PSI State Exam- Real Estate Salesperson (2018).docx - The law which requires that transfers of real property ownership be in writing is known as the

PSI State Exam- Real Estate Salesperson (2018).docx - The...

This preview shows page 1 - 2 out of 3 pages.

The law which requires that transfers of real property ownership be in writing is known as the... statute of frauds In a VA loan, there must be... an approved appraisal When a land contract is entered into... the buyer acquires equitable title A 5 bedroom, 1 bathroom residence is an example of what type of depreciation? Functional Name 3 essential requirements for a valid deed... 1. The buyer and seller must be named 2. Words of Conveyance 3. Competent Grantor If 2 married brothers own property as joint tenants and one brother dies, his wife owns... no interest In a lease... the original lessee could be liable for rent payments even though he sublets the premisis To use property for the best net return to the property is... highest and best use What is the best way to find a could on title? Title Search A life estate is... a freehold interest in real estate and is considered real property Where a title search reveals that there is a broken chain of title, it can best be cured by... Quitclaim deed When the lessor sells his leased property... the lease is binding on the buyer The phrase, "principals only" excludes...
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read all 3 pages?

  • Fall '15

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture