PSI PA Real Estate Practice Exam| 325 Questions| With Complete Solutions

The economic characteristics of land are correct answer: scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates correct answer: are of indeterminable duration An easement can be terminated by correct answer: merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? correct answer: Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are correct answer: tenants at sufferance A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds? correct answer: The second mortgage receives nothing unless he forced the foreclosure auction. At the time of harvest, crops that require annual planting are generally considered to be correct answer: personal property A property owner died, having willed his property to his two daughters. There is still a chance that they could lose the land for a variety of reasons, but it CANNOT be taken through correct answer: escheat An environmental impact statement typically describes the effects of a proposed on factors such as correct answer: public health and safety A lawsuit for inverse condemnation may be brought by correct answer: a homeowner A deed restriction is applicable to the activities of correct answer: all owners, present and future The terms "littoral," "riparian," and "appropriative" refer to correct answer: water rights If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? correct answer: Return of the property to the original owner. The PRIMARY purpose of zoning ordinances is to correct answer: implement a local master plan An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than correct answer: $250,000 If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? correct answer: Business district zoned for a six-story office building. A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest correct answer: a competitive market analysis to determine the property's value. A formal appraisal will ALWAYS be REQUIRED when the correct answer: lender wants to sell the mortgage to the