Exam (elaborations)
MISSISSIPPI REAL ESTATE PSI EXAM STUDY GUIDE QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE PSI EXAM STUDY GUIDE QUESTIONS AND ANSWERS
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1-242 of 242Incompetent grantors, invalid deeds, fraudulent transaction documents, and defects in
the chain of title.
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What is a title insured against?
Examination of every aspect of a property that could affect its suitability and/or value.
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Due diligence for real estate transactions
Universal, general, special, limited agencies. Single agency, subagency, dual agency,
no agency, no sub agency.
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Types Of Agents & Agencies
A record of how a person managed there credit.
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Credit history
Uses lot and block numbers referred to in a plat map filed in public records.
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Lot and Block
Care, Skill, Diligence.
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, General duties to all parties
A condition that must be met before the contract is enforceable.
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Contingencies
Failure to pass state or national background check
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Disqualifying issues
A zero-down payment mortgage for eligible rural homebuyers.
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USDA/Rural Loan Program
1 section= 640 acres
1/2 section= 320 acres
1/4 section= 160 acres
1/8 section= 80 acres
1/16 section= 40 acres
, 1/32 section= 20 acres
1/64 section= 10 acres
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Land Measurements
An employee's or company's ethical duty to be honest to customers about the
products or services the company offers. It is unethical to exaggerate, withhold
information, or otherwise stretch the truth in the interest of making a sale.
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Truth in Advertising
Used to provide legal protection for the truster's assets, refers to any type of financial
account that is opened by an individual and managed by a designated trustee for the
benefit of a third party in accordance with agreed upon terms.
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Trust/Escrow Accounts
A process for forcing sale of a secured property to satisfy a lien holder's claim.
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