PSI Real Estate Exam Questions Solved 100% Correct
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Course
PSI Real Estate
Institution
PSI Real Estate
Easements by prescription - 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 - Answer Illegal extensions of a building or some other improvem...
PSI Real Estate Exam Questions Solved 100%
Correct
Easements by prescription - 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 - 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 - Answer Estates of indeterminable length, such as those existing for a liftime
or forever.
Fee simple - 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 - Answer Continues for an indefinite period. May be inherited. Ownership with a
condition.
Life estate - Answer Limited in durations to life of a life tenant or life or lives of some other
designated person or persons.
Remainder interest - Answer 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 - Answer Wife's estate in all inheritbale real estate of the deceased husband.
,In severalty - Answer one owner
Tenancy in common - Answer Each owner holds an individual interest in severalty. Interests do
not have to be equal.
Tenancy in common - Answer Each owner can sell, convey, mortgage, or transfer his or her
interest without the consent of the other co-owners.
Accession - Answer Acquiring the title to additions or improvements to real property as a
results of a trade fixture not removed by the tenant prior to the lease termination.
Appurtenance - Answer Rights belonging to land. "In addition to" ownership of something else.
Attachment - Answer A procedure by which property of a debtor is placed in the custody of the
law and is held as security, pending the disposition of a creditors suit.
Datum - Answer The horizontal plane from which elevations are measured.
Inchoate right - Answer A right not yet perfected, such as a wife's or husbands interest in their
spouse's property while the spouse is still alive.
Laches - Answer Court doctrine that bars a legal claims because of undue delay to assert the
claim or inaction. Falls under the Statute of Limitations.
Novation - Answer A transfer of rights and/or duties under a contract.
, valuable consideration - Answer Consideration with a monetary measure of value. Can be love
and affection.
Situs - Answer Favorable site or preferred location.
Servient tenement - Answer The Easement is placed on this tenement.
Dominant Tenement - Answer The tenement easement user who benefits from the easement.
Prescriptive Easement - Answer An easement created by open, notorious, hostile, and
continuous usage. Based on adverse possession.
Escheat - Answer No heirs, therefore the government becomes owners.
1031 tax deferred exchange - Answer Under Section 1031 of the IRS code, some or all of the
realized gain from the exchange of one property for a like kind property may be deferred. It is
not a tax free event; however in order to accumulate wealth the payment is deferred
Abandonment - Answer The voluntary and permanent cessation of use or enjoyment with no
intention to resume or reclaim one's possession or interest. May pertain to an easement of a
property.
Lead - Answer May cause mental retardation
Astract of title - Answer A condensed verison of the history of a title to a particular parcel of
real estate as recorded in the county clerks records; consists of a summary of the original grant
and all subsequent conveyance and encumbrances affecting the property.
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