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






3. Must sign the Deed of Trust.






4. ___ 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.






5. __ "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.






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






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






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






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






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






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






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






13. IN Reg Z Advertising which states only __is permitted






14. High tension wire should be disclosed






15. 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.






16. '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?






17. An ___ is a limitation on your rights






18. 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.






19. Includes real property plus personal property






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






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






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






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






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






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






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






27. The minimum withdrawal from a home equity LOC is






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






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






30. Property Manager ( which type of Agency)






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






32. What is easment?






33. ___ 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.)






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

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






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






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






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






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






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






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






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






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






44. Partially amortized loan - benefit






45. 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.






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






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






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






49. ___loan - Covers more than one piece of property






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