Real Estate Salesperson PSI Exam Questions and Answers 2024

The original 13 states - Legal descriptions using the government survey system are NOT generally used in Prior appropriation - 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. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of Severance - Real property can be converted to personal property by Constructive notice - A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given Tenancy at will - 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 the tenant have? his undivided interest passes to his heirs - The main difference between tenancy in common and joint tenancy is that with tenancy in common, when co-owner dies, A license - A homeowner is willing to let his neighbor park an RV in his backyard. HE does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? A homeowner - A lawsuit for inverse condemnation may be brought by Building codes - Ordinances that specify construction standards are Projects the impact on the environments of a proposed project - An Environmental Impact Statement (EIS) All owners, present and future - A deed restriction is applicable to the activities of Conditional use permit or zoning variance - A landlord wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? $250,000 - An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than Square footage of the subject - A competitive market analysis takes into consideration Functional obsolescence - If an older building cannot be air-conditioned, it is an example of A competitive market analysis to determine the property's value - A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest The original cost of the building - When preparing a market data estimate of value, which of the following categories of adjustment is NOT essential?