National Exam Practice (PSI) 2

Convey

(v.) to transport; to transmit; to communicate, make known; to transfer ownership or title to

Rectangular government survey

Richard is interested in purchasing some rural land and included outbuildings. When reviewing the legal description, he sees the name of a principal meridian. What type of legal description is this?

A legal document that allows a person to act as attorney-in-fact for another in a financial, business, or health matter

What's a power of attorney?

Its optional longer term means a lower monthly payment.

What's one benefit of a rural development loan?

A pre-approval letter comes with lender verification of buyer-provided data and provides more assurance to the seller.

What's true regarding pre-approval and pre-qualification?

Performance must take place within a "reasonable time."

When a contract doesn't provide specific dates for when the terms need to be met, what should the parties assume regarding performance of the contract?

Blockbusting

A process by which real estate agents convince white property owners to sell their houses at low prices because of fear that persons of color will soon move into the neighborhood

Nadine died with no heirs and no debt.

In which of the following situations can the state use its power of escheat?

39 years

Over how many years is a commercial property depreciated?

Plottage

Parcels of land are valued at $50,000 each. However, when two of the parcels are joined, they are valued at $120,000. What economic principle is at work here?

Pay the existing loan off

Which of the following is a task the closing agent must complete after the closing?

They're insured or guaranteed by a government agency.

Which of the following statements is true about government loans?

Amortized loan paid back over a period of no more than five years

Which of these is NOT a likely features of a bridge loan?

It provides an attorney's opinion of the title.

Which one of the following is a characteristic of an abstract of title?

Joint tenancy

Which ownership type is defined by four unities: time, title, interest, and possession?