PSI PA REAL ESTATE EXAM
Severance - Answers -the performance of turning real property into personal property
What is the main difference between tendency in common and joint tendency is that
with tendency in common, when a co-owner dies? - Answers -the undivided interest
passes to his heirs
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 this tenant
have? - Answers -Tenancy at will
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. Either riparian and littoral rights are automatically conveyed with property, or all
water rights are controlled by the state under the doctrine of? - Answers -prior
appropriation
Legal description using the government survey system are not generally used in? -
Answers -the original 13 states
An owner hired a construction company to build a swimming pool at a new home. The
owner failed to pay the bill once the work was completed and the construction company
filed a lien to obtain payment of the debt. The encumbrance created is called? -
Answers -a mechanic's lien
Building codes are? - Answers -ordinances that specify construction standards
An environmental impact statement (IES) - Answers -projects the impact on
environment or proposed project
A lawsuit for inverse condemnation may be brought by - Answers -the homeowner
A deed restriction is applicable to the activities of? - Answers -all owners present and
future
A land owner wishes to build a neighborhood grocery store on a busy street in an area
zoned for residential use. What would most likely be used to obtain permission for this
store? - Answers -Conditional use permit or zoning variance
When preparing a market data estimate of value, what category of adjustment is NOT
essential? - Answers -the original cost of the building
Depreciation is calculated based on the? - Answers -cost of the building only
A competitive market analysis is MOST often used for? - Answers -setting a listing price
, A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest? - Answers -a competitive market analysis to determine the
property's value
A couple owns an older home in a neighborhood that is becoming a commercial area.
Because of the change in the use of the land, the couple can expect the value of their
parcel to increase at some future time. This is an example of the principle of - Answers -
anticipation
A formal appraisal will ALWAYS be REQUIRED when the - Answers -lender wants to
sell the mortgage to the secondary market
If all other factors are equal, in which location is a parking lot likely to bring the highest
sales price? - Answers -Business district zoned for a six-story office building
Federal Truth-in-lending laws are also known as? - Answers -regulation z.
A licensee is listing a property in a known flood plain. The seller flatly denies that the
structure and the property have ever been flooded. What is the licensee required to do
in this situation? - Answers -Inform the seller of the legal obligation to disclose facts
regarding flood plains
State laws differ on whether a buyer is entitled to know about? - Answers -a suicide that
occurred in the house last year
A seller tells the listing agent that her home was treated for termites 10 years ago, so
there are no termites now. Before listing the property, the agent should? - Answers -tell
the seller to disclose the termite treatment on the property disclosure
What critical aspect of the property inspection process MUST licensees convey to
prospective buyers? - Answers -Need for inspections to be completed within the time
stated in the contract
An example of a contract terminated due to inability to perform would be what? -
Answers -seller had contracted for sale of the entire property without the knowledge or
consent of the other joint tenant
If leased premises become unusable for the purpose state in the lease, the tenant may
have the right not abandon the premises. This action is called? - Answers -constructive
eviction
A written agreement in which a purchaser agrees to buying a seller agrees to sell is
called? - Answers -a contract
Severance - Answers -the performance of turning real property into personal property
What is the main difference between tendency in common and joint tendency is that
with tendency in common, when a co-owner dies? - Answers -the undivided interest
passes to his heirs
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 this tenant
have? - Answers -Tenancy at will
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. Either riparian and littoral rights are automatically conveyed with property, or all
water rights are controlled by the state under the doctrine of? - Answers -prior
appropriation
Legal description using the government survey system are not generally used in? -
Answers -the original 13 states
An owner hired a construction company to build a swimming pool at a new home. The
owner failed to pay the bill once the work was completed and the construction company
filed a lien to obtain payment of the debt. The encumbrance created is called? -
Answers -a mechanic's lien
Building codes are? - Answers -ordinances that specify construction standards
An environmental impact statement (IES) - Answers -projects the impact on
environment or proposed project
A lawsuit for inverse condemnation may be brought by - Answers -the homeowner
A deed restriction is applicable to the activities of? - Answers -all owners present and
future
A land owner wishes to build a neighborhood grocery store on a busy street in an area
zoned for residential use. What would most likely be used to obtain permission for this
store? - Answers -Conditional use permit or zoning variance
When preparing a market data estimate of value, what category of adjustment is NOT
essential? - Answers -the original cost of the building
Depreciation is calculated based on the? - Answers -cost of the building only
A competitive market analysis is MOST often used for? - Answers -setting a listing price
, A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest? - Answers -a competitive market analysis to determine the
property's value
A couple owns an older home in a neighborhood that is becoming a commercial area.
Because of the change in the use of the land, the couple can expect the value of their
parcel to increase at some future time. This is an example of the principle of - Answers -
anticipation
A formal appraisal will ALWAYS be REQUIRED when the - Answers -lender wants to
sell the mortgage to the secondary market
If all other factors are equal, in which location is a parking lot likely to bring the highest
sales price? - Answers -Business district zoned for a six-story office building
Federal Truth-in-lending laws are also known as? - Answers -regulation z.
A licensee is listing a property in a known flood plain. The seller flatly denies that the
structure and the property have ever been flooded. What is the licensee required to do
in this situation? - Answers -Inform the seller of the legal obligation to disclose facts
regarding flood plains
State laws differ on whether a buyer is entitled to know about? - Answers -a suicide that
occurred in the house last year
A seller tells the listing agent that her home was treated for termites 10 years ago, so
there are no termites now. Before listing the property, the agent should? - Answers -tell
the seller to disclose the termite treatment on the property disclosure
What critical aspect of the property inspection process MUST licensees convey to
prospective buyers? - Answers -Need for inspections to be completed within the time
stated in the contract
An example of a contract terminated due to inability to perform would be what? -
Answers -seller had contracted for sale of the entire property without the knowledge or
consent of the other joint tenant
If leased premises become unusable for the purpose state in the lease, the tenant may
have the right not abandon the premises. This action is called? - Answers -constructive
eviction
A written agreement in which a purchaser agrees to buying a seller agrees to sell is
called? - Answers -a contract
