PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
Improvements - ANSWER--Juan has decided to invest his small
inheritance in real estate. He is drawn to the fact that he can add a
building where there wasn't one previously and immediately increase the
value of his investment. Which economic characteristic of real property
is this?
Permanence - ANSWER--Jacob is a developer who purchased 78 acres
and had it subdivided into half-acre lots. He decided to install sewer and
underground electric for the entire subdivision, because he thinks that he
will easily recoup his initial infrastructure investment. This is an
example of which economic characteristic of real property?
The owners of the land above it - ANSWER--In Georgia, groundwater is
considered to belong to ______.
Profit - ANSWER--Which of the following is a legal term that can mean
the right to take products out of the soil?
What does obtaining a survey do? - ANSWER--Clearly defines the
property and Reveals potential concerns about property boundaries
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
Legal Description - ANSWER--a description of the land that specifies
the boundaries and location of a piece of real property
survey - ANSWER--a professional on site measurement of the lot lines
and dimensions of a property
metes - ANSWER--The direction and distance of a line forming the
property's boundary
bounds - ANSWER--refer to the physical features that define the
boundaries of the land.(tree, creek, owners of land)
In a metes and bounds description, the point of beginning is extremely
important. What's the importance of the point of beginning? -
ANSWER--The entire description is based off of the point of beginning.
rectangular government survey system/Public Land Survey System -
ANSWER--only used in 30 western and southern states; divides land
into townships that are 6x6 square miles
townships - ANSWER--subdivided into one square mile sections
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
sections - ANSWER--one square miles or 640 acres
principal meridian - ANSWER--The north and south line that runs
through the initial point is a true meridian
base line - ANSWER--An east-west line of a survey are called
Township lines - ANSWER--East-west lines that do not run through the
initial point
Range lines - ANSWER--North-south lines that do not run through the
initial point
Township - ANSWER--Consists of 36 one-square-mile sections
datum - ANSWER--describes the points of measurement from which
vertical height is measured; sea level
air lofts - ANSWER--measure of the specific section of open space
above a property; used in legal description; multi level condominium
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
benchmarks - ANSWER--Serve as permanent reference points, often
brass markers
How is the grid that's used in the rectangular government survey system
laid out? - ANSWER--The numbers start in the northeastern corner and
follow a zigzag pattern.
What is a township? - ANSWER--A 36-square-mile square formed in
the use of the rectangular government survey system
What's the relationship between townships and sections in the
rectangular government survey system? - ANSWER--Townships are
divided into sections.
If the land is described as "Beginning at the great oak 60 yards from the
center of the Rock River that runs north to south through the county,"
what type of legal description is being used? - ANSWER--Metes and
bounds
Which of the following is a key consideration and starting reference for
a metes and bounds description? - ANSWER--Point of beginning
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
Improvements - ANSWER--Juan has decided to invest his small
inheritance in real estate. He is drawn to the fact that he can add a
building where there wasn't one previously and immediately increase the
value of his investment. Which economic characteristic of real property
is this?
Permanence - ANSWER--Jacob is a developer who purchased 78 acres
and had it subdivided into half-acre lots. He decided to install sewer and
underground electric for the entire subdivision, because he thinks that he
will easily recoup his initial infrastructure investment. This is an
example of which economic characteristic of real property?
The owners of the land above it - ANSWER--In Georgia, groundwater is
considered to belong to ______.
Profit - ANSWER--Which of the following is a legal term that can mean
the right to take products out of the soil?
What does obtaining a survey do? - ANSWER--Clearly defines the
property and Reveals potential concerns about property boundaries
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
Legal Description - ANSWER--a description of the land that specifies
the boundaries and location of a piece of real property
survey - ANSWER--a professional on site measurement of the lot lines
and dimensions of a property
metes - ANSWER--The direction and distance of a line forming the
property's boundary
bounds - ANSWER--refer to the physical features that define the
boundaries of the land.(tree, creek, owners of land)
In a metes and bounds description, the point of beginning is extremely
important. What's the importance of the point of beginning? -
ANSWER--The entire description is based off of the point of beginning.
rectangular government survey system/Public Land Survey System -
ANSWER--only used in 30 western and southern states; divides land
into townships that are 6x6 square miles
townships - ANSWER--subdivided into one square mile sections
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
sections - ANSWER--one square miles or 640 acres
principal meridian - ANSWER--The north and south line that runs
through the initial point is a true meridian
base line - ANSWER--An east-west line of a survey are called
Township lines - ANSWER--East-west lines that do not run through the
initial point
Range lines - ANSWER--North-south lines that do not run through the
initial point
Township - ANSWER--Consists of 36 one-square-mile sections
datum - ANSWER--describes the points of measurement from which
vertical height is measured; sea level
air lofts - ANSWER--measure of the specific section of open space
above a property; used in legal description; multi level condominium
, PSI NATIONAL EXAM FOR REAL ESTATE LATEST 2024
TEST BANK 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A+
benchmarks - ANSWER--Serve as permanent reference points, often
brass markers
How is the grid that's used in the rectangular government survey system
laid out? - ANSWER--The numbers start in the northeastern corner and
follow a zigzag pattern.
What is a township? - ANSWER--A 36-square-mile square formed in
the use of the rectangular government survey system
What's the relationship between townships and sections in the
rectangular government survey system? - ANSWER--Townships are
divided into sections.
If the land is described as "Beginning at the great oak 60 yards from the
center of the Rock River that runs north to south through the county,"
what type of legal description is being used? - ANSWER--Metes and
bounds
Which of the following is a key consideration and starting reference for
a metes and bounds description? - ANSWER--Point of beginning
