PSI REAL ESTATE SALESPERSON EXAM 1 2023 / 2024 ACTUAL UPDATE ALL DONE SOLUTION
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Course
PSI
Institution
PSI
PSI REAL ESTATE SALESPERSON EXAM 1
What is the period of time set for adverse possession in Ohio?
Correct Answer:
21 years
What type of lease establishes a rental payment and requires the lessor to pay for the taxes, insurance, and maintenance on the property?
Correct Answer:
Gross
Who...
PSI REAL ESTATE
SALESPERSON EXAM 1 2023 /
2024 ACTUAL UPDATE
All of the following would be considered real property except
1. Mineral rights
2. A leasehold estate
3. Fixtures
4. Air
Correct Answer:
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
Correct Answer:
2. On which the easement is placed
,Which of the following statements concerning encumbrances is not true?
1. All encumbrances are lien
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance
Correct Answer:
1. All encumbrances are liens
Which of the following is not a specific lien?
1. Mortgage lien
2. State inheritance taxes
3. Real estate taxes
4. Mechanics lien
Correct Answer:
2. State inheritance taxes
You have entered into a lease that requires you to pay 20% of the owners
expenses. Your lease would be an example of a
1. Variable lease
2. Net lease
3. Percentage lease
4. Gross lease
Correct Answer:
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
Correct Answer:
3. Tenancy in common
The highest form of ownership interest a person may hold in real estate is
1. Life estate
2. Fee simple
3. Legal life estate
4. Base fee
Correct Answer:
2. Fee simple
Two unrelated people own a three unit apartment building as tenants in
common. One wants to sell but the other does not. Which of the following
statements describes the legal rights of the party who wants to sell?
1. The party may request a court to partition the building
2. The party may require the co owner to sell
3. The party may record a lis pendens on the property
4. The party may refinance the mortgage in her or his own name, thus
eliminating the co owners interest in the property
Correct Answer:
1. The party may request a court to partition the building
, Your aunt died inestate and you inherited her house. The way in which you
acquired the title to her house is by
1. Curtesy
2. Descent
3. Escheat
4. Laches
Correct Answer:
2. Descent
All of the following statements correctly describe a legal life estate except
1. During his or her life estate, the life tenant is generally answerable to the
holder of the future interest
2. The life tenant may not commit any acts that would permanently injure the
property
3. There may be a reversionary interest
4. There may be a remainder interest
Correct Answer:
1. Duienf his ir her life estate, the life tenant is generally answerabke to the
homdee of the future interest
All of the following are examples of a leasehold estate except
1. An estate for years
2. Periodic estate
3. Time share estate
4. Estate from year to year
Correct Answer:
3. Time share estate
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