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






2. An ___ is a limitation on your rights






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






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






5. Includes real property plus personal property






6. '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?






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






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






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






10. 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.






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






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






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






14. ___ 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.)






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






16. What is easment?






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






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






19. Property Manager ( which type of Agency)






20. The minimum withdrawal from a home equity LOC is






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






22. IRS Lein - Specific lein or general lein






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






24. High tension wire should be disclosed






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






26. 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.






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






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






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






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






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






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






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






34. IN Reg Z Advertising which states only __is permitted






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






36. The secondary market warehousing agencies are...






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

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38. ___market is where lenders go for money






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






40. ___loan - Covers more than one piece of property






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






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






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






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






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

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






47. 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.






48. Partially amortized loan - benefit






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






50. Loan novation?