PSI Exam Long Foster, MD 2023 Flashcards

PSI Exam (Long & Foster, MD) 2023 Flashcards Bjorn gives a life estate to Maximilian. The deed specifies that when Maximilian dies, the property will go to Bjorn's

niece Alexandra. Alexandra is the:a. Heirb.

Remaindermanc. Life tenantd. Reverter

• Remainderman

When construction is finished on a new house a will be issued after all inspections are completed.Certificate of Occupancy is sole ownership; owned by one person only. Severalty Someone who dies with a will is said to have died Testate If a vacant property cannot be developed due to existing zoning regulations the owner might apply for a Variance .What must be at an open house?a. Licenseb. Cookiesc.Open House Disclosure Signd. Sign-in sheet

• Open House Disclosure Sign

In all MD, what is the designated name/trade name (as it appears on the license) must be used. The name of the brokerage firm must also be conspicuously displayed.Advertising The difference between the market value of the property and the amount still owed is the homeowner's Equity The right of the government to pass laws which affect the usage of property is Police Power might affect the maximum height of a new building.Zoning Ordinances is the right to use the land of a neighbor that benefits a dominant tenement.A(n) Easement The lender is theMortgagee A joint tenancy must have all of the following unities

except:a. Possessionb. Inheritabilityc. Timed. Title

• Inheritability

are examples of private land use controls Covenants, Conditions and Restrictions A broker represents the buyer and seller in the same transaction Customer The short way to say principal, interest, taxes, and insurance is .

PITI The six common law fiduciary duties of agency are care, obedience, loyalty,Disclosure, accounting, and confidentiality

All of the following can be found in Maryland except:a.

Tenancy in commonb. Tenancy by the entiretyc.Community propertyd. Cooperatives

• Community property

General Warranty Deed offers the most protection for aGrantee who can represent the principal in a broad range of transactions related to a particular business General agent The broker's what is earned when the seller accepts an offer from a ready, willing, and able buyer.Commission

Nationally real estate agency relationships are governed by common law and Statutory Law Notarization of a deed. The purpose is to verify the grantor is transferring the property of his or her own free will Acknowledgement The process where land is gained by deposits from a river, lake or sea is Accession All of the following would be examples of encumbrances

except:a. A life estateb. An easementc. A liend. A deed

restriction

• A life estate

Sections and townships are used in theRectangular Survey the legal or court process that is intended to properly allocate and distribute the assets of a deceased individual.Probate he entire development is owned by a corporation. The owners would get a proprietary lease to give them the right to lease a unit in that development.Cooperative is a method of describing property by starting at a point of beginning and continuing from point-to-point until returning to the original point of beginning.Metes & Bounds James Buchanan signs three listing agreements on the same property that will be active at the same time. He tells each agent that he is not working with anyone else. He signs an open listing agreement with Able Real Estate, he signs an exclusive agency listing with Baker Realty, and an exclusive right-to-sell with Charlie Real Estate. What commissions would James owe if the house is sold by Able Real Estate?a. Full commission to Ableb. Full commission to Charliec. Half a commission to Able and half to Charlied.Full commissions to Able, Baker and Charlie

• Full commissions to Able, Baker and Charlie

MD law requires all buyers and sellers to sign Understanding Whom Real Estate Agents Represent.a.TRUEb. FALSE

• FALSE

Salesperson Suzy has prepared a written offer for her client. As part of the offer, she has included her signed brokerage agreement. This is an appropriate action for Suzy to take.a. TRUEb. FALSE

• FALSE

is permission to use someone else's property for a specific purpose. Can be withdrawn at any time and does not transfer with the transfer of the property.A License Typically 1/12 of a property's real estate taxes and insurance are paid to the bank on a monthly basis and held in an what account Escrow All of the following are economic characteristics of real

property except:a. Permanence of Investment.b.

