Psi property ownership - Study guides, Class notes & Summaries

PSI PA State Real Estate Practice Exam Questions and Answers 100% Pass Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. Coal Notice Three conditions that must be met for a mobile home to be considered real estate 1. Mobile home is transferred in conjunction with and as a part of an assignment of a land lease or the transfer of an interest in land on which the mobile home is situated; or 2. Mobile home is...

the owner of a life estate and property A) does not pay real estate taxes B) is entitled to possession of the property C) may not receive income from the property D) is not responsible for all repairs to the property - Answer B three individuals own a motel as tenants-in-common. One of the individuals decides to sell all of her assets. She may legally A) sell, because a tenant in common may sell her portion of assets if a majority of the co-owners also agree to sell B) not sell, becaus...

Real Property (realty) - Answer land along with improvements, things attached to it, and the benefits, rights, and interests included in its ownership. Real Estate - Answer synonymously used with real property; but includes real and personal property. Land - Answer earth's surface, subsurface to the center of the earth, the space overhead, and the rights to each. Rights: common rights in land; surface rights, subsurface rights, mineral rights, water rights, air rights. Personal propert...

Accretion - Answer A gradual addition to dry land by the forces of nature, as when the tide deposits water-borne sediment on shoreline property. Ad Valorem - Answer A Latin phrase meaning 'according to value'; used to refer to taxes assessed on the value of property. Air Rights - Answer The right to undisturbed use and control of the airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land. Appurtenance - Answer A right that...

PSI REAL ESTATE SALESPERSON EXAM 1 2023 ACTUAL UPDATE ALL DONE SOLUTION Which of the following would NOT be considered Real Property? The servient estate in an easement appurtenant is the property Which of the following statements concerning encumbrances is NOT true Which of the following is not a specific lien? You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of If a husband and wife own an apartment buil...

Inchoate - Answer Incomplete or right not yet perfectedInterests, generally property interests, that are likely to vest but have not yet actually done so. The inchoate interest usually is dependent on an event occurring that triggers the interest, such as a relative's death triggering an inheritance. The interest that the inheriting relative has in the inheritance is inchoate until the death occurs, at which point it becomes a real interest. License - Answer Revocable permission to use anoth...

MS Real Estate PSI Exam Study Guide Accurate 100% MS Real Estate PSI Exam Study Guide Accurate 100% MS Real Estate PSI Exam Study Guide Accurate 100% Property Ownership - ANSWER An item that has a legal owner, along with the attendant rights to legal ownership. Real Property - ANSWER Ownership of real estate and the bundle of rights associated with owning real estate. Personal Property - ANSWER Ownership of anything which is not real estate, and the rights associated with owning the p...

PSI Exam: Property Ownership QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...