PSI

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - ANSWER 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement - ANSWER 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbrances are liens 2. All lien...

PSI: LIFE, ACCIDENT, AND HEALTH ACTUAL EXAM 2023 1. Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application?: Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. 2. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter a...

All of the following would be considered real property EXCEPT correct answer: a leasehold estate The servient estate in an easement appurtenant is the property correct answer: on which the easement is placed Which of the following statements concerning encumbrances is NOT true correct answer: All encumbrances are liens Which of the following is NOT a specific lien correct answer: State inheritance taxes You have entered into a lease that requires you to pay 20% of the owners expe...

Real estate taxes that are paid in advanced are prorated on the closing statement as. a. no entry to buyer; a credit to seller. b. no entry to buyer; a debit to seller. c. a credit to buyer; a debit to seller. d. a debit to buyer; a credit to seller. correct answer: a debit to the buyer; credit to the seller Regulation Z requires the disclosure of which of following? A. Respa B. APR C. NAR D. CMA correct answer: APR Two men own a parcel of land as joint tenants. One of them dies,...

Water Rights correct answer: The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is correct answer: an agent to the broker and a subagent to the principal. Depreciation is calculated based on the correct answer: Cost of the building only. When a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the c...

A broker is completing a CMA to determine the potential listing price of a seller's home. Which of the following is NOT part of the final CMA given to the seller? A) Highest and best use evaluation B) Comparable sales analysis C) Adjustments to past sales D) Pictures of comparables correct answer: A Houses in the local area have had an increase in sales price and a decrease in days on the market. A broker who is attempting to determine the current market value for a residential listin...

Under what condition can confidential info be released? correct answer: The party gives consent to the disclosure in writing. The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail". When is a valid purchase contract created using the post office? correct answer: When the offeree puts the acceptance in the mail. Title insurance is always paid... correct answer: By the buyer. The revolving fund is under the management of? correct answer: The Oklah...

what would prevent a seller from providing marketable title correct answer: Mechanics lien the seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commission, increasing the sellers net proceeds correct answer: This is illegeal according to respa If a license mentions MLS when advertising, the advertisement must include correct answer: the name of the MLS According to the New Jersey Real estate Licensing Law...

For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost correct answer: 1 The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligibility on the part of a class of insureds. 4. during the annual benefits enrollment peri...