PSI Real Estate Salesperson exam 1
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1. Which of the following would NOT be considered Real Property?
1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air: 2. A Leasehold Estate
2. The servient estate in an easement appurtenant is the property
1. owned by the landlord
2. on which the easement is placed
3. owned by the tenant
4. that benefits from the easement: 2. on which the easement is placed
3. Which of the following statements concerning encumbrances is NOT true
1. All encumbrances are liens
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance: 1. All encumbrances are liens
4. Which of the following is not a specific lien?
1. Mortgage Lien
2. State inheritance tax
3. Real Estate taxes
4. Mechanic's Lien: 2. State Inheritance tax
5. You have entered into a lease that requires you to pay 20% of the owners
expenses. Your lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease: 2. Net lease
6. If a husband and wife own an apartment building and the husband owns an
undivided three-fourths interest and the wife owns a one-fourth interest, what
, PSI Real Estate Salesperson exam 1
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type of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety: 3. Tenancy in common
7. The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee: 2. Fee simple
8. Two unrelated people own a three-unit apartment building as tenants in
common. One wants to sell but the others do not. Which of the following
statements describes the legal rights of the party who wants to sell?
1. The party may request a court to partition the building
2. The party may require the co-owner to sell
3. The party may record a lis penden on the property
4. The party may refinance the mortgage in his or her own name, thus elimi-
nating the co-owner's interest in the property: 1. The party may request a court to partition the
building
9. Your aunt died intestate and you inherited her house. The way in which you
acquired the title to her house is by:
1. curtsey
2. descent
3. escheat
4. laches: 2. descent
10. Which of the following statements does NOT correctly describe a legal life
estate?
1. During his or her life estate the life tenant is generally answerable to the
, PSI Real Estate Salesperson exam 1
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holder of the future interest.
2. The life tenant may not commit any acts that would permanently injure the
property.
3. There may be a reversionary interest.
4. There may be a remainder interest.: 1. During his or her life estate the life tenant is generally
answerable to the holder of the future interest.
11. Which of the following is NOT a leasehold estate?
1. An estate for years
2. Periodic estate
3. Time-Share estate
4. Estate from year to year: 3. A Time-Share estate
12. You are married and own a house under a form of ownership that prohibits
you from selling it without the signature of your spouse. Your form of owner-
ship is LEAST likely to be?
1. in severalty
2. a joint tenancy
3. tenancy in common
4. tenancy by the entirety: 1. in severalty
13. A state wants to build a publicly owned convention center to attract private
development in its largest city. Can the state use eminent domain to acquire
the land?
1. No, because private investments aren't allowed.
2. Yes, if just compensation is paid to the owners of the land.
3. No, because eminent domain can only be used for highway expansion.
4. Yes, if the owners hold fee-simple interest in the land.: 2. Yes, if just compensation is
paid to the owners of the land.
14. Which of the following grants zoning authority to municipal governments?
1. Eminent domain
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1. Which of the following would NOT be considered Real Property?
1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air: 2. A Leasehold Estate
2. The servient estate in an easement appurtenant is the property
1. owned by the landlord
2. on which the easement is placed
3. owned by the tenant
4. that benefits from the easement: 2. on which the easement is placed
3. Which of the following statements concerning encumbrances is NOT true
1. All encumbrances are liens
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance: 1. All encumbrances are liens
4. Which of the following is not a specific lien?
1. Mortgage Lien
2. State inheritance tax
3. Real Estate taxes
4. Mechanic's Lien: 2. State Inheritance tax
5. You have entered into a lease that requires you to pay 20% of the owners
expenses. Your lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease: 2. Net lease
6. If a husband and wife own an apartment building and the husband owns an
undivided three-fourths interest and the wife owns a one-fourth interest, what
, PSI Real Estate Salesperson exam 1
Study online at https://quizlet.com/_2e6nfn
type of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety: 3. Tenancy in common
7. The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee: 2. Fee simple
8. Two unrelated people own a three-unit apartment building as tenants in
common. One wants to sell but the others do not. Which of the following
statements describes the legal rights of the party who wants to sell?
1. The party may request a court to partition the building
2. The party may require the co-owner to sell
3. The party may record a lis penden on the property
4. The party may refinance the mortgage in his or her own name, thus elimi-
nating the co-owner's interest in the property: 1. The party may request a court to partition the
building
9. Your aunt died intestate and you inherited her house. The way in which you
acquired the title to her house is by:
1. curtsey
2. descent
3. escheat
4. laches: 2. descent
10. Which of the following statements does NOT correctly describe a legal life
estate?
1. During his or her life estate the life tenant is generally answerable to the
, PSI Real Estate Salesperson exam 1
Study online at https://quizlet.com/_2e6nfn
holder of the future interest.
2. The life tenant may not commit any acts that would permanently injure the
property.
3. There may be a reversionary interest.
4. There may be a remainder interest.: 1. During his or her life estate the life tenant is generally
answerable to the holder of the future interest.
11. Which of the following is NOT a leasehold estate?
1. An estate for years
2. Periodic estate
3. Time-Share estate
4. Estate from year to year: 3. A Time-Share estate
12. You are married and own a house under a form of ownership that prohibits
you from selling it without the signature of your spouse. Your form of owner-
ship is LEAST likely to be?
1. in severalty
2. a joint tenancy
3. tenancy in common
4. tenancy by the entirety: 1. in severalty
13. A state wants to build a publicly owned convention center to attract private
development in its largest city. Can the state use eminent domain to acquire
the land?
1. No, because private investments aren't allowed.
2. Yes, if just compensation is paid to the owners of the land.
3. No, because eminent domain can only be used for highway expansion.
4. Yes, if the owners hold fee-simple interest in the land.: 2. Yes, if just compensation is
paid to the owners of the land.
14. Which of the following grants zoning authority to municipal governments?
1. Eminent domain
