2025 PSI
Surface rights, air rights, and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as - ANS-
Severable Rights
What is the status of the contract when all terms have been fulfilled and the transaction
has been closed? - ANS- fully executed
There are various ways to take ownership of real property, which type of ownership
includes the right of survivorship - ANS- Joint tenancy
when an easement allows the use of a neighboring property which automatically
transferred upon the sale of either dominant or servient property, it is called what type of
easement - ANS- Easement appurtenant
Linda purchased a fee simple interest for the private use of a residential property for one
week every single year. What did Linda purchase? - ANS- Resort Timeshare
What is the highest form of land ownership which includes the full and complete bundle
of property rights? - ANS- Fee simple absolute
What type of ownership would allow two or more owners to have various unequal
percentages of ownership? - ANS- Tenancy in common
tenancy in severalty is best described as - ANS- One property owner
which of the following is not one of the four land-use controls? - ANS- intestate
What is the general purpose for cities require building permits - ANS- To require a
minimum level of construction standards
Andy's arcade has been in business in the same location for 15 years the city recently
rezoned in the area no longer allowing commercial usage soon after the rezoning Andy
suffered a devastating fire and the arcade was a total loss. What will and you need to
obtain from the city in order to rebuild the arcade in the same location? - ANS- Need to
obtain a variance
The city of Brownwood plans to build a new water treatment facility, but the land that is
required is privately owned eminent domain allows the city to - ANS- Take possession of
the land against the owner's wishes, yet the owner must be compensated
, Mr. Thompson passed away. He had no heirs and left no will or instructions as to who he
wanted to leave his property to in this situation his property will revert back to the state
under the doctrine of - ANS- Escheat
Agent Brooke is preparing for a listing appointment and has gathered information to
prepare a report of recent market data for the seller to review the report agents reconcile.
To obtain a reasonable list price for a property based on current listings. Recent sales
and expireds would be called - ANS- Comparative market analysis CMA
Paul owns an older residential property in an area now zoned for commercial use. Paul
decides to renovate the home into a laundromat the change the properties functionality
for Paul's financial gain is an example of what - ANS- Highest and best use
Jon's Tire store is being built across the street from big Bob's tires. What appraisal
principle describes the situation - ANS- Competition
Buyer Sam purchased a rundown residential home in a neighborhood with many nice
well Kept properties. Sam intends to renovate the home and resell it for a profit,
considering the nicer homes in the neighborhood help raise his property value what
appraisal Principal is Sam leveraging - ANS- Progression
During the appraisal process, the appraiser will never adjust the price of the - ANS-
subject property
While working on an appraisal report, appraiser, Jake finds out the comparable property
is superior to the subject property with more amenities how will Jake make adjustments
to arrive at the value of the subject property - ANS- Subtract value from comparable
The beautiful town of big bear is experiencing a fast influx of new residents there a few
homes on the market and no new construction developments in the works what will this
do to the price of the existing homes in the area area - ANS- The prices will increase
Homeowner Paul is selling his home without a real estate agent. He places an
advertisement stating owner financing 3% down payment is Paul's advertisement in
violation of the truth in lending act. - ANS- No. Property owners are not regulated by
TRIL advertising requirements
Which one of the following loan types does not require a down payment? - ANS- VA loan
Discount points are a way lenders are able to charge prepaid interest in order to lower
the interest rate over the life of the loan. What is the cost of the discount points based
on? - ANS- loan amount
Surface rights, air rights, and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as - ANS-
Severable Rights
What is the status of the contract when all terms have been fulfilled and the transaction
has been closed? - ANS- fully executed
There are various ways to take ownership of real property, which type of ownership
includes the right of survivorship - ANS- Joint tenancy
when an easement allows the use of a neighboring property which automatically
transferred upon the sale of either dominant or servient property, it is called what type of
easement - ANS- Easement appurtenant
Linda purchased a fee simple interest for the private use of a residential property for one
week every single year. What did Linda purchase? - ANS- Resort Timeshare
What is the highest form of land ownership which includes the full and complete bundle
of property rights? - ANS- Fee simple absolute
What type of ownership would allow two or more owners to have various unequal
percentages of ownership? - ANS- Tenancy in common
tenancy in severalty is best described as - ANS- One property owner
which of the following is not one of the four land-use controls? - ANS- intestate
What is the general purpose for cities require building permits - ANS- To require a
minimum level of construction standards
Andy's arcade has been in business in the same location for 15 years the city recently
rezoned in the area no longer allowing commercial usage soon after the rezoning Andy
suffered a devastating fire and the arcade was a total loss. What will and you need to
obtain from the city in order to rebuild the arcade in the same location? - ANS- Need to
obtain a variance
The city of Brownwood plans to build a new water treatment facility, but the land that is
required is privately owned eminent domain allows the city to - ANS- Take possession of
the land against the owner's wishes, yet the owner must be compensated
, Mr. Thompson passed away. He had no heirs and left no will or instructions as to who he
wanted to leave his property to in this situation his property will revert back to the state
under the doctrine of - ANS- Escheat
Agent Brooke is preparing for a listing appointment and has gathered information to
prepare a report of recent market data for the seller to review the report agents reconcile.
To obtain a reasonable list price for a property based on current listings. Recent sales
and expireds would be called - ANS- Comparative market analysis CMA
Paul owns an older residential property in an area now zoned for commercial use. Paul
decides to renovate the home into a laundromat the change the properties functionality
for Paul's financial gain is an example of what - ANS- Highest and best use
Jon's Tire store is being built across the street from big Bob's tires. What appraisal
principle describes the situation - ANS- Competition
Buyer Sam purchased a rundown residential home in a neighborhood with many nice
well Kept properties. Sam intends to renovate the home and resell it for a profit,
considering the nicer homes in the neighborhood help raise his property value what
appraisal Principal is Sam leveraging - ANS- Progression
During the appraisal process, the appraiser will never adjust the price of the - ANS-
subject property
While working on an appraisal report, appraiser, Jake finds out the comparable property
is superior to the subject property with more amenities how will Jake make adjustments
to arrive at the value of the subject property - ANS- Subtract value from comparable
The beautiful town of big bear is experiencing a fast influx of new residents there a few
homes on the market and no new construction developments in the works what will this
do to the price of the existing homes in the area area - ANS- The prices will increase
Homeowner Paul is selling his home without a real estate agent. He places an
advertisement stating owner financing 3% down payment is Paul's advertisement in
violation of the truth in lending act. - ANS- No. Property owners are not regulated by
TRIL advertising requirements
Which one of the following loan types does not require a down payment? - ANS- VA loan
Discount points are a way lenders are able to charge prepaid interest in order to lower
the interest rate over the life of the loan. What is the cost of the discount points based
on? - ANS- loan amount
