PSI REAL ESTATE COMPREHENSIVE EXAM
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY SHEET
●● Ad Valorem
Answer: A Latin phrase meaning 'according to value'; used to refer to
taxes assessed on the value of property.
●● Air Rights
Answer: The right to undisturbed use and control of the airspace over a
parcel of land (within reasonable limits for air travel); may be
transferred separately from the land.
●● Appurtenance
Answer: A right that goes along with ownership of real property; usually
transferred with the property, but may be sold separately.
●● Assessment
Answer: 1. A government's valuation of property for tax purposes.
●● Chattel Real
Answer: Personal property that is closely associated with real property,
such as a lease.
, ●● Condemnation
Answer: 1. Taking private property for public use, through the
government's power of eminent domain. Also called appropriation. 2. A
declaration that a structure is unfit for occupancy and must be closed or
demolished.
●● Condition
Answer: A provision in a contract, deed, law, regulation, guideline, etc.
that makes the parties' rights and obligations depend on the occurrence
(or non-occurrence) of a particular event. Also called a Contingency
Clause.
●● Deed Restriction
Answer: A restriction on real property use, imposed by a former owner;
promise to do or not do an act relating to real property; usually owner's
promise to not use property in a particular way. May or may not run with
land.
●● Defeasible Fee
Answer: A fee estate in real property that may be defeated or undone if
certain events occur or conditions aren't met.
●● Dominant Tenant
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY SHEET
●● Ad Valorem
Answer: A Latin phrase meaning 'according to value'; used to refer to
taxes assessed on the value of property.
●● Air Rights
Answer: The right to undisturbed use and control of the airspace over a
parcel of land (within reasonable limits for air travel); may be
transferred separately from the land.
●● Appurtenance
Answer: A right that goes along with ownership of real property; usually
transferred with the property, but may be sold separately.
●● Assessment
Answer: 1. A government's valuation of property for tax purposes.
●● Chattel Real
Answer: Personal property that is closely associated with real property,
such as a lease.
, ●● Condemnation
Answer: 1. Taking private property for public use, through the
government's power of eminent domain. Also called appropriation. 2. A
declaration that a structure is unfit for occupancy and must be closed or
demolished.
●● Condition
Answer: A provision in a contract, deed, law, regulation, guideline, etc.
that makes the parties' rights and obligations depend on the occurrence
(or non-occurrence) of a particular event. Also called a Contingency
Clause.
●● Deed Restriction
Answer: A restriction on real property use, imposed by a former owner;
promise to do or not do an act relating to real property; usually owner's
promise to not use property in a particular way. May or may not run with
land.
●● Defeasible Fee
Answer: A fee estate in real property that may be defeated or undone if
certain events occur or conditions aren't met.
●● Dominant Tenant
