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PSI Real Estate Exam
| Question | Answer |
|---|---|
| "Real Property | "Land, improvements, and the legal rights associated with ownership." |
| "Personal Property (Chattel) | "Movable property not permanently attached to real estate." |
| "Bundle of Rights | "Ownership rights including use, possession, control, enjoyment, and disposition." |
| "Land | "The earth’s surface, subsurface, and airspace." |
| "Real Estate | "Land plus any permanent man‑made improvements." |
| "Accretion | "Gradual addition of land through natural deposits." |
| "Erosion | "Gradual wearing away of land by natural forces." |
| "Avulsion | "Sudden loss of land caused by a natural event." |
| "Reliction | "Increase in land when water permanently recedes." |
| "Appurtenance | "A right or privilege that transfers with the property." |
| "Fixture | "An item once personal property that becomes real property when attached." |
| "Trade Fixture | "A tenant’s business fixture that remains personal property." |
| "Freehold Estate | "An ownership interest with an indefinite duration." |
| "Fee Simple Absolute | "The highest and most complete form of ownership." |
| "Fee Simple Defeasible | "Ownership that can be lost if a condition is violated." |
| "Life Estate | "Ownership limited to the lifetime of a designated person." |
| "Leasehold Estate | "A tenant’s right to occupy property for a set time." |
| "Estate for Years | "A lease with a definite beginning and ending date." |
| "Periodic Tenancy | "A lease that automatically renews for successive periods." |
| "Tenancy at Will | "A lease that can be terminated at any time by either party." |
| "Tenancy at Sufferance | "A tenant remains in possession without the landlord’s consent." |
| "Easement | "A non‑possessory right to use another’s land." |
| "Easement Appurtenant | "An easement that benefits one parcel and burdens another." |
| "Easement in Gross | "An easement benefiting a person or company, not another parcel." |
| "License | "A temporary, revocable permission to use property." |
| "Encroachment | "An unauthorized physical intrusion onto another’s property." |
| "Lien | "A legal claim against property to secure a debt." |
| "Specific Lien | "A lien that applies to a particular property." |
| "General Lien | "A lien that applies to all property of a debtor." |
| "Tenancy in Common | "Co‑ownership with separate interests and no survivorship rights." |
| "Joint Tenancy | "Co‑ownership with equal interests and right of survivorship." |
| "Tenancy by the Entirety | "Marital co‑ownership with survivorship (not recognized in GA)." |
| "Community Property | "Marital property system not used in Georgia." |
| "Condominium | "Ownership of a unit plus shared interest in common areas." |
| "Cooperative | "Ownership through shares in a corporation with a proprietary lease." |
| "Deed | "A written instrument used to transfer real property." |
| "Grantor | "The person transferring property." |
| "Grantee | "The person receiving property." |
| "General Warranty Deed | "Deed offering the greatest protection with full covenants." |
| "Special Warranty Deed | "Deed guaranteeing title only during the grantor’s ownership." |
| "Quitclaim Deed | "Deed conveying any interest with no warranties." |
| "Bargain and Sale Deed | "Deed implying ownership but offering no warranties." |
| "Title | "Legal evidence of ownership." |
| "Abstract of Title | "A summary of all recorded documents affecting title." |
| "Chain of Title | "The recorded history of property ownership." |
| "Title Insurance | "Insurance protecting against title defects." |
| "Recording | "Entering documents into public record to give constructive notice." |
| "Actual Notice | "Direct knowledge of a fact." |
| "Valid Contract | "A contract that meets all legal requirements and is fully enforceable." |
| "Void Contract | "A contract with no legal effect from the beginning." |
| "Voidable Contract | "A contract that is valid but may be canceled by one party." |
| "Unenforceable Contract | "A contract that cannot be enforced due to a legal deficiency." |
| "Bilateral Contract | "A contract where both parties exchange promises." |
| "Unilateral Contract | "A contract where one party promises performance in exchange for an act." |
| "Executed Contract | "A contract in which all parties have fully performed." |
| "Executory Contract | "A contract in which performance is still pending." |
| "Statute of Frauds | "Law requiring certain contracts, including real estate, to be in writing." |
| "Offer and Acceptance | "Mutual agreement between parties creating a binding contract." |
| "Counteroffer | "A rejection of an offer and proposal of new terms." |
| "Specific Performance | "A court order requiring a party to fulfill contract obligations." |
| "Mortgage | "A security instrument pledging property as collateral for a loan." |
| "Note | "A written promise to repay a loan." |
| "Lien Theory State | "A state where the borrower holds title and the lender has a lien interest." |
| "Amortization | "The gradual repayment of a loan through scheduled payments." |
| "Loan Estimate (LE) | "A disclosure outlining loan terms provided within three business days of application." |
| "Closing Disclosure (CD) | "A final disclosure of loan terms provided before closing." |
| "PMI | "Insurance required on conventional loans with low down payments." |
| "FHA Loan | "A government‑insured loan with flexible qualification standards." |
| "VA Loan | "A government‑guaranteed loan for eligible veterans." |
| "Conventional Loan | "A loan not insured or guaranteed by the government." |
| "Adjustable-Rate Mortgage (ARM) | "A loan with an interest rate that changes based on an index." |
| "Points | "Upfront fees paid to reduce the loan’s interest rate." |
| "Market Value | "The most probable price a property will bring in an open market." |
| "Cost Approach | "A valuation method based on replacement cost minus depreciation." |
| "Sales Comparison Approach | "A valuation method using recent comparable sales." |
| "Income Approach | "A valuation method based on a property’s income and capitalization rate." |
| "Depreciation | "Loss in value from physical, functional, or external factors." |
| "Highest and Best Use | "The most profitable legal use of a property." |
| "Agent | "A person authorized to act on behalf of a client." |
| "Client | "The principal who hires and authorizes an agent." |
| "Customer | "A third party who receives services but no representation." |
| "Fiduciary Duties | "Legal duties owed to a client, including loyalty and confidentiality." |
| "Broker | "A licensed individual authorized to operate a brokerage and supervise agents." |
| "Salesperson | "A licensee who works under a broker’s supervision." |
| "Dual Agency | "Representation of both parties with written informed consent." |
| "Designated Agency | "A broker assigns separate agents to represent each party." |
| "Transaction Broker | "A facilitator who assists without creating an agency relationship." |
| "BRRETA | "Georgia law defining brokerage relationships and required disclosures." |
| "Community Association Manager License | "License required to manage community associations." |
| "Georgia Fair Housing | "State law prohibiting housing discrimination." |
| "Georgia Real Estate Commission (GREC) | "Agency that regulates real estate licensing and practice." |
| "CAM License | "License required for managing homeowner associations." |
| "Earnest Money Rules | "Rules requiring timely deposit and proper handling of earnest funds." |
| "Trust Accounts | "Broker‑maintained accounts for holding client funds." |
| "Proration | "Allocation of expenses between buyer and seller based on time of ownership." |
| "Transfer Tax | "A Georgia tax charged on property transfers." |
| "Intangible Tax | "A tax on new long‑term loans secured by real estate." |
| "Property Tax | "A tax based on assessed value and millage rate." |
| "Protected Classes | "Groups protected from discrimination under fair housing laws." |
| "Steering | "Directing buyers toward or away from areas based on protected class." |
| "Blockbusting | "Inducing owners to sell by suggesting demographic changes." |
| "Redlining | "Refusing loans or insurance based on neighborhood characteristics." |
| "Errors and Omissions Insurance | "Insurance protecting licensees from professional mistakes." |
| "Disclosure | "Revealing all material facts that could affect a transaction." |
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