PSI Real Estate National Exam
Questions with Answers
Real property - ✔✔The land and anything permanently affixed to it
Fixture - ✔✔An item of personal property that has been converted to real estate by being
permanently affixed to the land or building
A Fixture - ✔✔Personal property attached to real property. It becomes "real" once annexed. If
detached from land or building it would revert back to personal property (severance).
Trade fixture - ✔✔An item installed by commercial tenant and removable by tenant before
expiration of lease
Area preference or situs - ✔✔This refers to people's choices and desires for a given area.
Location
Metes and bounds - ✔✔A legal description that starts and ends at a point of beginning.
Rectangular (government) survey - ✔✔Based on measurements from baselines and principle
meridians.
Meridian - ✔✔Run north and south
Base lines - ✔✔Run east and west
Township - ✔✔Six miles square (36 square miles)
,1 acre - ✔✔43,560 square feet
Subdivision plats - ✔✔Location of an individual parcel is indicated on a map of the subdivision
which is divided into numbered blocks and lots.
Easement - ✔✔It is a right acquired by one party to use the land of another party for specific
purpose.
Encumbrances - ✔✔A charge, claim, or liability that attaches to and is binding on real estate.
Real estate taxes and special assessments - ✔✔Usually take priority over all other liens.
General lien - ✔✔Inheritance tax, a judgement or court decree. A lien that applies to all of
debtor's property.
Specific lien - ✔✔Real estate taxes, mortgages and mechanic liens. Liens specifically on the
property.
Appurtenant easements - ✔✔They "run with the land" and are not terminated by the sale of
either the servient or dominant tenement.
Easement of necessity - ✔✔Will arise when there is not other access to a property by a street
or public way and the easement is required by necessity rather than for convenience.
Easements by prescription - ✔✔Acquired when the claimant has made the use of anothers land
for the prescriptive period. The claimant must have been continuous without owners approval,
visible, open and notorious.
, Encroachments - ✔✔Illegal extensions of a building or some other improvements, such as a
wall or fence, beyond the boundaries of the land of its owners and onto the land of an adjoining
owner.
Freehold estates - ✔✔Estates of indeterminable length, such as those existing for a liftime or
forever.
Fee simple - ✔✔Highest type of interest in real estate recognized by law. The holder is entitled
to all rights incident to the property. Continues for indefinite period and is inheritable by heirs
of owner.
Defeasible fee - ✔✔Continues for an indefinite period. May be inherited. Ownership with a
condition.
Life estate - ✔✔Limited in durations to life of a life tenant or life or lives of some other
designated person or persons.
Remainder interest - ✔✔Used with a Life Estate. The deed or the will names a third party to
whom title will pass on the death of the life estate owner, then such party is said to own
remainder interest.
Dower - ✔✔Wife's estate in all inheritbale real estate of the deceased husband.
In severalty - ✔✔one owner
Tenancy in common - ✔✔Each owner holds an individual interest in severalty. Interests do not
have to be equal.
Tenancy in common - ✔✔Each owner can sell, convey, mortgage, or transfer his or her interest
without the consent of the other co-owners.
Questions with Answers
Real property - ✔✔The land and anything permanently affixed to it
Fixture - ✔✔An item of personal property that has been converted to real estate by being
permanently affixed to the land or building
A Fixture - ✔✔Personal property attached to real property. It becomes "real" once annexed. If
detached from land or building it would revert back to personal property (severance).
Trade fixture - ✔✔An item installed by commercial tenant and removable by tenant before
expiration of lease
Area preference or situs - ✔✔This refers to people's choices and desires for a given area.
Location
Metes and bounds - ✔✔A legal description that starts and ends at a point of beginning.
Rectangular (government) survey - ✔✔Based on measurements from baselines and principle
meridians.
Meridian - ✔✔Run north and south
Base lines - ✔✔Run east and west
Township - ✔✔Six miles square (36 square miles)
,1 acre - ✔✔43,560 square feet
Subdivision plats - ✔✔Location of an individual parcel is indicated on a map of the subdivision
which is divided into numbered blocks and lots.
Easement - ✔✔It is a right acquired by one party to use the land of another party for specific
purpose.
Encumbrances - ✔✔A charge, claim, or liability that attaches to and is binding on real estate.
Real estate taxes and special assessments - ✔✔Usually take priority over all other liens.
General lien - ✔✔Inheritance tax, a judgement or court decree. A lien that applies to all of
debtor's property.
Specific lien - ✔✔Real estate taxes, mortgages and mechanic liens. Liens specifically on the
property.
Appurtenant easements - ✔✔They "run with the land" and are not terminated by the sale of
either the servient or dominant tenement.
Easement of necessity - ✔✔Will arise when there is not other access to a property by a street
or public way and the easement is required by necessity rather than for convenience.
Easements by prescription - ✔✔Acquired when the claimant has made the use of anothers land
for the prescriptive period. The claimant must have been continuous without owners approval,
visible, open and notorious.
, Encroachments - ✔✔Illegal extensions of a building or some other improvements, such as a
wall or fence, beyond the boundaries of the land of its owners and onto the land of an adjoining
owner.
Freehold estates - ✔✔Estates of indeterminable length, such as those existing for a liftime or
forever.
Fee simple - ✔✔Highest type of interest in real estate recognized by law. The holder is entitled
to all rights incident to the property. Continues for indefinite period and is inheritable by heirs
of owner.
Defeasible fee - ✔✔Continues for an indefinite period. May be inherited. Ownership with a
condition.
Life estate - ✔✔Limited in durations to life of a life tenant or life or lives of some other
designated person or persons.
Remainder interest - ✔✔Used with a Life Estate. The deed or the will names a third party to
whom title will pass on the death of the life estate owner, then such party is said to own
remainder interest.
Dower - ✔✔Wife's estate in all inheritbale real estate of the deceased husband.
In severalty - ✔✔one owner
Tenancy in common - ✔✔Each owner holds an individual interest in severalty. Interests do not
have to be equal.
Tenancy in common - ✔✔Each owner can sell, convey, mortgage, or transfer his or her interest
without the consent of the other co-owners.
