PSI CERTIFICATION EXAM QUESTIONS
AND VERIFIED ANSWERS 2026
▶ The main difference between tenancy in common and joint tenancy is
that with tenancy in common, when a co-owner dies,. Answer: his
undivided interest passes to his heirs
▶ 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 prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where. Answer: water
is scarce
▶ A legal easement can be created by any of the following EXCEPT.
Answer: merger of the titles
▶ Legal descriptions using the government survey system are NOT
generally used in. Answer: the original 13 states
▶ Real property can be converted to personal property by. Answer:
severance
▶ A lawsuit for inverse condemnation may be brought by. Answer:
homeowner
▶ Building codes are. Answer: ordinances that specify construction
standards
▶ A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. Which of the following would
MOST likely be used to obtain permission for this store?. Answer:
Conditional use permit or zoning variance.
, ▶ An environmental impact statement typically describes the effects of a
proposed project on factors such as. Answer: public health and safety.
▶ A deed restriction is applicable to the activities of. Answer: all owners,
present and future
▶ A commercial property lost value because a recently constructed
highway moved traffic away from the property. This is an example of.
Answer: economic or external obsolescence.
▶ A competitive market analysis is MOST often used fo. Answer: setting a
listing price.
▶ When compiling a competitive market analysis, a broker would look for
comparable properties that. Answer: were located near the property being
listed.
▶ If all other factors are equal, in which location is a parking lot likely to
bring the highest sales price?. Answer: Business district zoned for a six-
story office building.
▶ A formal appraisal will ALWAYS be REQUIRED when the. Answer:
lender wants to sell the mortgage to the secondary market.
▶ A competitive market analysis takes into consideration. Answer: square
footage of the subject property.
▶ Three identical homes in a neighborhood were listed at the same time in
a market where demand was constant. According to the law of supply and
demand, which would have sold for the lowest price?. Answer: The first
sold.
▶ A prospective seller asks a salesperson to recommend a listing price for
a property. The salesperson should suggest. Answer: a competitive market
analysis to determine the property's value.
▶ In helping a buyer to select a lender, if the buyer believes he has good
credit and his income is documentable as a salary and by tax returns, the
licensee might recommend a mortgage banker, instead of a mortgage
AND VERIFIED ANSWERS 2026
▶ The main difference between tenancy in common and joint tenancy is
that with tenancy in common, when a co-owner dies,. Answer: his
undivided interest passes to his heirs
▶ 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 prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where. Answer: water
is scarce
▶ A legal easement can be created by any of the following EXCEPT.
Answer: merger of the titles
▶ Legal descriptions using the government survey system are NOT
generally used in. Answer: the original 13 states
▶ Real property can be converted to personal property by. Answer:
severance
▶ A lawsuit for inverse condemnation may be brought by. Answer:
homeowner
▶ Building codes are. Answer: ordinances that specify construction
standards
▶ A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. Which of the following would
MOST likely be used to obtain permission for this store?. Answer:
Conditional use permit or zoning variance.
, ▶ An environmental impact statement typically describes the effects of a
proposed project on factors such as. Answer: public health and safety.
▶ A deed restriction is applicable to the activities of. Answer: all owners,
present and future
▶ A commercial property lost value because a recently constructed
highway moved traffic away from the property. This is an example of.
Answer: economic or external obsolescence.
▶ A competitive market analysis is MOST often used fo. Answer: setting a
listing price.
▶ When compiling a competitive market analysis, a broker would look for
comparable properties that. Answer: were located near the property being
listed.
▶ If all other factors are equal, in which location is a parking lot likely to
bring the highest sales price?. Answer: Business district zoned for a six-
story office building.
▶ A formal appraisal will ALWAYS be REQUIRED when the. Answer:
lender wants to sell the mortgage to the secondary market.
▶ A competitive market analysis takes into consideration. Answer: square
footage of the subject property.
▶ Three identical homes in a neighborhood were listed at the same time in
a market where demand was constant. According to the law of supply and
demand, which would have sold for the lowest price?. Answer: The first
sold.
▶ A prospective seller asks a salesperson to recommend a listing price for
a property. The salesperson should suggest. Answer: a competitive market
analysis to determine the property's value.
▶ In helping a buyer to select a lender, if the buyer believes he has good
credit and his income is documentable as a salary and by tax returns, the
licensee might recommend a mortgage banker, instead of a mortgage
