PSI national real estate exam practice test 1 QUESTIONS WITH COMPLETE SOLUTIONS

All of the following would be considered real property EXCEPT correct answer: a leasehold estate The servient estate in an easement appurtenant is the property correct answer: on which the easement is placed Which of the following statements concerning encumbrances is NOT true correct answer: All encumbrances are liens Which of the following is NOT a specific lien correct answer: State inheritance taxes You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of a correct answer: net lease If a husband and wife own an apartment building and the husband owns an undivided three-fourths interest and the wife owns a one-fourth interest, what type of tenancy exists? correct answer: Tenancy in common The highest form of ownership interest a person may hold in real estate is correct answer: fee simple Two unrelated people own a three-unit apartment building as tenants in common. One wants to sell but the other does not which of the following statement describes the legal rights of the party who wants to sell? correct answer: The party may request a court to partition the building Your aunt died in-estate and you inherited her house, The way in which you acquired the title to her house is by correct answer: descent All of the following statements correctly describe a legal life estate EXCEPT correct answer: During his or her life estate, the life tenant is generally answerable to the holder of the future interest