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






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






3. Includes real property plus personal property






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






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






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






7. ___ 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.)






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






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






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






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






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






13. What is easment?






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






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






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






17. 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.






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






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






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






21. Property Manager ( which type of Agency)






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






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


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






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


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






27. 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.






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






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






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






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






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






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






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






35. The minimum withdrawal from a home equity LOC is






36. ___ 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.






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






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






39. ___market is where lenders go for money






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






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






42. 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.






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






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






45. High tension wire should be disclosed






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






47. Must sign the Deed of Trust.






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






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






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