PSI Real Estate Exam – Flashcards
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What is a type of contract in which two parties are legally bound to act?
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Bilateral
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What is one kind of real property depreciation caused by poor design?
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Functional Obsolence
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What is the name of the party who aquires the title to real property in a deed?
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Grantee
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What is one word that indicates how often a PA salesperson's license is required to be renewed?
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Biennial
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What is the condition called when a person dies with a will
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Testate
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What is the recorded legal notice that shows existing court action against real property?
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Liz Pendens
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What is the process of estimating the value of real property by using the rate of return and the annual net income?
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Capitalization
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What is the decimal form of seventy two mills?
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.072
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What is the type of mortgage in which the mortgagor could receive future advances by increasing the debt up to its original amount?
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Open End Mortgage
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What is the act called of denying mortgages to applicants from a certain area based on factors other than financial qualification?
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Redlining
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How much money would be charged as the result of a four point origination fee on a $95,000 property on which there is a $70,000 mortgage?
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$2800
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What is the name of the state law that requires agreements of sale to be in writing?
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Statue of Frauds
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What is the name of the process by which a tenant is allowed to abandon a leased property without legal consequence if the landlord causes that leased property to become uninhabitable?
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Constructive Eviction
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What is the practice of charging a rate of interest that is higher than is allowed by state law?
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Usury
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The lender is the owner of the mortgaged real estate according to what theory of mortgaged law?
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Title Theory
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What is filed in court to settle a cloud on the title and determine the ownership of real property?
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Suit of Action to Quiet Title
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What recorded document indicates that the mortgage note has been paid in full?
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Satisfaction of Mortgage
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What is any amount of money that is charged to someone on a closing statement and is required to be paid?
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Debit
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The right of way held by a railroad is an example of what type of easement?
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Easement In Gross
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The unexpected and dramatic loss of land as the result of an earthquake is represented by what real estate term?
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Avulsion
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How many square feet are in a acre of land
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43,560
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What is the type of real estate tax that is levied according to value?
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Ad Valorem
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State and federal laws that regulate real estate when it is sold as a security are known by what general name?
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Blue Sky Laws
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List two terms that means personal property
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Chattels, Personalty
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What is the list of recorded documents on a particular real property called?
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Abstract Of Title
