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PRES Pennsylvania Real Estate Salesperson Examination - Set 2 - Part 2

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 21: An appraiser estimates the cost to build a structure of equivalent utility using current materials and design, rather than an exact replica. Which cost concept is this?

Question 22: A house loses value because a new landfill opened nearby, a cause outside the property's boundaries. Which type of depreciation is this, and can the owner cure it?

Question 23: A four-bedroom house has only one bathroom and an awkward floor plan, reducing its value. Which type of depreciation does this poor design represent?

Question 24: A county levies the annual real estate tax according to value, tied to the figure the assessor places on the property. What is that figure called?

Question 25: Because Pennsylvania counties reassess infrequently, the state publishes a ratio relating older assessments to current market value for appeals and transfer tax. What is it called?

Question 26: At closing a borrower signs a written promise to repay the debt with stated interest and terms. Which document is this?

Question 27: In a mortgage, the borrower gives the mortgage and the lender receives it. Which memory aid correctly identifies who is the mortgagor and who is the mortgagee?

Question 28: Pennsylvania treats the borrower as keeping title while the lender holds only a lien, so the lender must foreclose through the courts. Which theory does Pennsylvania follow?

Question 29: In states using a deed of trust, the borrower conveys bare legal title to a neutral third party who holds it for the lender. What is that party called?

Question 30: A buyer held equitable title from the signing of the agreement of sale. When does legal title pass to the buyer?

Question 31: A borrower obtains a loan directly from a bank that originates it. This origination takes place in which market?

Question 32: Two government-sponsored enterprises buy conventional conforming loans and package them into securities, replenishing lenders' funds. Which entities are these?

Question 33: A loan that exceeds the conforming limit and therefore cannot be sold to the major government-sponsored enterprises is known as what?

Question 34: A qualifying senior homeowner converts accumulated equity into payments, with the balance repaid when the owner sells, moves, or dies. Which loan is this?

Question 35: A developer finances several parcels under one mortgage that frees individual lots from the lien as they sell. Which loan and clause are these?

Question 36: On the borrower's default, a clause lets the lender declare the entire remaining balance immediately due, a step that precedes foreclosure. Which clause is this?

Question 37: A clause lets the lender call the whole balance due if the borrower sells or transfers the property, preventing an unapproved assumption. Which clause is this?

Question 38: Once a borrower fully repays the loan, which clause requires the lender to release the lien and clear the mortgage from the title?

Question 39: A clause requires the borrower to pay taxes and insurance into an account with the monthly payment so the lender can ensure they are paid. Which clause is this?

Question 40: A borrower wants to pay the loan off ahead of schedule. Which clause addresses whether that is allowed and any charge for doing so?


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