PSI REAL ESTATE SALESPERSON FULLY SOLVED
EXAM PAPER GRADED A+
◉ 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
◉ the right of water company to lay and maintain mains along the
rear of a lot is called
Answer: easement in gross
◉ which is correct for restrictive covenants?
, a) they may not be at variance with zoning ordinances
b) they restrict the use of property
c) they are imposed by government
d) they are not encumbrances
Answer: b) they restrict the use of property
◉ in a residential lease, the security deposit
Answer: must be deposited in an insured depository
◉ when a husband and wife purchase a property jointly, and it is
their intention that upon the death of either one the share of the
deceased would pass to their heirs, they would elect...
Answer: tenancy in common
◉ a bonafide purchaser is a purchaser who
Answer: has entered into the purchase with good faith
◉ a change made to an existing will is known as
Answer: a condicil
◉ the bonanza savings bank makes a 30-year conventional loan at
an annual interest rate of 8.5%. if it wishes to earn a yield of 9%,
how many points must it charge?
EXAM PAPER GRADED A+
◉ 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
◉ the right of water company to lay and maintain mains along the
rear of a lot is called
Answer: easement in gross
◉ which is correct for restrictive covenants?
, a) they may not be at variance with zoning ordinances
b) they restrict the use of property
c) they are imposed by government
d) they are not encumbrances
Answer: b) they restrict the use of property
◉ in a residential lease, the security deposit
Answer: must be deposited in an insured depository
◉ when a husband and wife purchase a property jointly, and it is
their intention that upon the death of either one the share of the
deceased would pass to their heirs, they would elect...
Answer: tenancy in common
◉ a bonafide purchaser is a purchaser who
Answer: has entered into the purchase with good faith
◉ a change made to an existing will is known as
Answer: a condicil
◉ the bonanza savings bank makes a 30-year conventional loan at
an annual interest rate of 8.5%. if it wishes to earn a yield of 9%,
how many points must it charge?
