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






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






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






4. High tension wire should be disclosed






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






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






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






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






9. What is easment?






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






11. ___loan - Covers more than one piece of property






12. '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?






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






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






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






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






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






18. 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.






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






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






21. 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.






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






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






24. ___ 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.)






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






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






27. 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.






28. ___market is where lenders go for money






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






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






31. An ___ is a limitation on your rights






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






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






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






35. Property Manager ( which type of Agency)






36. Partially amortized loan - benefit






37. Must sign the Deed of Trust.






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






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






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






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






42. There are four basic characteristics of value






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






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






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






46. Loan novation?






47. Includes real property plus personal property






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






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






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