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PSI NATIONAL REAL ESTATE ONLINE PRACTICE EXAM
QUESTIONS AND CORRECT ANSWERS | VERIFIED
ANSWERS | LATEST EDITION 2025
Two lots of the same size are sold on a street. The lot on the corner sells for
$20,000 more then the lot in the middle of the street. Which of the following
characteristics MOST likely explains the price difference? - (answers)Stitus
At the time of harvest, crops that require annual planting are generally
considered to be? - (answers)Personal Property
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all cost of the foreclosure sale are
included in these balances. Which of the following statements are false regarding
the distribution of funds? - (answers)The second mortgage receives nothing
unless he forced the foreclosure auction.
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? - (answers)Tenancy at Will
Timeshare ownership programs MOST often use what ownership forms? -
(answers)Tenancy in Common
The land description T3N, R4W Principal Meridian refers to what method of
property description? - (answers)Rectangular Survey
, 2
A homeowner has negotiated with a neighbor to obtain the permanent right o
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 - (answers)Appurtenant
Although states make specific laws governing water 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 the
property, or all water rights are controlled by the state under the doctrine of prior
appropriation. This doctrine is MOST likely to be followed in states where? -
(answers)Water is Scarce
A deed restriction is applicable to the activities of? - (answers)All Owners, Present
and Future
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? - (answers)Return of the Property to the Original
Owner
The property owner died, having willed his real property to his two daughters.
There is still a chance that they could lose the land for a variety of reasons, but it
CANNOT be taken through? - (answers)Escheat
A lawsuit for inverse condemnation may be brought by? - (answers)A Homeowner
PSI NATIONAL REAL ESTATE ONLINE PRACTICE EXAM
QUESTIONS AND CORRECT ANSWERS | VERIFIED
ANSWERS | LATEST EDITION 2025
Two lots of the same size are sold on a street. The lot on the corner sells for
$20,000 more then the lot in the middle of the street. Which of the following
characteristics MOST likely explains the price difference? - (answers)Stitus
At the time of harvest, crops that require annual planting are generally
considered to be? - (answers)Personal Property
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all cost of the foreclosure sale are
included in these balances. Which of the following statements are false regarding
the distribution of funds? - (answers)The second mortgage receives nothing
unless he forced the foreclosure auction.
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? - (answers)Tenancy at Will
Timeshare ownership programs MOST often use what ownership forms? -
(answers)Tenancy in Common
The land description T3N, R4W Principal Meridian refers to what method of
property description? - (answers)Rectangular Survey
, 2
A homeowner has negotiated with a neighbor to obtain the permanent right o
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 - (answers)Appurtenant
Although states make specific laws governing water 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 the
property, or all water rights are controlled by the state under the doctrine of prior
appropriation. This doctrine is MOST likely to be followed in states where? -
(answers)Water is Scarce
A deed restriction is applicable to the activities of? - (answers)All Owners, Present
and Future
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? - (answers)Return of the Property to the Original
Owner
The property owner died, having willed his real property to his two daughters.
There is still a chance that they could lose the land for a variety of reasons, but it
CANNOT be taken through? - (answers)Escheat
A lawsuit for inverse condemnation may be brought by? - (answers)A Homeowner
