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Mississippi Real Estate Exam, PSI real estate test,
Mississippi PSI exam 2025, real estate license
prep, PSI practice questions, real estate exam
answers
Agency - .....ANSWER ...✔✔ A fiduciary relationship
between an agent and a principal, or client. In real
estate, an agency relationship is formed when a
principal, such as a property buyer or seller, authorizes
an agent, typically a real estate broker or salesperson,
to act on their behalf in real estate transactions.
Equitable Title - .....ANSWER ...✔✔ The benficial
interest or right of ownership that a buyer holds in a
property upon signing a purchase contract, entitling
them to possess and use the property while legal title
remains with the seller until the conpletion of the
transaction.
General Warranty Deed - .....ANSWER ...✔✔ This
deed offers the highest level protection to the buyer. It
includes warranties or guarantees from the seller that
they have clear title to the property and that it is free
from encumbrances or defects, whether they arose
during the ownership or before.
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Negative Amortization - .....ANSWER ...✔✔ When the
loan balance increases over time due to the unpaid
interest portion of the loan exceeding the amount of the
principal being paid off.
Prepayment Penalty - .....ANSWER ...✔✔ A penalty
imposed on a borrower for paying off a mortgage or
loan early, often calculated as a percentage of the
remaining loan balance, intended to compensate the
lender for the lost interest.
MLS - .....ANSWER ...✔✔ Multiple Listing Service. A
database established to provide information about local
properties for sale to cooperating brokers.
Tenancy at Will - .....ANSWER ...✔✔ A flexible lease
agreement where a tenant occupies a property with the
landlord's permission, typically without a written lease or
fixed term. Since there is no expiration date, a tenancy
at will can be terminated by either party at any time
with proper notice. Also called "an estate at will."
Annual Percentage Rate (APR) - .....ANSWER ...✔✔ A
standardized calculation that reflects the total cost of
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borrowing, including both the interest rate and any fees
associated with a loan, including prepaid interest points.
Dual Agent - .....ANSWER ...✔✔ An agent or broker
that represents both the buyer and the seller in the same
transaction.
Dual agency is prohibited in several states and in states
where it is allowed, it is heavily regulated and requires
disclosure and consent from all parties.
Jumbo Mortage - .....ANSWER ...✔✔ A type of home
loan that exceeds the conforming loan limits set by
government-sponsored entities such as Fannie Mae and
Freddie Mac, typically used to finance higher priced
properties.
Puffing - .....ANSWER ...✔✔ Exaggerated or
subjective statements made about a property that aims
to enhance the property's appeal. Puffing isn't illegal if
it does not cross the line into misrepresentation. Example:
"this condo has the best view in town."
Variance - .....ANSWER ...✔✔ A special permission
granted by a local zoning board that allows a property
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to be used in a way that deviates from current zoning
regulations.
Abandonment - .....ANSWER ...✔✔ The act of giving
up ownership possession, or interest in a property, often
evidenced by the owner's intentional actions or lack of
use or maintenance over a significant period of time.
Elements of a valid contract - .....ANSWER ...✔✔
offer, acceptance, consideration, intention, capacity,
legality
default - .....ANSWER ...✔✔ The failure of a
borrower to fulfill their contractual obligations, such as
failing to make timely mortgage payment.
Intestate - .....ANSWER ...✔✔ A legal term stating
that a person died without having a valid will.
Probate - .....ANSWER ...✔✔ The legal process
though which a deceased person's estate, including their
real property, is distributed and settled according to the
instructions in their will or if a will is not present, the laws
of intestacy.
Mississippi Real Estate Exam, PSI real estate test,
Mississippi PSI exam 2025, real estate license
prep, PSI practice questions, real estate exam
answers
Agency - .....ANSWER ...✔✔ A fiduciary relationship
between an agent and a principal, or client. In real
estate, an agency relationship is formed when a
principal, such as a property buyer or seller, authorizes
an agent, typically a real estate broker or salesperson,
to act on their behalf in real estate transactions.
Equitable Title - .....ANSWER ...✔✔ The benficial
interest or right of ownership that a buyer holds in a
property upon signing a purchase contract, entitling
them to possess and use the property while legal title
remains with the seller until the conpletion of the
transaction.
General Warranty Deed - .....ANSWER ...✔✔ This
deed offers the highest level protection to the buyer. It
includes warranties or guarantees from the seller that
they have clear title to the property and that it is free
from encumbrances or defects, whether they arose
during the ownership or before.
,2|Page
Negative Amortization - .....ANSWER ...✔✔ When the
loan balance increases over time due to the unpaid
interest portion of the loan exceeding the amount of the
principal being paid off.
Prepayment Penalty - .....ANSWER ...✔✔ A penalty
imposed on a borrower for paying off a mortgage or
loan early, often calculated as a percentage of the
remaining loan balance, intended to compensate the
lender for the lost interest.
MLS - .....ANSWER ...✔✔ Multiple Listing Service. A
database established to provide information about local
properties for sale to cooperating brokers.
Tenancy at Will - .....ANSWER ...✔✔ A flexible lease
agreement where a tenant occupies a property with the
landlord's permission, typically without a written lease or
fixed term. Since there is no expiration date, a tenancy
at will can be terminated by either party at any time
with proper notice. Also called "an estate at will."
Annual Percentage Rate (APR) - .....ANSWER ...✔✔ A
standardized calculation that reflects the total cost of
,3|Page
borrowing, including both the interest rate and any fees
associated with a loan, including prepaid interest points.
Dual Agent - .....ANSWER ...✔✔ An agent or broker
that represents both the buyer and the seller in the same
transaction.
Dual agency is prohibited in several states and in states
where it is allowed, it is heavily regulated and requires
disclosure and consent from all parties.
Jumbo Mortage - .....ANSWER ...✔✔ A type of home
loan that exceeds the conforming loan limits set by
government-sponsored entities such as Fannie Mae and
Freddie Mac, typically used to finance higher priced
properties.
Puffing - .....ANSWER ...✔✔ Exaggerated or
subjective statements made about a property that aims
to enhance the property's appeal. Puffing isn't illegal if
it does not cross the line into misrepresentation. Example:
"this condo has the best view in town."
Variance - .....ANSWER ...✔✔ A special permission
granted by a local zoning board that allows a property
, 4|Page
to be used in a way that deviates from current zoning
regulations.
Abandonment - .....ANSWER ...✔✔ The act of giving
up ownership possession, or interest in a property, often
evidenced by the owner's intentional actions or lack of
use or maintenance over a significant period of time.
Elements of a valid contract - .....ANSWER ...✔✔
offer, acceptance, consideration, intention, capacity,
legality
default - .....ANSWER ...✔✔ The failure of a
borrower to fulfill their contractual obligations, such as
failing to make timely mortgage payment.
Intestate - .....ANSWER ...✔✔ A legal term stating
that a person died without having a valid will.
Probate - .....ANSWER ...✔✔ The legal process
though which a deceased person's estate, including their
real property, is distributed and settled according to the
instructions in their will or if a will is not present, the laws
of intestacy.
