psi exam test prep questions WITH COMPLETE SOLUTIONS

A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answer: appurtenant 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? correct answer: Tenancy at will The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, correct answer: his undivided interest passes to his heirs Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where correct answer: water is scarce A legal easement can be created by any of the following EXCEPT correct answer: merger of the titles Legal descriptions using the government survey system are NOT generally used in correct answer: the original 13 states Real property can be converted to personal property by correct answer: severance A lawsuit for inverse condemnation may be brought by correct answer: homeowner Building codes are correct answer: ordinances that specify construction standards A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? correct answer: Conditional use permit or zoning variance. An environmental impact statement typically describes the effects of a proposed project on factors such as correct answer: public health and safety. A deed restriction is applicable to the activities of correct answer: all owners, present and future A commercial property lost value because a recently constructed highway moved traffic away from the property. This is an example of correct answer: economic or external obsolescence. A competitive market analysis is MOST often used fo correct answer: setting a listing price. When compiling a competitive market analysis, a broker would look for comparable properties that correct answer: were located near the property being listed. If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? correct answer: Business district zoned for a six-story office building. A formal appraisal will ALWAYS be REQUIRED when the correct answer: lender wants to sell the mortgage to the secondary market. A competitive market analysis takes into consideration correct answer: square footage of the subject property.