PSI Real Estate National Exam Questions and Detailed Answers Latest Version Graded A+| 100% Correct solutions
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Psi national real estate
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Psi National Real Estate
PSI Real Estate National Exam Questions
and Detailed Answers Latest Version
Graded A+| 100% Correct solutions
A property is encumbered by a first mortgage of $60,000 and a
second mortgage of $23,500. The property has just been sold at a
foreclosure auction to a speculating investor for $88,000...
PSI Real Estate National Exam Questions and Detailed Answers Latest Version Graded A+| 100% Correct solutions A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sa le are included in these balances. Which of the following statements is FALSE regarding the distribution of funds? Correct Answer The second mortgagee receives nothing unless he forced the foreclosure auction. A major difference between freehold and nonfr eehold estates is that all freehold estates are? Correct Answer of indeterminable duration. An owner hired a construction company to build a swimming pool at a new home. The owner failed to pay the bill once the work was completed and the construction company filed a lien to obtain payment of the debt. The encumbrance created is called what? Correct Answer A mechanic's lien. Legal descriptions using the government survey system are NOT generally used in? Correct Answer The original 13 states. In the sale of property, there is often confusion over whether an item is a fixture or personal property . What is the best way to avoid this confusion? Correct Answer Specify questionable items of property in the written sales contract. A tenant rented an apartment, signing a 15 -month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? Correct Answer Tenancy at will. Although states make specific laws governing water rights and rights in land that borders water, most states generally follow one of the two basic doctrines regarding wa ter rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where? Correct Answer Water is scarce. A lawsuit for inverse condemnation may be brought by? Correct Answer A homeowner. A deed restriction is applicable to the activities of? Correct Answer All owners, present and future. Building codes are? Correct Answer Ordinances that specify construction standards. A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? Correct Answer Conditional use permit or zoning variance. An Environmental Impact Statement (EIS) Correct Answer Projects the impact on the environment of a proposed project. According to the principle of progression, a three -bedroom, one -story home is MOST likely to bring the highest sales price if located in a neighborhood in which? Correct Answer Most homes are larger than the sale home. A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest? Correct Answer A competitive market analysis to determine the property's value. All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT the? Correct Answer Straight -line method.
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