PSI ONLINE EXAM 75 Questions and Correct
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Quiz: A distinguishing characteristic of owning property by land trust is that
Ans: the identity of the legal owner is kept confidential.
Quiz: Legal descriptions using the government survey system are NOT
generally used in
Ans: the original 13 states.
Quiz: A property is encumbered by a first mortgage of $60,000 and a second
mortgage of $23,500. The property has just been sold at a foreclosure auction
to a speculating investor for $88,000. Assume that all costs of the foreclosure
sale are included in these balances. Which of the following statements is FALSE
regarding the distribution of funds?
Ans: The second mortgagee receives nothing unless he forced the foreclosure
auction
o
o
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, Quiz: A broker hires a salesperson as an independent contractor. In order for
the salesperson to be considered an independent contractor for federal
income tax purposes, the broker's written contract with the salesperson
MUST specify
Ans: that the salesperson will not be treated as an employee for federal
income tax purposes.
Quiz: A homeowner is willing to let his neighbor park an RV in his backyard.
He does NOT want to make the permission permanent in case he dislikes
others who might move next door in the future. What should he give his
neighbor?
Ans: A license.
Quiz: Although states make specific laws governing water rights and the rights
in land that borders water, most states generally follow one of two basic
doctrines regarding water rights. Either riparian and littoral rights are
automatically conveyed with property, or all water rights are controlled by the
state under the doctrine of prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where
o
o
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, Ans: water is scarce.
Quiz: New sidewalks installed only on one particular street will probably be
paid for by
Ans: a special assessment
Quiz: A broker is showing a buyer one of his residential listings. The buyer
says he wants to establish a day care center for seniors in the property. The
property has been used as a day care center for no more than five children.
How should the broker advise this buyer?
Ans: Provide the buyer with contact information for the local planning and
zoning office to confirm the zoning and determine whether it permits his use.
Quiz: If conditions for property use are included in a deed and these
conditions are violated, what is the most severe potential penalty?
Ans: A court may order the return of the property to the original owner.
o
o
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me in the number given.
Detailed Answers (Verified Answers) ||Already
Graded A+||Newest Version
Quiz: A distinguishing characteristic of owning property by land trust is that
Ans: the identity of the legal owner is kept confidential.
Quiz: Legal descriptions using the government survey system are NOT
generally used in
Ans: the original 13 states.
Quiz: A property is encumbered by a first mortgage of $60,000 and a second
mortgage of $23,500. The property has just been sold at a foreclosure auction
to a speculating investor for $88,000. Assume that all costs of the foreclosure
sale are included in these balances. Which of the following statements is FALSE
regarding the distribution of funds?
Ans: The second mortgagee receives nothing unless he forced the foreclosure
auction
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Quiz: A broker hires a salesperson as an independent contractor. In order for
the salesperson to be considered an independent contractor for federal
income tax purposes, the broker's written contract with the salesperson
MUST specify
Ans: that the salesperson will not be treated as an employee for federal
income tax purposes.
Quiz: A homeowner is willing to let his neighbor park an RV in his backyard.
He does NOT want to make the permission permanent in case he dislikes
others who might move next door in the future. What should he give his
neighbor?
Ans: A license.
Quiz: Although states make specific laws governing water rights and the rights
in land that borders water, most states generally follow one of two basic
doctrines regarding water rights. Either riparian and littoral rights are
automatically conveyed with property, or all water rights are controlled by the
state under the doctrine of prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: water is scarce.
Quiz: New sidewalks installed only on one particular street will probably be
paid for by
Ans: a special assessment
Quiz: A broker is showing a buyer one of his residential listings. The buyer
says he wants to establish a day care center for seniors in the property. The
property has been used as a day care center for no more than five children.
How should the broker advise this buyer?
Ans: Provide the buyer with contact information for the local planning and
zoning office to confirm the zoning and determine whether it permits his use.
Quiz: If conditions for property use are included in a deed and these
conditions are violated, what is the most severe potential penalty?
Ans: A court may order the return of the property to the original owner.
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
