PSI Real Estate Samenvattingen, Notities en Examens

PSI exam with complete solutions

PSI Real Estate Exam 2 A grantor wishes to convey title to a grantee in a deed that creates the least protection for the grantee. The grantor should give the grantee a - ️️ - quitclaim deed Of the following liens, which generally would be given the highest priority? - ️️ - A special assessment You are showing a property described as being in the "nicest neighborhood in town" when, in fact, other neighborhoods are arguably as nice. A statement such as this is MOST likely to be ca...

PSI Real Estate Exam (MD State Portion) (verified 100%)

PSI Real Estate Exam (MD State Portion) Questions with Verified Solutions Real Estate brokerage is govern by: 1. Satutory Law - Brokers Act "Title 17" 2. Administrative Law - Code of Maryland Regulations (COMAR) Regulation is enacted and enforced by MD Real Estate Commission (MREC) Brokerage Services: For consideration: - *Selling, buying, exchanging, or leasing* any real estate or collecting rent - Assisting to *locate/obtain* for purchase/lease any residential real estate - Ser...

(Answered) PSI Real Estate Exam - Contracts Acceptance 1. Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract. 2. Taking delivery of a deed. Consideration Anything of value, such as money, services, goods, or promises, given to induce another to enter into a contract. Sometimes called valuable _________ Contingency Clause A provision in a contract or deed that makes the parties’ rights and obligations depend on the occurrence (or nonocc...

(Answered) PSI Real Estate Exam - Transfer of Title Acknowledgment When a person who has signed a document formally declares to an authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the signature is voluntary and genuine. Adverse Possession Acquiring title to someone else's real property by possession of it. The possession must be open and notorious, hostile and adverse, exclusive, and continuous for more than 21 years. Bargain and Sa...

(Answered) PSI Real Estate Exam - Valuation and Market Analysis Amenity A tangible or intangible feature that enhances and adds value to real estate. Arm's Length Transaction A transaction that occurred under typical conditions in the marketplace where each of the parties were acting in their own best interests. Assemblage The combining of two or more parcels of land into one larger parcel. Balance A condition that exists in the real estate market when there are slightly more homes available...

(Answered) PSI Real Estate Exam - Property Ownership Real Property (realty) land along with improvements, things attached to it, and the benefits, rights, and interests included in its ownership. Real Estate synonymously used with real property; but includes real and personal property. Land earth's surface, subsurface to the center of the earth, the space overhead, and the rights to each. Rights: common rights in land; surface rights, subsurface rights, mineral rights, water rights, air righ...

PSI National Exam for Real Estate - Questions and Answers (Complete Solutions) An appurtenant easement that arises when an owner has no access to the street except across his neighbor's land is called: easement by necessity The state's authority to enact and enforce police powers is passed on the municipalities through: enabling acts An easement appurtenant involves at least two tracts of land The period for redemption of property sold for taxes in Louisiana is a minimum of 3 years Real prop...

PSI NJ Real Estate Exam / PSI Practice Test - Q & A The Equal Credit Opportunity Act addresses all of the following EXCEPT a. discrimination in lending b. written statements of credit denial c. acceptable factors for borrower analysis d. standardization of interest rates Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have? exclusive agency...