PSI REAL ESTATE PRACTICE QUESTIONS AND ANSWERS (100% PASS)
7 views 0 purchase
Course
PSI
Institution
PSI
PSI REAL ESTATE PRACTICE QUESTIONS AND
ANSWERS (100% PASS)
The ability of the government to acquire real property against the owner for the
benefit of the public. - Answer️️ -Eminent Domain
When real property is conveyed to a party through a will. the real property is
referred by what term...
PSI REAL ESTATE PRACTICE QUESTIONS AND
ANSWERS (100% PASS)
The ability of the government to acquire real property against the owner for the
benefit of the public. - Answer✔️✔️-Eminent Domain
When real property is conveyed to a party through a will. the real property is
referred by what term? - Answer✔️✔️-Devise
What is the most complete estate in real property? - Answer✔️✔️-Fee Simple
What is an exaggerated term from a real estate agent,that would be considered not
true? - Answer✔️✔️-Puffing
What is the process of arriving at a final market value conclusion from the
estimates of three appraisal approaches to value? - Answer✔️✔️-Reconciliation
A document in which a borrower certificate the amount owed on a mortgage loan
and the rate of interest. - Answer✔️✔️-Estoppel Certificate
This type of mortgage is based on the collateral security pledge of two properties?
- Answer✔️✔️-Blanket Mortgage
The actual, visible, hostile, notorious, taking of another's land under a claim of title
for a statutory period of time. - Answer✔️✔️-Adverse Possession
A phrase in a contract that requires the performance of a certain act within a stated
period of time. - Answer✔️✔️-Time is of the essence
The use of borrowed money to finance the bulk of an investment. - Answer✔️✔️-
Leverage
What is another name for Regulation Z? - Answer✔️✔️-Truth in Lending Act
What is the type of listing contract in which the owners employ one real estate
broker but the owners pay no commission fee if they sell their real estate to
someone who has not contacted the broker? - Answer✔️✔️-Exclusive Agency
What is the official name of a tenant who remains in a leased property after the
lease expires. - Answer✔️✔️-Holdover Tenant
A typical business arrangement that is created when individual persons invest
money for real estate investments - Answer✔️✔️-Syndicate
This type of loan in which the principal as well as the interest is payable in
periodic installments over the term of the loan. - Answer✔️✔️-Amortized Loan
Number of member on the PA Real Estate Commission - Answer✔️✔️-11
What is the profit call from the sale of real estate according to the IRS -
Answer✔️✔️-Capital Gain
The fact that value must be exchanged between the parties to a valid deed refers to
what real estate term. - Answer✔️✔️-Consideration
What legal action can be sought in court by a mortgagee to recover lost money
when the public sale of a forced foreclosed property does not pay off the entire
mortgage debt? - Answer✔️✔️-Deficiency Judgement
Rights to enter and exit land? - Answer✔️✔️-Ingress & Engress
Real estate licensee who supervises an incorporated business that sell lists of
available apartment units to prospective lessees. - Answer✔️✔️-Manager of Record
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
3
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 OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
