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2021 SOUTH CAROLINA PSI REAL ESTATE EXAM PREP QUESTIONS & ANSWERS STUDY GUIDE GRADED A+.
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2021 SOUTH CAROLINA PSI REAL ESTATE EXAM PREP QUESTIONS & ANSWERS STUDY GUIDE GRADED A+.
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2021 SOUTH CAROLINA PSI REALESTATE EXAM PREP QUESTIONS &
ANSWERS STUDY GUIDE GRADED A+
1.) ooWhich ooof oothe oofollowing oodescribes oothe ootime oo"appreciation"?
A. ooKind oowords ooexposed ooto oosomeone ooabout oosomething oothey oodid
B. ooAn ooincrease ooin oothe oovalue ooof ooproperty
C. ooAn ooitem ooof oovalue ooon oobuying ooan ooindividual
D. ooNone ooof oothe ooabove oo- ooAnswerAnswer: ooB. oo
Appreciation oois oothe ooincrease ooin oothe oovalue ooof ooa ooproperty oodue ooto oochanges
ooin oothe oomarket ooconditions, ooinflation, ooor ooother oocauses.
2.) ooWhen ooownership ooof ooa oomortgage oois ootransferred oofrom ooone oocompany ooor
ooindividual ooto ooanother, ooit oois oocalled
A. ooAn ooassumption
B. ooAn ooassignment
C. ooAn ooassessment
D. ooAll ooof oothe ooabove oo- ooAnswerAnswer: ooB. oo
When ooownership ooof ooa oomortgage oois ootransferred ooor ooassigned oofrom ooone
oocompany ooor ooindividual ooto ooanother, ooit oois oocalled ooan ooassignment.
3.) ooA oomortgage ooloan oowhich oorequires oothe ooremaining oobalance oobe oopaid ooat ooa
oospecific oopoint ooin ootime oois oocalled ooa/an oo
A. ooBalloon oomortgage
B. ooEarly oodue oomortgage
C. ooMortgage ooof ooconvenience
D. ooPromissory oonote oo- ooAnswerAnswer: ooA. oo
A oomortgage ooloan oothat oorequires oothe ooremaining ooprincipal oobalance ooto oobe
oopaid ooat ooa oospecific oopoint ooin ootime oois ooa ooballoon oomortgage.
4. ooThe oofollowing ooreason ooaccounts oofor oowhy oobridge ooloans ooare oonot ooused
oomuch ooanymore:
A. ooMore oosecond oomortgage oolenders oonow oowill oolend ooat ooa oohigh ooloan ooto
oovalue
, B. ooSellers oowould oorather ooaccept oooffers oofrom ooBuyers oowho oohave ooalready
oosold ootheir ooproperty
C. ooNeither ooA ooor ooB oo
D. ooBoth ooA ooand ooB oo- ooAnswerD. ooBridge ooloans ooare oonot ooused oomuch
ooanymore oobecause oomore oosecond oomortgage oolenders oonow oowill oolend ooat ooa
oohigh ooloan ooto oovalue ooand oosellers oooften ooprefer ooto ooaccept oooffers oofrom
oobuyers oowho oohave ooalready oosold ootheir ooproperty.
5. ooA ootitle oowhich oois oofree ooof ooliens ooor oolegal ooquestions ooas ooto ooownership ooof
oothe ooproperty oois oocalled ooa oo__________ ootitle.
A. oogood
B. oocloudy
C. ooclear
D. oofree oo- ooAnswerC. ooA ootitle oofree ooof ooliens ooor oolegal ooquestions ooas ooto
ooownership ooof oothe ooproperty oois oocalled ooa ooclear ootitle. ooIt oois ooclear oobecause
oothere oocan oobe oono oochallenges oomade ooto ooits oolegality.
6. ooWhat oois oothe oocollateral ooin ooa oohome ooloan?
A. ooThe ooproperty ooitself
B. ooA ooperson's oogood ooname
C. ooThe ooamount ooof oosavings ooa ooperson oohas
D. ooThe oocurrent ooautomobile oothe ooperson ooowns oo- ooAnswerA. ooThe ooproperty
ooitself oois oothe oocollateral, ooand oothe ooborrower oorisks oolosing ooit ooif oohe oodoes oonot
oorepay ooaccording ooto oothe ooterms ooof oothe oomortgage ooor oodeed ooof ootrust.
7. ooThe ooadjustment oodate ooon ooan ooadjustable-rate oomortgage oois
A. oothe oodate oothe oointerest oorate oochanges
B. oothe oodate oothe oostock oomarket oogoes ooup
C. oo30 oodays oofrom oothe oodate oothe oomortgage oowas ootaken ooout
D. ooall ooof oothe ooabove oo- ooAnswerA. ooThe ooadjustment oodate oois oothe oodate oothe
oointerest oorate oochanges oo(adjusts).
8. ooWhat oois oothe oodeposit oomade ooby ooa oopotential oobuyer ooto ooshow oohe oois
ooserious ooabout oobuying ooa oohouse oocalled?
A. ooSerious oomoney oodeposit
B. ooEarnest oomoney oodeposit
C. oo"Nothing ooventured, oonothing oogained" oodeposit
D. ooDown oopayment oo- ooAnswerB. ooThe oodeposit oomade ooby ooa oopotential oobuyer
ooto ooshow oothey ooare ooin ooearnest ooabout oopurchasing ooa oohouse oois oocalled ooan
ooearnest oomoney oodeposit.
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