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PSI National Exam questions with correct answers
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PSI National Exam questions with correct answers
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PSI National Exam questions with correct answersThe economic characteristics of land are Correct Answer-Scarcity,
location, and durability.
The owner of an interest in commonly held property who wishes to
dispose of the property, while the other owners do NOT want to do so,
will probably Correct Answer-Begin a suit for partition.
In every real estate transaction, a legal description of the real estate
MUST appear in the transaction documents. What kind of legal
description should be used in MOST transactions? Correct Answer-The
same one used in prior transfers of the parcel, verified by a surveyor.
At the time of harvest, crops that require annual planting are generally
considered to be Correct Answer-Personal property.
In MOST states, when a first mortgage is foreclosed and the property
has been sold, junior liens Correct Answer-No longer have any claim on
the property.
Tenants are still in their rental property even though their lease has
expired. The landlord has given them written notice to quit and refused
to accept rent. They are Correct Answer-Tenants at sufferance
A homeowner has negotiated with a neighbor to obtain the permanent
right to pass over the northern part of the neighbor's land to gain access
, to the river. He pays the neighbor $9,000 for the right of access and
receives a deed. This is an easement Correct Answer-Appurtenant.
An Environmental Impact Statement (EIS) Correct Answer-Projects the
impact on the environment of a proposed project.
An escheat occurs when Correct Answer-A property owner dies without
heirs or a valid will.
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? Correct Answer-Return of the property to
the original owner
Which of the following BEST illustrates the concept and intent of a
buffer zone? Correct Answer-Garden apartments located between a
single-family residential neighborhood and a shopping center
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 rights. In many states, the common law
doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are
controlled by the state under the doctrine of Correct Answer-Prior
appropriation
A deed restriction is applicable to the activities of Correct Answer-
Present and future owners
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