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






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






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






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






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

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6. ___loan - Covers more than one piece of property






7. '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?






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






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






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






11. Property Manager ( which type of Agency)






12. What is easment?






13. Advantages of FHA loans

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14. Includes real property plus personal property






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






16. 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.






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






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






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






20. IRS Lein - Specific lein or general lein






21. 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.






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






23. 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.






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






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






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






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






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






29. High tension wire should be disclosed






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






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






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






33. There are four basic characteristics of value






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






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






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






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






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






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






40. ___ 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.






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

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






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






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






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






46. __ "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.






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






48. ___ 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.)






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






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