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






2. What is easment?






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






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






5. IN Reg Z Advertising which states only __is permitted






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






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






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






9. An ___ is a limitation on your rights






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






11. ___ 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.)






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






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






14. There are four basic characteristics of value






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






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






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






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






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






20. 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.






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






22. 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.






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






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






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






26. Property Manager ( which type of Agency)






27. '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?






28. Must sign the Deed of Trust.






29. Loan novation?






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






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






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






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






34. IRS Lein - Specific lein or general lein






35. Advantages of FHA loans

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






37. The secondary market warehousing agencies are...






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






39. 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.






40. High tension wire should be disclosed






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






42. Includes real property plus personal property






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

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






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






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






47. Partially amortized loan - benefit






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






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






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