PSI PA Real Estate Practice Exam

The economic characteristics of land are - Answer- scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - Answer- are of indeterminable duration An easement can be terminated by - Answer- merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Answer- Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are - Answer- tenants at sufferance 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? - Answer- The second mortgage receives nothing unless he forced the foreclosure auction. At the time of harvest, crops that require annual planting are generally considered to be - Answer- personal property A property owner died, having willed his 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 - Answer- escheat An environmental impact statement typically describes the effects of a proposed on factors such as - Answer- public health and safety A lawsuit for inverse condemnation may be brought by - Answer- a homeowner A deed restriction is applicable to the activities of - Answer- all owners, present and future The terms "littoral," "riparian," and "appropriative" refer to - Answer- water rights If conditions for purchase are included in a deed and these conditions are violated, what is the