PSI Property Ownership Exam Graded A+

the owner of a life estate and property A) does not pay real estate taxes B) is entitled to possession of the property C) may not receive income from the property D) is not responsible for all repairs to the property - Answer B three individuals own a motel as tenants-in-common. One of the individuals decides to sell all of her assets. She may legally A) sell, because a tenant in common may sell her portion of assets if a majority of the co-owners also agree to sell B) not sell, because a tenant in Commons interest always remain encumbered C) sell, because a tenant-in-common has an undivided interest in real property that is transferable D) not sell, because there is a right of survivorship - Answer C which of the following statements is false A) fixtures that are purchased, paid for, and installed after the execution of a mortgage are subject to liens of the mortgage B) when a landowner tears down a fence, with the intention that it be permanently removed, and piles the material on the land, such material is real property C) generally, trade fixtures that were installed by the tenant or personal property D) a water heater installed on the property becomes a fixture - Answer B specific liens would include all the following except A) mortgage liens B) judgments C) real estate taxes D) mechanic's liens - Answer B a farmer purchased land with no access to a street or public way. After an unsuccessful attempt to gain access through negotiation, he was able to gain access through and A) easement appurtenant B) easement in Gross C) easement by necessity D) easement by prescription - Answer C a woman build a fence that extended beyond the boundary of her property on to her neighbor's property. This is an example of A) laches B) an easement by necessity C) an encroachment D) an appurtenant easement - Answer C a grandmother owned a life estate measured by her own life and residence. She leased the property for five years using a standard lease contract. Shortly thereafter, she died. The lease was A) valid only as long as she was alive B) valid for five years C) invalid because, she as an owner of a life estate, cannot leased property D) valid for up to one year after her death - Answer A an electrician did some rewiring in a home for which he has not yet been paid. One month after the work was completed, the electrician drove by the home to discover a for sale sign on the property. The electrician should A) file a mechanic's lien B) offer to purchase the house C) obtain injunction relief D) sue the listing broker - Answer A included among the legal requirements of taking title to real property as tenants-in-common is that A) ownership interest must be equal B) each co-owner may have unequal shares in the property C) a co-owner cannot will his interest in a property D) the last survivor owns the property in severalty - Answer B a homeowner employed a contractor to build a swimming pool on his property. Upon completion of the swimming pool, the contractor filed a lien to receive payment of the contract fee. Such filing could be considered any of the following except A) a specific lien B) an encumbrance C) a general lien D) a mechanic's lien - Answer C