Pa real estate exam - Study guides, Class notes & Summaries

Four definitions of value - Answer- 1. fair or equivalent return of goods/services or money for something exchanged. 2. Monetary worth of something 3. Relative worth, utility or importance of something 4. REAL ESTATE DEFINITION the present worth of future benefits that would be gained from owning real property Price vs. pricing positions - Answer- Price is the fixed end agreed upon sale price or final number agreed upon. Pricing positions refers to the listing price or proposed offer of a ...

PSI PA REAL ESTATE EXAM | Questions with 100% Correct Answers | Verified | Updated 2024

PSI PA Real Estate Practice Exam Questions And Answers The economic characteristics of land are - ANS scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - ANS are of indeterminable duration An easement can be terminated by - ANS merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - ANS Rectangular survey Tenants are still in their renta...

The economic characteristics of land are - scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - are of indeterminable duration An easement can be terminated by - merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written not...

PSI PA Real Estate Practice Exam Complete Questions And Answers

A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of - ️️anticipation Even after an offer has accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather then proceed to closing. Which of the following circumstances would NOT give either party a justifiab...

PSI PA Real Estate Exam/ 134 Qs & Ans/ . Terms like: Legal description using the government survey system are not generally used in? - Answer: the original 13 states An owner hired a construction company to build a swimming pool at a new home. The owner failed to pay the bill once the work was completed and the construction company filed a lien to obtain payment of the debt. The encumbrance created is called? - Answer: a mechanic's lien Building codes are? - Answer: ordinances that sp...

2023 PA Real Estate Exam Prep Verified answers latest update

Which of the following describes the term "appreciation"? A. Kind words expressed to someone about something they did B. An increase in the value of property C. An item of value owned by an individual D. None of the above - Answer- B. Appreciation is the increase in the value of a property due to changes in market conditions, inflation, or other causes. When ownership of a mortgage is transferred from one company or individual to another, it is called A. an assumption B. an assig...

PA Real Estate Exam Prep Questions (232 Correct Answers) 2024 UpdatePA Real Estate Exam Prep Questions (232 Correct Answers) 2024 Update