of property






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






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






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






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






36. An ___ is a limitation on your rights






37. __ "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.






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






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






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






41. Property Manager ( which type of Agency)






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






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






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






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






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

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






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






49. Loan novation?






50. IRS Lein - Specific lein or general lein