NATIONAL PSI EXAM PRACTICE TEST 1 ANSWERED 100% CORRECTLY

NATIONAL PSI EXAM PRACTICE TEST 1 ANSWERED 100% CORRECTLY All of the following would be considered real property EXCEPT - answera leasehold estate The servient estate in an easement appurtenant is the property - answeron which the easement is placed Which of the following statements concerning encumbrances is NOT true - answerAll encumbrances are liens Which of the following is NOT a specific lien - answerState inheritance taxes You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of a - answernet 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? - answerTenancy in common The highest form of ownership interest a person may hold in real estate is - answerfee simple Two unrelated people own a three-unit apartment building as tenants in common. One wants to sell but the other does not which of the following statement describes the legal rights of the party who wants to sell? - answerThe party may request a court to partition the building Your aunt died in-estate and you inherited her house, The way in which you acquired the title to her house is by - answerdescent All of the following statements correctly describe a legal life estate EXCEPT - answerDuring his or her life estate, the life tenant is generally answerable to the holder of the future interest A time share estate isn't a - answerlease hold estate A state wants to build a publicity owned convention center to attract private development in its largest city. Can the state use eminent domain to acquire the land - answerYes, if just compensation is paid to the owners of the land The city in which you live has a zoning ordinance. The basis for the city to have such an ordinance is - answerPolice Power Police power-deed restriction - answerare not related Strict liability under Superfund means that... - answerthe owner is responsible to the injured party without excuse All of the following correctly describes how real estate licensees should handle the possibility of hazardous substances on a property being sold EXCEPT - answerLicensees should not disclose the problem, becuase it might harm the seller Sources of groundwater contamination do NOT include - answerRadon your neighbor has given you revocable permissions to go hunting on his farm. You have a - answerlicense A claim based on adverse possession of property must NOT be - answersecretive A person who receives real property by will is called a - answerdevisee Riparian rights would exist in a - answercooperative on a river A developer was able to buy two adjoining single-family lots for $20,000 each. He combined the lots into one parcel with a value of $90,000. The developers action reflects the process of - answerplottage In the appraisal of a public building, an appraiser would use the - answercost approach A restaurant opened in a neighborhood and was enjoying substantial profits. Within a year, another restaurant was built across the street and resulted in the first restaurant losing, in the next year 30% of its profits. This is an example of the principle of - answercompetition A meatpacking plant has just been built one block from your house. The strong odors are lowering property values in your neighborhood. The loss in value would be classified as - answerexternal obsolescence A four-bedroom house with one bathroom would be an example of - answerfunctional obsolescence Which of the following is NOT a stage in the appraisal process - answerAnalyze the tax consequences of the property owner An appraiser uses the cost approach in appraising a home. The appraiser should NOT use which of the following types of information - answerDepreciation of