PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Appraisal ✔✔An estimation of a property's value, usually prepared by a
professional who is
licensed in this field.
Brokerage ✔✔The business of bringing people together in a real estate
transaction.
Commerical ✔✔The types of properties that include office spaces, shopping
centers, stores,
theaters, hotels, parking facilities, etc.
Development ✔✔The term for the construction of improvements upon the land.
Elevation Certificate ✔✔Insurance agents are required to obtain one of these on
any property
before issuing quotes for flood insurance.
Financing ✔✔The pledging of real property and collateral for the repayment of a
loan through a
mortgage or deed of trust.
,PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Flood Insurance ✔✔This type of homeowner's insurance policy covers "rising
water" problems
such as a burst water main, overloaded drains, and melting snow. It is usually an
optional add-on
policy that becomes effective 30 days after purchase, unless the property is in a
specific area and
is collateral for a federal loan, in which case it is a mandatory policy and
effective immediately.
Improvements ✔✔Additions to property that increase its value or enhance its
appearance. It can
include buildings, fixtures, and landscaping.
Property Management ✔✔A broad term for a person or company hired to
maintain and manage a
property on behalf of its owners, and who are to maximize the owner's returns.
,PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Special Flood Hazard Area ✔✔Properties in this area are required by federal law
to have special
insurance as part of any federally-backed mortgages.
Subdivision ✔✔The process of splitting a single property into smaller parcels.
Residential ✔✔The type of properties that include single and multi-family
homes.
Industrial ✔✔The types of properties that include warehouses, factories, power
plants, and other
manufacturing areas, even if the property has a storefront attached.
Agricultural ✔✔The types of properties that include farmlands, timberlands,
orchards, and
ranches.
Special Purpose ✔✔The types of properties that include churches, schools,
cemeteries, and
government-held lands.
, PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Real Estate Market ✔✔The setting where real property is bought and sold and
prices are
established.
Submarket ✔✔A real estate market defined by property type and/or geographic
location.
National Association of Realtors ✔✔A professional real estate organization that
requires
members to uphold a specific set of ethics and pay dues. In turn, the members
can call
themselves Realtors.
Seller's Market ✔✔The situation where demand for real property is greater than
the supply,
which causes sale prices to rise and builders to become more motivated to
build.
Questions and Answer 100% Solved
Appraisal ✔✔An estimation of a property's value, usually prepared by a
professional who is
licensed in this field.
Brokerage ✔✔The business of bringing people together in a real estate
transaction.
Commerical ✔✔The types of properties that include office spaces, shopping
centers, stores,
theaters, hotels, parking facilities, etc.
Development ✔✔The term for the construction of improvements upon the land.
Elevation Certificate ✔✔Insurance agents are required to obtain one of these on
any property
before issuing quotes for flood insurance.
Financing ✔✔The pledging of real property and collateral for the repayment of a
loan through a
mortgage or deed of trust.
,PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Flood Insurance ✔✔This type of homeowner's insurance policy covers "rising
water" problems
such as a burst water main, overloaded drains, and melting snow. It is usually an
optional add-on
policy that becomes effective 30 days after purchase, unless the property is in a
specific area and
is collateral for a federal loan, in which case it is a mandatory policy and
effective immediately.
Improvements ✔✔Additions to property that increase its value or enhance its
appearance. It can
include buildings, fixtures, and landscaping.
Property Management ✔✔A broad term for a person or company hired to
maintain and manage a
property on behalf of its owners, and who are to maximize the owner's returns.
,PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Special Flood Hazard Area ✔✔Properties in this area are required by federal law
to have special
insurance as part of any federally-backed mortgages.
Subdivision ✔✔The process of splitting a single property into smaller parcels.
Residential ✔✔The type of properties that include single and multi-family
homes.
Industrial ✔✔The types of properties that include warehouses, factories, power
plants, and other
manufacturing areas, even if the property has a storefront attached.
Agricultural ✔✔The types of properties that include farmlands, timberlands,
orchards, and
ranches.
Special Purpose ✔✔The types of properties that include churches, schools,
cemeteries, and
government-held lands.
, PSI MA Real Estate Exam Study Guide 2024/25
Questions and Answer 100% Solved
Real Estate Market ✔✔The setting where real property is bought and sold and
prices are
established.
Submarket ✔✔A real estate market defined by property type and/or geographic
location.
National Association of Realtors ✔✔A professional real estate organization that
requires
members to uphold a specific set of ethics and pay dues. In turn, the members
can call
themselves Realtors.
Seller's Market ✔✔The situation where demand for real property is greater than
the supply,
which causes sale prices to rise and builders to become more motivated to
build.
