PSI Real Estate Exam
Real property - correct answer ✔✔The land and anything permanently affixed to it
Fixture - correct answer ✔✔An item of personal property that has been converted to real estate by
being permanently affixed to the land or building
A Fixture - correct answer ✔✔Personal property attached to real property. It becomes "real" once
annexed. If detached from land or building it would revert back to personal property (severance).
Trade fixture - correct answer ✔✔An item installed by commercial tenant and removable by tenant
before expiration of lease
Area preference or situs - correct answer ✔✔This refers to people's choices and desires for a given area.
Location
Metes and bounds - correct answer ✔✔A legal description that starts and ends at a point of beginning.
Rectangular (government) survey - correct answer ✔✔Based on measurements from baselines and
principle meridians.
Meridian - correct answer ✔✔Run north and south
Base lines - correct answer ✔✔Run east and west
Township - correct answer ✔✔Six miles square (36 square miles)
1 acre - correct answer ✔✔43,560 square feet
,Subdivision plats - correct answer ✔✔Location of an individual parcel is indicated on a map of the
subdivision which is divided into numbered blocks and lots.
Easement - correct answer ✔✔It is a right acquired by one party to use the land of another party for
specific purpose.
Encumbrances - correct answer ✔✔A charge, claim, or liability that attaches to and is binding on real
estate.
Real estate taxes and special assessments - correct answer ✔✔Usually take priority over all other liens.
General lien - correct answer ✔✔Inheritance tax, a judgement or court decree. A lien that applies to all
of debtor's property.
Specific lien - correct answer ✔✔Real estate taxes, mortgages and mechanic liens. Liens specifically on
the property.
Appurtenant easements - correct answer ✔✔They "run with the land" and are not terminated by the
sale of either the servient or dominant tenement.
Easement of necessity - correct answer ✔✔Will arise when there is not other access to a property by a
street or public way and the easement is required by necessity rather than for convenience.
Easements by prescription - correct answer ✔✔Acquired when the claimant has made the use of
anothers land for the prescriptive period. The claimant must have been continuous without owners
approval, visible, open and notorious.
Encroachments - correct answer ✔✔Illegal extensions of a building or some other improvements, such
as a wall or fence, beyond the boundaries of the land of its owners and onto the land of an adjoining
owner.
Freehold estates - correct answer ✔✔Estates of indeterminable length, such as those existing for a
liftime or forever.
, Fee simple - correct answer ✔✔Highest type of interest in real estate recognized by law. The holder is
entitled to all rights incident to the property. Continues for indefinite period and is inheritable by heirs of
owner.
Defeasible fee - correct answer ✔✔Continues for an indefinite period. May be inherited. Ownership with
a condition.
Life estate - correct answer ✔✔Limited in durations to life of a life tenant or life or lives of some other
designated person or persons.
Remainder interest - correct answer ✔✔Used with a Life Estate. The deed or the will names a third party
to whom title will pass on the death of the life estate owner, then such party is said to own remainder
interest.
Dower - correct answer ✔✔Wife's estate in all inheritbale real estate of the deceased husband.
In severalty - correct answer ✔✔one owner
Tenancy in common - correct answer ✔✔Each owner holds an individual interest in severalty. Interests
do not have to be equal.
Tenancy in common - correct answer ✔✔Each owner can sell, convey, mortgage, or transfer his or her
interest without the consent of the other co-owners.
Accession - correct answer ✔✔Acquiring the title to additions or improvements to real property as a
results of a trade fixture not removed by the tenant prior to the lease termination.
Appurtenance - correct answer ✔✔Rights belonging to land. "In addition to" ownership of something
else.
Attachment - correct answer ✔✔A procedure by which property of a debtor is placed in the custody of
the law and is held as security, pending the disposition of a creditors suit.
Real property - correct answer ✔✔The land and anything permanently affixed to it
Fixture - correct answer ✔✔An item of personal property that has been converted to real estate by
being permanently affixed to the land or building
A Fixture - correct answer ✔✔Personal property attached to real property. It becomes "real" once
annexed. If detached from land or building it would revert back to personal property (severance).
Trade fixture - correct answer ✔✔An item installed by commercial tenant and removable by tenant
before expiration of lease
Area preference or situs - correct answer ✔✔This refers to people's choices and desires for a given area.
Location
Metes and bounds - correct answer ✔✔A legal description that starts and ends at a point of beginning.
Rectangular (government) survey - correct answer ✔✔Based on measurements from baselines and
principle meridians.
Meridian - correct answer ✔✔Run north and south
Base lines - correct answer ✔✔Run east and west
Township - correct answer ✔✔Six miles square (36 square miles)
1 acre - correct answer ✔✔43,560 square feet
,Subdivision plats - correct answer ✔✔Location of an individual parcel is indicated on a map of the
subdivision which is divided into numbered blocks and lots.
Easement - correct answer ✔✔It is a right acquired by one party to use the land of another party for
specific purpose.
Encumbrances - correct answer ✔✔A charge, claim, or liability that attaches to and is binding on real
estate.
Real estate taxes and special assessments - correct answer ✔✔Usually take priority over all other liens.
General lien - correct answer ✔✔Inheritance tax, a judgement or court decree. A lien that applies to all
of debtor's property.
Specific lien - correct answer ✔✔Real estate taxes, mortgages and mechanic liens. Liens specifically on
the property.
Appurtenant easements - correct answer ✔✔They "run with the land" and are not terminated by the
sale of either the servient or dominant tenement.
Easement of necessity - correct answer ✔✔Will arise when there is not other access to a property by a
street or public way and the easement is required by necessity rather than for convenience.
Easements by prescription - correct answer ✔✔Acquired when the claimant has made the use of
anothers land for the prescriptive period. The claimant must have been continuous without owners
approval, visible, open and notorious.
Encroachments - correct answer ✔✔Illegal extensions of a building or some other improvements, such
as a wall or fence, beyond the boundaries of the land of its owners and onto the land of an adjoining
owner.
Freehold estates - correct answer ✔✔Estates of indeterminable length, such as those existing for a
liftime or forever.
, Fee simple - correct answer ✔✔Highest type of interest in real estate recognized by law. The holder is
entitled to all rights incident to the property. Continues for indefinite period and is inheritable by heirs of
owner.
Defeasible fee - correct answer ✔✔Continues for an indefinite period. May be inherited. Ownership with
a condition.
Life estate - correct answer ✔✔Limited in durations to life of a life tenant or life or lives of some other
designated person or persons.
Remainder interest - correct answer ✔✔Used with a Life Estate. The deed or the will names a third party
to whom title will pass on the death of the life estate owner, then such party is said to own remainder
interest.
Dower - correct answer ✔✔Wife's estate in all inheritbale real estate of the deceased husband.
In severalty - correct answer ✔✔one owner
Tenancy in common - correct answer ✔✔Each owner holds an individual interest in severalty. Interests
do not have to be equal.
Tenancy in common - correct answer ✔✔Each owner can sell, convey, mortgage, or transfer his or her
interest without the consent of the other co-owners.
Accession - correct answer ✔✔Acquiring the title to additions or improvements to real property as a
results of a trade fixture not removed by the tenant prior to the lease termination.
Appurtenance - correct answer ✔✔Rights belonging to land. "In addition to" ownership of something
else.
Attachment - correct answer ✔✔A procedure by which property of a debtor is placed in the custody of
the law and is held as security, pending the disposition of a creditors suit.
