PSI REAL ESTATE test Questions Solved 100% Correct
4 views 0 purchase
Course
PSI Real Estate
Institution
PSI Real Estate
What is it called when a lender initiates a court process that will result in the public sale
of real property. - Answer Foreclosure
What is the legal term for a buyer? - Answer Vendee
What is the name of the party being represented in an agency relation ship? - Answer
Principal
PSI REAL ESTATE test Questions Solved 100%
Correct
What is it called when a lender initiates a court process that will result in the public sale
of real property. - Answer Foreclosure
What is the legal term for a buyer? - Answer Vendee
What is the name of the party being represented in an agency relation ship? - Answer
Principal
What the type of mortgage represents a junior lien in which the in which the second
lender is used to payoff the first lender? - Answer Wraparound Mortgage
This is an attached item to a leased business property that can be removed by the
tenant prior to the lease expiration? - Answer Trade Fixture
What is the contract that allows a junior lien to take priority over the first mortgage? -
Answer Subordination Agreement
When title to real property is held by a single person, it is referred to as what form of
ownership? - Answer Severalty
The boundary line of real property and the line indicating where the building can be
built. - Answer Setback
What type of lease requires the lessee to pay the rent as well as the other cost in
maintaining a rented property? - Answer Net Lease
,"The Agency Act" Created in 1998 - Answer Transaction Licensee
What approach to values used when an appraiser determines the replacement amount
of a building, minus depreciation, plus the estimate land amount/ - Answer Cost
Approach
After a buyer's offer to purchase is accepted but before the buyer acquires legal title,
what type of interest is held? - Answer Equitable Title
The difference between the market value of real property and the mortgage debt
represents what value to the owner? - Answer Equity
What kind of mortgage is secured by real property as well as appliances? - Answer
Package Mortgage
What is the type of listing contract by which a seller can employ 16 real estate offices
simultaneously try to sell her real estate with only one commission be paid to the office
that finds a buyer? - Answer Open listing
Name of the major Pennsylvania law on fair housing and the year it originated? - Answer
Penn Human Relations Act of 1955
What is the limitation that is placed on the use of real property that is generally initiated
by a seller when the title is conveyed? - Answer Deed Restrictions
What is a particular parcel of land called over which an easement runs that benefits an
adjacent property? - Answer Servient easment
, If a victim of fraud or duress challenges the validity of a contract, what type of contract
classification would apply? - Answer Voidable
What is the act of directing prospective buyers toward particular areas of a community
without regard to financial qualification? - Answer Steering
This describes the interest rate for a whole year (annualized), rather than just a monthly
fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge
expressed as an annual rate. - Answer APR
How many acres are in a square mile? - Answer 640
What legal remedy allows one party in a contract to attempt to solicit the court to force
another contract party in default to fulfill the agreed upon contract terms? - Answer Suit
for specific performance
How would a contract be described if all the parties had met all their obligations? -
Answer Executed
With what type of deed does the seller guarantee good title to the buyer based upon
the seller's ownership interest? - Answer Special warranty deed
What occurs at the end of a mortgage when the loan amount is not fully amortized? -
Answer Ballon Payment
What is the amount of money called that could be lost to a seller is a buyer breaches the
sales contract? - Answer Earnest money deposit
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
