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

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3. ___ 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.)






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






5. Loan novation?






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






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






8. IRS Lein - Specific lein or general lein






9. 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.






10. 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.






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






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






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






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






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






16. High tension wire should be disclosed






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






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






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






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






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






22. Advantages of FHA loans

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23. ___ 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.






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






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






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






27. There are four basic characteristics of value






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






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






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






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






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






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






34. An ___ is a limitation on your rights






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






36. __ "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.






37. Must sign the Deed of Trust.






38. What is easment?






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






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






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






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






43. Includes real property plus personal property






44. 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.






45. The secondary market warehousing agencies are...






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






47. The minimum withdrawal from a home equity LOC is






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






49. ___market is where lenders go for money






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







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