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PSI REAL ESTATE – PART 2 Q&A
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PSI REAL ESTATE – PART 2 Q&A
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PSI REAL ESTATE – PART 2 Q&AThe ability of the government to acquire real property against the owner for
the benefit of the public. - Eminent Domain
When real property is conveyed to a party through a will. the real property is
referred by what term? - Devise
What is the most complete estate in real property? - Fee Simple
What is an exaggerated term from a real estate agent,that would be
considered not true? - Puffing
What is the process of arriving at a final market value conclusion from the
estimates of three appraisal approaches to value? - Reconciliation
A document in which a borrower certificate the amount owed on a mortgage
loan and the rate of interest. - Estoppel Certificate
This type of mortgage is based on the collateral security pledge of two
properties? - Blanket Mortgage
The actual, visible, hostile, notorious, taking of another's land under a claim of
title for a statutory period of time. - Adverse Possession
A phrase in a contract that requires the performance of a certain act within a
stated period of time. - Time is of the essence
The use of borrowed money to finance the bulk of an investment. -
Leverage
What is another name for Regulation Z? - Truth in Lending Act
What is the type of listing contract in which the owners employ one real estate
broker but the owners pay no commission fee if they sell their real estate to
someone who has not contacted the broker? - Exclusive Agency
, What is the official name of a tenant who remains in a leased property after
the lease expires. - Holdover Tenant
A typical business arrangement that is created when individual persons invest
money for real estate investments - Syndicate
This type of loan in which the principal as well as the interest is payable in
periodic installments over the term of the loan. - Amortized Loan
Number of member on the PA Real Estate Commission - 11
What is the profit call from the sale of real estate according to the IRS -
Capital Gain
The fact that value must be exchanged between the parties to a valid deed
refers to what real estate term. - Consideration
What legal action can be sought in court by a mortgagee to recover lost money
when the public sale of a forced foreclosed property does not pay off the
entire mortgage debt? - Deficiency Judgement
Rights to enter and exit land? - Ingress & Engress
Real estate licensee who supervises an incorporated business that sell lists of
available apartment units to prospective lessees. - Manager of Record
What is it called when a lender initiates a court process that will result in the
public sale of real property. - Foreclosure
What is the legal term for a buyer? - Vendee
What is the name of the party being represented in an agency relation ship?
- Principal
What the type of mortgage represents a junior lien in which the in which the
second lender is used to payoff the first lender? - Wraparound
Mortgage
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