age 1 of 145
National PSI Exam Practice Test Questions and
Answers (100 Q&A)
The net spendable income from an investment, determined by
deducting all operating and fixed expenses from gross income.
......ANSWER........Cash Flow
"Let the buyer beware" (68) ......ANSWER........Caveat Emptor
The document generally given to the purchaser at a tax
foreclosure sale. A Certificate of Sale does not convey title;
normally it is an instrument certifying that the holder received
title to the property after the redemption period passed and
that the holder paid the property taxes for that interim period.
......ANSWER........Certificate of Sale
,age 2 of 145
A statement of opinion on the status of the title to a parcel of
real property based on an examination of specified public
records ......ANSWER........Certificate of Title
What is money or property given to make up any difference in
value or equity between two properties in exchange?
......ANSWER........BOOT
What is a tax deferred exchange of like kind property, where
any additional monies are taxable to receiver?
......ANSWER........1031 exchange
What is the clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the the
borrower defaults on an installment payment or other covenant.
......ANSWER........ACCELERATION CLAUSE
,age 3 of 145
What is the acquiring of real property as a result of annexation
of fixtures or accretion? ......ANSWER........ACCESSION
What is the increase or addition of land by deposit of sand or
soil washed up naturally from river, lake or sea?
......ANSWER........ACCRETION
What is the loss in value resulting from property's physical
deterioration, external depreciation and functional
obsolescence? ......ANSWER........ACCRUED DEPRECIATION
What is done in front of a notary as a formal declaration?
......ANSWER........ACKNOWLEDGEMENT
What is 43,560 square feet? ......ANSWER........Acre
What is the legal process that results in tenant being physically
removed from leased premises? ......ANSWER........Actual Eviction
, age 4 of 145
When a person expresses information or fact. Thant which is
known, direct knowledge? ......ANSWER........Actual Notice
What is the tax levied according to value, generally used to
refer to real estate tax, also called the general tax.
......ANSWER........AD Valorem Tax
Adjustable Rate Mortgage - Alternative Mortgage form where
the interest rate is tied to an indexed rate over the life of the
loan, allowing interest rate risk to be shared by borrowers and
lenders ......ANSWER........ARM
A person takes possession & use of a property belonging to
another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
......ANSWER........Adverse Possession
National PSI Exam Practice Test Questions and
Answers (100 Q&A)
The net spendable income from an investment, determined by
deducting all operating and fixed expenses from gross income.
......ANSWER........Cash Flow
"Let the buyer beware" (68) ......ANSWER........Caveat Emptor
The document generally given to the purchaser at a tax
foreclosure sale. A Certificate of Sale does not convey title;
normally it is an instrument certifying that the holder received
title to the property after the redemption period passed and
that the holder paid the property taxes for that interim period.
......ANSWER........Certificate of Sale
,age 2 of 145
A statement of opinion on the status of the title to a parcel of
real property based on an examination of specified public
records ......ANSWER........Certificate of Title
What is money or property given to make up any difference in
value or equity between two properties in exchange?
......ANSWER........BOOT
What is a tax deferred exchange of like kind property, where
any additional monies are taxable to receiver?
......ANSWER........1031 exchange
What is the clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the the
borrower defaults on an installment payment or other covenant.
......ANSWER........ACCELERATION CLAUSE
,age 3 of 145
What is the acquiring of real property as a result of annexation
of fixtures or accretion? ......ANSWER........ACCESSION
What is the increase or addition of land by deposit of sand or
soil washed up naturally from river, lake or sea?
......ANSWER........ACCRETION
What is the loss in value resulting from property's physical
deterioration, external depreciation and functional
obsolescence? ......ANSWER........ACCRUED DEPRECIATION
What is done in front of a notary as a formal declaration?
......ANSWER........ACKNOWLEDGEMENT
What is 43,560 square feet? ......ANSWER........Acre
What is the legal process that results in tenant being physically
removed from leased premises? ......ANSWER........Actual Eviction
, age 4 of 145
When a person expresses information or fact. Thant which is
known, direct knowledge? ......ANSWER........Actual Notice
What is the tax levied according to value, generally used to
refer to real estate tax, also called the general tax.
......ANSWER........AD Valorem Tax
Adjustable Rate Mortgage - Alternative Mortgage form where
the interest rate is tied to an indexed rate over the life of the
loan, allowing interest rate risk to be shared by borrowers and
lenders ......ANSWER........ARM
A person takes possession & use of a property belonging to
another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
......ANSWER........Adverse Possession
