PSI BROKER EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

PSI BROKER EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. A buyer has the right to buy a property at an agreed-upon price within the next six months. This is a(n) - -an option A leasehold estate that does NOT require notice to terminate is called a(n) - -an estate for years The broker and the seller both know that the foundation of the seller's house is unsafe. If they do not inform the buyer of this condition, then the contract is - -voidable A contract that has been fully performed is - -Executed The broker and the seller are aware that the roof on the property leaks. Because no damage is visible and the buyer will have an inspection, they decide not to disclose the damage. This is an example of - - Fraud What does a suit to quiet title do? - -Resolves all clouds on a title Which of the following would convey an owner's interest in real property? - -Any deed A contract that conveys the right to quiet enjoyment and use of property but does NOT convey title is a - -a lease A suit for condemnation would be used to exercise which governmental right? - -Eminent Domain A lot that measures Which deed conveys title but has no covenants? - -Quitclaim Deed A standard title search would uncover - -deed restrictions A claim against another's property is known as - -An encumbrance Fee Simple Absolute Estate - -Last potentially forever and are the largest with the most rights and control over property Which parties must sign a deed to make it valid? - -The grantor only What is NOT essential for a valid deed? - -Deeds do not need to be recorded The covenant that warrants against claims of third parties is - -Covenant of quiet enjoyment Covenant of Seisin - -warrants that the grantor holds the interest to be conveyed Covenants against Encumbrances - -Warrant that property is free from unspecified encumbrances not mentioned in the deed If a buyer defaults in a purchase agreement and the seller keeps the buyer's earnest money, which remedy has the seller elected? - -Liquidated damages A leasehold estate with a definite expiration date that requires no notice is an - -Estate for years A plat map - -describes the lots and blocks in a subdivision A contract or agrrement that would give the seller the MO