PSI Real Estate Exam Sample Questions with Approved Answers | Latest 2023/2024

PSI Real Estate Exam Sample Q uestions with Approved Answers. The ability of the government to acquire real property against the owner for the benefit of the public. ✔️ Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? ✔️ Devise What is the most complete estate in real property? ✔️ Fee Simple What is an exaggerated term from a real estate agent,that would be consider ed not true? ✔️ Puffing What is the process of arriving at a final market value conclusion from the estimates of three appraisal approaches to value? ✔️ Reconciliation A document in which a borrower certificate the amount owed on a mortgage loan and th e rate of interest. ✔️ Estoppel Certificate This type of mortgage is based on the collateral security pledge of two properties? ✔️ Blanket Mortgage The actual, visible, hostile, notorious, taking of another's land under a claim of title for a statutory period of time. ✔️ Adverse Possession A phrase in a contract that requires the performance of a certain act within a stated period of time. ✔️ Time is of the essence The use of borrowed money to finance the bulk of an investment. ✔️ Leverage What is another name for Regulation Z? ✔️ Truth in Lending Act What is the type of listing contract in which the owners employ one real estate broker but the owners pay no commission fee if they sell their real estate to someone who has not contacted the broker ? ✔️ Exclusive Agency What is the official name of a tenant who remains in a leased property after the lease expires. ✔️ Holdover Tenant A typical business arrangement that is created when individual persons invest money for real estate investments ✔️ Syndicate This type of loan in which the principal as well as the interest is payable in periodic installments over the term of the loan. ✔️ Amortized Loan Number of member on the PA Real Estate Commission ✔️ 11 What is the profit call from the sale of real estate according to the IRS ✔️ Capital Gain The fact that value must be exchanged between the parties to a valid deed refers to what real estate term. ✔️ Consideration What legal action can be sought in court by a mortgagee to recover lost money when the public sale of a forced foreclosed property does not pay off the entire mortgage debt? ✔️ Deficiency Judgement Rights to enter and exit land? ✔️ Ingress & Engress Real estate licensee who supervises an incorporated business that sell lists of available apartment units to prospective lessees. ✔️ Manager of Record What is it called when a lender initiates a court process that will result in the pub lic sale of real property. ✔️ Foreclosure What is the legal term for a buyer? ✔️ Vendee What is the name of the party being represented in an agency relation ship? ✔️ Principal What the type of mortgage represents a junior lien in which the in which the second lender is used to payoff the first lender? ✔️ Wraparound Mortgage This is an attached item to a leased business property that can be removed by the tenant prior to the lease expiration? ✔️ Trade Fixture What is the contract that allows a jun ior lien to take priority over the first mortgage? ✔️ Subordination Agreement When title to real property is held by a single person, it is referred to as what form of ownership? ✔️ Severalty The boundary line of real property and the line indicating w here the building can be built. ✔️ Setback What type of lease requires the lessee to pay the rent as well as the other cost in maintaining a rented property? ✔️ Net Lease "The Agency Act" Created in 1998 ✔️ Transaction Licensee