age 1 of 90
PSI PA Real Estate Practice Exam Questions and
Answers – 100% Pass Guaranteed
The economic characteristics of land are
......ANSWER........scarcity, location, and durability
A major difference between freehold and nonfreehold estates is
that all freehold estates ......ANSWER........are of indeterminable
duration
An easement can be terminated by ......ANSWER........merger of
titles
The land description T3N, R4W Principal Meridian refers to
what method of property description?
......ANSWER........Rectangular survey
,age 2 of 90
Tenants are still in their rental property even though their lease
has expired. The landlord has given them written notice to quit
and refused to accept rent. They are ......ANSWER........tenants at
sufferance
A property is encumbered by a first mortgage of $60,000 and
a second mortgage of $23,500. The property has just been sold
at a foreclosure auction to a speculating investor for $88,000.
Assume that all costs of the foreclosure sale are included in these
balances. Which of the following statements is FALSE regarding
the distribution of funds? ......ANSWER........The second mortgage
receives nothing unless he forced the foreclosure auction.
At the time of harvest, crops that require annual planting are
generally considered to be ......ANSWER........personal property
,age 3 of 90
A property owner died, having willed his property to his two
daughters. There is still a chance that they could lose the land
for a variety of reasons, but it CANNOT be taken through
......ANSWER........escheat
An environmental impact statement typically describes the
effects of a proposed on factors such as ......ANSWER........public
health and safety
A lawsuit for inverse condemnation may be brought by
......ANSWER........a homeowner
A deed restriction is applicable to the activities of
......ANSWER........all owners, present and future
The terms "littoral," "riparian," and "appropriative" refer to
......ANSWER........water rights
, age 4 of 90
If conditions for purchase are included in a deed and these
conditions are violated, what is the penalty?
......ANSWER........Return of the property to the original owner.
The PRIMARY purpose of zoning ordinances is to
......ANSWER........implement a local master plan
An appraiser MUST be licensed or certified to handle Federally
related work on residential property valued at more than
......ANSWER........$250,000
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 prospective seller asks a salesperson to recommend a listing
price for a property. The salesperson should suggest
PSI PA Real Estate Practice Exam Questions and
Answers – 100% Pass Guaranteed
The economic characteristics of land are
......ANSWER........scarcity, location, and durability
A major difference between freehold and nonfreehold estates is
that all freehold estates ......ANSWER........are of indeterminable
duration
An easement can be terminated by ......ANSWER........merger of
titles
The land description T3N, R4W Principal Meridian refers to
what method of property description?
......ANSWER........Rectangular survey
,age 2 of 90
Tenants are still in their rental property even though their lease
has expired. The landlord has given them written notice to quit
and refused to accept rent. They are ......ANSWER........tenants at
sufferance
A property is encumbered by a first mortgage of $60,000 and
a second mortgage of $23,500. The property has just been sold
at a foreclosure auction to a speculating investor for $88,000.
Assume that all costs of the foreclosure sale are included in these
balances. Which of the following statements is FALSE regarding
the distribution of funds? ......ANSWER........The second mortgage
receives nothing unless he forced the foreclosure auction.
At the time of harvest, crops that require annual planting are
generally considered to be ......ANSWER........personal property
,age 3 of 90
A property owner died, having willed his property to his two
daughters. There is still a chance that they could lose the land
for a variety of reasons, but it CANNOT be taken through
......ANSWER........escheat
An environmental impact statement typically describes the
effects of a proposed on factors such as ......ANSWER........public
health and safety
A lawsuit for inverse condemnation may be brought by
......ANSWER........a homeowner
A deed restriction is applicable to the activities of
......ANSWER........all owners, present and future
The terms "littoral," "riparian," and "appropriative" refer to
......ANSWER........water rights
, age 4 of 90
If conditions for purchase are included in a deed and these
conditions are violated, what is the penalty?
......ANSWER........Return of the property to the original owner.
The PRIMARY purpose of zoning ordinances is to
......ANSWER........implement a local master plan
An appraiser MUST be licensed or certified to handle Federally
related work on residential property valued at more than
......ANSWER........$250,000
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 prospective seller asks a salesperson to recommend a listing
price for a property. The salesperson should suggest
