PSI PA Real Estate Practice Exam Accurate 100%
The economic characteristics of land are - ANSWER scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - ANSWER are of indeterminable duration An easement can be terminated by - ANSWER merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - ANSWER Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are - ANSWER tenants at sufferance A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds? - ANSWER The second mortgage receives nothing unless he forced the foreclosure auction.
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