30 HOUR PA FUNDAMENTALS EXAM
TEST BANK | NEWEST ACTUAL EXAM
COMPREHENSIVE QUESTIONS AND
VERIFIED ANSWERS GRADED A+ | 100%
CORRECT | 2024 UPDATE!!
An owner leases store space to a tenant to operate a restaurant. The
tenant has installed ovens, booths, counters, and other equipment.
When would these items become real property?
- if the tenant defaults on a rental payment, the items become the real
property of the landlord if the default is not cured within 30 days
- if not removed at the expiration of the lease, they become real
property by accession
- the items become real property a soon as the tenant receives
permission to install them
- provided the items are permanently attached, they become real
property at the time of annexation - ✔✔✔ Correct Answer > if not
removed at the expiration of the lease, they become real property by
accession
what type of mortgage loan requires payments for 30 years, at thwack
time both the principal and interest will be fully satisfied?
,- straight line amortized loan
- straight loan
- adjustable rate mortgage
- fully amortized loan - ✔✔✔ Correct Answer > fully amortized loan
A summary report prepared as a result of a search of public records
which provides a chronological list of recorded instruments affecting
title to property including liens and encumbrances of record is known
as what
- a certificate of title
- an abstract of title
- a policy of title assurance
- a chain of title - ✔✔✔ Correct Answer > an abstract of title
A person died and her property passed on to the niece the she had
chosen. Given these facts, the person died
- intestate
- testate
- without a will
- distraught - ✔✔✔ Correct Answer > testate
A title search revealed several outstanding liens against a property.
which lien has the highest priority?
, - an outstanding first mortgage lien dated and recorded one year ago
- a real estate tax lien for unpaid taxes
- a mechanic's lien for work started two months before the mortgage
was recorded
- a judgement lien rendered and recorded last month - ✔✔✔ Correct
Answer > a real estate tax lien for unpaid taxes
The seller conveyed a quickclaim deed to the buyer. Upon receipt of the
deed, the buyer may be certain that what?
- There are no encumbrances against the property
- the seller owned the property
- the seller has no further interest in the property
- the buyer now owns the property subject to certain claims of the
seller - ✔✔✔ Correct Answer > the seller has no further interest in
the property
In PA, homeowners who fall behind on their mortgage payments are
given an opportunity to bring the missed payments up to date. If the
payments are not made, the lender follows procedures to have the
property
- rented out
- sold at sheriff's sale
- evacuated
TEST BANK | NEWEST ACTUAL EXAM
COMPREHENSIVE QUESTIONS AND
VERIFIED ANSWERS GRADED A+ | 100%
CORRECT | 2024 UPDATE!!
An owner leases store space to a tenant to operate a restaurant. The
tenant has installed ovens, booths, counters, and other equipment.
When would these items become real property?
- if the tenant defaults on a rental payment, the items become the real
property of the landlord if the default is not cured within 30 days
- if not removed at the expiration of the lease, they become real
property by accession
- the items become real property a soon as the tenant receives
permission to install them
- provided the items are permanently attached, they become real
property at the time of annexation - ✔✔✔ Correct Answer > if not
removed at the expiration of the lease, they become real property by
accession
what type of mortgage loan requires payments for 30 years, at thwack
time both the principal and interest will be fully satisfied?
,- straight line amortized loan
- straight loan
- adjustable rate mortgage
- fully amortized loan - ✔✔✔ Correct Answer > fully amortized loan
A summary report prepared as a result of a search of public records
which provides a chronological list of recorded instruments affecting
title to property including liens and encumbrances of record is known
as what
- a certificate of title
- an abstract of title
- a policy of title assurance
- a chain of title - ✔✔✔ Correct Answer > an abstract of title
A person died and her property passed on to the niece the she had
chosen. Given these facts, the person died
- intestate
- testate
- without a will
- distraught - ✔✔✔ Correct Answer > testate
A title search revealed several outstanding liens against a property.
which lien has the highest priority?
, - an outstanding first mortgage lien dated and recorded one year ago
- a real estate tax lien for unpaid taxes
- a mechanic's lien for work started two months before the mortgage
was recorded
- a judgement lien rendered and recorded last month - ✔✔✔ Correct
Answer > a real estate tax lien for unpaid taxes
The seller conveyed a quickclaim deed to the buyer. Upon receipt of the
deed, the buyer may be certain that what?
- There are no encumbrances against the property
- the seller owned the property
- the seller has no further interest in the property
- the buyer now owns the property subject to certain claims of the
seller - ✔✔✔ Correct Answer > the seller has no further interest in
the property
In PA, homeowners who fall behind on their mortgage payments are
given an opportunity to bring the missed payments up to date. If the
payments are not made, the lender follows procedures to have the
property
- rented out
- sold at sheriff's sale
- evacuated
