PSI NATIONAL REAL ESTATE STUDY
GUIDE SUMMARY WITH SOLVED
QUESTIONS FOR EXAM SUCCESS 2026
• biggest difference between tenancy in common and joint tenancy is .
Answer: who acquires the interest.
joint tenancy- remaining parties acquire interest equally
tenancy in common- interest granted to the heirs of party
• between a zoning ordinance and a covenant, whichever is more
restrictive, will prevail . Answer: which has more power when setting
restrictions zoning ordinance or a covenant?
• advertisements in regards to gender . Answer: Gender-preference
words are prohibited. Exceptions are made for people who want to share
an apartment or house with a roommate of the same sex. (Female
seeking female roommate )
• option . Answer: agreement to keep open, offer to sell for specified
length of time
• surface rights . Answer: Ownership rights in a parcel of real estate that
are limited to the surface of the property and do not include the air above
it (air rights) or the minerals below the surface (subsurface rights).
,• Air rights . Answer: The right to use, control and occupy the space
above a particular parcel of land.
can ONLY lease NOT sell
• appurtenances . Answer: the right of access (beach rights)
• mineral rights . Answer: subsurface rights
• Riparian Rights . Answer: An owner's rights that borders on or
includes a small body of water - stream, river, or lake. These rights
include access to and use of the water.
• Littoral Rights . Answer: rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake (large body of water)
rights extend to the MHW (mean high water mark)
• Personal Property . Answer: chattel or personalty- movable items
• real estate . Answer: items permanently affixed - land or building
• when determining if item is personal property or real estate determine
this: . Answer: what was the INTENT of the owner- how is the item
attached
, • crops . Answer: also known as emblements - can be removed by the
seller and considered personal property
• Trade Fixtures . Answer: Personal property used in a business and can
be removed by the lessee when the lease terminates. - makes a living
from it like a barbers chair
• Metes and Bounds . Answer: A method of land description which
involves identifying distances and directions (measurements return to
the "point of beginning" POB)
• lots and blocks . Answer: recorded plat plan of subdivisions - street
grid creates blocks
• Allodial System . Answer: A system of land ownership in which land
is held free and clear of any rent or service due to the government;
commonly contrasted to the feudal system. Land is held under the
allodial system in the United States.
• Emblements . Answer: Annual crops cultivated by a tenant which are
treated as the tenant's property rather than the landowner's.
• Freehold Estate . Answer: the rights of title to land - no fixed duration
of ownership - includes life estates
GUIDE SUMMARY WITH SOLVED
QUESTIONS FOR EXAM SUCCESS 2026
• biggest difference between tenancy in common and joint tenancy is .
Answer: who acquires the interest.
joint tenancy- remaining parties acquire interest equally
tenancy in common- interest granted to the heirs of party
• between a zoning ordinance and a covenant, whichever is more
restrictive, will prevail . Answer: which has more power when setting
restrictions zoning ordinance or a covenant?
• advertisements in regards to gender . Answer: Gender-preference
words are prohibited. Exceptions are made for people who want to share
an apartment or house with a roommate of the same sex. (Female
seeking female roommate )
• option . Answer: agreement to keep open, offer to sell for specified
length of time
• surface rights . Answer: Ownership rights in a parcel of real estate that
are limited to the surface of the property and do not include the air above
it (air rights) or the minerals below the surface (subsurface rights).
,• Air rights . Answer: The right to use, control and occupy the space
above a particular parcel of land.
can ONLY lease NOT sell
• appurtenances . Answer: the right of access (beach rights)
• mineral rights . Answer: subsurface rights
• Riparian Rights . Answer: An owner's rights that borders on or
includes a small body of water - stream, river, or lake. These rights
include access to and use of the water.
• Littoral Rights . Answer: rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake (large body of water)
rights extend to the MHW (mean high water mark)
• Personal Property . Answer: chattel or personalty- movable items
• real estate . Answer: items permanently affixed - land or building
• when determining if item is personal property or real estate determine
this: . Answer: what was the INTENT of the owner- how is the item
attached
, • crops . Answer: also known as emblements - can be removed by the
seller and considered personal property
• Trade Fixtures . Answer: Personal property used in a business and can
be removed by the lessee when the lease terminates. - makes a living
from it like a barbers chair
• Metes and Bounds . Answer: A method of land description which
involves identifying distances and directions (measurements return to
the "point of beginning" POB)
• lots and blocks . Answer: recorded plat plan of subdivisions - street
grid creates blocks
• Allodial System . Answer: A system of land ownership in which land
is held free and clear of any rent or service due to the government;
commonly contrasted to the feudal system. Land is held under the
allodial system in the United States.
• Emblements . Answer: Annual crops cultivated by a tenant which are
treated as the tenant's property rather than the landowner's.
• Freehold Estate . Answer: the rights of title to land - no fixed duration
of ownership - includes life estates
