PSI Dearborn Practice Exam Questions Flashcards

PSI / Dearborn Practice Exam Questions Flashcards If seller finds a buyer, licensee shall not receive any commission. Listing agreement is referred to as _______Exclusive agencyExclusive right to sellExclusive right to buyOpen Exclusive agency A normal size section in the Government Rectangular Survey System contains36 square miles6 square miles1 square mile160 acres

• square mile

If you want to find out how long ago a development improvement was made, the best source of information is ______the office of the tax accessor at the county levelthe office of the state secretarythe records of the builderthe treasurer's office at the county level the office of the tax accessor at the county level A township contains only640 acres36 square yards23,040 square feet36 sections 36 sections A listing agreement is a(n)unilateral or bilateral contractall are correctemployment contractcontract to find a buyer for a properrty all are correct Which of the following types of legal descriptions identifies a property by outlining its boundaries in terms of a series of directions and distances from a specific point of beginning?geodeticlot and blockmetes and boundsrectangular metes and bounds

RESPA would apply to which of the following :homes &

residential dwellings only1-4 family residential dwellingscommercial real estate onlysubdivisions 1-4 family residential dwellings

With a tenancy for years :a 30-day notice is required to

terminate the leaseno notice is required to terminate the leasethe term of the lease must be for at least one yearthe lessee has a freehold estate no notice is required to terminate the lease Counteroffer makes the OFEREE THE ______ OFFEROR What item will appear as a debit on the buyer's closing statement?none of the other options are correctprepaid homeowner's insurancethe purchase priceunpaid property tax the purchase price A family home was constructed from June 1, 1977, to January 1, 1978. Owner, Joseph Brown, acquired this property from the developers and the house has never been rebuilt or remodeled since. Joseph is now working with a licensee to sell the house. Which of the following statements regarding the lead-based paint disclosure is correct?Seller should have the house inspected by

professionals for any lead-based paintSince the construction of the house was completed on the first day of 1978, this federal disclosure requirement is not necessaryThe licensee is required to comply with lead-based paint disclosureThe seller is required to alert any potential buyers of lead-based paint on the property The seller is required to alert any potential buyers of lead-based paint on the property (seller required) A safety clause is found in aLeaseDeposit ReceiptListing AgreementLoan Broker's Statement Listing Agreement Ownership in SeveraltySingular Owner Land appropriated for public use by the land owner and received on the public's behalf is known aspublic

granteasementcondemnationdedication dedication (grant given to public)

The difference between a freehold and leasehold estate isthe right of survivorship for the tenantwho is obligated to pay the property expensesownership versus the right to purchaseownership versus possession ownership versus possession A home is the smallest in a neighborhood of large, expensive houses. The larger houses an effect on the value of the smaller home called the principle ofprogressionregressioncontributionsubstitution progression Which of the following is not fee simple?freehold estateestate by inheritanceindefinite durationless than freehold estate less than freehold estate Under a lease, the leasehold interest lies in thelandlordlessorbeneficiarylessee lessee What is the term for a man who creates a will?executortestatoradministratortestatrix testator (man who makes a will)* executor (named in will)* administrator (appointed by court to administrator deceased)* testatrix (woman who makes will) An estate's executor is selected by ____administratortestatorprobate courtheirs testator* EXECUTOR IDENTIFIED BY TESTATOR Devise vs DemiseDevise - Transfer of WillDemise - Transfer of Trust / Lease Serena bought a home and decided to build some shelves into the walls. When she sold the house, she left the shelves behind. This is because the shelves werepart of the houseattachmentfixturenone of the above fixture The day the unpaid principal of a bond, loan or any other financial instruments becomes due or payable, this is said to be thedelivery datedue datematurity dateend of paper trail maturity date What is a PITI reserve?amount of money that is financed by a mortgagecash amount that a borrower should have for closing costs / down pmtsboth a & bnone of the above cash amount that a borrower should have for closing costs / down pmts Land can be improved or modified to increase real estate's value. All of the following are improvements excepthouseaccess roadplanted cropsutilities planted crops (personal property) Economic obsolescence in a property is generallya type of depreciation that is incurablea result of poor maintenancedue to architectural faultscaused by the aging process a type of depreciation that is incurable What aspect in the deed process indicates the transfer of ownership and the intention of making the deed effective and operativeAcceptance of title deedDelivery of deedRecording of deedNotary of deed Delivery of deed A court order to a properly designated individual to sell property in order to satisfy a judgement is calleda deficiency judgementa write of executiona lis pendesan attatchment a write of execution