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






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






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






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






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






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






8. Partially amortized loan - benefit






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






10. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






16. IN Reg Z Advertising which states only __is permitted






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






18. High tension wire should be disclosed






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






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






21. Advantages of FHA loans


22. '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?






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






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






25. Includes real property plus personal property






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






27. Must sign the Deed of Trust.






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






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






30. 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.






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






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


33. IRS Lein - Specific lein or general lein






34. Property Manager ( which type of Agency)






35. 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.






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






37. ___market is where lenders go for money






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






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






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






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






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






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






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






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






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






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






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






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






50. What is easment?