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PSI VA EXAM WITH COMPLETE SOLUTIONS 100% PASS
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PSI VA EXAM WITH COMPLETE SOLUTIONS 100% PASS...
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PSI VA EXAM WITH COMPLETE SOLUTIONS 100% PASSWhat are the classes of real property? - ANSWER Residential, Agricultural and
Industrial
The price level at which supply and demand is equalled is called? - ANSWER Equilibrium
The Term "bundle of legal rights" is correctly contained in? - ANSWER The definition of
real property
According to law, trade fixture is: - ANSWER Personal property or Personalty
The procedure through which real property becomes sole property is termed as: -
ANSWER Severance
A ranger owns a tract of land when oil is discovered. Does the ranger own the oil? -
ANSWER Only if he reserved the rights to subsurface rights.
What is a trade fixture? - ANSWER Items/equipment affixed to the property necessary
for tenants trade/occupation.
The most important factor in the buying of a home is affordability, what is the second? -
ANSWER Location
Under common law agency, an agent's duty to keep the client informed of all relevant
facts is the duty of? - ANSWER Disclosure
The broker receives his commission when? - ANSWER The transaction is closed
, If a licensee discovers a latent defect in a property, he should discuss the problem with
the seller and then? - ANSWER Inform the potential buyer of the defect
Bob and Ann purchased an office building and held title as joint tenants with rights of
survivorship. Nancy died testate. Sam is the current owner of the building. - ANSWER
Owns it in severalty
An ownership interest that is dependent on annual occupancy intervals is: - ANSWER
Time-share
Which one of the following is an estate indefinite duration? - ANSWER Freehold estate
What is Cooperative? - ANSWER Own shares in property and has a lease on apartment
What is a servant tenant? - ANSWER When you must let your neighbor use your land to
access his property. I.E. in a land lock situation.
What is doctrine of prior appropriation? - ANSWER To determine the order of water
rights based on having a recorded beneficial use permit.
What is the most inclusive type of real property ownership? - ANSWER Fee simple
Notice given by one's presence on a land is - ANSWER Constructive
The law that required that contracts for transfer or real property be in writing in order to
be enforced in court is - ANSWER Statute of frauds
What is ministerial acts? - ANSWER They are routine acts.
Under an exclusive authorization to sell, the broker is due to collect compensation if: -
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