Mississippi PSI Real Estate. Broker Exam Questions & Answers, 100% Accurate.

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Mississippi PSI Real Estate. Broker Exam Questions & Answers, 100% Accurate. Real versus personal property -✔-real property: Real estate and the bundle of rights Personal property: all propert... y that is not land or permanently attached to land, excepting trade fixtures and emblements. Physical characteristics of land -✔-immobility, indestructibility, and heterogeneity. Metes and Bounds -✔-describes property by landmarks, monuments, distances and angles. From point of beginning (POB) and returns to POB Rectangular Survey System -✔-uses longitude and latitude lines to identify ranges, tiers, and townships. Also called government survey system. Meridian -✔-North-south lines 6miles apart Parallels -✔-East-west lines 6 miles apart Ranges -✔-North-south strips between meridians Tiers -✔-East-west strips between parallels Townships -✔-Intersection of a range and a tier consisting of six-mile by six-mile squares of land Sections of a Township -✔-36 Sections per township, each one-mile square. 1 section=640 acres Lot and Block System -✔-Subdivisions, lot reference and block reference ex: Lot 7 Block B Describing Elevation -✔-Datum: standard elevation reference point Benchmark: officially surveyed and registered elevation marker Littoral Rights -✔-properties abutting bodies of water that are not moving, such as lakes and seas. do not own the water nor the land beneath the water. Ownership extends to the high-water mark of the body of water. Riparian Rights -✔-properties abutting moving water such as streams and rivers. If a property abuts a stream or river, the owner's riparian rights are determined by whether the water is navigable or not navigable. Navigable to water's edge Voluntary Lien -✔-Lien due to Borrowed money or some other asset secured by a mortgage. Involuntary Lien -✔-Lien placed against a property due to a legal process regardless of the owner General Lien -✔-general lien: placed against all real and personal property owned by a particular debtor. Specific Lien -✔-Lien attached to a single item of real or personal property, and does not affect other property owned by the debtor. Lien Priority -✔-1. the lien's categorization as superior or junior 2. the date of recordation of the lien Superior Liens -✔-1. Real estate tax liens 2. Special assessment liens 3. Federal estate tax liens 4. State inheritance tax liens *Estate tax, assessment, inheritance tax Junior Liens -✔-Federal income tax liens State corporate income tax liens State intangible tax liens Judgment liens Mortgage liens Vendor's liens Mechanic's liens (priority by date work was performed) Easement -✔-Interest in real property that gives the holder the right to use portions of real property in a defined way. License -✔-Personal right that a property owner grants to another to use the property for a specific purpose. Encroachment -✔-Physical intrusion of one's real property into that of another Types of Estates -✔-Freehold: duration of the owner's rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owner's lifetime. Leasehold: distinguished by its specific duration, as represented by the lease term. Forms of Ownership -✔-Sole Ownership Co-Ownership Estates in Trust Condominiums Cooperatives Time-Shares Bundle of Rights -✔-Right to possess, use, transfer, encumber and exclude. Property Taxes -✔-states may levy property taxes but many delegate this power to county and local government; states can impose a tax lien against real property Special Assessment -✔-Ex. sidewalks, water services: Tax levied against specific properties that will benefit from a public improvement. Eminent Domain -✔-Power of a government to force the sale of private property for public use. Condemnation -✔-Government order that a particular property is no longer fit for use and must be demolished. Escheat -✔-When OWNER DIES WITHOUT A WILL and without heirs transfer of real property to the state or county Police Power -✔-State's or local government's legal authority to create, regulate, tax, and condemn real property in the interest of the public's health, safety, and welfare. Zoning -✔-Regulate land use and implement their respective master plans. Master Plan -✔-Acts as a blueprint for subsequent zoning ordinances and rulings uses intensive research and public opinion Building Codes -✔-architectural and engineering standards, construction materials standards building support systems such as life safety, electrical, mechanical, and utility systems Deed Restriction -✔-Limitation imposed on a buyer's use of a property by stipulation in the deed of conveyance or recorded subdivision plat. Deed Condition -✔-A condition can only be created within a transfer of ownership. If a condition is later violated, a suit can force the owner to forfeit ownership to the previous owner. Covenants, Conditions, and Restrictions (CC&Rs) -✔-Deed restrictions are either covenants or conditions. A covenant can be created by mutual agreement. If a covenant is breached, an injunction can force compliance or payment of compensatory damages. Market Value -✔-Opinion of the price at which a willing seller and buyer would trade a property at a given time Market price -✔-Amount of money that a buyer has agreed to pay and a seller has agreed to accept to complete the exchange of a good or service. Characteristics of value -✔-Desire Utility Scarcity Purchasing Power Principles of value -✔-supply and demand Utility Transferability Anticipation substitution Contribution Change highest and best us [Show More]

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