PSI State Exam- Real Estate Salesperson

The law which requires that transfers of real property ownership be in writing is known as the... - Answer- statute of frauds In a VA loan, there must be... - Answer- an approved appraisal When a land contract is entered into... - Answer- the buyer acquires equitable title A 5 bedroom, 1 bathroom residence is an example of what type of depreciation? - Answer- Functional Name 3 essential requirements for a valid deed... - Answer- 1. The buyer and seller must be named 2. Words of Conveyance 3. Competent Grantor If 2 married brothers own property as joint tenants and one brother dies, his wife owns... - Answer- no interest In a lease... - Answer- the original lessee could be liable for rent payments even though he sublets the premisis To use property for the best net return to the property is... - Answer- highest and best use What is the best way to find a could on title? - Answer- Title Search A life estate is... - Answer- a freehold interest in real estate and is considered real property Where a title search reveals that there is a broken chain of title, it can best be cured by... - Answer- Quitclaim deed When the lessor sells his leased property... - Answer- the lease is binding on the buyer The phrase, "principals only" excludes... - Answer- real estate broker a mechanics lein may not be levied by - Answer- real estate broker The covenant in a deed in which the grantor guarantees he has title is - Answer- seizen a judgement becomes effective when - Answer- it is recorded What is a private agency that buys and sells in the secondary mortgage market? - Answer- HUD