Real Estate Vocabulary (Guide to Passing the PSI Real Estate Exam) 346
Q&A.| 2025 LATEST UPDATED
Bundle of Legal Rights - (answers)An ownership concept describing all the legal rights that
attach to the ownership of real property, including disposition, enjoyment, exclusion, possession,
and control.
cooperative - (answers)A multiunit project consisting of individual dwelling units owned by the
corporation in which the individual apartment tenants own stock rather than owning their
respective units.
condominium - (answers)A multiunit project consisting of individual ownership of a dwelling
unit and undivided ownership of common areas.
Estate In Severalty (Sole Ownership) - (answers)Ownership of property vested in one person
alone, also called sole ownership
Fee Simple Estate - (answers)The most comprehensive and complete interest one can hold in real
property; freehold estate. Also called fee or fee simple absolute.
Joint Tenancy - (answers)An estate or interest owned by more than one person, each having
equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving
tenants by specific wording in the deed establishing the joint tenancy.
Life Estate - (answers)Tenancies whose durations are limited to the life of some person; freehold.
Proprietary Lease - (answers)A written agreement between the owner-corporation and the tenant-
stockholder in a cooperative apartment.
Prospectus - (answers)A document prepared by a developer of 20 or more new condominium
units that summarizes some of the major points contained in the condominium documents.
吗？还是指某个特定的词或概
, Right of Survivorship - (answers)A legal concept whereby the surviving owners of a joint
interest in real property are entitled to the interest formerly owned by one or more deceased
owners without the need for probate proceedings
right of one joint tenant to ownership of property when the other joint tenant dies
Riparian Rights - (answers)Private ownership rights extending to the normal high-water mark
along a river or stream and including access rights to water, boating, bathing, and dockage in
accordance with state and federal statutes.
rights that govern the use of flowing water, such as rivers and streams that pass through or border
a property
Tenancy by the entireties - (answers)An estate created by husband and wife jointly owning real
property with instant and complete right of survivorship.
Tenancy in Common - (answers)A form of concurrent ownership where two or more persons
hold separate titles in the same estate. May have equal or unequal shares. Right of partition.
It is the most frequently used form of co-ownership, EXCEPT for ownership by a married couple
Base line - (answers)Imaginary lines running east and west and crossing a principal meridian at a
definite point; used by surveyors for reference in locating and describing land under the
government survey system.
Check - (answers)A square measuring 24 miles on each side and representing the largest unit of
measure in the government survey system.
Government Survey System - (answers)A type of land description, developed by the federal
government for subdividing lands utilizing surveying lines.
吗？还是指某个特定的词或概
Q&A.| 2025 LATEST UPDATED
Bundle of Legal Rights - (answers)An ownership concept describing all the legal rights that
attach to the ownership of real property, including disposition, enjoyment, exclusion, possession,
and control.
cooperative - (answers)A multiunit project consisting of individual dwelling units owned by the
corporation in which the individual apartment tenants own stock rather than owning their
respective units.
condominium - (answers)A multiunit project consisting of individual ownership of a dwelling
unit and undivided ownership of common areas.
Estate In Severalty (Sole Ownership) - (answers)Ownership of property vested in one person
alone, also called sole ownership
Fee Simple Estate - (answers)The most comprehensive and complete interest one can hold in real
property; freehold estate. Also called fee or fee simple absolute.
Joint Tenancy - (answers)An estate or interest owned by more than one person, each having
equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving
tenants by specific wording in the deed establishing the joint tenancy.
Life Estate - (answers)Tenancies whose durations are limited to the life of some person; freehold.
Proprietary Lease - (answers)A written agreement between the owner-corporation and the tenant-
stockholder in a cooperative apartment.
Prospectus - (answers)A document prepared by a developer of 20 or more new condominium
units that summarizes some of the major points contained in the condominium documents.
吗？还是指某个特定的词或概
, Right of Survivorship - (answers)A legal concept whereby the surviving owners of a joint
interest in real property are entitled to the interest formerly owned by one or more deceased
owners without the need for probate proceedings
right of one joint tenant to ownership of property when the other joint tenant dies
Riparian Rights - (answers)Private ownership rights extending to the normal high-water mark
along a river or stream and including access rights to water, boating, bathing, and dockage in
accordance with state and federal statutes.
rights that govern the use of flowing water, such as rivers and streams that pass through or border
a property
Tenancy by the entireties - (answers)An estate created by husband and wife jointly owning real
property with instant and complete right of survivorship.
Tenancy in Common - (answers)A form of concurrent ownership where two or more persons
hold separate titles in the same estate. May have equal or unequal shares. Right of partition.
It is the most frequently used form of co-ownership, EXCEPT for ownership by a married couple
Base line - (answers)Imaginary lines running east and west and crossing a principal meridian at a
definite point; used by surveyors for reference in locating and describing land under the
government survey system.
Check - (answers)A square measuring 24 miles on each side and representing the largest unit of
measure in the government survey system.
Government Survey System - (answers)A type of land description, developed by the federal
government for subdividing lands utilizing surveying lines.
吗？还是指某个特定的词或概
