PSI exam STUDY| 111 QUESTIONS| WITH COMPLETE SOLUTIONS

Real estate taxes that are paid in advanced are prorated on the closing statement as. a. no entry to buyer; a credit to seller. b. no entry to buyer; a debit to seller. c. a credit to buyer; a debit to seller. d. a debit to buyer; a credit to seller. correct answer: a debit to the buyer; credit to the seller Regulation Z requires the disclosure of which of following? A. Respa B. APR C. NAR D. CMA correct answer: APR Two men own a parcel of land as joint tenants. One of them dies, and his will stipulates that his interest will pass to his wife and, upon her death, to hiss children. What type of estate do the children have? A. Estate in reversion B. Estate in remainder C. Life estate D. No estate correct answer: No estate Something of value offered by one part and accepted by another as inducement to perform is called A. Acknowledgment B. Boot C. Conveyance D. Consideration correct answer: Consideration The unities of time, title, interest and possession are directly connected with A. Tenancy in common