1. The economic characteristics of land are Scarcity, location,
and durability.
2. The owner of an interest in commonly held property Begin a suit for
who wishes to dispose of the property, while the other partition.
owners do NOT want to do so, will probably
3. In every real estate transaction, a legal description of The same one
the real estate MUST appear in the transaction docu- used in prior trans-
ments. What kind of legal description should be used fers of the parcel,
in MOST transactions? verified by a sur-
veyor.
4. At the time of harvest, crops that require annual plant- Personal property.
ing are generally considered to be
5. In MOST states, when a first mortgage is foreclosed No longer have
and the property has been sold, junior liens any claim on the
property.
6. Tenants are still in their rental property even though Tenants at suffer-
their lease has expired. The landlord has given them ance
written notice to quit and refused to accept rent. They
are
7. A homeowner has negotiated with a neighbor to ob- Appurtenant.
tain the permanent right to pass over the northern part
of the neighbor's land to gain access to the river. He
pays the neighbor $9,000 for the right of access and
receives a deed. This is an easement
8. An Environmental Impact Statement (EIS) Projects the im-
pact on the envi-
ronment of a pro-
posed project.
9. An escheat occurs when A property owner
dies without heirs
or a valid will.
, PSI National Exam
10. If conditions for purchase are included in a deed and Return of the prop-
these conditions are violated, what is the penalty? erty to the original
owner
11. Which of the following BEST illustrates the concept Garden apart-
and intent of a buffer zone? ments located be-
tween a sin-
gle-family residen-
tial neighborhood
and a shopping
center
12. Although states make specific laws governing water Prior appropriation
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
13. A deed restriction is applicable to the activities of Present and future
owners
14. A lawsuit for inverse condemnation may be brought A homeowner
by
15. An appraiser MUST be licensed or certified to handle $250,000
Federally related work on residential property valued
at more than
16. According to the principle of progression, a three-bed- Most homes are
room, one-story home is MOST likely to bring the larger than the
highest sales price if located in a neighborhood in sale home
which
17. Which rule-of-thumb version is being offered to an GRM
investor who is told that a house renting for $900 a
month should sell for about $90,000?
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