PSI PA REAL ESTATE EXAM WITH COMPLETE
SOLUTIONS
Severance Correct Answer-the performance of turning real property into
personal property
What is the main difference between tendency in common and joint tendency is
that with tendency in common, when a co-owner dies? Correct Answer-the
undivided interest passes to his heirs
A tenant rented an apartment signing a 15 month lease. After the lease expired,
the tenant paid 1 month's rent and got a receipt. What kind of leasehold does
this tenant have? Correct Answer-Tenancy at will
Although states make specific laws governing water rights and the rights in land
that borders water, most states generally follow one of two basic doctrines
regarding water rights. Either riparian and littoral rights are automatically
conveyed with property, or all water rights are controlled by the state under the
doctrine of? Correct Answer-prior appropriation
Legal description using the government survey system are not generally used
in? Correct Answer-the original 13 states
, PSI PA REAL ESTATE EXAM WITH COMPLETE
SOLUTIONS
An owner hired a construction company to build a swimming pool at a new
home. The owner failed to pay the bill once the work was completed and the
construction company filed a lien to obtain payment of the debt. The
encumbrance created is called? Correct Answer-a mechanic's lien
Building codes are? Correct Answer-ordinances that specify construction
standards
An environmental impact statement (IES) Correct Answer-projects the impact
on environment or proposed project
A lawsuit for inverse condemnation may be brought by Correct Answer-the
homeowner
A deed restriction is applicable to the activities of? Correct Answer-all owners
present and future
A land owner wishes to build a neighborhood grocery store on a busy street in
an area zoned for residential use. What would most likely be used to obtain
permission for this store? Correct Answer-Conditional use permit or zoning
variance
, PSI PA REAL ESTATE EXAM WITH COMPLETE
SOLUTIONS
When preparing a market data estimate of value, what category of adjustment is
NOT essential? Correct Answer-the original cost of the building
Depreciation is calculated based on the? Correct Answer-cost of the building
only
A competitive market analysis is MOST often used for? Correct Answer-
setting a listing price
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 couple owns an older home in a neighborhood that is becoming a commercial
area. Because of the change in the use of the land, the couple can expect the
value of their parcel to increase at some future time. This is an example of the
principle of Correct Answer-anticipation
SOLUTIONS
Severance Correct Answer-the performance of turning real property into
personal property
What is the main difference between tendency in common and joint tendency is
that with tendency in common, when a co-owner dies? Correct Answer-the
undivided interest passes to his heirs
A tenant rented an apartment signing a 15 month lease. After the lease expired,
the tenant paid 1 month's rent and got a receipt. What kind of leasehold does
this tenant have? Correct Answer-Tenancy at will
Although states make specific laws governing water rights and the rights in land
that borders water, most states generally follow one of two basic doctrines
regarding water rights. Either riparian and littoral rights are automatically
conveyed with property, or all water rights are controlled by the state under the
doctrine of? Correct Answer-prior appropriation
Legal description using the government survey system are not generally used
in? Correct Answer-the original 13 states
, PSI PA REAL ESTATE EXAM WITH COMPLETE
SOLUTIONS
An owner hired a construction company to build a swimming pool at a new
home. The owner failed to pay the bill once the work was completed and the
construction company filed a lien to obtain payment of the debt. The
encumbrance created is called? Correct Answer-a mechanic's lien
Building codes are? Correct Answer-ordinances that specify construction
standards
An environmental impact statement (IES) Correct Answer-projects the impact
on environment or proposed project
A lawsuit for inverse condemnation may be brought by Correct Answer-the
homeowner
A deed restriction is applicable to the activities of? Correct Answer-all owners
present and future
A land owner wishes to build a neighborhood grocery store on a busy street in
an area zoned for residential use. What would most likely be used to obtain
permission for this store? Correct Answer-Conditional use permit or zoning
variance
, PSI PA REAL ESTATE EXAM WITH COMPLETE
SOLUTIONS
When preparing a market data estimate of value, what category of adjustment is
NOT essential? Correct Answer-the original cost of the building
Depreciation is calculated based on the? Correct Answer-cost of the building
only
A competitive market analysis is MOST often used for? Correct Answer-
setting a listing price
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 couple owns an older home in a neighborhood that is becoming a commercial
area. Because of the change in the use of the land, the couple can expect the
value of their parcel to increase at some future time. This is an example of the
principle of Correct Answer-anticipation
