PSI Real Estate Test MA - State Portion
Only Already Graded A
A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage.
The coolers would be considered which of the following? ✔✔Trade fixtures that are personal
property
Property can be converted from real to personal property and from personal to real property by
means of which processes, respectively? ✔✔Severance and affixing
The highest form of ownership interest one can acquire in real estate is the... ✔✔Absolute fee
simple estate
The distinguishing feature of a defeasible fee simple estate is the... ✔✔The estate may revert to a
grantor or heirs of the prescribed usage changes
Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to
Alfonsos other niece, Serena. The type of estate that Maria has in the property is a
✔✔Conventional life estate
,One difference between a cooperative estate and a condominium estate is that ✔✔A
condominium owner owns a unit of air space whereas the coop owner owns a proprietary lease
Who are the essential parties involved in an estate in trust? ✔✔Trustor, trustee, and beneficiary
A condominium owner enjoys... ✔✔Fee simple ownership of the airspace in a unit and an
undivided share of the entire property's common areas
With various types of junior liens, the order of payment priority is generally established
according to ✔✔The date of recordation
What is a lien-theory state in contrast to a title-theory state? ✔✔A state in which a mortgager
retains title to the property when a mortgage lien is created
A property owner has an easement appurtenant on her property. On day the property is sold to
another party who is opposed to the easement. Following the closing, this particular form of
easement... ✔✔Transfers with the property
, What fundamental legal purpose is fulfilled by title records? ✔✔Giving constructive notice of
ones rights and interests in the property
What is "chain of title?" ✔✔A chronology of successive owners of record of a parcel of real
estate
Which of the following provides the strongest evidence of a marketable title? ✔✔Title insurance
A store owner enters into a lease that charges rent per square foot, a common area fee, and a
portion of the store owners gross income from the property, this kind of lease is a...
✔✔Percentage lease
An owner leases a property to a business in exchange for rent. The tenant is required to pay all
operating expenses as well. This is an example of a... ✔✔Net lease
A lease automatically terminates under which of the following circumstances? ✔✔The tenant
goes out of business
Only Already Graded A
A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage.
The coolers would be considered which of the following? ✔✔Trade fixtures that are personal
property
Property can be converted from real to personal property and from personal to real property by
means of which processes, respectively? ✔✔Severance and affixing
The highest form of ownership interest one can acquire in real estate is the... ✔✔Absolute fee
simple estate
The distinguishing feature of a defeasible fee simple estate is the... ✔✔The estate may revert to a
grantor or heirs of the prescribed usage changes
Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to
Alfonsos other niece, Serena. The type of estate that Maria has in the property is a
✔✔Conventional life estate
,One difference between a cooperative estate and a condominium estate is that ✔✔A
condominium owner owns a unit of air space whereas the coop owner owns a proprietary lease
Who are the essential parties involved in an estate in trust? ✔✔Trustor, trustee, and beneficiary
A condominium owner enjoys... ✔✔Fee simple ownership of the airspace in a unit and an
undivided share of the entire property's common areas
With various types of junior liens, the order of payment priority is generally established
according to ✔✔The date of recordation
What is a lien-theory state in contrast to a title-theory state? ✔✔A state in which a mortgager
retains title to the property when a mortgage lien is created
A property owner has an easement appurtenant on her property. On day the property is sold to
another party who is opposed to the easement. Following the closing, this particular form of
easement... ✔✔Transfers with the property
, What fundamental legal purpose is fulfilled by title records? ✔✔Giving constructive notice of
ones rights and interests in the property
What is "chain of title?" ✔✔A chronology of successive owners of record of a parcel of real
estate
Which of the following provides the strongest evidence of a marketable title? ✔✔Title insurance
A store owner enters into a lease that charges rent per square foot, a common area fee, and a
portion of the store owners gross income from the property, this kind of lease is a...
✔✔Percentage lease
An owner leases a property to a business in exchange for rent. The tenant is required to pay all
operating expenses as well. This is an example of a... ✔✔Net lease
A lease automatically terminates under which of the following circumstances? ✔✔The tenant
goes out of business
