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psi exam test prep questions and answers, 100% proven pass rate. 2022./2023

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psi exam test prep questions and answers, 100% proven pass rate. 2022./2023 A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor... 's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement - ✔✔appurtenant A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? - ✔✔Tenancy at will The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, - ✔✔his undivided interest passes to his heirs Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where - ✔✔water is scarce A legal easement can be created by any of the following EXCEPT - ✔✔merger of the titles Legal descriptions using the government survey system are NOT generally used in - ✔✔the original 13 states Real property can be converted to personal property by - ✔✔severance A lawsuit for inverse condemnation may be brought by - ✔✔homeowner Building codes are - ✔✔ordinances that specify construction standards A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? - ✔✔Conditional use permit or zoning variance. An environmental impact statement typically describes the effects of a proposed project on factors such as - ✔✔public health and safety. A deed restriction is applicable to the activities of - ✔✔all owners, present and future A commercial property lost value because a recently constructed highway moved traffic away from the property. This is an example of - ✔✔economic or external obsolescence. A competitive market analysis is MOST often used fo - ✔✔setting a listing price. When compiling a competitive market analysis, a broker would look for comparable properties that - ✔✔were located near the property being listed. If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? - ✔✔Business district zoned for a six-story office building. A formal appraisal will ALWAYS be REQUIRED when the - ✔✔lender wants to sell the mortgage to the secondary market. A competitive market analysis takes into consideration - ✔✔square footage of the subject property. Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? - ✔✔The first sold. A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest - ✔✔a competitive market analysis to determine the property's value. In helping a buyer to select a lender, if the buyer believes he has good credit and his income is documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT - ✔✔more variety of loan programs available. A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to - ✔✔demand immediate payment of the entire note. ccording to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the - ✔✔prepayment penalties and rebates. Federal Truth-in-Lending laws are also known as - ✔✔Regulation Z Which of the following consumers would be able to derive the most benefit from a reverse mortgage? - ✔✔A couple in their late 60?s who need to tap their home equity to help cover their expenses but do not want to sell their house. The FHA functions MOST like - ✔✔an insurance company. Which of the following real estate contracts is a service contract? - ✔✔a listing agreement A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - ✔✔an agent to the broker and a subagent to the principal. The day after a broker's listing on a house expired, it was listed with another broker and offered in the MLS. Several days later, a third licensee called the first broker and asked for the key to show the home. The broker should inform the caller that - ✔✔he is no longer the listing agent. When a principal authorizes an agent to perform a particular act or transaction, it is an example of a - ✔✔special agency. [Show More]

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