MS Real Estate PSI Exam Study Guide
Questions With Complete Solutions
Property nnOwnership nn- nnANSWER: nn✔ nnAn nnitem nnthat nnhas nna nnlegal nnowner, nnalong nnwith nnthe
attendant nnrights nnto nnlegal nnownership.
Real nnProperty nn- nnANSWER: nn✔ nnOwnership nnof nnreal nnestate nnand nnthe nnbundle nnof nnrights nnassociated
nnwith nnowning nnreal nnestate.
Personal nnProperty nn- nnANSWER: nn✔ nnOwnership nnof nnanything nnwhich nnis nnnot nnreal nnestate, nnand nnthe
nnrights nnassociated nnwith nnowning nnthe nnpersonal nnproperty nnitem.
Chattel nnor nnPersonalty nn- nnANSWER: nn✔ nnAlso nnknown nnas nnPersonal nnProperty.
Real nnEstate nn- nnANSWER: nn✔ nnAir, nnwater, nnland, nnand nneverything nnaffixed nnto nnthe nnland.
Conveyance nn- nnANSWER: nn✔ nnA nnvoluntary nntransfer nnof nnreal nnproperty nninterests.
Land nnCharacteristics nn- nnANSWER: nn✔ nnImmobility, nnhomogeneity, nnand nnindestructibility.
Legal nnDescriptions nn- nnANSWER: nn✔ nnAccurately nnlocates nnand nnidentifies nnthe nnboundaries nnof nnthe
nnsubject nnparcel nnto nna nndegree nnacceptable nnby nncourts nnof nnlaw nnin nnthe nnstate nnwhere nnthe nnreal
nnproperty nnis nnlocated.
Legal nnDescription nn- nnANSWER: nn✔ nnA nndescription nnof nna nnparcel nnof nnproperty nnwhich nnaccurately nnlocates
nnand nnidentifies nnthe nnboundaries nnof nnthe nnsubject nnparcel nnto nna nndegree nnacceptable nnby nnlocal nncourts
nnof nnlaw.
,Metes nnand nnBounds nn- nnANSWER: nn✔ nnIdentifies nnthe nnboundaries nnof nna nnparcel nnof nnland nnby nnusing
nnreference nnpoints, nndistances, nnand nnangles. nnThis nndescription nnalways nnidentifies nnand nnenclosed nnarea
nnby nnstarting nnat nnthe nnpoint nnof nnbeginning, nnand nnreturning nnto nnthe nnPOB nnat nnthe nnend nnof nnthe
nndescription nnin nnorder nnto nnbe nnvalid.
Lot nnand nnBlock nn- nnANSWER: nn✔ nnUses nnlot nnand nnblock nnnumbers nnreferred nnto nnin nna nnplat nnmap nnfiled nnin
nnpublic nnrecords.
Government nnSurvey nnSystem nn- nnANSWER: nn✔ nnA nnlegal nndescription nnof nnland nnusing nnbase nnlines,
nnmeridians, nntownships, nnsections, nnand nnranges nn- nnalso nncalled nnthe nnRectangular nnSurvey nnSystem
Measuring nnstructures nn- nnANSWER: nn✔ nnThree nncommon nnreal nnproperty nnmeasurement nnmethods: nnGBA,
nnGLA, nnand nnANSI. nnMultiply nnlength nntimes nnwidth.
livable nnarea nn- nnANSWER: nn✔ nnThe nnmeasurement nnthat nnonly nnincludes nnspace nnthat nnyou nncommonly
nnuse nnor nnis nnavailable nnfor nneveryday nnuse. nnThis nnmeasurement nnhaving nnthe nnsmallest nnsquare nnfootage,
nnbecause nnyou nnlikely nnwon't nnlive nnin nnstorage nnareas, nnhallways, nnor nnclosets.
Usable nnArea nn- nnANSWER: nn✔ nnThe nntotal nnsquare nnfootage nnthe nntenant nnoccupies, nnincluding nnrestrooms,
nnmaintenance nnareas, nnand nnelevators.
Rentable nnarea nn- nnANSWER: nn✔ nnThe nnsquare nnfootage nnthe nntenant nnoccupies, nnplus nna nnportion nnof nnthe
nnbuildings nncommon nnarea.
Land nnMeasurements nn- nnANSWER: nn✔ nn1 nnsection= nn640 nnacres
1/2 nnsection= nn320 nnacres
1/4 nnsection= nn160 nnacres
1/8 nnsection= nn80 nnacres
1/16 nnsection= nn40 nnacres
1/32 nnsection= nn20 nnacres
1/64 nnsection= nn10 nnacres
, Mineral, nnwater, nnand nnair nnrights nn- nnANSWER: nn✔ nnLand nnincludes nnminerals nnbeneath nnthe nnearths
nnsurface, nnwater nnon nnor nnbelow nnthe nnsurface, nnand nnthe nnair nnabove nnthe nnsurface.
