PSI Real Estate Exam

Bilateral

What is a type of contract in which two parties are legally bound to act?

Functional Obsolence

What is one kind of real property depreciation caused by poor design?

Grantee

What is the name of the party who aquires the title to real property in a deed?

Biennial

What is one word that indicates how often a PA salesperson's license is required to be renewed?

Testate

What is the condition called when a person dies with a will

Liz Pendens

What is the recorded legal notice that shows existing court action against real property?

Capitalization

What is the process of estimating the value of real property by using the rate of return and the annual net income?

.072

What is the decimal form of seventy two mills?

Open End Mortgage

What is the type of mortgage in which the mortgagor could receive future advances by increasing the debt up to its original amount?

Redlining

What is the act called of denying mortgages to applicants from a certain area based on factors other than financial qualification?

$2800

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?

Statue of Frauds

What is the name of the state law that requires agreements of sale to be in writing?

Constructive Eviction

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?

Usury

What is the practice of charging a rate of interest that is higher than is allowed by state law?

Title Theory

The lender is the owner of the mortgaged real estate according to what theory of mortgaged law?

Suit of Action to Quiet Title

What is filed in court to settle a cloud on the title and determine the ownership of real property?

Satisfaction of Mortgage

What recorded document indicates that the mortgage note has been paid in full?

Debit

What is any amount of money that is charged to someone on a closing statement and is required to be paid?

Easement In Gross

The right of way held by a railroad is an example of what type of easement?

Avulsion

The unexpected and dramatic loss of land as the result of an earthquake is represented by what real estate term?

43,560

How many square feet are in a acre of land

Ad Valorem

What is the type of real estate tax that is levied according to value?

Blue Sky Laws

State and federal laws that regulate real estate when it is sold as a security are known by what general name?

Chattels, Personalty

List two terms that means personal property

Abstract Of Title

What is the list of recorded documents on a particular real property called?