PSI REAL ESTATE SALESPERSON COMPLETE
STUDY GUIDE WITH SOLVED QUESTIONS
◉ In a VA loan, there must be...
Answer: an approved appraisal
◉ When a land contract is entered into...
Answer: the buyer acquires equitable title
◉ A 5 bedroom, 1 bathroom residence is an example of what type of
depreciation?
Answer: Functional
◉ Name 3 essential requirements for a valid deed...
Answer: 1. The buyer and seller must be named
2. Words of Conveyance
3. Competent Grantor
◉ If 2 married brothers own property as joint tenants and one
brother dies, his wife owns...
Answer: no interest
,◉ In a lease...
Answer: the original lessee could be liable for rent payments even
though he sublets the premisis
◉ To use property for the best net return to the property is...
Answer: highest and best use
◉ What is the best way to find a could on title?
Answer: Title Search
◉ A life estate is...
Answer: a freehold interest in real estate and is considered real
property
◉ Where a title search reveals that there is a broken chain of title, it
can best be cured by...
Answer: Quitclaim deed
◉ When the lessor sells his leased property...
Answer: the lease is binding on the buyer
◉ The phrase, "principals only" excludes...
,Answer: real estate broker
◉ a mechanics lein may not be levied by
Answer: real estate broker
◉ The covenant in a deed in which the grantor guarantees he has
title is
Answer: seizen
◉ a judgement becomes effective when
Answer: it is recorded
◉ What is a private agency that buys and sells in the secondary
mortgage market?
Answer: HUD (Housing of Urban Development)
◉ if title is indefeasible, it cannot be
Answer: voided
◉ when a broker signs a contract to manage an owners property, he
becomes
Answer: a fiduciary
, ◉ a blanket mortgage
Answer: covers several parcels of land
◉ the holder of a life estate cannot...
Answer: commit waste
◉ recording acts passed by the various states
Answer: provide for constructive notice
◉ in estimating the value of real estate, you should consider...
Answer: income of the buyer
◉ if you possessed a fee simple estate, the property could be
Answer: sold, subdivided and mortgaged
◉ the recovery of the cost of improvements in a property over a set
period of time is called
Answer: recapture
◉ an abstract of title Is best described as
Answer: a brief history of the title to a particular property
STUDY GUIDE WITH SOLVED QUESTIONS
◉ In a VA loan, there must be...
Answer: an approved appraisal
◉ When a land contract is entered into...
Answer: the buyer acquires equitable title
◉ A 5 bedroom, 1 bathroom residence is an example of what type of
depreciation?
Answer: Functional
◉ Name 3 essential requirements for a valid deed...
Answer: 1. The buyer and seller must be named
2. Words of Conveyance
3. Competent Grantor
◉ If 2 married brothers own property as joint tenants and one
brother dies, his wife owns...
Answer: no interest
,◉ In a lease...
Answer: the original lessee could be liable for rent payments even
though he sublets the premisis
◉ To use property for the best net return to the property is...
Answer: highest and best use
◉ What is the best way to find a could on title?
Answer: Title Search
◉ A life estate is...
Answer: a freehold interest in real estate and is considered real
property
◉ Where a title search reveals that there is a broken chain of title, it
can best be cured by...
Answer: Quitclaim deed
◉ When the lessor sells his leased property...
Answer: the lease is binding on the buyer
◉ The phrase, "principals only" excludes...
,Answer: real estate broker
◉ a mechanics lein may not be levied by
Answer: real estate broker
◉ The covenant in a deed in which the grantor guarantees he has
title is
Answer: seizen
◉ a judgement becomes effective when
Answer: it is recorded
◉ What is a private agency that buys and sells in the secondary
mortgage market?
Answer: HUD (Housing of Urban Development)
◉ if title is indefeasible, it cannot be
Answer: voided
◉ when a broker signs a contract to manage an owners property, he
becomes
Answer: a fiduciary
, ◉ a blanket mortgage
Answer: covers several parcels of land
◉ the holder of a life estate cannot...
Answer: commit waste
◉ recording acts passed by the various states
Answer: provide for constructive notice
◉ in estimating the value of real estate, you should consider...
Answer: income of the buyer
◉ if you possessed a fee simple estate, the property could be
Answer: sold, subdivided and mortgaged
◉ the recovery of the cost of improvements in a property over a set
period of time is called
Answer: recapture
◉ an abstract of title Is best described as
Answer: a brief history of the title to a particular property