Encumbrances nn- nnANSWER: nn✔ nnWhen nna nnclaim/lien nnis nnmade nnagainst nnthe nnproperty. nnThis nncan
nnimpact nnproperty nntitle nnand nnthe nnavailability nnto nntransfer nnownership nnof nna nnproperty, nnwhich nninstead
nncauses nnthe nnproperty nnto nnloose nnvalue.
Liens nn- nnANSWER: nn✔ nnA nncreditor's nnclaim nnagainst nnreal nnor nnpersonal nnproperty nnas nnsecurity nnfor nna
nnproperty nnowners nndebt. nnIt nnenables nna nncreditor nnto nnforce nnthe nnsale nnof nnthe nnproperty nnand nncollect
nnproceeds nnas nnpayment nntoward nnthe nndebt.
license nn- nnANSWER: nn✔ nnAn nnindividuals nnpersonal nnright nnto nnuse nnthe nnproperty nnof nnanother nnfor nna
nnspecific nnpurpose. nnRevocable nnat nnanytime nnat nnthe nnowner's nndiscretion. nnDoes nnnot nnattach nnto nnthe
nnproperty nnand nnterminates nnupon nndeath nnof nneither nnparty.
Encroachment nn- nnANSWER: nn✔ nnAn nnunauthorized nnphysical nnintrusion nnof nnone's nnreal nnproperty nninto
nnthe nnreal nnproperty nnof nnanother.
Deed nnRestrictions nn- nnANSWER: nn✔ nnA nnprovision nnin nna nndeed nnthat nnlimits nnor nnplaces nnrules nnon nnhow
nnthe nndeeded nnproperty nncan nnbe nnused nnor nnimproved.
Sole nnownership nn- nnANSWER: nn✔ nnAlso nnknown nnas nnownership nnin nnseveralty, nna nnsingle nnparty nnowns nnthe
nnfee nnor nnlife nnestate.
Joint nntenancy nn- nnANSWER: nn✔ nnTwo nnor nnmore nnpeople nnholding nnequal nninterest nnin nna nnproperty, nnwith
nnthe nnright nnof nnsurvivorship.
Tenancy nnin nncommon nn- nnANSWER: nn✔ nnAlso nncalled nnestate nnin nncommon, nnthe nnmost nncommon nnform nnof
nnco-ownership nnwhen nnthe nnowners nnare nnnot nnmarried.
Tenancy nnby nnthe nnentireties nn- nnANSWER: nn✔ nnA nnform nnof nnownership nntraditionally nnreserved nnfor
nnhusband nnand nnwife.
Questions With Complete Solutions
Property nnOwnership nn- nnANSWER: nn✔ nnAn nnitem nnthat nnhas nna nnlegal nnowner, nnalong nnwith nnthe
attendant nnrights nnto nnlegal nnownership.
Real nnProperty nn- nnANSWER: nn✔ nnOwnership nnof nnreal nnestate nnand nnthe nnbundle nnof nnrights nnassociated
nnwith nnowning nnreal nnestate.
Personal nnProperty nn- nnANSWER: nn✔ nnOwnership nnof nnanything nnwhich nnis nnnot nnreal nnestate, nnand nnthe
nnrights nnassociated nnwith nnowning nnthe nnpersonal nnproperty nnitem.
Chattel nnor nnPersonalty nn- nnANSWER: nn✔ nnAlso nnknown nnas nnPersonal nnProperty.
Real nnEstate nn- nnANSWER: nn✔ nnAir, nnwater, nnland, nnand nneverything nnaffixed nnto nnthe nnland.
Conveyance nn- nnANSWER: nn✔ nnA nnvoluntary nntransfer nnof nnreal nnproperty nninterests.
Land nnCharacteristics nn- nnANSWER: nn✔ nnImmobility, nnhomogeneity, nnand nnindestructibility.
Legal nnDescriptions nn- nnANSWER: nn✔ nnAccurately nnlocates nnand nnidentifies nnthe nnboundaries nnof nnthe
nnsubject nnparcel nnto nna nndegree nnacceptable nnby nncourts nnof nnlaw nnin nnthe nnstate nnwhere nnthe nnreal
nnproperty nnis nnlocated.
Legal nnDescription nn- nnANSWER: nn✔ nnA nndescription nnof nna nnparcel nnof nnproperty nnwhich nnaccurately nnlocates
nnand nnidentifies nnthe nnboundaries nnof nnthe nnsubject nnparcel nnto nna nndegree nnacceptable nnby nnlocal nncourts
nnof nnlaw.
,Metes nnand nnBounds nn- nnANSWER: nn✔ nnIdentifies nnthe nnboundaries nnof nna nnparcel nnof nnland nnby nnusing
nnreference nnpoints, nndistances, nnand nnangles. nnThis nndescription nnalways nnidentifies nnand nnenclosed nnarea
nnby nnstarting nnat nnthe nnpoint nnof nnbeginning, nnand nnreturning nnto nnthe nnPOB nnat nnthe nnend nnof nnthe
nndescription nnin nnorder nnto nnbe nnvalid.
