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. An ___ is a limitation on your rights






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






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






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






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






6. The secondary market warehousing agencies are...






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






8. High tension wire should be disclosed






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






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






11. Includes real property plus personal property






12. Property Manager ( which type of Agency)






13. '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?






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






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






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






17. IRS Lein - Specific lein or general lein






18. ___loan - Covers more than one piece of property






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






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






21. Advantages of FHA loans






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






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






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






25. Loan novation?






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






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






28. There are four basic characteristics of value






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






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






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






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






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






34. 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.






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






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






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






38. ___market is where lenders go for money






39. __ "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.






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






41. 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.






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






43. ___ 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.






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






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






46. ___ 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.)






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






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






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






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