BUNDLE OF PSI Real Estate EXAMS with Questions and Correct Answers Verified Solutions

An endorser of a note who does not guarantee payment of the note to the person to whom he immediately assigns it, and to all future holders, endorses it: - Answer without recourse. When a person endorses a note '''without recourse'" he is stating that the person receiving the note cannot tak...

What is Rule F? - Answer Requires that brokers use approved forms when applicable Keeps brokers in compliance with the Conway-Bogue decision What is Rule F-1? - Answer Permitted and prohibited forms modifications - Brokers may not alter the standard language as approved *Brokers may add informat...

Usury - Answer What is the practice of charging a rate of interest that is higher than is allowed by state law? Title Theory - Answer The lender is the owner of the mortgaged real estate according to what theory of mortgaged law? Suit of Action to Quiet Title - Answer What is filed in court to s...

Lien - Answer a monetary encumbrance that asserts the lienholder has a creditor's claim to a specific monetary interest in the property's value. Priority of liens - Answer for payment after a voluntary or forced property sale typically goes by date of recordation from first to the most recent. ...

What type of mortgage loan is likely to be tied to a publicly available index that is mutually acceptable to the lender and the borrower? - Answer adjustable mortgage rate The major advantage of ownership in severalty is - Answer flexibility in making decisions A broker lists several newly constr...

Easements by prescription - Answer Acquired when the claimant has made the use of anothers land for the prescriptive period. The claimant must have been continuous without owners approval, visible, open and notorious. Encroachments - Answer Illegal extensions of a building or some other improveme...