Nevada PSI Real Estate Salesperson Exam with complete solutions
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Course
Nevada PSI Real Estate Salesperson
Institution
Nevada PSI Real Estate Salesperson
Fungible - Answer- Replaceable
1031 tax deferred exchange - Answer- Under section 1031 of the Irs code, some or all of the realized gain from the exchange of one property for a like kind of property may be deferred. It is not a tax free event; however, in order to accumulate wealth the payment i...
Nevada PSI Real Estate Salesperson
Exam with complete solutions
Fungible - Answer- Replaceable
1031 tax deferred exchange - Answer- Under section 1031 of the Irs code, some or all
of the realized gain from the exchange of one property for a like kind of property may be
deferred. It is not a tax free event; however, in order to accumulate wealth the payment
is deferred.
Abandonment - Answer- The voluntary and permanent cessation of use or enjoyment
with no intention to resume or reclaim one's possession or interest . May pertain to an
easement of a property.
Abstract of title - Answer- A condensed version of the history of the title to a particular
parcel of real estate as recorded in the county clerks records; consists of a summary of
the original grant and subsequent conveyances and encumbrances effecting the
property.
Abutting - Answer- The joining, reaching, or touching of adjoining land. Abutting parcels
of land have common boundary.
Accelerated depreciation - Answer- A method of calculating for tax purposes the
depreciation of income property at a faster rate than would be achieved using the
straight line method. Note that any depreciations taken in excess of what would be
claimed using the straight line method is subject to recapture as ordinary income to the
extent of the gain resulting from the sale.
Acceleration clause - Answer- A provision in a written mortgage, note, bond or
conditional sales contract that in the event of default, the whole amount of the principal
and the interest may be declared due payable at once.
Accession - Answer- Title to improvements or additions to real property is acquired as a
result of the accretion of alluvial deposits alongside the banks of streams, or as a result
of the annexation of fixtures.
Accretion - Answer- An increase or addition to land by the deposit of sand or soil
washed up naturally from a river, lake , or sea.
Accrued depreciation - Answer- The actual depreciation that has occurred to a property
at any given date; the difference between the cost of replacement new( as of the date of
the appraisal) and the present appraised valued.
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Acknowledgement - Answer- A declaration made by a person to notary public or other
public official authorized to take acknowledgements that an instrument was executed by
him or her as a free and voluntary act.
Actual eviction - Answer- The result of legal action originated by a lessor, by which a
defaulted tenant I'd physically ousted from the rented property pursuant to a court order.
Actual notice - Answer- Express information or fact; that which is known; actual
knowledge.
Administrator - Answer- The party appointed by the county court to settle the estate of a
deceased person who died without leaving a will.
Ad valorem tax - Answer- A tax levied according to value; generally used to refer to real
estate tax. Also called general tax.
Adverse possession - Answer- The actual, visible, hostile, notorious, exclusive, and
continuous possession of another's land under a claim to title. Possession for a
statutory period may be a means of acquiring title.
Affidavit - Answer- A written statement signed and sworn on or before a person
authorized to administer an oath.
Agent - Answer- One represents or has the power to act for another person (called the
principal) . The authorization may be express, implied, or apparent. A fiduciary
relationship is created under the law of agency when a property owner, as the principal,
executes a listing agreement or management contract authorizing a licensed real estate
broker to be his or her agent.
Agreement of sale - Answer- A written agreement by which the purchaser agrees to buy
certain real estate and the seller agrees to sell, on the terms and conditions set forth in
the agreement.
Air lot - Answer- A designated airspace over a piece of land. Air lots, like surface
property, may be transferred.
Air rights - Answer- The right to use the open space above ones property. It can be sold
to build a skywalk or for a utility company to erect power lines.
Alienation - Answer- The act of transferring property to another. Alienation may be
voluntary, such as by sale, or involuntary such as through eminent domain.
Alienation clause ( due on sale clause) - Answer- Clause in a mortgage instrument that
does not allow the borrower to sell (without lender approval) on assumption or contract
for deed. If an attempt is made to do so without prior approval , all of the mortgaged
balance becomes due on the sale of the property.
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Allusion - Answer- The actual soil increase resulting from accretion.
Amendments - Answer- Changes to previously approved and adopted written
agreements are amendments. For example , in a condominium association and original
policy may allow the renting of units and later amend the rule requiring unit owners to
live in their units for at least one year before leasing.
Amentities - Answer- Neighborhood facilities and services that enhance a properties
value They are always outside of the property swimming pools, three car garages,
decks etc. that are on the property are called features.
Americans with Disabilities Act - Answer- A federal law, effective in 1992, designed to
eliminate discrimination against individuals with disabilities.
Amortization - Answer- The liquidation of a financial burden by installment payments
which include principal and interest.
Amortized loan - Answer- A loan in which the principal and interest or payable in
monthly or other periodic installments over the term of the loan.
Anticipation - Answer- An appraising principal created by the expectation of certain
future events cause and values to either increase or decrease.
Anti trust laws - Answer- The laws designed to preserve the free enterprise of the open
market place by making a little certain private conspiracies and combinations formed to
minimize competition. Violation of antitrust laws in the real estate business generally
involves either price-fixing parentheses (brokers conspiracy conspiring to set fixed
compensation rates )or allocation of customers or markets (brokers agreeing to limit
their trades or dealings to certain areas or properties).
Appraisal - Answer- An estimate of the quality , quantity, or value of something. The
process through which conclusions about property value are obtained; also refers to the
report that sets forth the process of estimation and conclusion of value.
Appraised value - Answer- An estimate of the properties present worth.
Appreciation - Answer- An increase in the worth or value of the property, due to
economic or related causes, which may prove to be either temporary or permanent;
opposite of depreciation.
Appurtenant - Answer- Belonging to; incident to; annexed too. For example, a garage is
appurtenant to a house, and the common interest in the common elements of a
condominium is appurtenant to each apartment. Appurtenances pass with the land
when the property is transferred.Powered by TCPDF (www.tcpdf.org)
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