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Exam (elaborations)

PSI VA Questions and Answers (100% Pass)

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  • Course
  • PSI VA
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  • PSI VA

What are the categories of real property? Residential, Agricultural and Industrial The point at which supply and demand are balanced is known as? Equilibrium The Phrase "bundle of legal rights" is properly included in? The definition of real property According to law, trade fixture is: P...

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  • November 10, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI VA
  • PSI VA
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1|Page | © copyright 2024/2025 | Grade A+




PSI VA Questions and Answers
(100% Pass)
What are the categories of real property?


✓ Residential, Agricultural and Industrial




The point at which supply and demand are balanced is known as?


✓ Equilibrium




The Phrase "bundle of legal rights" is properly included in?


✓ The definition of real property




According to law, trade fixture is:


✓ Personal property or Personalty




The process by which real property becomes sole property is called:


✓ Severance




A ranger owns a parcel of land which oil is discovered. Does the ranger own

the oil?




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Only if he maintained the rights to subsurface rights.




What is a trade fixture?


✓ Items/equipment attached to the property needed for tenants

trade/occupation.




The foremost consideration in the purchase of a home is affordability, what is

the second?


✓ Location




Under common law agency, an agents duty to keep the client informed of all

relevant facts is the duty of?


✓ Disclosure




When does the broker receive his commission?


✓ The transaction is closed




Upon discovering a latent defect in a property, the licensee should discuss

the problem with the seller and then...


✓ Inform the potential buyer of the defect




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

Bob and Ann purchased a commercial building and took title as a joint

tenants with rights of survivorship. Nancy died in testate (without will). Sam

now owes the building.


✓ Owns it in severalty




An ownership interest that is based on annual occupancy intervals is:


✓ Time-share




Which of the following is an estate indefinite duration?


✓ Freehold estate




What is Cooperative?


✓ Own shares in property and has a lease on apartment




What is a servant tenant?


✓ When you must let your neighbor use your land to access his property.

I.E. in a land lock situation.




What is doctrine of prior appropriation?




Master01 | October, 2024/2025 | Latest update

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