psi pdf questions Flashcards

psi pdf questions Flashcards changeThe home buyers' tax credit of 2009-10 created a situation in which buyers were hurrying to close while the tax credit was in force. This resulted in a flurry of sales activities because of which economic factor?habendum clausea valid deed has which characteristic?revocation, bankruptcy, eminent domaincan cancel a listing agreement special agencyThe typical relationship between a listing agent and a seller is a/an kickbackSam Lawrence recommends that his clients use Premier Painting Company whenever a property needs painting before putting it on the market. Lawrence receives a fee from the painting company for each job that he refers. This is known as a co-opgives a property owner shares in the underlying corporation form of terminationnot required in a listing agreement how is the item attachedone of the tests of whether something is a fixture adjust the value of the comp upwardAn appraiser is valuing a townhouse with a new tile kitchen floor and all new stainless steel appliances. It has two bed- rooms, a loft, and a fireplace. He found a comp that has the same floor plan, but the kitchen floor is 20-year-old linoleum and the appliances are also 20 years old.The appraiser will need to Statute of FraudsSome States require that real estate sales contracts be in writing because of the states gross adjustmentSonjay Singh is completing a URAR using the cost approach. He will fill in all of the following items EXCEPT riparian rightsthose who own property along rivers and streams the cost approachthe value of the land plus the cost to build the improvements (new), less depreciation of the improvements interestThe four unities that must be fulfilled in a joint tenancy are unity of time, title, possession, and interest only on the mortgage over the term of the mortgage with a straight term mortgage, the mortgage pays provision of RESPAThe lender must tell borrowers why their loan has been turned down.intent to deceiveThe distinguishing characteristic of fraud is an attorney's opinion of titleThe process that uses an abstract of title ends with Curable Physial DeteriorationAn aging elevator would be considered in an appraisal as a/an

forfeitureThe loss of real property as a result of the breach of a sales contract by a buyer is known as a quitclaim deeda cloud on a title can be removed by equityThe Dinhs bought a home 20 years ago. The value of the property has increased from $152,000 to $312,000. The difference between the purchase price and the current price less the remaining mortgage is known as Increase in the value of individual lots when combined describes describe plottage physical deterorationthe straight line method of measuring depreciation is best used to measure physically possibleThe four characteristics of the highest and best use of property are legally possible, maximally productive, economically feasible, and tenancy in commonmost frequently used form of joint ownership PMI (Private Mortgage Insurance)is not necessary if the buyer finances no more than 80 percent of the purchase price 78 percentMortgage lenders must cancel PMI coverage on mortgages when the mortgagor has paid down the loan to estate for yearsa leasehold estate location of physical featureswould NOT appear in a legal property description using the rectangular survey system paying points reduces the interest rate on the mortgage.What is the purpose of paying discount points?anticipationthe basis of the income approach in valuing a property is the principal of olive because she signed a commercial lease and under the lease, the fixtures can be removed and the premises returned to the original condition Olive's Organic Food Store is moving to a new site. Olive wants to take her shelving and counters with her. Her landlord has told her that she can't. Who is right?APRthe effective rate of a loan including costs and fees is a market valueThe Krasners have just bought a home for$550,000. This is the home's revocationIf a principal discharges a realtor, this is known as net leaseSarah Mayfield, the owner of the Sally Mae Shop, signs a lease with Shepherd Realty to rent a storefront. Sarah must pay utilities and real estate taxes. She has probably signed a remaindermentcannot cancel a listing agreement It spells out how the annual percentage rate of a loan should be calculated and stated in loan documents Why is the Truth-in-Lending Act important to homebuyers?buyer or seller, depending on the contract at closing who pays the discount points on the mortgage oan adverse possessionBob Kiley has been living in a shack in the woods on the Allens' property for 15 years with their consent, but without paying rent. When both Allens die, their heirs want to evict Kiley. He claims the property is his because of

