SC PSI Real Estate Exam Prep Questions And Answers Latest Update
SC PSI Real Estate Exam Prep
Questions And Answers Latest
Update
Which of the following describes the term appreciation? - ✔✔✔-An increase in the
value of property
When ownership of a mortgage is transferred from one company or individual to
another, it is called: - ✔✔✔-An assignment
A mortgage loan which requires the remaining balance be paid at a specific point
in time is called a: - ✔✔✔-Balloon mortgage
The following reason accounts for why bridge loans are not used much anymore: -
✔✔✔-More second mortgage lenders now will lend at a high to loan value.
Sellers would rather accept offers from buyers who have already sold their
property.
A title which is free of liens or legal questions as to ownership of the property is
called a_______________title. - ✔✔✔-Clear title
What is the collateral in a home loan? - ✔✔✔-The property itself
The adjustment date on adjustable rate mortgage is: - ✔✔✔-The date the interest
rate changes
What is the deposit made by potential buyer to show he is serious about buying a
house called? - ✔✔✔-Earnest money deposit
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,SC PSI Real Estate Exam Prep Questions And Answers Latest Update
A right-of-way which gives persons other than the owner access to our over a
property is known as an: - ✔✔✔-Easement
Which best describes a subdivision? - ✔✔✔-A housing development created by
dividing a tract of land into individual lots
When someone contributes to the construction or rehabilitation of a property with
labor or services rather than cash, that contribution is called: - ✔✔✔-Sweat equity
A two-step mortgage is defined as: - ✔✔✔-An adjustable rate mortgage with one
interest rate for the first five or seven years and a different rate for the remainder
of the term
A legal document evidencing a person's right to or ownership of a property is
called a: - ✔✔✔-Title
If you were buying a house that include furnishing, you would receive a written
document transferring title to the personal property. This document is called a: -
✔✔✔-Bill of sale
An oral or written agreement that is binding in a court of law is called a: - ✔✔✔-
Contract
The part of the purchase price of a property that the buyer pays in cash and does
not finance with the mortgage is called the: - ✔✔✔-Down payment
A female named in a will to administer an estate is called an: - ✔✔✔-Executrix
The greatest possible interest a person can have in real estate is called: - ✔✔✔-Fee
simple
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,SC PSI Real Estate Exam Prep Questions And Answers Latest Update
Required for properties located in federally designated flood areas, this type of
insurance compensates for physical property damage resulting from flooding. It is
called - ✔✔✔-Flood insurance
The following is true of a government loan: - ✔✔✔-Guaranteed by the Department
of veteran affairs. (VA)
Guaranteed by the rural housing service. (RHS)
It is insured by the Federal housing administration. (FHA)
The person conveying an interest in real property is called: - ✔✔✔-The grantor
Insurance that covers in the event of physical damage to property from fire, wind,
vandalism, or other hazards is called: - ✔✔✔-Hazard insurance
A liquid asset is: - ✔✔✔-A cash asset or an asset easily turned into cash
Another term for the lender in a mortgage agreement is the: - ✔✔✔-Mortgagee
If you are buying a house and asking the seller to provide all or part of the
financing, you're asking for_____________ financing. - ✔✔✔-Owner
A point is: - ✔✔✔-1% of the amount of the mortgage
What does a power of attorney grant someone? - ✔✔✔-Complete or limited
authority on behalf of someone else
The principal is: - ✔✔✔-The amount borrowed or remaining unpaid.
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, SC PSI Real Estate Exam Prep Questions And Answers Latest Update
Part of monthly payment that reduces the remaining balance of a mortgage.
A promissory note is: - ✔✔✔-A written promise to repay a specified amount over
specified period of time
Which of the following best describes a real estate agent? - ✔✔✔-A licensed person
who negotiates and transact the sale of real estate
When an assumption takes place? - ✔✔✔-When the buyer assumes the sellers
mortgage
A legal document conveying title to a property is called a: - ✔✔✔-Deed
If you have a loan and transfer the title to another individual without informing the
lender, it is likely that the lender will demand payment of the outstanding loan
balance. He is able to do this because of a clause in your mortgage called the: -
✔✔✔-Acceleration clause.
The most common type of bankruptcy is called: - ✔✔✔-Chapter 7 no asset
bankruptcy
Which of the following best describes a broker? - ✔✔✔-Someone who owns a real
estate firm.
Some real estate agents working for brokers.
Someone who acts as an agent and brings two parties together for a transaction
and earns a fee for this.
