PSI Real Estate Exam Questions Solved 100% Correct
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Course
PSI Real Estate
Institution
PSI Real Estate
Lien - Answer a monetary encumbrance that asserts the lienholder has a creditor's claim
to a specific monetary interest in the property's value.
Priority of liens - Answer for payment after a voluntary or forced property sale typically
goes by date of recordation from first to the most recent.
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PSI Real Estate Exam Questions Solved 100%
Correct
Lien - Answer a monetary encumbrance that asserts the lienholder has a creditor's claim
to a specific monetary interest in the property's value.
Priority of liens - Answer for payment after a voluntary or forced property sale typically
goes by date of recordation from first to the most recent.
Property Tax Liens - Answer Which lien is ALWAYS superior to other liens?
Easements - Answer are interests in land that give a non-owner the right to use a
property for a specific purpose, generally to cross over it
1) MUTUAL AGREEMENT either expresses or implied
2) NECESSITY as with certain landlocked properties
3) LONGTIME USE, as in a prescriptive easement - Answer The creation of easements
may arise through three things:
1) ABANDONMENT of use
2) RELEASE of easement by the owner of the dominant estate
3) CONCLUSION OF THE REASON for the easement
4) MERGER OF THE DOMINANT AND SERVIENT ESTATES - Answer The reasons for the
TERMINATION OF EASEMENTS may occur through:
,Encroachments - Answer are legally categorized as unauthorized and/or illegal
infringements that can affect a title's marketability, but they may arise and exist with
the knowledge and consent of the owners
- SELLING THE PROPERTY
-DEEDING THE USE AS AN EASEMENT - Answer Simple encroachments may be removed
by:
Pending Lawsuit - Answer What does the latin term "LIS PENDENS mean?
Some form of litigation against the property is pending that may become the
responsibility of a new owner to address - Answer If a LIS PENDENS has been recorded
against a property it means what?
Title - Answer refers to both ownership of something as well as to the legal evidence of
ownership, such as a deed
Sole Ownership, or Tenancy in Severalty, or simply Severalty - Answer means that an
individual is the sole owner of a property
TENANCY IN COMMON - Answer under which the parties, hold and UNDIVIDED
FRACTIONAL INTEREST IN THE PROPERTY. Ex: three family members may own a house
together as EQUAL one-third owners.
JOINT TENANCY - Answer under which the parties, hold an UNDIVIDED interest rather
than uneven shares.
,COMMON INTEREST OWNERSHIP - Answer a type of ownership that refers to multiple
owners having an overlapping, inseparable interest in a property complex;
condominiums, townhouses, coops, and timeshares are the most common examples
1) Fee simple title to the unit and
2) an undivided interest in the jointly owned common areas as tenants in common -
Answer Condominium ownership grants the owner what two things?
Cooperative Ownership - Answer looks similar to a condominium but, instead the
occupant is a SHAREHOLDER who owns the STOCK in the company that owns the
complex, and in exchange for agreeing to bylaws
Fee Simple Estate - Answer freehold estate; if there are no conditions on its use and/or
transfer
Fee Simple Defeasible - Answer means that the deed or title has some sort of
qualification of its use that makes it subject to being annulled or voided and reverting to
the original owner or some third party
Life Estate - Answer one that conveys an estate for the duration of the life of the life
tenant
Conventional Life Estate - Answer arise by intentional arrangements among the interests
parties.
Dower or curtesy - Answer refer to the property inheritance rights of widows and
widowers
43,560 Square Feet - Answer What is a survey acre?
, 40,000 - Answer What is an assessor's acre?
Police Power
Escheat
Taxation
Eminent Domain - Answer What are the four government powers?
Police Power - Answer refers to the state's authority to provide for the general welfare
of the community through legislation and a range of enabling rights or enabling statutes
Taxation - Answer is a government power necessary to raise revenue for municipal
expenses, like schools and roads
Ad Valorem Taxes - Answer They are taxed "at value" so that properties with a higher
assessed value pay proportionately more than those with a lesser value
Eminent Domain - Answer refers to taking of title to real property for some use, public
or private, that has been judged by the appropriately authorized governmental entity to
be beneficial to the community's interest
Escheat - Answer refers to the transfer of property ownership from an individual to the
State when the individual dies intestate, or without a will, and with NO KNOWN HEIRS.
This transfer is also phrased as REVERTING to the state
Real Property, or realty - Answer ___________ is land along with its improvements,
things attached to it, and the benefits, rights, and interests included in its ownership
Land - Answer _____________ includes all the earth's surface, subsurface to the center
of the earth, the space overhead, and the rights to each
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