Exam (elaborations)

Nevada PSI Real Estate Salesperson Exam Study Guide Solutions

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Course
Real Estate

Institution
Real Estate

Nevada PSI Real Estate Salesperson Exam Study Guide Solutions Fungible - ANSWER-Replaceable 1031 tax deferred exchange - ANSWER-Under section 1031 of the Irs code, some or all of the realized gain from the exchange of one property for a like kind of property may be deferred. It is not a tax fre...

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nevada psi real estate salesperson exam study guid

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Nevada PSI Real Estate Salesperson Exam

Study Guide Solutions

Fungible - ANSWER✔✔-Replaceable

1031 tax deferred exchange - ANSWER✔✔-Under section 1031 of the Irs code, some or all of the realized

gain from the exchange of one property for a like kind of property may be deferred. It is not a tax free

event; however, in order to accumulate wealth the payment is deferred.

Abandonment - ANSWER✔✔-The voluntary and permanent cessation of use or enjoyment with no

intention to resume or reclaim one's possession or interest . May pertain to an easement of a property.

Abstract of title - ANSWER✔✔-A condensed version of the history of the title to a particular parcel of

real estate as recorded in the county clerks records; consists of a summary of the original grant and

subsequent conveyances and encumbrances effecting the property.

Abutting - ANSWER✔✔-The joining, reaching, or touching of adjoining land. Abutting parcels of land

have common boundary.

Accelerated depreciation - ANSWER✔✔-A method of calculating for tax purposes the depreciation of

income property at a faster rate than would be achieved using the straight line method. Note that any

depreciations taken in excess of what would be claimed using the straight line method is subject to

recapture as ordinary income to the extent of the gain resulting from the sale.

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Acceleration clause - ANSWER✔✔-A provision in a written mortgage, note, bond or conditional sales

contract that in the event of default, the whole amount of the principal and the interest may be declared

due payable at once.

Accession - ANSWER✔✔-Title to improvements or additions to real property is acquired as a result of the

accretion of alluvial deposits alongside the banks of streams, or as a result of the annexation of fixtures.

Accretion - ANSWER✔✔-An increase or addition to land by the deposit of sand or soil washed up

naturally from a river, lake , or sea.

Accrued depreciation - ANSWER✔✔-The actual depreciation that has occurred to a property at any given

date; the difference between the cost of replacement new( as of the date of the appraisal) and the

present appraised valued.

Acknowledgement - ANSWER✔✔-A declaration made by a person to notary public or other public official

authorized to take acknowledgements that an instrument was executed by him or her as a free and

voluntary act.

Actual eviction - ANSWER✔✔-The result of legal action originated by a lessor, by which a defaulted

tenant I'd physically ousted from the rented property pursuant to a court order.

Actual notice - ANSWER✔✔-Express information or fact; that which is known; actual knowledge.

Administrator - ANSWER✔✔-The party appointed by the county court to settle the estate of a deceased

person who died without leaving a will.

Ad valorem tax - ANSWER✔✔-A tax levied according to value; generally used to refer to real estate tax.

Also called general tax.

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Adverse possession - ANSWER✔✔-The actual, visible, hostile, notorious, exclusive, and continuous

possession of another's land under a claim to title. Possession for a statutory period may be a means of

acquiring title.

Affidavit - ANSWER✔✔-A written statement signed and sworn on or before a person authorized to

administer an oath.

Agent - ANSWER✔✔-One represents or has the power to act for another person (called the principal) .

The authorization may be express, implied, or apparent. A fiduciary relationship is created under the law

of agency when a property owner, as the principal, executes a listing agreement or management

contract authorizing a licensed real estate broker to be his or her agent.

Agreement of sale - ANSWER✔✔-A written agreement by which the purchaser agrees to buy certain real

estate and the seller agrees to sell, on the terms and conditions set forth in the agreement.

Air lot - ANSWER✔✔-A designated airspace over a piece of land. Air lots, like surface property, may be

transferred.

Air rights - ANSWER✔✔-The right to use the open space above ones property. It can be sold to build a

skywalk or for a utility company to erect power lines.

Alienation - ANSWER✔✔-The act of transferring property to another. Alienation may be voluntary, such

as by sale, or involuntary such as through eminent domain.

Alienation clause ( due on sale clause) - ANSWER✔✔-Clause in a mortgage instrument that does not

allow the borrower to sell (without lender approval) on assumption or contract for deed. If an attempt is

made to do so without prior approval , all of the mortgaged balance becomes due on the sale of the

property.

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