Lot nnand nnBlock nn- nnANSWER: nn✔ nnUses nnlot nnand nnblock nnnumbers nnreferred nnto nnin nna nnplat nnmap nnfiled nnin
nnpublic nnrecords.
Government nnSurvey nnSystem nn- nnANSWER: nn✔ nnA nnlegal nndescription nnof nnland nnusing nnbase nnlines,
nnmeridians, nntownships, nnsections, nnand nnranges nn- nnalso nncalled nnthe nnRectangular nnSurvey nnSystem
Measuring nnstructures nn- nnANSWER: nn✔ nnThree nncommon nnreal nnproperty nnmeasurement nnmethods: nnGBA,
nnGLA, nnand nnANSI. nnMultiply nnlength nntimes nnwidth.
livable nnarea nn- nnANSWER: nn✔ nnThe nnmeasurement nnthat nnonly nnincludes nnspace nnthat nnyou nncommonly
nnuse nnor nnis nnavailable nnfor nneveryday nnuse. nnThis nnmeasurement nnhaving nnthe nnsmallest nnsquare nnfootage,
nnbecause nnyou nnlikely nnwon't nnlive nnin nnstorage nnareas, nnhallways, nnor nnclosets.
Usable nnArea nn- nnANSWER: nn✔ nnThe nntotal nnsquare nnfootage nnthe nntenant nnoccupies, nnincluding nnrestrooms,
nnmaintenance nnareas, nnand nnelevators.
Rentable nnarea nn- nnANSWER: nn✔ nnThe nnsquare nnfootage nnthe nntenant nnoccupies, nnplus nna nnportion nnof nnthe
nnbuildings nncommon nnarea.
Land nnMeasurements nn- nnANSWER: nn✔ nn1 nnsection= nn640 nnacres
1/2 nnsection= nn320 nnacres
1/4 nnsection= nn160 nnacres
1/8 nnsection= nn80 nnacres
1/16 nnsection= nn40 nnacres
1/32 nnsection= nn20 nnacres
1/64 nnsection= nn10 nnacres
, Mineral, nnwater, nnand nnair nnrights nn- nnANSWER: nn✔ nnLand nnincludes nnminerals nnbeneath nnthe nnearths
nnsurface, nnwater nnon nnor nnbelow nnthe nnsurface, nnand nnthe nnair nnabove nnthe nnsurface.
Encumbrances nn- nnANSWER: nn✔ nnWhen nna nnclaim/lien nnis nnmade nnagainst nnthe nnproperty. nnThis nncan
nnimpact nnproperty nntitle nnand nnthe nnavailability nnto nntransfer nnownership nnof nna nnproperty, nnwhich nninstead
nncauses nnthe nnproperty nnto nnloose nnvalue.
Liens nn- nnANSWER: nn✔ nnA nncreditor's nnclaim nnagainst nnreal nnor nnpersonal nnproperty nnas nnsecurity nnfor nna
nnproperty nnowners nndebt. nnIt nnenables nna nncreditor nnto nnforce nnthe nnsale nnof nnthe nnproperty nnand nncollect
nnproceeds nnas nnpayment nntoward nnthe nndebt.
license nn- nnANSWER: nn✔ nnAn nnindividuals nnpersonal nnright nnto nnuse nnthe nnproperty nnof nnanother nnfor nna
nnspecific nnpurpose. nnRevocable nnat nnanytime nnat nnthe nnowner's nndiscretion. nnDoes nnnot nnattach nnto nnthe
nnproperty nnand nnterminates nnupon nndeath nnof nneither nnparty.
Encroachment nn- nnANSWER: nn✔ nnAn nnunauthorized nnphysical nnintrusion nnof nnone's nnreal nnproperty nninto
nnthe nnreal nnproperty nnof nnanother.
Deed nnRestrictions nn- nnANSWER: nn✔ nnA nnprovision nnin nna nndeed nnthat nnlimits nnor nnplaces nnrules nnon nnhow
nnthe nndeeded nnproperty nncan nnbe nnused nnor nnimproved.
Sole nnownership nn- nnANSWER: nn✔ nnAlso nnknown nnas nnownership nnin nnseveralty, nna nnsingle nnparty nnowns nnthe
nnfee nnor nnlife nnestate.
Joint nntenancy nn- nnANSWER: nn✔ nnTwo nnor nnmore nnpeople nnholding nnequal nninterest nnin nna nnproperty, nnwith
nnthe nnright nnof nnsurvivorship.
Tenancy nnin nncommon nn- nnANSWER: nn✔ nnAlso nncalled nnestate nnin nncommon, nnthe nnmost nncommon nnform nnof
nnco-ownership nnwhen nnthe nnowners nnare nnnot nnmarried.
Tenancy nnby nnthe nnentireties nn- nnANSWER: nn✔ nnA nnform nnof nnownership nntraditionally nnreserved nnfor
nnhusband nnand nnwife.
