PSI EXAM TEST PREP
QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
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 - ANS-
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? - ANS-Tenancy at will
The main difference between tenancy in common and joint tenancy is that with
tenancy in common, when a co-owner dies, - ANS-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 -
ANS-water is scarce
A legal easement can be created by any of the following EXCEPT - ANS-merger of the
titles
Legal descriptions using the government survey system are NOT generally used in -
ANS-the original 13 states
, Real property can be converted to personal property by - ANS-severance
A lawsuit for inverse condemnation may be brought by - ANS-homeowner
Building codes are - ANS-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? - ANS-Conditional use permit or zoning variance.
An environmental impact statement typically describes the effects of a proposed
project on factors such as - ANS-public health and safety.
A deed restriction is applicable to the activities of - ANS-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 - ANS-economic or external
obsolescence.
A competitive market analysis is MOST often used fo - ANS-setting a listing price.
When compiling a competitive market analysis, a broker would look for comparable
properties that - ANS-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? - ANS-Business district zoned for a six-story office building.
A formal appraisal will ALWAYS be REQUIRED when the - ANS-lender wants to sell the
mortgage to the secondary market.
A competitive market analysis takes into consideration - ANS-square footage of the
subject property.
QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
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 - ANS-
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? - ANS-Tenancy at will
The main difference between tenancy in common and joint tenancy is that with
tenancy in common, when a co-owner dies, - ANS-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 -
ANS-water is scarce
A legal easement can be created by any of the following EXCEPT - ANS-merger of the
titles
Legal descriptions using the government survey system are NOT generally used in -
ANS-the original 13 states
, Real property can be converted to personal property by - ANS-severance
A lawsuit for inverse condemnation may be brought by - ANS-homeowner
Building codes are - ANS-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? - ANS-Conditional use permit or zoning variance.
An environmental impact statement typically describes the effects of a proposed
project on factors such as - ANS-public health and safety.
A deed restriction is applicable to the activities of - ANS-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 - ANS-economic or external
obsolescence.
A competitive market analysis is MOST often used fo - ANS-setting a listing price.
When compiling a competitive market analysis, a broker would look for comparable
properties that - ANS-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? - ANS-Business district zoned for a six-story office building.
A formal appraisal will ALWAYS be REQUIRED when the - ANS-lender wants to sell the
mortgage to the secondary market.
A competitive market analysis takes into consideration - ANS-square footage of the
subject property.
