Exam (elaborations)

PSI REAL ESTATE EXAM 2024 MOST RECENT UPDATE MOST TESTED COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS [CERTIFIED STUDY GUIDE] GET IT RIGHT GRADE A+

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psi real estate exam

Institution PSI REAL ESTATE
Course PSI REAL ESTATE

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PSI REAL ESTATE EXAM
2024 MOST RECENT UPDATE

MOST TESTED COMPREHENSIVE QUESTIONS AND
VERIFIED CORRECT ANSWERS [CERTIFIED STUDY
GUIDE] GET IT RIGHT GRADE A+

Area preference or situs - (correct answer) This refers to
people's choices and desires for a given area. Location

Metes and bounds - (correct answer) A legal description
that starts and ends at a point of beginning.

Rectangular (government) survey - (correct answer) Based
on measurements from baselines and principle meridians.

Meridian - (correct answer) Run north and south

Base lines - (correct answer) Run east and west

Township - (correct answer) Six miles square (36 square
miles)

,Real property - (correct answer) The land and anything
permanently affixed to it

Fixture - (correct answer) An item of personal property that
has been converted to real estate by being permanently affixed
to the land or building

A Fixture - (correct answer) 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 - (correct answer) An item installed by
commercial tenant and removable by tenant before expiration
of lease

1 acre - (correct answer) 43,560 square feet

Subdivision plats - (correct answer) Location of an individual
parcel is indicated on a map of the subdivision which is divided
into numbered blocks and lots.

,Easement - (correct answer) It is a right acquired by one
party to use the land of another party for specific purpose.

Encumbrances - (correct answer) A charge, claim, or liability
that attaches to and is binding on real estate.

Real estate taxes and special assessments - (correct answer)
Usually take priority over all other liens.

General lien - (correct answer) Inheritance tax, a judgement
or court decree. A lien that applies to all of debtor's property.

Specific lien - (correct answer) Real estate taxes, mortgages
and mechanic liens. Liens specifically on the property.

Appurtenant easements - (correct answer) They "run with
the land" and are not terminated by the sale of either the
servient or dominant tenement.

Easement of necessity - (correct answer) 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 - (correct answer) 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 - (correct answer) 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 - (correct answer) Estates of
indeterminable length, such as those existing for a liftime or
forever.

Fee simple - (correct answer) 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 - (correct answer) Continues for an indefinite
period. May be inherited. Ownership with a condition.

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