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PSI Real Estate Exam Charles Barnes CH
3 | Comprehensive Q&A for certification
success
The owner of a life estate in property
1.Does not pay real estate taxes
2. is entitled to possession of the property
3. May not receive income from the property
4. is not responsible for all repairs to the property. - correct-answer -2. Is entitled
to possession of the property
Three individuals own a motel as tenants in common. One of the individuals
decides to sell all of her assets. She may legally
1. Sell, because a tenant in common may sell her portion of assets if a majority of
the co-owners also agree to sell.
2. not sell, because a tenant in common's interests always remain encumbered.
3. Sell, because a tenant in common has an undivided interest in real property
that is transferable.
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4. not sell, because there is a right of survivorship. - correct-answer -3. sell,
because a tenant in common has an undivided interest in real property that is
transferable.
Which of the following statements is FALSE?
1. Fixtures that are purchased, paid for, and installed after the execution of a
mortgage are subject to liens of the mortgage.
2. When a landowner tears down a fence, with the intention that it be
permanently removed, and piles the material on the land, such material is real
property.
3. generally, trade fixtures that were installed by the tenant are personal property.
4. A water heater installed on the property becomes a fixture. - correct-answer -2.
When a landowner tears down a fence, with the intention that it be permanently
removed, and piles the material on the land, such material is real property.
Specific liens would include all of the following EXCEPT
1. mortgage liens
2. judgments
3. real estate taxes
4. mechanic's liens - correct-answer -2. Judgments
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A farmer purchased land with no access to a street or public way. After an
unsuccessful attempt to gain access through negotiation, he was able to gain
access through an
1. easement appurtenant
2. easement in gross
3. easement by necessity
4. easement by prescription - correct-answer -3. easement by necessity
You are traveling directly from section 6 to section 36 of the same township. you
are traveling
1. northeast
2. southwest
3. northwest.
4. southeast - correct-answer -4. southeast
Charles holds a life estate in a house measured against his life. Charles' life estate
is
1. an estate of inheritance
2. an example of a future interest
PSI Real Estate Exam Charles Barnes CH
3 | Comprehensive Q&A for certification
success
The owner of a life estate in property
1.Does not pay real estate taxes
2. is entitled to possession of the property
3. May not receive income from the property
4. is not responsible for all repairs to the property. - correct-answer -2. Is entitled
to possession of the property
Three individuals own a motel as tenants in common. One of the individuals
decides to sell all of her assets. She may legally
1. Sell, because a tenant in common may sell her portion of assets if a majority of
the co-owners also agree to sell.
2. not sell, because a tenant in common's interests always remain encumbered.
3. Sell, because a tenant in common has an undivided interest in real property
that is transferable.
,2|Page
4. not sell, because there is a right of survivorship. - correct-answer -3. sell,
because a tenant in common has an undivided interest in real property that is
transferable.
Which of the following statements is FALSE?
1. Fixtures that are purchased, paid for, and installed after the execution of a
mortgage are subject to liens of the mortgage.
2. When a landowner tears down a fence, with the intention that it be
permanently removed, and piles the material on the land, such material is real
property.
3. generally, trade fixtures that were installed by the tenant are personal property.
4. A water heater installed on the property becomes a fixture. - correct-answer -2.
When a landowner tears down a fence, with the intention that it be permanently
removed, and piles the material on the land, such material is real property.
Specific liens would include all of the following EXCEPT
1. mortgage liens
2. judgments
3. real estate taxes
4. mechanic's liens - correct-answer -2. Judgments
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A farmer purchased land with no access to a street or public way. After an
unsuccessful attempt to gain access through negotiation, he was able to gain
access through an
1. easement appurtenant
2. easement in gross
3. easement by necessity
4. easement by prescription - correct-answer -3. easement by necessity
You are traveling directly from section 6 to section 36 of the same township. you
are traveling
1. northeast
2. southwest
3. northwest.
4. southeast - correct-answer -4. southeast
Charles holds a life estate in a house measured against his life. Charles' life estate
is
1. an estate of inheritance
2. an example of a future interest
