SC PSI Real Estate Exam Prep..pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/SC%20PSI%20R
SC PSI Real Estate Exam Prep
Questions & Answers.
1. Which of the following describes the term appreciation?
Answer An increase in the value of property
2. When ownership of a mortgage is transferred from one company or individ-
ual to another, it is called
Answer An assignment
3. A mortgage loan which requires the remaining balance be paid at a specific
point in time is called a
Answer Balloon mortgage
4. The following reason accounts for why bridge loans are not used much
anymore
Answer More second mortgage lenders now will lend at a high to loan value. Sellers
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would rather accept offers from buyers who have already sold their property.
5. A title which is free of liens or legal questions as to ownership of the
property is called a title.
Answer Clear title
6. What is the collateral in a home loan?
Answer The property itself
7. The adjustment date on adjustable rate mortgage is
Answer The date the interest rate changes
8. What is the deposit made by potential buyer to show he is serious about
buying a house called?
Answer Earnest money deposit
9. A right-of-way which gives persons other than the owner access to our over a
property is known as an
Answer Easement
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10. Which best describes a subdivision?
Answer A housing development created by dividing a tract of land into individual
lots
11. When someone contributes to the construction or rehabilitation of a prop-
erty with labor or services rather than cash, that contribution is called
Answer Sweat equity
12. A two-step mortgage is defined as
Answer An adjustable rate mortgage with one interest rate for the first five or seven
years and a different rate for the remainder of the term
13. A legal document evidencing a person's right to or ownership of a property is
called a
Answer Title
14. If you were buying a house that include furnishing, you would receive a
written document transferring title to the personal property.This document is
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called a
Answer Bill of sale
15. An oral or written agreement that is binding in a court of law is called a
Answer Contract
16. The part of the purchase price of a property that the buyer pays in cash and
does not finance with the mortgage is called the
Answer Down payment
17. A female named in a will to administer an estate is called an
Answer Executrix
18. The greatest possible interest a person can have in real estate is called
Answer -
Fee simple
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