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PSI Michigan real estate exam practice test. with complete answers(verified for accuracy)
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PSI Michigan real estate exam practice test. with complete answers(verified for accuracy)
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PSI Michigan real estate exampractice test. with complete
answers(verified for accuracy)
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.
Three people buy a house as tenants in common. Subsequently, two
of the owners want to sell, but the third discourages each potential
purchaser. The two owners who wish to sell the house can - answer
file an action for partition against the third owner.
A major difference between freehold and nonfreehold estates is that
all freehold estates - answer are of indeterminable duration.
A tenant rented an apartment, signing a 15-month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt.
What kind of leasehold does the tenant have? - answer Tenancy at
will.
A homeowner is willing to let his neighbor park an RV in his
backyard. He does NOT want to make the permission permanent in
case he dislikes others who might move next door in the future.
What should he give his neighbor? - answer A license.
A homeowner has negotiated with a neighbor to obtain the
permanent right to pass over the northern part of the neighbor's
land to gain access to the river. He pays the neighbor $9,000 for the
right of access and receives a deed. This is an easement - answer
appurtenant.
, A deed restriction is applicable to the activities of - answer present
and future owners.
Ordinances that specify construction standards are - answer
building codes.
An environmental impact statement typically describes the effects
of a proposed project on factors such as - answer public health and
safety.
Building codes are - answer ordinances that specify construction
standards.
A competitive market analysis takes into consideration - answer
square footage of the subject property.
A formal appraisal will ALWAYS be REQUIRED when the - answer
lender wants to sell the mortgage to the secondary market.
Depreciation is calculated based on the - answer cost of the
building only.
Three identical homes in a neighborhood were listed at the same
time in a market where demand was constant. According to the law
of supply and demand, which would have sold for the lowest price? -
answer The first sold.
All of the following are methods to calculate the reproduction or
replacement cost of a building EXCEPT the - answer straight-line
method.
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