PSI REAL ESTATE SALESPERSON EXAM 1 ACTUAL
UPDATE ALL DONE SOLUTION
You have entered into a lease that requires you to pay 20% of the owners expenses.
Your lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease - ANSWER -2. Net lease
If a husband and wife own an apartment building and the husband owns an
undivided three-fourths interest and the wife owns a one-fourth interest, what type
of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety - ANSWER -3. Tenancy in common
The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee - ANSWER -2. Fee simple
Two unrelated people own a three-unit apartment building as tenants in common.
One wants to sell but the others do not. Which of the following statements
describes the legal rights of the party who wants to sell?
1. The party may request a court to partition the building
2. The party may require the co-owner to sell
3. The party may record a lis penden on the property
4. The party may refinance the mortgage in his or her own name, thus eliminating
the co-owner's interest in the property - ANSWER -1. The party may request a
court to partition the building
, Your aunt died intestate and you inherited her house. The way in which you
acquired the title to her house is by:
1. curtsey
2. descent
3. escheat
4. laches - ANSWER -2. descent
Which of the following statements does NOT correctly describe a legal life estate?
1. During his or her life estate the life tenant is generally ANSWERable to the
holder of the future interest.
2. The life tenant may not commit any acts that would permanently injure the
property.
3. There may be a reversionary interest.
4. There may be a remainder interest. - ANSWER -1. During his or her life estate
the life tenant is generally ANSWERable to the holder of the future interest.
Which of the following is NOT a leasehold estate?
1. An estate for years
2. Periodic estate
3. Time-Share estate
4. Estate from year to year - ANSWER -3. A Time-Share estate
You are married and own a house under a form of ownership that prohibits you
from selling it without the signature of your spouse. Your form of ownership is
LEAST likely to be?
1. in severalty
2. a joint tenancy
3. tenancy in common
4. tenancy by the entirety - ANSWER -1. in severalty
A state wants to build a publicly owned convention center to attract private
development in its largest city. Can the state use eminent domain to acquire the
land?
1. No, because private investments aren't allowed.
2. Yes, if just compensation is paid to the owners of the land.
UPDATE ALL DONE SOLUTION
You have entered into a lease that requires you to pay 20% of the owners expenses.
Your lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease - ANSWER -2. Net lease
If a husband and wife own an apartment building and the husband owns an
undivided three-fourths interest and the wife owns a one-fourth interest, what type
of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety - ANSWER -3. Tenancy in common
The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee - ANSWER -2. Fee simple
Two unrelated people own a three-unit apartment building as tenants in common.
One wants to sell but the others do not. Which of the following statements
describes the legal rights of the party who wants to sell?
1. The party may request a court to partition the building
2. The party may require the co-owner to sell
3. The party may record a lis penden on the property
4. The party may refinance the mortgage in his or her own name, thus eliminating
the co-owner's interest in the property - ANSWER -1. The party may request a
court to partition the building
, Your aunt died intestate and you inherited her house. The way in which you
acquired the title to her house is by:
1. curtsey
2. descent
3. escheat
4. laches - ANSWER -2. descent
Which of the following statements does NOT correctly describe a legal life estate?
1. During his or her life estate the life tenant is generally ANSWERable to the
holder of the future interest.
2. The life tenant may not commit any acts that would permanently injure the
property.
3. There may be a reversionary interest.
4. There may be a remainder interest. - ANSWER -1. During his or her life estate
the life tenant is generally ANSWERable to the holder of the future interest.
Which of the following is NOT a leasehold estate?
1. An estate for years
2. Periodic estate
3. Time-Share estate
4. Estate from year to year - ANSWER -3. A Time-Share estate
You are married and own a house under a form of ownership that prohibits you
from selling it without the signature of your spouse. Your form of ownership is
LEAST likely to be?
1. in severalty
2. a joint tenancy
3. tenancy in common
4. tenancy by the entirety - ANSWER -1. in severalty
A state wants to build a publicly owned convention center to attract private
development in its largest city. Can the state use eminent domain to acquire the
land?
1. No, because private investments aren't allowed.
2. Yes, if just compensation is paid to the owners of the land.
