PSI National Real Estate
UPDATED ACTUAL Exam Questions and CORRECT Answers
Question 1.
Real Property
Correct Answer: Land and anything permanently attached to it. Exam cue:
immovable property.
Question 2.
Personal Property
Correct Answer: Moveable property not attached to land. Exam cue: furniture
appliances.
Question 3.
Fixture
Correct Answer: Personal property that becomes real property when attached.
Exam cue: built-in items.
Question 4.
Annexation
Correct Answer: Process of attaching personal property to land. Exam cue:
creates a fixture.
Question 5.
Severance
Correct Answer: Removing a fixture from real property. Exam cue: fixture
becomes personal property.
Question 6.
Trade Fixture
Correct Answer: Business equipment installed by tenant but remains personal
property. Exam cue: tenant may remove.
Question 7.
Freehold Estate
Correct Answer: Ownership interest with no time limit. Exam cue: ownership
estate.
, Question 8.
Fee Simple Estate
Correct Answer: Highest form of property ownership. Exam cue: most
complete ownership.
Question 9.
Life Estate
Correct Answer: Ownership lasting for a person's lifetime. Exam cue: ends at
death.
Question 10.
Leasehold Estate
Correct Answer: Tenant's right to possess property for a time. Exam cue:
rental interest.
Question 11.
Estate for Years
Correct Answer: Lease with fixed start and end date. Exam cue: fixed lease
term.
Question 12.
Periodic Tenancy
Correct Answer: Lease that renews automatically. Exam cue: month-to-month.
Question 13.
Estate at Will
Correct Answer: Tenancy with no definite end date. Exam cue: can terminate
anytime.
Question 14.
Estate at Sufferance
Correct Answer: Tenant remains after lease expires. Exam cue: holdover
tenant.
• Encumbrance -✓✓Claim or restriction on property. Exam cue: lien easement.
Question 15.
Easement
UPDATED ACTUAL Exam Questions and CORRECT Answers
Question 1.
Real Property
Correct Answer: Land and anything permanently attached to it. Exam cue:
immovable property.
Question 2.
Personal Property
Correct Answer: Moveable property not attached to land. Exam cue: furniture
appliances.
Question 3.
Fixture
Correct Answer: Personal property that becomes real property when attached.
Exam cue: built-in items.
Question 4.
Annexation
Correct Answer: Process of attaching personal property to land. Exam cue:
creates a fixture.
Question 5.
Severance
Correct Answer: Removing a fixture from real property. Exam cue: fixture
becomes personal property.
Question 6.
Trade Fixture
Correct Answer: Business equipment installed by tenant but remains personal
property. Exam cue: tenant may remove.
Question 7.
Freehold Estate
Correct Answer: Ownership interest with no time limit. Exam cue: ownership
estate.
, Question 8.
Fee Simple Estate
Correct Answer: Highest form of property ownership. Exam cue: most
complete ownership.
Question 9.
Life Estate
Correct Answer: Ownership lasting for a person's lifetime. Exam cue: ends at
death.
Question 10.
Leasehold Estate
Correct Answer: Tenant's right to possess property for a time. Exam cue:
rental interest.
Question 11.
Estate for Years
Correct Answer: Lease with fixed start and end date. Exam cue: fixed lease
term.
Question 12.
Periodic Tenancy
Correct Answer: Lease that renews automatically. Exam cue: month-to-month.
Question 13.
Estate at Will
Correct Answer: Tenancy with no definite end date. Exam cue: can terminate
anytime.
Question 14.
Estate at Sufferance
Correct Answer: Tenant remains after lease expires. Exam cue: holdover
tenant.
• Encumbrance -✓✓Claim or restriction on property. Exam cue: lien easement.
Question 15.
Easement
