SC PSI Real Estate Exam Prep Already Graded A

SC PSI Real Estate Exam Prep Already Graded A Which of the following describes the term appreciation? An increase in the value of property When ownership of a mortgage is transferred from one company or individual to another, it is called: An assignment A mortgage loan which requires the remaining balance be paid at a specific point in time is called a: Balloon mortgage The following reason accounts for why bridge loans are not used much anymore: More second mortgage lenders now will lend at a high to loan value. Sellers would rather accept offers from buyers who have already sold their property. A title which is free of liens or legal questions as to ownership of the property is called a_______________title. Clear title What is the collateral in a home loan? The property itself The adjustment date on adjustable rate mortgage is: The date the interest rate changes What is the deposit made by potential buyer to show he is serious about buying a house called? Earnest money deposit A right-of-way which gives persons other than the owner access to our over a property is known as an: Easement Which best describes a subdivision? A housing development created by dividing a tract of land into individual lots When someone contributes to the construction or rehabilitation of a property with labor or services rather than cash, that contribution is called: Sweat equity A two-step mortgage is defined as: An adjustable rate mortgage with one interest rate for the first five or seven years and a different rate for the remainder of the term A legal document evidencing a person's right to or ownership of a property is called a: Title If you were buying a house that include furnishing, you would receive a written document transferring title to the personal property. This document is called a: Bill of sale An oral or written agreement that is binding in a court of law is called a: Contract The part of the purchase price of a property that the buyer pays in cash and does not finance with the mortgage is called the: Down payment A female named in a will to administer an estate is called an: Executrix The greatest possible interest a person can have in real estate is called: Fee simple Required for properties located in federally designated flood areas, this type of insurance compensates for physical property damage resulti