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






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






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






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






5. Includes real property plus personal property






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






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

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8. There are four basic characteristics of value






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






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






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






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






13. The minimum withdrawal from a home equity LOC is






14. 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.






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






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






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






18. ___ 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.






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






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






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






22. 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.






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






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






25. 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.






26. Must sign the Deed of Trust.






27. Advantages of FHA loans

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






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

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






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






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






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






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






35. An ___ is a limitation on your rights






36. High tension wire should be disclosed






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






38. IN Reg Z Advertising which states only __is permitted






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






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






41. ___ 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.)






42. Partially amortized loan - benefit






43. The secondary market warehousing agencies are...






44. ___market is where lenders go for money






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






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






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






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






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






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