PSI REAL ESTATE test Questions Solved 100%
Correct
What is it called when a lender initiates a court process that will result in the public sale
of real property. - Answer Foreclosure
What is the legal term for a buyer? - Answer Vendee
What is the name of the party being represented in an agency relation ship? - Answer
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? - Answer Wraparound Mortgage
This is an attached item to a leased business property that can be removed by the
tenant prior to the lease expiration? - Answer Trade Fixture
What is the contract that allows a junior lien to take priority over the first mortgage? -
Answer Subordination Agreement
When title to real property is held by a single person, it is referred to as what form of
ownership? - Answer Severalty
The boundary line of real property and the line indicating where the building can be
built. - Answer Setback
What type of lease requires the lessee to pay the rent as well as the other cost in
maintaining a rented property? - Answer Net Lease
,"The Agency Act" Created in 1998 - Answer Transaction Licensee
What approach to values used when an appraiser determines the replacement amount
of a building, minus depreciation, plus the estimate land amount/ - Answer Cost
Approach
After a buyer's offer to purchase is accepted but before the buyer acquires legal title,
what type of interest is held? - Answer Equitable Title
The difference between the market value of real property and the mortgage debt
represents what value to the owner? - Answer Equity
What kind of mortgage is secured by real property as well as appliances? - Answer
Package Mortgage
What is the type of listing contract by which a seller can employ 16 real estate offices
simultaneously try to sell her real estate with only one commission be paid to the office
that finds a buyer? - Answer Open listing
Name of the major Pennsylvania law on fair housing and the year it originated? - Answer
Penn Human Relations Act of 1955
What is the limitation that is placed on the use of real property that is generally initiated
by a seller when the title is conveyed? - Answer Deed Restrictions
What is a particular parcel of land called over which an easement runs that benefits an
adjacent property? - Answer Servient easment
, If a victim of fraud or duress challenges the validity of a contract, what type of contract
classification would apply? - Answer Voidable
What is the act of directing prospective buyers toward particular areas of a community
without regard to financial qualification? - Answer Steering
This describes the interest rate for a whole year (annualized), rather than just a monthly
fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge
expressed as an annual rate. - Answer APR
How many acres are in a square mile? - Answer 640
What legal remedy allows one party in a contract to attempt to solicit the court to force
another contract party in default to fulfill the agreed upon contract terms? - Answer Suit
for specific performance
How would a contract be described if all the parties had met all their obligations? -
Answer Executed
With what type of deed does the seller guarantee good title to the buyer based upon
the seller's ownership interest? - Answer Special warranty deed
What occurs at the end of a mortgage when the loan amount is not fully amortized? -
Answer Ballon Payment
What is the amount of money called that could be lost to a seller is a buyer breaches the
sales contract? - Answer Earnest money deposit
Correct
What is it called when a lender initiates a court process that will result in the public sale
of real property. - Answer Foreclosure
What is the legal term for a buyer? - Answer Vendee
What is the name of the party being represented in an agency relation ship? - Answer
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? - Answer Wraparound Mortgage
This is an attached item to a leased business property that can be removed by the
tenant prior to the lease expiration? - Answer Trade Fixture
What is the contract that allows a junior lien to take priority over the first mortgage? -
Answer Subordination Agreement
When title to real property is held by a single person, it is referred to as what form of
ownership? - Answer Severalty
The boundary line of real property and the line indicating where the building can be
built. - Answer Setback
What type of lease requires the lessee to pay the rent as well as the other cost in
maintaining a rented property? - Answer Net Lease
,"The Agency Act" Created in 1998 - Answer Transaction Licensee
What approach to values used when an appraiser determines the replacement amount
of a building, minus depreciation, plus the estimate land amount/ - Answer Cost
Approach
After a buyer's offer to purchase is accepted but before the buyer acquires legal title,
what type of interest is held? - Answer Equitable Title
The difference between the market value of real property and the mortgage debt
represents what value to the owner? - Answer Equity
What kind of mortgage is secured by real property as well as appliances? - Answer
Package Mortgage
What is the type of listing contract by which a seller can employ 16 real estate offices
simultaneously try to sell her real estate with only one commission be paid to the office
that finds a buyer? - Answer Open listing
Name of the major Pennsylvania law on fair housing and the year it originated? - Answer
Penn Human Relations Act of 1955
What is the limitation that is placed on the use of real property that is generally initiated
by a seller when the title is conveyed? - Answer Deed Restrictions
What is a particular parcel of land called over which an easement runs that benefits an
adjacent property? - Answer Servient easment
, If a victim of fraud or duress challenges the validity of a contract, what type of contract
classification would apply? - Answer Voidable
What is the act of directing prospective buyers toward particular areas of a community
without regard to financial qualification? - Answer Steering
This describes the interest rate for a whole year (annualized), rather than just a monthly
fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge
expressed as an annual rate. - Answer APR
How many acres are in a square mile? - Answer 640
What legal remedy allows one party in a contract to attempt to solicit the court to force
another contract party in default to fulfill the agreed upon contract terms? - Answer Suit
for specific performance
How would a contract be described if all the parties had met all their obligations? -
Answer Executed
With what type of deed does the seller guarantee good title to the buyer based upon
the seller's ownership interest? - Answer Special warranty deed
What occurs at the end of a mortgage when the loan amount is not fully amortized? -
Answer Ballon Payment
What is the amount of money called that could be lost to a seller is a buyer breaches the
sales contract? - Answer Earnest money deposit
