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National Real Estate Exam- PSI Test Prep questions with correct answers
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National Real Estate Exam- PSI Test Prep questions with correct answers
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National Real Estate Exam- PSI Test Prep questionswith correct answers
biggest difference between tenancy in common and joint tenancy is
Correct Answer-who acquires the interest.
joint tenancy- remaining parties acquire interest equally
tenancy in common- interest granted to the heirs of party
between a zoning ordinance and a covenant, whichever is more
restrictive, will prevail Correct Answer-which has more power when
setting restrictions zoning ordinance or a covenant?
advertisements in regards to gender Correct Answer-Gender-preference
words are prohibited. Exceptions are made for people who want to share
an apartment or house with a roommate of the same sex. (Female
seeking female roommate )
option Correct Answer-agreement to keep open, offer to sell for
specified length of time
surface rights Correct Answer-Ownership rights in a parcel of real estate
that are limited to the surface of the property and do not include the air
above it (air rights) or the minerals below the surface (subsurface rights).
Air rights Correct Answer-The right to use, control and occupy the space
above a particular parcel of land.
,can ONLY lease NOT sell
appurtenances Correct Answer-the right of access (beach rights)
mineral rights Correct Answer-subsurface rights
Riparian Rights Correct Answer-An owner's rights that borders on or
includes a small body of water - stream, river, or lake. These rights
include access to and use of the water.
Littoral Rights Correct Answer-rights of a landowner adjacent to a lake
Remember "L" - Littoral/Lake (large body of water)
rights extend to the MHW (mean high water mark)
Personal Property Correct Answer-chattel or personalty- movable items
real estate Correct Answer-items permanently affixed - land or building
when determining if item is personal property or real estate determine
this: Correct Answer-what was the INTENT of the owner- how is the
item attached
crops Correct Answer-also known as emblements - can be removed by
the seller and considered personal property
, Trade Fixtures Correct Answer-Personal property used in a business and
can be removed by the lessee when the lease terminates. - makes a living
from it like a barbers chair
Metes and Bounds Correct Answer-A method of land description which
involves identifying distances and directions (measurements return to
the "point of beginning" POB)
lots and blocks Correct Answer-recorded plat plan of subdivisions -
street grid creates blocks
Allodial System Correct Answer-A system of land ownership in which
land is held free and clear of any rent or service due to the government;
commonly contrasted to the feudal system. Land is held under the
allodial system in the United States.
Emblements Correct Answer-Annual crops cultivated by a tenant which
are treated as the tenant's property rather than the landowner's.
Freehold Estate Correct Answer-the rights of title to land - no fixed
duration of ownership - includes life estates
nonfreehold estate Correct Answer-possessor does not own the property;
possession does not last a lifetime (ex. lease)
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