NJ PSI PRACTICE TEST
Questions and Answers
1. Three people buy a house as tenants in common. Subsequently, two
of the owners want to sell, but the third discourages each potential
purchaser. The two owners who wish to sell the house can
ANS file an action for partition against the third owner
2. The main difference between tenancy in common and joint tenancy
is that with tenancy in common, when a co-owner dies,
ANS his undivided interest passes to his heirs.
3. Legal descriptions using the government survey system are NOT
generally used in
ANS the original 13 states.
4. Real property can be converted to personal property by
ANS severance.
5. A judgment has been properly recorded. Any subsequent
purchasers, whether they have actually examined the record or not,
have been given
ANS constructive notice
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, 6. Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of two
basic doctrines regarding water rights. In many states, the common law
doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are
controlled by the state under the doctrine of
ANS prior appropriation
7. 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
costs of the foreclosure sale are included in these balances. Which of the
following statements is FALSE regarding the distribution of funds?
ANS The second mortgagee receives nothing unless he forced the
foreclosure auction.
8. A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. Which of the following would
MOST likely be used to obtain permission for this store?
ANS Conditional use permit or zoning variance.
9. Building codes are
ANS ordinances that specify construction standards
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Questions and Answers
1. Three people buy a house as tenants in common. Subsequently, two
of the owners want to sell, but the third discourages each potential
purchaser. The two owners who wish to sell the house can
ANS file an action for partition against the third owner
2. The main difference between tenancy in common and joint tenancy
is that with tenancy in common, when a co-owner dies,
ANS his undivided interest passes to his heirs.
3. Legal descriptions using the government survey system are NOT
generally used in
ANS the original 13 states.
4. Real property can be converted to personal property by
ANS severance.
5. A judgment has been properly recorded. Any subsequent
purchasers, whether they have actually examined the record or not,
have been given
ANS constructive notice
1/
9
, 6. Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of two
basic doctrines regarding water rights. In many states, the common law
doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are
controlled by the state under the doctrine of
ANS prior appropriation
7. 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
costs of the foreclosure sale are included in these balances. Which of the
following statements is FALSE regarding the distribution of funds?
ANS The second mortgagee receives nothing unless he forced the
foreclosure auction.
8. A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. Which of the following would
MOST likely be used to obtain permission for this store?
ANS Conditional use permit or zoning variance.
9. Building codes are
ANS ordinances that specify construction standards
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