National PSI BUNDLED EXAMS PRACTICE TEST EXAM 2024 WITH 100% CORRECT ANSWERS

A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answersappurtenant A tenant rented an a...

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...

assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defa...

VA- Earnest money must be deposited into the brokers escrow account within how many days of ratification of the contract? correct answers5 days The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some ...

Water Rights correct answersThe 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 answersan agent to the broker and a subagent to the principal. Depreciation is c...

Real Property correct answersLand and everything permanently attached to it Personal Property correct answerspossessions such as jewelry, furniture, and boats Conveyance (Deed) correct answersEvery instrument, in writing, except a will, by which any estate or interest in real property is creat...

When a land contract is entered into; correct answersThe buyer acquires equitable title Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: correct answersCan only conclude the...

Chain of Title correct answersThe historical records of all owners and encumbrances of a specific parcel of real estate is known as Property Disclosure Force correct answersBefore making an offer on a property, the buyer should have received and read Usury Laws correct answersLaws that determi...

a. correct answersWhen 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: a. mortgagor b. lender c. mortgagee d. beneficiary b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give th...

VREB Stands For correct answersVirginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines correct answersthe composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duti...

Addendum correct answersWhen Dashiell received the purchase offer for his bungalow, he was surprised to see a page added to the contract requesting that an attorney review the contract. What is Dashiell looking at? Place a lien on the property Unpaid taxes become a lien on real estate. correct...

Bilateral correct answersWhat is a type of contract in which two parties are legally bound to act? Functional Obsolence correct answersWhat is one kind of real property depreciation caused by poor design? Grantee correct answersWhat is the name of the party who aquires the title to real proper...

acceleration clause correct answersA provision in a written mortgage, note, bond, or conditional sales contract that in the even of default, the whole amount of the principal and the interest may be declared due and payable at once. accession correct answersTitle to improvements or additions to r...

A legal description in land that includes language like "the old oak tree" or "the big rock" would be correct answersMetes and bounds As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. Wh...