PSI Real Estate Exam Questions and Correct Answers the Latest Update and Recommended Version
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Course
PSI NJ Real Estate
Institution
PSI NJ Real Estate
Real property
→ The land and anything permanently affixed to it
Fixture
→ An item of personal property that has been converted to real estate by being
permanently affixed to the land or building
A Fixture
→ Personal property attached to real property. It becomes "real" once annexed. If...
PSI Real Estate Exam Questions and
Correct Answers the Latest Update and
Recommended Version
Real property
→ The land and anything permanently affixed to it
Fixture
→ An item of personal property that has been converted to real estate by being
permanently affixed to the land or building
A Fixture
→ Personal property attached to real property. It becomes "real" once annexed. If
detached from land or building it would revert back to personal property (severance).
Trade fixture
→ An item installed by commercial tenant and removable by tenant before expiration of
lease
Area preference or situs
→ This refers to people's choices and desires for a given area. Location
Metes and bounds
→ A legal description that starts and ends at a point of beginning.
Rectangular (government) survey
→ Based on measurements from baselines and principle meridians.
→ Inheritance tax, a judgement or court decree. A lien that applies to all of debtor's
property.
Specific lien
→ Real estate taxes, mortgages and mechanic liens. Liens specifically on the property.
Appurtenant easements
→ They "run with the land" and are not terminated by the sale of either the servient or
dominant tenement.
Easement of necessity
→ Will arise when there is not other access to a property by a street or public way and
the easement is required by necessity rather than for convenience.
Easements by prescription
→ Acquired when the claimant has made the use of anothers land for the prescriptive
period. The claimant must have been continuous without owners approval, visible, open
and notorious.
Encroachments
→ Illegal extensions of a building or some other improvements, such as a wall or fence,
beyond the boundaries of the land of its owners and onto the land of an adjoining
owner.
Freehold estates
→ Estates of indeterminable length, such as those existing for a liftime or forever.
→ Highest type of interest in real estate recognized by law. The holder is entitled to all
rights incident to the property. Continues for indefinite period and is inheritable by
heirs of owner.
Defeasible fee
→ Continues for an indefinite period. May be inherited. Ownership with a condition.
Life estate
→ Limited in durations to life of a life tenant or life or lives of some other designated
person or persons.
Remainder interest
→ Used with a Life Estate. The deed or the will names a third party to whom title will
pass on the death of the life estate owner, then such party is said to own remainder
interest.
Dower
→ Wife's estate in all inheritbale real estate of the deceased husband.
In severalty
→ one owner
Tenancy in common
→ Each owner holds an individual interest in severalty. Interests do not have to be equal.
Tenancy in common
→ Each owner can sell, convey, mortgage, or transfer his or her interest without the
consent of the other co-owners.
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