1|Page: 2024/2025 Grade A+
PSI Real Estate Salesperson exam 1 Questions
and Correct Answers & Latest Updated
Which of the following would NOT be considered Real Property?
1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air
o :## 2. A Leasehold Estate
The servient estate in an easement appurtenant is the property
1. owned by the landlord
2. on which the easement is placed
3. owned by the tenant
4. that benefits from the easement
o :## 2. on which the easement is placed
Which of the following statements concerning encumbrances is NOT true
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
,2|Page: 2024/2025 Grade A+
1. All encumbrances are liens
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance
o :## 1. All encumbrances are liens
Which of the following is not a specific lien?
1. Mortgage Lien
2. State inheritance tax
3. Real Estate taxes
4. Mechanic's Lien
o :## 2. State Inheritance tax
You have entered into a lease that requires you to pay 20% of the owners expenses. Your
lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
, 3|Page: 2024/2025 Grade A+
o :## 2. Net lease
If a husband and wife own an apartment building and the husband owns an undivided
three-fourths interest and the wife owns a one-fourth interest, what type of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety
o :## 3. Tenancy in common
The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee
o :## 2. Fee simple
Two unrelated people own a three-unit apartment building as tenants in common. One
wants to sell but the others do not. Which of the following statements describes the legal
rights of the party who wants to sell?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
PSI Real Estate Salesperson exam 1 Questions
and Correct Answers & Latest Updated
Which of the following would NOT be considered Real Property?
1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air
o :## 2. A Leasehold Estate
The servient estate in an easement appurtenant is the property
1. owned by the landlord
2. on which the easement is placed
3. owned by the tenant
4. that benefits from the easement
o :## 2. on which the easement is placed
Which of the following statements concerning encumbrances is NOT true
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
,2|Page: 2024/2025 Grade A+
1. All encumbrances are liens
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance
o :## 1. All encumbrances are liens
Which of the following is not a specific lien?
1. Mortgage Lien
2. State inheritance tax
3. Real Estate taxes
4. Mechanic's Lien
o :## 2. State Inheritance tax
You have entered into a lease that requires you to pay 20% of the owners expenses. Your
lease would be an example of
1. variable lease
2. net lease
3. percentage lease
4. gross lease
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
, 3|Page: 2024/2025 Grade A+
o :## 2. Net lease
If a husband and wife own an apartment building and the husband owns an undivided
three-fourths interest and the wife owns a one-fourth interest, what type of tenancy exists?
1. Leasehold Estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety
o :## 3. Tenancy in common
The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee
o :## 2. Fee simple
Two unrelated people own a three-unit apartment building as tenants in common. One
wants to sell but the others do not. Which of the following statements describes the legal
rights of the party who wants to sell?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
