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Real Estate Practice PSI Exam Questions and Correct Answers & Latest Updated
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In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? o :## Specify questionable items of property in the written sales contract. The main difference between tenancy in common and joint tenancy is ...

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  • August 25, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • real estate practice psi exam questions and corre

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  • PSI REAL ESTATE
  • PSI REAL ESTATE

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1|Page: 2024/2025 Grade A+




Real Estate Practice PSI Exam Questions and
Correct Answers & Latest Updated
In the sale of property, there is often confusion over whether an item is a fixture or

personal property. What is the best way to avoid this confusion?


o :## Specify questionable items of property in the written sales contract.



The main difference between tenancy in common and joint tenancy is that with tenancy in

common, when a co-owner dies,


o :## his undivided interest passes to his heirs.



A legal easement can be created by any of the following EXCEPT


o :## merger of the titles.



A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant

paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have?


o :## Tenancy at will.



Legal descriptions using the government survey system are NOT generally used in


o :## the original 13 states.



Although states make specific laws governing water rights and the rights in land that

borders water, most states generally follow one of two basic doctrines regarding water



Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

, 2|Page: 2024/2025 Grade A+


rights. Either riparian and littoral rights are automatically conveyed with property, or all

water rights are controlled by the state under the doctrine of prior appropriation. The

doctrine of prior appropriation is MOST likely to be followed in states where


o :## water is scarce.



Ordinances that specify construction standards are


o :## building codes.



A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned

for residential use. Which of the following would MOST likely be used to obtain permission

for this store?


o :## Conditional use permit or zoning variance.



A prospective seller asks a salesperson to recommend a listing price for a property. The

salesperson should suggest


o :## a competitive market analysis to determine the property's value.



If all other factors are equal, in which location is a parking lot likely to bring the highest sales

price?


o :## Business district zoned for a six-story office building.



A competitive market analysis is MOST often used for


o :## setting a listing price.




Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

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