Kentucky PSI Practice Exam General Portion | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 28 Pages

In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind of legal description should be used in MOST transactions? - The same one used in prior transfers of the parcel, verified by a surveyor. A legal easement can be created by any of the following EXCEPT - merger of the titles Timeshare ownership programs MOST often use which of the following ownership forms? - Tenancy in common Real property can be converted to personal property by - severance A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? - Tenancy at will Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics MOST likely explains the price difference? - Situs How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? - Writ of execution If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? - Return of the property the original owner