PSI REAL ESTATE SALESPERSON ACTUAL
QUESTIONS WITH VERIFIED SOLUTIONS
◉ Foreclosure.
Answer: What is it called when a lender initiates a court process that
will result in the public sale of real property.
◉ Principal or Client.
Answer: What is the name of the party being represented in an
agency relationship?
◉ Wraparound Mortgage.
Answer: What the type of mortgage represents a junior lien in which
the second lender is used to payoff the first lender?
◉ Subordination Agreement.
Answer: What is the contract that allows a junior lien to take priority
over the first mortgage?
◉ Severalty.
Answer: When title to real property is held by a single person, it is
referred to as what form of ownership?
,◉ A Setback.
Answer: The difference in the boundary of real property and the
location where a home or improvements can be built.
◉ Net Lease.
Answer: What type of lease requires the lessee to pay the rent as
well as the other cost in maintaining a rented property, i.e. taxes,
insurance, utilities, repairs, etc.?
◉ Cost Approach.
Answer: What approach to value is used when an appraiser
determines the replacement amount of a building, minus
depreciation, plus the estimated land amount.
◉ Equitable Title.
Answer: After a buyer's offer to purchase is accepted but before the
buyer acquires legal title, what type of interest is held by the buyer?
◉ Equity.
Answer: The difference between the market value of real property
and the mortgage debt. It represents the value to the owner?
◉ Package Mortgage.
, Answer: What kind of mortgage is secured by real property as well
as (personal property) appliances?
◉ Open Listing.
Answer: What is the type of listing in which a seller can employ 16
real estate offices simultaneously? The office that procures the buyer
is the only office that gets paid.
◉ Deed Restrictions.
Answer: Clauses in a deed limiting the futures uses of the real
property?
◉ Servient Easment.
Answer: What is a particular parcel of land called over which an
easement runs that benefits an adjacent property?
◉ Steering.
Answer: What is the act of directing prospective buyers toward
particular areas of a community without regard to financial
qualification?
◉ APR.
Answer: This describes the interest rate for a whole year
(annualized), rather than just a monthly fee/rate, as applied on a
QUESTIONS WITH VERIFIED SOLUTIONS
◉ Foreclosure.
Answer: What is it called when a lender initiates a court process that
will result in the public sale of real property.
◉ Principal or Client.
Answer: What is the name of the party being represented in an
agency relationship?
◉ Wraparound Mortgage.
Answer: What the type of mortgage represents a junior lien in which
the second lender is used to payoff the first lender?
◉ Subordination Agreement.
Answer: What is the contract that allows a junior lien to take priority
over the first mortgage?
◉ Severalty.
Answer: When title to real property is held by a single person, it is
referred to as what form of ownership?
,◉ A Setback.
Answer: The difference in the boundary of real property and the
location where a home or improvements can be built.
◉ Net Lease.
Answer: What type of lease requires the lessee to pay the rent as
well as the other cost in maintaining a rented property, i.e. taxes,
insurance, utilities, repairs, etc.?
◉ Cost Approach.
Answer: What approach to value is used when an appraiser
determines the replacement amount of a building, minus
depreciation, plus the estimated land amount.
◉ Equitable Title.
Answer: After a buyer's offer to purchase is accepted but before the
buyer acquires legal title, what type of interest is held by the buyer?
◉ Equity.
Answer: The difference between the market value of real property
and the mortgage debt. It represents the value to the owner?
◉ Package Mortgage.
, Answer: What kind of mortgage is secured by real property as well
as (personal property) appliances?
◉ Open Listing.
Answer: What is the type of listing in which a seller can employ 16
real estate offices simultaneously? The office that procures the buyer
is the only office that gets paid.
◉ Deed Restrictions.
Answer: Clauses in a deed limiting the futures uses of the real
property?
◉ Servient Easment.
Answer: What is a particular parcel of land called over which an
easement runs that benefits an adjacent property?
◉ Steering.
Answer: What is the act of directing prospective buyers toward
particular areas of a community without regard to financial
qualification?
◉ APR.
Answer: This describes the interest rate for a whole year
(annualized), rather than just a monthly fee/rate, as applied on a
