PSI Real Estate Exam Study Guide with Complete Solutions
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Course
Cosmetology
Institution
Cosmetology
PSI Real Estate Exam Study Guide with Complete Solutions
Real property - Answer️️ -The land and anything permanently affixed to it
Fixture - Answer️️ -An item of personal property that has been converted to real
estate by being permanently affixed to the land or building
A Fixture - Ans...
PSI Real Estate Exam Study Guide with Complete Solutions
Real property - Answer✔️✔️-The land and anything permanently affixed to it
Fixture - Answer✔️✔️-An item of personal property that has been converted to real
estate by being permanently affixed to the land or building
A Fixture - 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 - Answer✔️✔️-An item installed by commercial tenant and removable
by tenant before expiration of lease
Area preference or situs - Answer✔️✔️-This refers to people's choices and desires
for a given area. Location
Metes and bounds - Answer✔️✔️-A legal description that starts and ends at a point
of beginning.
Rectangular (government) survey - Answer✔️✔️-Based on measurements from
baselines and principle meridians.
Meridian - Answer✔️✔️-Run north and south
Base lines - Answer✔️✔️-Run east and west
Township - Answer✔️✔️-Six miles square (36 square miles)
Subdivision plats - Answer✔️✔️-Location of an individual parcel is indicated on a
map of the subdivision which is divided into numbered blocks and lots.
Easement - Answer✔️✔️-It is a right acquired by one party to use the land of
another party for specific purpose.
Encumbrances - Answer✔️✔️-A charge, claim, or liability that attaches to and is
binding on real estate.
Real estate taxes and special assessments - Answer✔️✔️-Usually take priority over
all other liens.
General lien - Answer✔️✔️-Inheritance tax, a judgement or court decree. A lien that
applies to all of debtor's property.
Specific lien - Answer✔️✔️-Real estate taxes, mortgages and mechanic liens. Liens
specifically on the property.
Appurtenant easements - Answer✔️✔️-They "run with the land" and are not
terminated by the sale of either the servient or dominant tenement.
Easement of necessity - 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 - 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.
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