PSI Real Estate Salesperson exam 1 with
verified solutions
Which of the following would NOT be considered Real Property?
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1. Mineral Rights
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2. A Leasehold Estate
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3. Fixtures
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4. Air - correct answer ✔2. A Leasehold Estate
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The servient estate in an easement appurtenant is the property
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1. owned by the landlord
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2. on which the easement is placed
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3. owned by the tenant
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4. that benefits from the easement - correct answer ✔2. on which the
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easement is placed ||! ||!
Which of the following statements concerning encumbrances is NOT true
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1. All encumbrances are liens
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2. All liens are encumbrances
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3. Restrictions beneficial to the grantee are encumbrances
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,4. An easement is a physical encumbrance - correct answer ✔1. All
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encumbrances are liens ||! ||!
Which of the following is not a specific lien?
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1. Mortgage Lien
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2. State inheritance tax
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3. Real Estate taxes
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4. Mechanic's Lien - correct answer ✔2. State Inheritance tax
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You have entered into a lease that requires you to pay 20% of the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
owners expenses. Your lease would be an example of
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1. variable lease
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2. net lease
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3. percentage lease
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4. gross lease - correct answer ✔2. Net lease
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If a husband and wife own an apartment building and the husband
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owns an undivided three-fourths interest and the wife owns a one-
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fourth interest, what type of tenancy exists?
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1. Leasehold Estate
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2. Joint tenancy
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3. Tenancy in common
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4. Tenancy by the entirety - correct answer ✔3. Tenancy in common
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, The highest form of ownership a person may hold in Real Estate is?
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1. Life Estate
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2. Fee Simple
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3. Legal life estate
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4. base fee - correct answer ✔2. Fee simple
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Two unrelated people own a three-unit apartment building as tenants in
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common. One wants to sell but the others do not. Which of the
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following statements describes the legal rights of the party who wants
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
to sell?
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1. The party may request a court to partition the building
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2. The party may require the co-owner to sell
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3. The party may record a lis penden on the property
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4. The party may refinance the mortgage in his or her own name, thus
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eliminating the co-owner's interest in the property - correct answer ✔1.
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The party may request a court to partition the building
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Your aunt died intestate and you inherited her house. The way in
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which you acquired the title to her house is by:
||! ||! ||! ||! ||! ||! ||! ||! ||!
1. curtsey
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2. descent
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3. escheat
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verified solutions
Which of the following would NOT be considered Real Property?
||! ||! ||! ||! ||! ||! ||! ||! ||!
1. Mineral Rights
||! ||!
2. A Leasehold Estate
||! ||! ||!
3. Fixtures
||!
4. Air - correct answer ✔2. A Leasehold Estate
||! ||! ||! ||! ||! ||! ||! ||!
The servient estate in an easement appurtenant is the property
||! ||! ||! ||! ||! ||! ||! ||! ||!
1. owned by the landlord
||! ||! ||! ||!
2. on which the easement is placed
||! ||! ||! ||! ||! ||!
3. owned by the tenant
||! ||! ||! ||!
4. that benefits from the easement - correct answer ✔2. on which the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
easement is placed ||! ||!
Which of the following statements concerning encumbrances is NOT true
||! ||! ||! ||! ||! ||! ||! ||! ||!
1. All encumbrances are liens
||! ||! ||! ||!
2. All liens are encumbrances
||! ||! ||! ||!
3. Restrictions beneficial to the grantee are encumbrances
||! ||! ||! ||! ||! ||! ||!
,4. An easement is a physical encumbrance - correct answer ✔1. All
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
encumbrances are liens ||! ||!
Which of the following is not a specific lien?
||! ||! ||! ||! ||! ||! ||! ||!
1. Mortgage Lien
||! ||!
2. State inheritance tax
||! ||! ||!
3. Real Estate taxes
||! ||! ||!
4. Mechanic's Lien - correct answer ✔2. State Inheritance tax
||! ||! ||! ||! ||! ||! ||! ||! ||!
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 - correct 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 - correct 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 - correct 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 - correct 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
||!
