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PSI VA Real Estate Exam Questions And 100% Correct Answers
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PSI VA Real Estate Exam Questions And 100% Correct Answers...
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PSI VA Real Estate Exam Questions And 100%Correct Answers
Abstract of Title - ANSWER A history of the ownership of a parcel of land which lists
transfers of title, rights, and liabilities.
Accession - ANSWER The principle that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by mistake. Trade fixtures
not removed are "assessed" by the owner of the property.
ad valorem - ANSWER A prefix meaning "based on value". Most local governments levy
an ad valorem tax on property.
Adverse Possession - ANSWER A method of acquiring original title to property by open,
notorious and hostile possession for a statutory period of time; also referred to as
prescription. POACH.
Alienation Clause - ANSWER A mortgage provision which requires that the debt be paid
in full upon the transfer of title to the property, due on sale. Prevents loan assumptions.
Allodial - ANSWER Free and full ownership of rights in land by individuals, comprising
real property ownership in the United States.
appurtenance - ANSWER A right, privilege or improvement belonging to and passing
with the land.
Arm's Length Transaction - ANSWER Occurs between willing buyer and willing seller
with each party fully knowledgeable about the market. A buyer of real estate between
relatives, i.e. father & son, would not be an "arms length transaction".
, Arrears - ANSWER Not on time; late in making payments or in completing work. Interest
is paid in arrears.
Attestation - ANSWER The act of witnessing a person's signing of an instrument by a
notary public.
Attorney's Opinion of Title - ANSWER A statement issued by an attorney after analyzing
an abstract as to quality of title.
Avulsion - ANSWER Occurs in cases where there is a sudden loss of land through
nature.
Balloon Payment - ANSWER The remaining balance, at maturity, on a loan that has not
been completely repaid through periodic payments. Once paid, the outstanding balance
is zero. Partially amortized loan.
Bargain and Sale Deed - ANSWER An instrument conveying title which recites a
valuable consideration and commonly uses the words "bargain and sale" or words of
similar import.
Bilateral Contract - ANSWER A contract in which a promise is given for the promise of
another. It becomes binding when mutual promises are communicated. (A real estate
contract).
Blanket Mortgage - ANSWER A mortgage which covers more than one piece of real
estate. Often used by a developer in the financing of undeveloped lots. Contains a
partial release clause.
Blockbusting - ANSWER Any activity which attempts to drive prices down for the
purpose of causing transition from one ethnic group to another. This is a violation of
Federal Fair Housing Laws. Also called "panic selling".
buffer zone - ANSWER A means by which planners use space to separate two adjoining
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