QUESTIONS AND CORRECT ANSWERS
Bilateral - Correct answers✔What is a type of contract in which two parties are legally bound to
act?
Functional Obsolence - Correct answers✔What is one kind of real property depreciation caused
by poor design?
Grantee - Correct answers✔What is the name of the party who aquires the title to real property in
a deed?
Biennial - Correct answers✔What is one word that indicates how often a PA salesperson's license
is required to be renewed?
Testate - Correct answers✔What is the condition called when a person dies with a will
Liz Pendens - Correct answers✔What is the recorded legal notice that shows existing court
action against real property?
Capitalization - Correct answers✔What is the process of estimating the value of real property by
using the rate of return and the annual net income?
.072 - Correct answers✔What is the decimal form of seventy two mills?