PSI EXAM (LONG & FOSTER, MD)
QUESTIONS AND ANSWERS
The difference between the market value of the property and the amount still owed is
the homeowner's - CORRECT ANSWERS ✅✅ -Equity
a benefit that goes along with ownership of a property and transfers to the new owner
when the property is sold. - CORRECT ANSWERS ✅✅ -Appurtenance
Anything man-made that is built onto a property is a(n) - CORRECT ANSWERS ✅✅
-Improvement
the business of bringing people together in a real estate transaction - CORRECT
ANSWERS ✅✅ -Prior Appropriation
The process where land is gained by deposits from a river, lake or sea is - CORRECT
ANSWERS ✅✅ -Accession
The process of changing real property into personal property is - CORRECT
ANSWERS ✅✅ -Severance
Alexandra owns property along the banks of a river. Her property line would be
determined by the legal concept of - CORRECT ANSWERS ✅✅ -Riparian Rights
All of the following are economic characteristics of real property except:
a. Permanence of Investment.
b. Immobility
c. Scarcity
d. Area preference - CORRECT ANSWERS ✅✅ -b. Immobility
ohn rents space in a shopping center to open a restaurant. He installs a stove,
dishwasher, and other restaurant equipment, which he attaches to the building. When
the lease expires, he vacates the location without removing the stove and dishwasher.
Which of the following is true? a. John can come back at any time and remove the stove
and dishwasher.
, b. The stove and dishwasher become the real property of the landlord through
accession.
c. The restaurant equipment became the real property of the landlord as soon as they
were attached.
d. John can take the dishwasher, but not the stove because a stove is normally
considered real property. - CORRECT ANSWERS ✅✅ -b. The stove and dishwasher
become the real property of the landlord through accession.
A local auto parts factory has expanded and hired 750 additional workers. As far as real
property in the area is concerned, this will most likely affect
a. Demand
b. Supply
c. Demographics
d. Depreciation - CORRECT ANSWERS ✅✅ -a. Demand
Not used in Maryland. Examples would be dower, curtesy and homestead. -
CORRECT ANSWERS ✅✅ -Legal Life Estate..
is permission to use someone else's property for a specific purpose. Can be withdrawn
at any time and does not transfer with the transfer of the property. - CORRECT
ANSWERS ✅✅ -A License
The right of the government to take property for the public good or for public usage with
fair compensation is - CORRECT ANSWERS ✅✅ -Eminent Domain
is a method of describing property by starting at a point of beginning and continuing
from point-to-point until returning to the original point of beginning. - CORRECT
ANSWERS ✅✅ -Metes & Bounds
If a vacant property cannot be developed due to existing zoning regulations the owner
might apply for a - CORRECT ANSWERS ✅✅ -Variance .
When construction is finished on a new house a will be issued after all inspections are
completed. - CORRECT ANSWERS ✅✅ -Certificate of Occupancy
are examples of private land use controls - CORRECT ANSWERS ✅✅ -Covenants,
Conditions and Restrictions
is the right to use the land of a neighbor that benefits a dominant tenement. -
CORRECT ANSWERS ✅✅ -A(n) Easement
The right of the government to pass laws which affect the usage of property is -
CORRECT ANSWERS ✅✅ -Police Power
Sections and townships are used in the - CORRECT ANSWERS ✅✅ -Rectangular
Survey
QUESTIONS AND ANSWERS
The difference between the market value of the property and the amount still owed is
the homeowner's - CORRECT ANSWERS ✅✅ -Equity
a benefit that goes along with ownership of a property and transfers to the new owner
when the property is sold. - CORRECT ANSWERS ✅✅ -Appurtenance
Anything man-made that is built onto a property is a(n) - CORRECT ANSWERS ✅✅
-Improvement
the business of bringing people together in a real estate transaction - CORRECT
ANSWERS ✅✅ -Prior Appropriation
The process where land is gained by deposits from a river, lake or sea is - CORRECT
ANSWERS ✅✅ -Accession
The process of changing real property into personal property is - CORRECT
ANSWERS ✅✅ -Severance
Alexandra owns property along the banks of a river. Her property line would be
determined by the legal concept of - CORRECT ANSWERS ✅✅ -Riparian Rights
All of the following are economic characteristics of real property except:
a. Permanence of Investment.
b. Immobility
c. Scarcity
d. Area preference - CORRECT ANSWERS ✅✅ -b. Immobility
ohn rents space in a shopping center to open a restaurant. He installs a stove,
dishwasher, and other restaurant equipment, which he attaches to the building. When
the lease expires, he vacates the location without removing the stove and dishwasher.
Which of the following is true? a. John can come back at any time and remove the stove
and dishwasher.
, b. The stove and dishwasher become the real property of the landlord through
accession.
c. The restaurant equipment became the real property of the landlord as soon as they
were attached.
d. John can take the dishwasher, but not the stove because a stove is normally
considered real property. - CORRECT ANSWERS ✅✅ -b. The stove and dishwasher
become the real property of the landlord through accession.
A local auto parts factory has expanded and hired 750 additional workers. As far as real
property in the area is concerned, this will most likely affect
a. Demand
b. Supply
c. Demographics
d. Depreciation - CORRECT ANSWERS ✅✅ -a. Demand
Not used in Maryland. Examples would be dower, curtesy and homestead. -
CORRECT ANSWERS ✅✅ -Legal Life Estate..
is permission to use someone else's property for a specific purpose. Can be withdrawn
at any time and does not transfer with the transfer of the property. - CORRECT
ANSWERS ✅✅ -A License
The right of the government to take property for the public good or for public usage with
fair compensation is - CORRECT ANSWERS ✅✅ -Eminent Domain
is a method of describing property by starting at a point of beginning and continuing
from point-to-point until returning to the original point of beginning. - CORRECT
ANSWERS ✅✅ -Metes & Bounds
If a vacant property cannot be developed due to existing zoning regulations the owner
might apply for a - CORRECT ANSWERS ✅✅ -Variance .
When construction is finished on a new house a will be issued after all inspections are
completed. - CORRECT ANSWERS ✅✅ -Certificate of Occupancy
are examples of private land use controls - CORRECT ANSWERS ✅✅ -Covenants,
Conditions and Restrictions
is the right to use the land of a neighbor that benefits a dominant tenement. -
CORRECT ANSWERS ✅✅ -A(n) Easement
The right of the government to pass laws which affect the usage of property is -
CORRECT ANSWERS ✅✅ -Police Power
Sections and townships are used in the - CORRECT ANSWERS ✅✅ -Rectangular
Survey
