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 deed of trust involves three parties...






3. 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.






4. Includes real property plus personal property






5. Partially amortized loan - benefit






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






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






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






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






10. There are four basic characteristics of value






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






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






13. Property Manager ( which type of Agency)






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






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






16. ___market is where lenders go for money






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






18. What is easment?






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






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






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






22. ___loan - Covers more than one piece of property






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






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






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


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






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






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






29. 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.






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






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






32. The minimum withdrawal from a home equity LOC is






33. Advantages of FHA loans


34. High tension wire should be disclosed






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






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






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






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






39. ___ 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.)






40. The secondary market warehousing agencies are...






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






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






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






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






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






46. 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.






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






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






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






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