PSI Exam: Property Ownership | Study Guide Questions with 100% Certified Answers | Latest Update 2026 | 2027 (Rated A+)

PSI Exam: Property Ownership | Study Guide Questions with 100% Certified Answers | Latest Update 2026 | 2027 (Rated A+) Quiz_________________? "co-op"; occupant is a shareholder who owns stock in the company that owns the complex, and in exchange for agreeing to bylaws and pay the co-op's fees, is granted a proprietary lease interest to occupy the specific unit. Responsible for entire building's property taxes. - ANSWER Cooperative ownership Quiz_________________? "conventional life estate": category of estates in property that conveys an estate for the duration of the life of the life tenant. Ex: parent may deed a house to heir, but retain right to use that property for parent's life. Or husband deeds a home to wife for duration of her life, with it going to children of previous marriage on her death. Arises with intentional arrangements. - ANSWER Life estate Quiz_________________? "curtesy", property rights of widows and widowers - ANSWER Dower Quiz_________________? "defeasible fee" or "qualified fee" meaning the deed/title has some sort of qualification of its use that makes it subject to being annulled or voided and reverting to the original owner or third party. - ANSWER Fee simple defeasible Quiz_________________? "life estate for the life of another": measures its duration by the life of someone other than the life tenant. Ex: a caregiver is allowed to live on the property until the death of the specified other person. - ANSWER Life estate pur autre vie Quiz_________________? "qualifed fee" or "determinable fee" means that should a stated condition occur, the estate automatically ends and grantor has a possibility of reverter or reversionary interest in or right to the property. - ANSWER Fee simple determinable Quiz_________________? "remainder interest" means the grantor of the life estate has named someone else to take title, remainderman. Ex: spouse leaving wife the life estate. - ANSWER Remainder Quiz_________________? "reversionary interest" means the estate reverts to or returns to the grantor of the life estate, reversioner. Ex: university purchases a property and grants a life estate - ANSWER Reversion Quiz_________________? "special", limited to a specific item controlled by the debtor, such as a mortgage on a house or loan or car. - ANSWER Specific lien Quiz_________________? "walks" the property. Begins at a POB, then describing the distance and directions along the property line, follows a clockwise direction back to the POB. - ANSWER Metes and bounds Quiz_________________? (1) Clear (good) title: free of restrictions that would limit transfer (2) Marketable title: a reasonable buyer would accept as clear (3) Equitable title: holder's right to acquire ownership and formal legal title; interest that may be sold, assigned, or transferred by the prospective buyer (4) Legal (naked) title: holder has apparent ownership but not full title. Ex: seller has entered into binding sales contract, thereby relinquishing rights to the buyer - ANSWER Types of title Quiz_________________? (1) Fee simple title to the unit (2) Undivided interest in the jointly owned common areas as tenants in common with other association members (3) Horizontal property act: allows ownership of airspaces. NOT responsible for other unit's unpaid taxes. - ANSWER Condominium ownership Quiz_________________? (1) Intention of person who attached the item to make it permanent (2) Method of attachment, annexation, degree of permanence (3) Adaptation of item to use of property, custom-made bookshelf (4) Relationship and general understanding between parties, - ANSWER Legal tests for fixtures Quiz_________________? (1) result from an owner's request for the improvements; voluntary, specific. OR (2) result from municipality-initiated improvement; involuntary, specific - ANSWER Special assessment liens Quiz_________________? (1) Tenancy by the entireties or entirety, the couple owns the property as one unit, broad property protection against creditors (2) Community property, acquired during marriage, unless exempted by one property as acquired through gift, inheritance, or separate funds (3) Community property with right of survivorship, strengthens the estate transfer and tax benefits of the remaining spouse - ANSWER Marital property ownership rights Quiz_________________? 43,560 square feet - ANSWER Acre size