PSI Real Estate Exam

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

Bilateral

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

Functional Obsolence

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

Grantee

Taking place every other year.

Biennial

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

Testate

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

Liz Pendens

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

Capitalization

What is the decimal form of seventy two mills?

.072

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

Open End Mortgage

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

Redlining

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?

$2800

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

Statue of Frauds

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?

Constructive Eviction

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

Usury

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

Title Theory

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

Suit of Action to Quiet Title

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

Satisfaction of Mortgage

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

Debit

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

Easement In Gross

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

Avulsion

How many square feet are in a acre of land

43,560

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

Ad Valorem

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

Blue Sky Laws

List two terms that means: personal property

Chattels, Personalty

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

Abstract Of Title