Immobilityc. Scarcityd. Area preference

• Immobility

might be used to transition from a commercial area to a residential area.Buffer Zones All the owners participate in the operation and management and all can be held equally liable in a General Partnership A property that may be less desirable because a murder

occurred in the house is considered to be:a. Materially

defectiveb. Historicc. Stigmatizedd. Haunted

• Stigmatized

A local auto parts factory has expanded and hired 750 additional workers. As far as real property in the area is concerned, this will most likely affecta. Demandb. Supplyc.Demographicsd. Depreciation

• Demand

Joint tenancy and tenancy by the entirety are not inheritable because of the Right of Survivorship When the information of an interest in a property is not only available, but someone is actually aware of that interest Actual Notice In MD, charging interest at a rate higher than 24% on second mortgages and land installments is called Usury All of the following are requirements of a valid deed

except:a. Signature of the grantorb. Signature of the

granteec. Considerationd. Habendum clause

• Consideration

If a bank takes back a property and is not able to sell it for what was owed on the note they may be able to secure a what against the borrower.Deficiency Judgement Anything man-made that is built onto a property is a(n)Improvement what sets material and construction standards Building Codes In MD, earnest money must be deposited no later than how many business days from contract acceptance.seven In order to open a day care facility in a residential neighborhood, you need to apply for a Conditional Use permit During a listing presentation, a salesperson learns the seller must be at their new job in Nebraska in two months.The seller chooses to list with another agent. Which of the following is true?a. If the salesperson finds a buyer client who is interested in the property, he/she must disclose the seller's job transfer.b. The salesperson must keep the seller's job transfer confidential, even from a buyer client.c.The salesperson has no obligation to the seller, since the seller did not hire them.d. The salesperson must disclose the seller's transfer to any buyer, since it is a material fact.

• The salesperson must keep the seller's job transfer

confidential, even from a buyer client.Covenants that can be found in a general warranty deed

include all of the following except: a. Seisinb. Quiet

enjoymentc. Devised. Further assurances

• Devise

A person who is represented is theClient a benefit that goes along with ownership of a property and transfers to the new owner when the property is sold.Appurtenance

the business of bringing people together in a real estate transaction Prior Appropriation ohn rents space in a shopping center to open a restaurant.He installs a stove, dishwasher, and other restaurant equipment, which he attaches to the building. When the lease expires, he vacates the location without removing the stove and dishwasher. Which of the following is true? a.John can come back at any time and remove the stove and dishwasher.b. The stove and dishwasher become the real property of the landlord through accession.c. The restaurant equipment became the real property of the landlord as soon as they were attached.d. John can take the dishwasher, but not the stove because a stove is normally considered real property.

• The stove and dishwasher become the real property of

the landlord through accession.Which of the following is true about condominiums?a. A defining feature is that there are multiple units in one building.b. Owners would get a proprietary lease that gives them the right to lease a unit in that development.c. They must be residential.d. Owners would normally have an undivided interest in common elements.

• Owners would normally have an undivided interest in

common elements.The process of changing real property into personal property is Severance Fee simple ownership of an individual unit, with a shared tenancy-in-common interest in common elements is a Condominium The broker is almost always responsible for all actions of the Salesperson is a long term guide for development of a community.Master Plan/Comprehensive Plan Under a what is a property owner may be able to continue using a property for a usage no longer allowed by zoning laws.a Non-Conforming Use The right of the government to take property for the public good or for public usage with fair compensation is Eminent Domain implies a grantor owns a property, but makes no warranties.Quitclaim Deed Upon first contact licensees must disclose who they represent through the same medium in which contact occurred - phone email text, etc.a. TRUE.b. FALSE

• TRUE.

Not used in Maryland. Examples would be dower, curtesy and homestead.Legal Life Estate..The borrower is theMortgagor The party in a deed that is selling the property or giving it away is the Grantor

A ministerial act is one that is:a. Performed on behalf of a

client before and after the execution of a contract of sale or leaseb. Assists another (unrepresented) person to