quitclaimA deed that has no warranty included in it is a Good Faith Estimatemust contain the amount of loan discount points, and appraisal fee about their financial situationMark Neri is an experienced realtor and always qualifies potential buyers, which means that he asks Qualified fee conditional ownershipThe Mason Company rejects the Jansen Company's request because of the clause in the deed that it received when it bought the land from Tracy Merrit. If it agreed to the Jansen Company's request, the Mason Company would lose the property. The clause must have conveyed what kind of ownership?to check with an attorneySharon Macy and Ben Porter are buying a house together before they get married and ask their realtor what type of ownership they should agree to. The realtor should tell them Environmental Impact StatementThe federal government wants to build a dam on the Sawtooth River. Before the Army Corps of Engineers can proceed, what must they file?can attempt to restart the negotiations by making a new, lower offer The Thomases are selling their condo. They have been going back and forth in negotiations with Brad Morse. Brad has rejected the latest counteroffer and decided to walk away. The Thomases to give public notice that the title has passed why are deeds recorded after closings sampling and analysis of the siteA Phase II environmental inspection includes An Ordinary Life Estatecan be sold, but not mortgaged index capnot a cap for ARMs the right to purchase a particular property the option to purchase gives the buyer executory contracta contract in which the obligation is in the future plottageThe process of combining lots is known as Jumbo Mortgage Loana mortgage that is larger than the limit to qualify for a government- insured low-interest loan four real estate brokers deciding on the customary rate for sales commissions in their city anti-trust laws forbid no, because under an exclusive agreement, the realtor only gets a commission if the realtor sells the property Marty Chu signs an exclusive agency listing with Morgan Realty. Marty then sells his property himself to someone who did not learn about it through Morgan Realty. Does Marty have to pay a commission to Morgan Realty?six months agoIn using the sales comparison approach to valuing a property in a typical market, an appraiser would not consider the sale of a comparable property a reliable market indicator if it took place more than a

• credit scoreAccording to the Truth in Lending Act, all of the following

must be disclosed to a borrower EXCEPTA. annual percentage rateB. amount of finance chargesC.Prepayment PenaltysD. Credit Score

type of restaurants and shopsa social factor that influences housing values street address of the propertyNOT a part of a legal description of real property price, signature of the broker, commission required in a listing agreement fire insurance, loan amount, title insurance An Mortgage Loan Disclosure Statement includes itemized costs for with a VA mortgageThe mortgagor will not have to pay monthly mortgage insurance.municipal governments onlyPrivate restrictions placed on a subdivision's deeds are enforceable by baselineNOT part of a metes and bounds legal property description?to refuse others the use of their shoreline to ground or launch boats.Littoral rights give property owners all of the following rights EXCEPTA. to build a dock out into the water from their landB. to launch a boat into the water from their landC. to maintain an inland no trespassing zone beginning at high tide watermarkD. To refuse other the use of their shoreline to ground or launch boats SARAestablished "innocent landowner immunity" Recalculation of the principal periodically An ARM may have all of the following exceptA. interest rate adjustment capB. life of loan interest rate adjustment capc.periodic interest rate changed. Recalculation of the principal periodically

reimbursement valueinsurable value of a property is that same as it's:

steeringThe Hamers, an African American couple who are interested in buying their first home, are being shown predominantly African American neighborhoods by their realtor. This practice is known as FSBO (For Sale By Owner) PropertyWhich of the following situations would be exempt under the provisions of the Fair Housing Act?(A) A landlord renting an apartment in a four-unit building(B) A FSBO property(C) A developer selling townhouses in a PUD(D) Nuns who run an assisted living facility for the elderly and accept public funding notefirst national bank provides the Jamars with a mortgage to buy their house. At the closing, the Jamars sign the mortgage and the single family residencethe URAR is used to appraise a an open listingLisa Thuc signed listing agreements with both the Tyler Real Estate Agency and Booth Realtors to sell her co-op.Sutton has what kind of listing with the brokers?constructive eviction occursa landlord neglects the premises so badly that it becomes unihabitable an active heroine addictWhich of the following people is NOT part of a protected class under the Fair Housing Act?