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National PSI EXAM review
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  • 問題数 65 • 8/26/2023

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    問題一覧

  • 1

    what is A piece of land that has been enhanced an is ready for structure

    a site

  • 2

    an area of preference which can attribute to value

    a situs

  • 3

    each party acts in their own interest also know as meeting of the minds

    arms length transaction

  • 4

    the combining of 2 or more parcels of land into one larger parcel

    assemblage

  • 5

    method used to determine the cost of building that relies on cost manuals

    square foot method

  • 6

    a lien such as a tax lien or judgement lien which attaches to all property during and prior to ownership

    general lien

  • 7

    method of identifying properties located in a subdivision

    lot and block system

  • 8

    ownership by 2 or more people each has undivided interest with right of survivorship

    joint tenancy

  • 9

    transfer of property with the owners consent

    voluntary alienation

  • 10

    interest in real property that gives the title holder the right to acquire legal title to the property

    equitable title

  • 11

    when the entire principal amount of the loan is paid off at maturity or end,there are know principals made

    straight note

  • 12

    real estate brokers/sales persons to inform sellers of their obligation to disclose any info relative to lead paint within the home

    TITLE X

  • 13

    method of reducing the fees required when a borrower decides to prepay a fixed commercial real estate loan

    defeasance

  • 14

    controls/adjust the priority of mortgage loans keeps junior mortgages secondary to primary mortgages when refinanced

    subordination clause

  • 15

    what is? a mortgage with low initial monthly payments which gradually increase over a specified period of time

    gradual payment adjustable mortgage

  • 16

    method of reducing the fees required when borrower decides to prepay a fixed commercial real estate loan

    defeasance

  • 17

    document allowing for legal seizure of property for a debt before a judgement is ?

    write of attachment

  • 18

    when the agent is sole representative of the buyer and is not allowed to hire different agents

    exclusive buyer agency agreement

  • 19

    simply a interest in real property ?

    a estate

  • 20

    a protection law that state declares unfair methods and practices against citizens,home buyers or others

    MGL 93A

  • 21

    this shows how an area or neighborhood is divided into various lots or parcel of land recorded at the town hall

    plat map

  • 22

    a court order to stop someone from performing a act or to restrain them from continuing a act

    injunction

  • 23

    controls or adjust the priority of mortgage loans keeps junior mortgage secondary to a primary one when it is refinanced

    subordination clause

  • 24

    method of calculating the cost of a structure the most common method of estimating cost by resedential appraisal

    comparative unit method

  • 25

    a estate of indefinite duration and is freely transferable and inheritable can be passed to heirs or by law

    fee simple

  • 26

    relieves one or both parties of there performance obligation if circumstances beyond their control arise

    force majuere

  • 27

    entire principal amount of the loan is paid off at maturity or end with no principal payments made

    straight note

  • 28

    purchases resedential mortgages and converts them into securities for the sale to investors

    Fannie Mae

  • 29

    arrangement in which two or more parties share ownership but have undivided interest no right of survivorship

    tenancy in common

  • 30

    a loan taken out to replace a short term or interim loan usually after the completion of a construction project

    a take out loan

  • 31

    a judgement against a borrower for the balance of the debt owed after the forclosure sale .

    defiency judgement

  • 32

    when appraiser counts number and type of each part and material used to construct a building + cost for labor materials etc

    quantity survey method

  • 33

    problems that the buyer finds with the property during inspection

    patent defect

  • 34

    judgement against a (mortgagor) for the balance of debt owed after a forclosure sale

    defiency judgement

  • 35

    property law doctrine which states that a mortgage transfers a properties title but holds it until it is payed

    title theory

  • 36

    a poisonous gas given off as part of combustion

    carbon monoxide

  • 37

    purchases resedential mortgages and converts them into securities for the sale to investors

    Fannie Mae

  • 38

    rental agreement based on the cost of living adjustments

    index lease

  • 39

    the total operating expenses of a brokerage (divided by) the total number of licensees in the office .

    desk cost

  • 40

    the seller reimburses the buyer for loss of liability

    indemnify

  • 41

    a safety clause can also be known as ?

    extension clause

  • 42

    a township =

    36 square miles

  • 43

    how many feet are there in 1 acre

    43,560 ft

  • 44

    real estate taxes can be known as ?

    ad valorem taxes

  • 45

    grants a company specific right to access another’s property for a specific purpose

    easement in gross

  • 46

    a gift of real estate made by a will

    devise

  • 47

    describing land that uses compass degrees,feet and monuments is known as

    metes and bounds

  • 48

    any document or claim that may invalidate or impair the title to real property

    cloud on title

  • 49

    a written instrument that conveys title to real property

    deed

  • 50

    a restriction placed by a private grantor on the future use of the property

    deed restriction

  • 51

    refers to a decrease in the assessed value of an ad valorem tax or in the assessment rate

    abatement

  • 52

    a promise that runs w the property forever in a general warranty deed

    covenant

  • 53

    person w no ownership interest in the property and no permission from the property owner continually uses property for a specific period of time.

    easement by prescription

  • 54

    more buyers less home =

    sellers market

  • 55

    an area of preference which can attribute to value

    situs

  • 56

    the combining of two or more parcels of land into one larger parcel

    assemblage

  • 57

    a estate in which ownership is held for a defined length of time

    non freehold estate

  • 58

    a form of tenancy where there is no written lease . The tenant is not required to give notice beforehand and note rent is agreed upon

    tenancy at will

  • 59

    someone buys a loan and they need to pay it back

    principal

  • 60

    runs north to south in a government survey

    principal meridian

  • 61

    many buyers fewer homes =

    buyers market

  • 62

    north and south boundaries of townships are created by ?

    township lines

  • 63

    east and west rows of townships

    tiers

  • 64

    ownership of one property by different people each having equal rights it is inheritable no rights of survivorship

    tenancy in common

  • 65

    a promise that runs forever with the property in a general warranty deed

    covenant