Exam (elaborations)
PSI VA Real Estate Exam Questions And 100% Correct Answers
- Course
- Institution
PSI VA Real Estate Exam Questions And 100% Correct Answers...
[Show more]
Content preview
PSI VA Real Estate Exam Questions And 100%Correct Answers
Abstract of Title - ANSWER A history of the ownership of a parcel of land which lists
transfers of title, rights, and liabilities.
Accession - ANSWER The principle that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by mistake. Trade fixtures
not removed are "assessed" by the owner of the property.
ad valorem - ANSWER A prefix meaning "based on value". Most local governments levy
an ad valorem tax on property.
Adverse Possession - ANSWER A method of acquiring original title to property by open,
notorious and hostile possession for a statutory period of time; also referred to as
prescription. POACH.
Alienation Clause - ANSWER A mortgage provision which requires that the debt be paid
in full upon the transfer of title to the property, due on sale. Prevents loan assumptions.
Allodial - ANSWER Free and full ownership of rights in land by individuals, comprising
real property ownership in the United States.
appurtenance - ANSWER A right, privilege or improvement belonging to and passing
with the land.
Arm's Length Transaction - ANSWER Occurs between willing buyer and willing seller
with each party fully knowledgeable about the market. A buyer of real estate between
relatives, i.e. father & son, would not be an "arms length transaction".
, Arrears - ANSWER Not on time; late in making payments or in completing work. Interest
is paid in arrears.
Attestation - ANSWER The act of witnessing a person's signing of an instrument by a
notary public.
Attorney's Opinion of Title - ANSWER A statement issued by an attorney after analyzing
an abstract as to quality of title.
Avulsion - ANSWER Occurs in cases where there is a sudden loss of land through
nature.
Balloon Payment - ANSWER The remaining balance, at maturity, on a loan that has not
been completely repaid through periodic payments. Once paid, the outstanding balance
is zero. Partially amortized loan.
Bargain and Sale Deed - ANSWER An instrument conveying title which recites a
valuable consideration and commonly uses the words "bargain and sale" or words of
similar import.
Bilateral Contract - ANSWER A contract in which a promise is given for the promise of
another. It becomes binding when mutual promises are communicated. (A real estate
contract).
Blanket Mortgage - ANSWER A mortgage which covers more than one piece of real
estate. Often used by a developer in the financing of undeveloped lots. Contains a
partial release clause.
Blockbusting - ANSWER Any activity which attempts to drive prices down for the
purpose of causing transition from one ethnic group to another. This is a violation of
Federal Fair Housing Laws. Also called "panic selling".
buffer zone - ANSWER A means by which planners use space to separate two adjoining
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80467 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now