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PSI Exam Prep Oregon Real Estate Exam Questions and Answers
PSI Exam Prep Oregon Real Estate Exam Questions and Answers
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PSI Exam Prep Oregon Real EstateExam Questions and Answers
How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay? - -Writ of execution.
- A major difference between freehold and nonfreehold estates is that all
freehold estates _________. - -are of indeterminable duration.
- The economic characteristics of land are - -Scarcity, location, and
durability.
- At the time of harvest, crops that require annual planting are generally
considered to be - -Personal Property.
- A legal easement can be created by any of the following EXCEPT - -merger
of titles
- What type of map is MOST useful for describing the terrain of a very hilly
lot? - -contour map.
- Tenants are still in their rental property even though their lease has
expired. The landlord has given them written notice to quit and refused to
accept rent. They are - -Tenants at sufferance.
- The real estate contract for a specific property for use as an unlicensed
whiskey sales operation was forced to terminate. The termination was the
result of - -impossibility of performance.
- The purpose of requiring an earnest money deposit in a real estate sales
contract is to - -provide evidence of the buyer's intention to carry out the
contract.
- When one of the parties to an agreement fails to perform one of its
conditions, that contract is deemed to be - -Breached.
- A will has been drawn up leaving the family homestead to the owners'
granddaughter. Once that has been done, the owners may - -make any
changes they wish through a codicil or a later will.
- At the closing on June 15, the buyer is assuming a mortgage presently on
the property, on which the monthly interest charge is currently $600. The
seller has made the payment due on June 1. Assuming a VA mortgage, what
, is the adjustment made at closing? - -Debit the seller $300; Credit the buyer
$300.
- For Federal income tax purposes, which of the following are costs of
homeownership that may be deducted from gross income? - -Mortgage loan
interest, local property taxes, mortgage loan origination fees.
- 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.
- The buyer is assuming the mortgage presently on the property in the
mount of $110,000. What is the adjustment made at closing? - -Credit buyer
$110,000; no adjustment to the seller.
- A judgment has been properly recorded. Any subsequent purchasers,
whether they have actually examined the record or not, have been given - -
constructive notice.
- Under a land contract for deed, who retains fee ownership of the property?
- -Vendor
- A broker says, while showing a rural property, "This property has the
world's purest well water." This would be an example of - -an expression of
opinion, or puffing, which could lead to misrepresentation.
- Errors and Omissions insurance covers the broker for - -unintentional
misrepresentations
- Earnest money should be deposited into a trust account - -in a timely
manner, according to state laws.
- Antitrust laws prohibit competing brokers from all of the following EXCEPT -
-receiving compensation from both the buyer and the seller.
- A single parent of two preschool children makes an application to rent a
condo in a development intended for older persons that is 90% occupied by
people over the age of 55. In this case, the Federal Fair Housing Act protects
the - -condo owner from being forced to rent to the family because of the
age of over 80% of the occupants of the development.
- According to the Truth-in-Lending Act, if any "trigger terms" are used in an
ad, all of the following disclosures MUST appear in the ad EXCEPT the - -
prepayment penalties and rebates.
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