PSI REAL ESTATE SALESPERSON
COMPREHENSIVE QUESTIONS AND CORRECT
ANSWERS
◉ Fee Simple.
Answer: What is the most complete estate in real property?
◉ Puffing.
Answer: What is an exaggerated statement.
◉ Reconciliation.
Answer: What is the process of arriving at a final market value
conclusion from the estimates of three appraisal approaches to
value?
◉ Adverse Possession.
Answer: The actual, visible, hostile, notorious, taking of another's
land under a claim of title for a statutory period of time.
◉ Time is of the essence.
Answer: A phrase in a contract that requires the performance of a
certain act within a stated period of time.
,◉ Leverage.
Answer: The use of borrowed money to finance the bulk of an
investment that one could not have afforded otherwise.
◉ Truth in Lending Act.
Answer: What is another name for Regulation Z?
◉ Holdover Tenant.
Answer: What is the official name of a tenant who remains in a
leased property after the lease expires.
◉ Syndicate.
Answer: A typical business arrangement that is created when
individual persons invest money for real estate investments.
◉ Capital Gain.
Answer: What is the profit from the sale of real estate called
according to the IRS.
◉ Deficiency Judgement.
, Answer: 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?
◉ Ingress & Engress.
Answer: Rights to enter and exit land?
◉ 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?
COMPREHENSIVE QUESTIONS AND CORRECT
ANSWERS
◉ Fee Simple.
Answer: What is the most complete estate in real property?
◉ Puffing.
Answer: What is an exaggerated statement.
◉ Reconciliation.
Answer: What is the process of arriving at a final market value
conclusion from the estimates of three appraisal approaches to
value?
◉ Adverse Possession.
Answer: The actual, visible, hostile, notorious, taking of another's
land under a claim of title for a statutory period of time.
◉ Time is of the essence.
Answer: A phrase in a contract that requires the performance of a
certain act within a stated period of time.
,◉ Leverage.
Answer: The use of borrowed money to finance the bulk of an
investment that one could not have afforded otherwise.
◉ Truth in Lending Act.
Answer: What is another name for Regulation Z?
◉ Holdover Tenant.
Answer: What is the official name of a tenant who remains in a
leased property after the lease expires.
◉ Syndicate.
Answer: A typical business arrangement that is created when
individual persons invest money for real estate investments.
◉ Capital Gain.
Answer: What is the profit from the sale of real estate called
according to the IRS.
◉ Deficiency Judgement.
, Answer: 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?
◉ Ingress & Engress.
Answer: Rights to enter and exit land?
◉ 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?
