age 1 of 111
PSI State Exam Questions – Verified PSI Licensing
Examination Content
In the sale of property, there is often confusion over whether an
item is a fixture or personal property. What is the best way to
avoid this confusion? ......ANSWER........Specify questionable items
of property in the written sales contract.
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.
A legal easement can be created by any of the following
EXCEPT ......ANSWER........merger of the titles.
A tenant rented an apartment, signing a 15-month lease. After
the lease expired, the tenant paid 1 month's rent and got a
,age 2 of 111
receipt. What kind of leasehold does the tenant have?
......ANSWER........Tenancy at will.
Legal descriptions using the government survey system are NOT
generally used in ......ANSWER........the original 13 states.
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.
Ordinances that specify construction standards are
......ANSWER........building codes.
,age 3 of 111
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.
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.
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 competitive market analysis is MOST often used for
......ANSWER........setting a listing price.
, age 4 of 111
A couple owns an older home in a neighborhood that is
becoming a commercial area. Because of the change in the use
of the land, the couple can expect the value of their parcel to
increase at some future time. This is an example of the principle
of ......ANSWER........anticipation.
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 broker, for all of the following
reasons EXCEPT ......ANSWER........more variety of loan programs
available.
Which of the following consumers would be able to derive the
most benefit from a reverse mortgage? ......ANSWER........A
couple in their late 60?s who need to tap their home equity to
help cover their expenses but do not want to sell their house.
PSI State Exam Questions – Verified PSI Licensing
Examination Content
In the sale of property, there is often confusion over whether an
item is a fixture or personal property. What is the best way to
avoid this confusion? ......ANSWER........Specify questionable items
of property in the written sales contract.
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.
A legal easement can be created by any of the following
EXCEPT ......ANSWER........merger of the titles.
A tenant rented an apartment, signing a 15-month lease. After
the lease expired, the tenant paid 1 month's rent and got a
,age 2 of 111
receipt. What kind of leasehold does the tenant have?
......ANSWER........Tenancy at will.
Legal descriptions using the government survey system are NOT
generally used in ......ANSWER........the original 13 states.
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.
Ordinances that specify construction standards are
......ANSWER........building codes.
,age 3 of 111
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.
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.
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 competitive market analysis is MOST often used for
......ANSWER........setting a listing price.
, age 4 of 111
A couple owns an older home in a neighborhood that is
becoming a commercial area. Because of the change in the use
of the land, the couple can expect the value of their parcel to
increase at some future time. This is an example of the principle
of ......ANSWER........anticipation.
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 broker, for all of the following
reasons EXCEPT ......ANSWER........more variety of loan programs
available.
Which of the following consumers would be able to derive the
most benefit from a reverse mortgage? ......ANSWER........A
couple in their late 60?s who need to tap their home equity to
help cover their expenses but do not want to sell their house.
