Psi real estate quiz - Study guides, Class notes & Summaries

PSI NJ Real Estate Exam, PSI Practice Test Review Quiz 2024. Water Rights - correct answer The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - correct answer an agent to the broker and a subagent to the principal. Depreciation is calculated based on the - correct answer Cost of the building only. When a property owner uses his home as collateral for a loan and...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbrances are liens 2. All liens are encumbrances...

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an advance fee listing. an exclusive agency listing What critical aspect of the property inspection process MUST licensees convey to prospective buyers? 1. Difficulty of finding competent inspectors...

A legal description in land that includes language like "the old oak tree" or "the big rock" would be Metes and bounds As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. What should the licensee do? Encourage the buyer to have an authoritative party investigate the algae growth. All the following are protected classifications except Homosexuals As licensees usually work as indep...

MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and the sale price 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 a mechanic's lien. Legal descriptions using the government survey system are NOT ge...

All of the following would be considered real property EXCEPT a leasehold estate The servient estate in an easement appurtenant is the property on which the easement is placed Which of the following statements concerning encumbrances is NOT true All encumbrances are liens Which of the following is NOT a specific lien State inheritance taxes You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of a net lease If a husband and ...

The Office of Fair Housing and Equal Opportunity, which is a part of the___________________ enforces federal fair housing laws. Department of Housing and Urban Development (HUD) Federal laws outline seven protected classes what are they? Race, color, religion, sex, disability, familial status, and national origin. Some courts have upheld that discrimination based on sexual identity is protected under the prohibition of discrimination based on sex. The Civil Rights Act of 1866 prohibits...

Acknowledgment When a person who has signed a document formally declares to an authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the signature is voluntary and genuine. Adverse Possession Acquiring title to someone else's real property by possession of it. The possession must be open and notorious, hostile and adverse, exclusive, and continuous for more than 21 years. Bargain and Sale Deed A deed that implies the grantor owns ...

Loan to Value Ratio its the ratio of the loan amount to the property value, where value is the lesser of either appraised value or sales price LTVR= (loan amount/value) x 100 each discount point costs 1% of the loan amount, and means a discount of 0.25% off the mortgage rate amount paid for points= loan amount x number of points % equity is the amount of value or interest a homeowner has in a property less debts against the property equity= value - amount owed appreciation in value i...