PA real estate exam
What is the act called of denying mortgages to applicants from a certain area based on
factors other than financial qualifications? - ✔️✔️Redlining
What is the process of estimating the value of real property by using the rate of return
and the annual net income? - ✔️✔️Capitalization
What is a type of contract in which two parties are legally bound to act? - ✔️✔️Bilateral
What is the name of the party who acquires the title to real property in a deed? -
✔️✔️Grantee
What is one word that indicates how often a Pennsylvania salesperson's license is
required to be renewed? - ✔️✔️Biennial
What is the condition called when a person dies with a will? - ✔️✔️Testate
What is the recorded legal notice that shows existing court action against real property?
- ✔️✔️Lis Pendens
What is the type of mortgage in which the mortgagor could receive future advances by
increasing the the debt up to its original amount? - ✔️✔️Open End Mortgage
How much money would be charged as the result of a four point origination fee on a
$95,000 property on which there is a $70,000 mortgage? - ✔️✔️$2800
What is the name of the state law that requires agreements of sale to be in writing? -
✔️✔️Statue of Fraud
What is the practice of charging a rate of interest that is higher than is allowed by state
law? - ✔️✔️Usury
The lender is the owner of the mortgaged real estate according to what theory of
mortgage law? - ✔️✔️Title Theory
What is filed in court to settle a cloud on the title and determine the ownership of real
property? - ✔️✔️Suit or Action to Quiet Title
What recorded document indicates that the mortgage has been paid in full? -
✔️✔️Satisfaction of Mortgage
, What is any amount of money that is charged to someone on a closing statement and is
required to be paid? - ✔️✔️Debt
The right of way held by a railroad is an example of what type of easement? -
✔️✔️Easement in Gross
The unexpected and dramatic loss of land as the result of an earthquake is represented
by what real estate term? - ✔️✔️Avulsion
How many square feet are within acre of land? - ✔️✔️43,560
Because a tax on real property is based not on the value of the property it is known as
what type of tax? - ✔️✔️Ad Valorem
List two term that mean personal property - ✔️✔️Chattels, Personalty
A brief history of the titles for a piece of land. What is this called? - ✔️✔️Abstract of
Title
What is the ability of the government to acquire real property against the wish of the
owner to benefit the general public? - ✔️✔️Eminent Domain
When real property is conveyed to a party through a will, the real property is referred to
by what term? - ✔️✔️Devise
What is the most complete estate in real property? - ✔️✔️Fee Simple
What is an exaggerated comment called that is made by a real estate agent about real
property that would not be considered to be factual? - ✔️✔️Puffing
What is the process of arriving at a final market value conclusion from the estimates of
the three appraisal approaches to value? - ✔️✔️Reconciliation
When an existing mortgage is assigned to the secondary mortgage market or when it is
assumed, what document indicates the unpaid mortgage balance and the date that the
last mortgage payment was made? - ✔️✔️Estoppel Certificate
What type of mortgage is based on the collateral security pledge of two properties? -
✔️✔️Blanket Mortgage
By what means can a person can make a claim of title by taking over the real estate of
another through continuous, visible and hostile possession for the statutory period of
time? - ✔️✔️Adverse Possession
What is the act called of denying mortgages to applicants from a certain area based on
factors other than financial qualifications? - ✔️✔️Redlining
What is the process of estimating the value of real property by using the rate of return
and the annual net income? - ✔️✔️Capitalization
What is a type of contract in which two parties are legally bound to act? - ✔️✔️Bilateral
What is the name of the party who acquires the title to real property in a deed? -
✔️✔️Grantee
What is one word that indicates how often a Pennsylvania salesperson's license is
required to be renewed? - ✔️✔️Biennial
What is the condition called when a person dies with a will? - ✔️✔️Testate
What is the recorded legal notice that shows existing court action against real property?
- ✔️✔️Lis Pendens
What is the type of mortgage in which the mortgagor could receive future advances by
increasing the the debt up to its original amount? - ✔️✔️Open End Mortgage
How much money would be charged as the result of a four point origination fee on a
$95,000 property on which there is a $70,000 mortgage? - ✔️✔️$2800
What is the name of the state law that requires agreements of sale to be in writing? -
✔️✔️Statue of Fraud
What is the practice of charging a rate of interest that is higher than is allowed by state
law? - ✔️✔️Usury
The lender is the owner of the mortgaged real estate according to what theory of
mortgage law? - ✔️✔️Title Theory
What is filed in court to settle a cloud on the title and determine the ownership of real
property? - ✔️✔️Suit or Action to Quiet Title
What recorded document indicates that the mortgage has been paid in full? -
✔️✔️Satisfaction of Mortgage
, What is any amount of money that is charged to someone on a closing statement and is
required to be paid? - ✔️✔️Debt
The right of way held by a railroad is an example of what type of easement? -
✔️✔️Easement in Gross
The unexpected and dramatic loss of land as the result of an earthquake is represented
by what real estate term? - ✔️✔️Avulsion
How many square feet are within acre of land? - ✔️✔️43,560
Because a tax on real property is based not on the value of the property it is known as
what type of tax? - ✔️✔️Ad Valorem
List two term that mean personal property - ✔️✔️Chattels, Personalty
A brief history of the titles for a piece of land. What is this called? - ✔️✔️Abstract of
Title
What is the ability of the government to acquire real property against the wish of the
owner to benefit the general public? - ✔️✔️Eminent Domain
When real property is conveyed to a party through a will, the real property is referred to
by what term? - ✔️✔️Devise
What is the most complete estate in real property? - ✔️✔️Fee Simple
What is an exaggerated comment called that is made by a real estate agent about real
property that would not be considered to be factual? - ✔️✔️Puffing
What is the process of arriving at a final market value conclusion from the estimates of
the three appraisal approaches to value? - ✔️✔️Reconciliation
When an existing mortgage is assigned to the secondary mortgage market or when it is
assumed, what document indicates the unpaid mortgage balance and the date that the
last mortgage payment was made? - ✔️✔️Estoppel Certificate
What type of mortgage is based on the collateral security pledge of two properties? -
✔️✔️Blanket Mortgage
By what means can a person can make a claim of title by taking over the real estate of
another through continuous, visible and hostile possession for the statutory period of
time? - ✔️✔️Adverse Possession
