PSI Real Estate Exam with
complete answers(verified for
accuracy)
In the sale of property, there is often confusion over whether an
item is a fixture or personal property. What is the best way to avoid
this confusion? - answer Specify questionable items of property in
the written sales contract.
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? - answer Tenancy at
will.
A legal easement can be created by any of the following EXCEPT -
answer Merger of the titles.
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 - answer A
mechanic's lien.
A homeowner has negotiated with a neighbor to obtain the
permanent right to pass over the northern part of the neighbor's
land to gain access to the river. He pays the neighbor $9,000 for the
right of access and receives a deed. This is an easement - answer
Appurtenant.
Legal descriptions using the government survey system are NOT
generally used in - answer The original 13 states.
, A landowner 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? -
answer Conditional use permit or zoning variance.
An escheat occurs when - answer A property owner dies without
heirs or a valid will.
A lawsuit for inverse condemnation may be brought by - answer A
homeowner.
A deed restriction is applicable to the activities of - answer All
owners, present and future.
Three identical homes in a neighborhood were listed at the same
time in a market where demand was constant. According to the law
of supply and demand, which would have sold for the lowest price? -
answer Cannot tell from the information given.
A formal appraisal will ALWAYS be REQUIRED when the - answer
Lender wants to sell the mortgage to the secondary market.
When compiling a competitive market analysis, a broker would look
for comparable properties that - answer Were located near the
property being listed.
If all other factors are equal, in which location is a parking lot likely
to bring the highest sales price? - answer Business district zoned
for a six-story office building.
A borrower has defaulted on the mortgage. The mortgage contains
an acceleration clause. This permits the lender to - answer Demand
immediate payment of the entire note.
complete answers(verified for
accuracy)
In the sale of property, there is often confusion over whether an
item is a fixture or personal property. What is the best way to avoid
this confusion? - answer Specify questionable items of property in
the written sales contract.
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? - answer Tenancy at
will.
A legal easement can be created by any of the following EXCEPT -
answer Merger of the titles.
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 - answer A
mechanic's lien.
A homeowner has negotiated with a neighbor to obtain the
permanent right to pass over the northern part of the neighbor's
land to gain access to the river. He pays the neighbor $9,000 for the
right of access and receives a deed. This is an easement - answer
Appurtenant.
Legal descriptions using the government survey system are NOT
generally used in - answer The original 13 states.
, A landowner 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? -
answer Conditional use permit or zoning variance.
An escheat occurs when - answer A property owner dies without
heirs or a valid will.
A lawsuit for inverse condemnation may be brought by - answer A
homeowner.
A deed restriction is applicable to the activities of - answer All
owners, present and future.
Three identical homes in a neighborhood were listed at the same
time in a market where demand was constant. According to the law
of supply and demand, which would have sold for the lowest price? -
answer Cannot tell from the information given.
A formal appraisal will ALWAYS be REQUIRED when the - answer
Lender wants to sell the mortgage to the secondary market.
When compiling a competitive market analysis, a broker would look
for comparable properties that - answer Were located near the
property being listed.
If all other factors are equal, in which location is a parking lot likely
to bring the highest sales price? - answer Business district zoned
for a six-story office building.
A borrower has defaulted on the mortgage. The mortgage contains
an acceleration clause. This permits the lender to - answer Demand
immediate payment of the entire note.
