PSI State Exam- Real Estate Salesperson (2018) |170
questions with correct answers
The law which requires that transfers of real property ownership be in writing is known as the...
CORRECT ANSWER statute of frauds
In a VA loan, there must be... CORRECT ANSWER an approved appraisal
When a land contract is entered into... CORRECT ANSWER the buyer acquires equitable title
A 5 bedroom, 1-bathroom residence is an example of what type of depreciation? CORRECT ANSWER Functional
Name 3 essential requirements for a valid deed... CORRECT ANSWER 1. The buyer and seller must be named
2. Words of Conveyance
3. Competent Grantor
If 2 married brother’s own property as joint tenants and one brother dies, his wife owns... CORRECT ANSWER no interest
In a lease... CORRECT ANSWER the original lessee could be liable for rent payments even though he sublets the premises
To use property for the best net return to the property is... CORRECT ANSWER highest and best use
What is the best way to find a could on title? CORRECT ANSWER Title Search A life estate is... CORRECT 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... CORRECT ANSWER Quitclaim deed
When the lessor sells his leased property... CORRECT ANSWER the lease is binding on the buyer
The phrase, "principals only" excludes... CORRECT ANSWER real estate broker
a mechanics lein may not be levied by CORRECT ANSWER real estate broker
The covenant in a deed in which the grantor guarantees he has title is CORRECT ANSWER seizen
a judgement becomes effective when CORRECT ANSWER it is recorded
What is a private agency that buys and sells in the secondary mortgage market? CORRECT ANSWER HUD (Housing of Urban Development)
if title is indefeasible, it cannot be CORRECT ANSWER voided
when a broker signs a contract to manage an owners property, he becomes CORRECT ANSWER a fiduciary
a blanket mortgage CORRECT ANSWER covers several parcels of land
the holder of a life estate cannot... CORRECT ANSWER commit waste recording acts passed by the various states CORRECT ANSWER provide for constructive notice
in estimating the value of real estate, you should consider... CORRECT ANSWER income of the buyer
if you possessed a fee simple estate, the property could be CORRECT ANSWER sold, subdivided and mortgaged
the recovery of the cost of improvements in a property over a set period of time is called CORRECT ANSWER recapture
an abstract of title Is best described as CORRECT 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 CORRECT 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 CORRECT ANSWER b) they restrict the use of property
in a residential lease, the security deposit CORRECT 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... CORRECT ANSWER tenancy in common
questions with correct answers
The law which requires that transfers of real property ownership be in writing is known as the...
CORRECT ANSWER statute of frauds
In a VA loan, there must be... CORRECT ANSWER an approved appraisal
When a land contract is entered into... CORRECT ANSWER the buyer acquires equitable title
A 5 bedroom, 1-bathroom residence is an example of what type of depreciation? CORRECT ANSWER Functional
Name 3 essential requirements for a valid deed... CORRECT ANSWER 1. The buyer and seller must be named
2. Words of Conveyance
3. Competent Grantor
If 2 married brother’s own property as joint tenants and one brother dies, his wife owns... CORRECT ANSWER no interest
In a lease... CORRECT ANSWER the original lessee could be liable for rent payments even though he sublets the premises
To use property for the best net return to the property is... CORRECT ANSWER highest and best use
What is the best way to find a could on title? CORRECT ANSWER Title Search A life estate is... CORRECT 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... CORRECT ANSWER Quitclaim deed
When the lessor sells his leased property... CORRECT ANSWER the lease is binding on the buyer
The phrase, "principals only" excludes... CORRECT ANSWER real estate broker
a mechanics lein may not be levied by CORRECT ANSWER real estate broker
The covenant in a deed in which the grantor guarantees he has title is CORRECT ANSWER seizen
a judgement becomes effective when CORRECT ANSWER it is recorded
What is a private agency that buys and sells in the secondary mortgage market? CORRECT ANSWER HUD (Housing of Urban Development)
if title is indefeasible, it cannot be CORRECT ANSWER voided
when a broker signs a contract to manage an owners property, he becomes CORRECT ANSWER a fiduciary
a blanket mortgage CORRECT ANSWER covers several parcels of land
the holder of a life estate cannot... CORRECT ANSWER commit waste recording acts passed by the various states CORRECT ANSWER provide for constructive notice
in estimating the value of real estate, you should consider... CORRECT ANSWER income of the buyer
if you possessed a fee simple estate, the property could be CORRECT ANSWER sold, subdivided and mortgaged
the recovery of the cost of improvements in a property over a set period of time is called CORRECT ANSWER recapture
an abstract of title Is best described as CORRECT 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 CORRECT 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 CORRECT ANSWER b) they restrict the use of property
in a residential lease, the security deposit CORRECT 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... CORRECT ANSWER tenancy in common
