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. 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.






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






4. ___ 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.






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






6. The secondary market warehousing agencies are...






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






8. ___ 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.)






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






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






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






12. 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.






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






14. __ "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.






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






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






17. High tension wire should be disclosed






18. 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.






19. An ___ is a limitation on your rights






20. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






28. ___market is where lenders go for money






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






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






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






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






33. What is easment?






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






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






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






37. IRS Lein - Specific lein or general lein






38. There are four basic characteristics of value






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






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






41. Includes real property plus personal property






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

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






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






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






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






47. Must sign the Deed of Trust.






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






49. ___loan - Covers more than one piece of property






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