A normal contingency in a real estate contract would be that the: - ✔✔✔-Purchaser
is able to obtain a satisfactory home inspection from a qualified inspector
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SC PSI Real Estate Exam Prep
Questions And Answers Latest
Update
Which of the following describes the term appreciation? - ✔✔✔-An increase in the
value of property
When ownership of a mortgage is transferred from one company or individual to
another, it is called: - ✔✔✔-An assignment
A mortgage loan which requires the remaining balance be paid at a specific point
in time is called a: - ✔✔✔-Balloon mortgage
The following reason accounts for why bridge loans are not used much anymore: -
✔✔✔-More second mortgage lenders now will lend at a high to loan value.
Sellers would rather accept offers from buyers who have already sold their
property.
A title which is free of liens or legal questions as to ownership of the property is
called a_______________title. - ✔✔✔-Clear title
What is the collateral in a home loan? - ✔✔✔-The property itself
The adjustment date on adjustable rate mortgage is: - ✔✔✔-The date the interest
rate changes
What is the deposit made by potential buyer to show he is serious about buying a
house called? - ✔✔✔-Earnest money deposit
©®™ Page 1
,SC PSI Real Estate Exam Prep Questions And Answers Latest Update
A right-of-way which gives persons other than the owner access to our over a
property is known as an: - ✔✔✔-Easement
Which best describes a subdivision? - ✔✔✔-A housing development created by
dividing a tract of land into individual lots
When someone contributes to the construction or rehabilitation of a property with
labor or services rather than cash, that contribution is called: - ✔✔✔-Sweat equity
A two-step mortgage is defined as: - ✔✔✔-An adjustable rate mortgage with one
interest rate for the first five or seven years and a different rate for the remainder
of the term
A legal document evidencing a person's right to or ownership of a property is
called a: - ✔✔✔-Title
If you were buying a house that include furnishing, you would receive a written
document transferring title to the personal property. This document is called a: -
✔✔✔-Bill of sale
An oral or written agreement that is binding in a court of law is called a: - ✔✔✔-
Contract
The part of the purchase price of a property that the buyer pays in cash and does
not finance with the mortgage is called the: - ✔✔✔-Down payment
A female named in a will to administer an estate is called an: - ✔✔✔-Executrix
The greatest possible interest a person can have in real estate is called: - ✔✔✔-Fee
simple
©®™ Page 2
,SC PSI Real Estate Exam Prep Questions And Answers Latest Update
Required for properties located in federally designated flood areas, this type of
insurance compensates for physical property damage resulting from flooding. It is
called - ✔✔✔-Flood insurance
The following is true of a government loan: - ✔✔✔-Guaranteed by the Department
of veteran affairs. (VA)
Guaranteed by the rural housing service. (RHS)
It is insured by the Federal housing administration. (FHA)
The person conveying an interest in real property is called: - ✔✔✔-The grantor
Insurance that covers in the event of physical damage to property from fire, wind,
vandalism, or other hazards is called: - ✔✔✔-Hazard insurance
A liquid asset is: - ✔✔✔-A cash asset or an asset easily turned into cash
Another term for the lender in a mortgage agreement is the: - ✔✔✔-Mortgagee
If you are buying a house and asking the seller to provide all or part of the
financing, you're asking for_____________ financing. - ✔✔✔-Owner
A point is: - ✔✔✔-1% of the amount of the mortgage
What does a power of attorney grant someone? - ✔✔✔-Complete or limited
authority on behalf of someone else
The principal is: - ✔✔✔-The amount borrowed or remaining unpaid.
©®™ Page 3
, SC PSI Real Estate Exam Prep Questions And Answers Latest Update
Part of monthly payment that reduces the remaining balance of a mortgage.
A promissory note is: - ✔✔✔-A written promise to repay a specified amount over
specified period of time
Which of the following best describes a real estate agent? - ✔✔✔-A licensed person
who negotiates and transact the sale of real estate
When an assumption takes place? - ✔✔✔-When the buyer assumes the sellers
mortgage
A legal document conveying title to a property is called a: - ✔✔✔-Deed
If you have a loan and transfer the title to another individual without informing the
lender, it is likely that the lender will demand payment of the outstanding loan
balance. He is able to do this because of a clause in your mortgage called the: -
✔✔✔-Acceleration clause.
The most common type of bankruptcy is called: - ✔✔✔-Chapter 7 no asset
bankruptcy
Which of the following best describes a broker? - ✔✔✔-Someone who owns a real
estate firm.
Some real estate agents working for brokers.
Someone who acts as an agent and brings two parties together for a transaction
and earns a fee for this.
A normal contingency in a real estate contract would be that the: - ✔✔✔-Purchaser
is able to obtain a satisfactory home inspection from a qualified inspector
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