PSI National Real Estate UPDATED ACTUAL Exam Questions and CORRECT Answers

PSI National Real Estate
UPDATED ACTUAL Exam Questions and CORRECT Answers

Question 1.
advertisements in regards to gender

Correct 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 )


Question 2.
option

Correct Answer: agreement to keep open, offer to sell for specified length of
time


Question 3.
surface rights

Correct 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).


Question 4.
Air rights

Correct Answer: The right to use, control and occupy the space above a
particular parcel of land.
can ONLY lease NOT sell


Question 5.
appurtenances

Correct Answer: the right of access (beach rights)


Question 6.
mineral rights

Correct Answer: subsurface rights


Question 7.
Riparian Rights

Correct 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.


Question 8.
Littoral Rights

Correct 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)


Question 9.
Personal Property

Correct Answer: chattel or personalty- movable items


Question 10.
real estate

Correct Answer: items permanently affixed - land or building


Question 11.
when determining if item is personal property or real estate determine this:

Correct Answer: what was the INTENT of the owner- how is the item attached


Question 12.
crops

Correct Answer: also known as emblements - can be removed by the seller and
considered personal property
• Trade Fixtures -✓✓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


Question 13.
Metes and Bounds

Correct Answer: A method of land description which involves identifying
distances and directions (measurements return to the "point of beginning"
POB)


Question 14.
lots and blocks

Correct Answer: recorded plat plan of subdivisions - street grid creates blocks

, Question 15.
Allodial System

Correct 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.


Question 16.
Emblements

Correct Answer: Annual crops cultivated by a tenant which are treated as the
tenant's property rather than the landowner's.


Question 17.
Freehold Estate

Correct Answer: the rights of title to land - no fixed duration of ownership -
includes life estates


Question 18.
nonfreehold estate

Correct Answer: possessor does not own the property; possession does not
last a lifetime (ex. lease)


Question 19.
Life estate in reversion

Correct Answer: When the life tenant dies the property reverts back to the
grantor (A grants to B, when B dies, estate REVERTS back to A)


Question 20.
Life estate in remainder

Correct Answer: When the life tenant dies the property goes to a third person
(A grants to B, when B dies estate goes to X. X is the remainder man)


Question 21.
pur autre vie

Correct Answer: "For the life of another." A life estate that is measured by the
life of a person other than the grantee (A grants to B, when Y dies, estate
goes to X)