Exam (elaborations)

VA Real Estate PSI Exam Questions and Answers (100% Pass)VA Real Estate PSI Exam Questions and Answers (100% Pass)

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VA real estate

Institution
VA Real Estate

Abstract of Title A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities. Accession The idea 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 fixture...

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Uploaded on November 10, 2024
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va real estate psi exam questions and answers 10

Institution VA real estate
Course VA real estate

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1|Page | © copyright 2024/2025 | Grade A+

VA Real Estate PSI Exam Questions
and Answers (100% Pass)
Abstract of Title

✓ A history of the ownership of a parcel of land which lists transfers of title,

rights, and liabilities.

Accession

✓ The idea 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

✓ A prefix meaning "based on value". Most local governments levy an ad

valorem tax on property.

Adverse Possession

✓ 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.

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

Alienation Clause

✓ A provision in a mortgage requiring full payment of the debt upon the

transfer of title to the property, due on sale. Prevents loan assumptions.

Allodial

✓ The free and full ownership of rights in land by individuals, which is the

basis of real property in the United States.

appurtenance

✓ A right, privilege, or improvement belonging to, and passing with, the

land.

Arm's Length Transaction

✓ Occurs between willing buyer and willing seller with each party

completely knowledgeable about the market. A purchaser of property

between relatives (father & son) would not be an "arms length

transaction".

Arrears

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Not on time; late in making payments or completing work. Interest is

paid in arrears.

Attestation

✓ The act of witnessing a person's signing of an instrument by a notary

public.

Attorney's Opinion of Title

✓ A statement issued by an attorney after analyzing an abstract as to

quality of title.

Avulsion

✓ Occurs in cases where there is a sudden loss of land through nature.

Balloon Payment

✓ 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

Master01 | October, 2024/2025 | Latest update

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Exam (elaborations)

VA Real Estate PSI Exam Questions and Answers (100% Pass)VA Real Estate PSI Exam Questions and Answers (100% Pass)

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