age 1 of 85
Ultimate PSI National Exam Prep: 100% Pass
Guaranteed – Questions & Answers Guide
Prior to the ______, there was no legal protection for women
who endured sexual harassment from landlords and sellers when
they attempted to obtain housing. ......ANSWER........Housing and
Community Development Act of 1974
The Federal Trade Commission determines penalty severity
based on __________. Penalties range from a cease-and-desist
order to corrective advertising, civil penalties, consumer and
other monetary remedies, and informational remedies.
......ANSWER........Violation Severity
Beginning at a stake and stones about 30 feet from the center
of the brook that runs across the road South westerly from the
dwelling house of the late Jebediah Smith now occupied by the
,age 2 of 85
widow Callie Thornton and in the west line of the highway
leading by the dwelling house now occupied by the widow
Callie Thornton ... ......ANSWER........Metes and Bounds Legal
Description
S ½ SE ¼ NW ¼ Section 14, Township Clarkson
......ANSWER........Rectangular Government Survey System
Lot 6 of Block 3 of the East Subdivision plat as recorded in Map
Book 18, Page 11 at the Recorder of Deeds
......ANSWER........Lot-And-Block Legal Description
A parcel of land is three-quarters of a mile by 2,800 feet. The
price is $2,500 per acre. How much is the land worth?
......ANSWER........5,280 × .75 (3/4 of a mile) = 3,960 feet
3,960 x 2,800 feet, or 11,088,000 square feet
,age 3 of 85
11,088,000 ÷ 43,560 (square feet in an acre) = 254.55 acres
$2,500 × 254.55 = $636,375
The current property owner conveys ownership to a new owner
as long as some event does or doesn't occur
......ANSWER........Fee Simple Determinable Estate
The current property owner conveys ownership to a new owner
on a specific condition ......ANSWER........Fee Simple Subject To
Condition Subsequent Estate
A lease that ends on a specific date and must be renewed by
mutual agreement between the landlord and tenant
......ANSWER........Estate For Years
A lease that automatically renews at the end of its term (such as
a month-to-month lease) ......ANSWER........Periodic Estate
, age 4 of 85
A lease without an established ending that can be terminated by
either party ......ANSWER........Estate At Will
A lease in which a tenant (referred to as a holdover tenant)
didn't leave when the lease expired ......ANSWER........Estate At
Sufferance
One person owns the property with no joint interest by any other
person ......ANSWER........Ownership in Severalty
A form of co-ownership in which each co-owner is entitled to
possession of the whole. An owner's ownership is inheritable and,
upon the owner's death, doesn't necessarily pass to the other
owners ......ANSWER........Tenancy in Common
A form of co-ownership in which equal ownership requires unity
of time, title, interest, and possession. ......ANSWER........Joint
Tenancy
Ultimate PSI National Exam Prep: 100% Pass
Guaranteed – Questions & Answers Guide
Prior to the ______, there was no legal protection for women
who endured sexual harassment from landlords and sellers when
they attempted to obtain housing. ......ANSWER........Housing and
Community Development Act of 1974
The Federal Trade Commission determines penalty severity
based on __________. Penalties range from a cease-and-desist
order to corrective advertising, civil penalties, consumer and
other monetary remedies, and informational remedies.
......ANSWER........Violation Severity
Beginning at a stake and stones about 30 feet from the center
of the brook that runs across the road South westerly from the
dwelling house of the late Jebediah Smith now occupied by the
,age 2 of 85
widow Callie Thornton and in the west line of the highway
leading by the dwelling house now occupied by the widow
Callie Thornton ... ......ANSWER........Metes and Bounds Legal
Description
S ½ SE ¼ NW ¼ Section 14, Township Clarkson
......ANSWER........Rectangular Government Survey System
Lot 6 of Block 3 of the East Subdivision plat as recorded in Map
Book 18, Page 11 at the Recorder of Deeds
......ANSWER........Lot-And-Block Legal Description
A parcel of land is three-quarters of a mile by 2,800 feet. The
price is $2,500 per acre. How much is the land worth?
......ANSWER........5,280 × .75 (3/4 of a mile) = 3,960 feet
3,960 x 2,800 feet, or 11,088,000 square feet
,age 3 of 85
11,088,000 ÷ 43,560 (square feet in an acre) = 254.55 acres
$2,500 × 254.55 = $636,375
The current property owner conveys ownership to a new owner
as long as some event does or doesn't occur
......ANSWER........Fee Simple Determinable Estate
The current property owner conveys ownership to a new owner
on a specific condition ......ANSWER........Fee Simple Subject To
Condition Subsequent Estate
A lease that ends on a specific date and must be renewed by
mutual agreement between the landlord and tenant
......ANSWER........Estate For Years
A lease that automatically renews at the end of its term (such as
a month-to-month lease) ......ANSWER........Periodic Estate
, age 4 of 85
A lease without an established ending that can be terminated by
either party ......ANSWER........Estate At Will
A lease in which a tenant (referred to as a holdover tenant)
didn't leave when the lease expired ......ANSWER........Estate At
Sufferance
One person owns the property with no joint interest by any other
person ......ANSWER........Ownership in Severalty
A form of co-ownership in which each co-owner is entitled to
possession of the whole. An owner's ownership is inheritable and,
upon the owner's death, doesn't necessarily pass to the other
owners ......ANSWER........Tenancy in Common
A form of co-ownership in which equal ownership requires unity
of time, title, interest, and possession. ......ANSWER........Joint
Tenancy
