PSI Iowa Real Estate Exam National Portion - Amy Schaffer

PSI Iowa Real Estate Exam (National Portion) - Amy Schaffer Flashcards Which of the following liens does NOT need to be recorded to be valid?a. Mortgage lienb. Real estate tax lienc.Judgment liend. Mechanic's lien B An appraiser has been hired to prepare an appraisal on a property that includes an elegant old mansion that is now leased to an insurance company. Which approach to value would the appraiser rely on most?a. Income approachb.Gross rent multiple approachc. Sales comparison approachd. Replacement cost approach A Which of the following is NOT described as personal property?a. Chattelsb. Trade fixturesc. Emblementsd.Fixtures D A special warranty deed differs from a general warranty deed in that the grantor's covenant is the special warranty deeda. Applies only to a definite limited timeb. Covers the time back to the original titlec. Is implied and is not written in fulld. Protects all subsequent property owners A Which of the following would be classified as external depreciation?a. A leaking roof that needs to be completely replacedb. Poorly maintained properties in the neighborhoodc. Poorly designed floor plan that could be modifiedd. Convenient access to schools and recreational facilities B A subject home with three bedrooms and a fireplace found that having a 4th bedroom is worth $5,000 and a fireplace is worth $3,000. A comparable 4th bedroom home without a fireplace recently sold for $180,000. How much should the subject home list their home for?a. $177,000b.$180,000c. $178,000d. $183,000

C ($180,000-$5,000+$3,000=$178,000)

The purpose of an appraisal is toa. Estimate the market value of propertyb. Set the market price of a propertyc.Determine the projected income of a propertyd. Set the amount of consideration the seller should accept from a purchaser A According to the law, a trade fixture isa. A fixtureb.Easementc. Personal propertyd. A license C A listing contract in which the broker's commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker

is called a (n):a. Open listingb. Net listingc. Exclusive right

to sell listingd. Exclusive agency listing A Taxes are levied on a property owner to pay to install sidewalks or sewers are called?a. Ad valorem taxesb.General property taxesc. Special excise taxesd. Special

assessments D Two different brokerage companies claimed they were entitled to a commission from the sale of a property that

was listed by one of the firms under an open listing agreement. The broker who is entitled to the commission is the one whoa. Listed the propertyb. Advertised the propertyc. Obtained the first offerd. Was the procuring cause of the sale D