PSI Exam - National-Questions with Correct Answers/ Verified/
100% Pass
Prior to the ______, there was no legal protection for women who endured sexual harassment from
landlords and sellers when they attempted to obtain housing. - ✔️✔️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. - ✔️✔️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 widow
Callie Thornton and in the west line of the highway leading by the dwelling house now occupied by
the widow Callie Thornton ... - ✔️✔️Metes and Bounds Legal Description
S ½ SE ¼ NW ¼ Section 14, Township Clarkson - ✔️✔️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 - ✔️✔️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? - ✔️✔️5,280 × .75 (3/4 of a mile) = 3,960 feet
3,960 x 2,800 feet, or 11,088,000 square feet
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 - ✔️✔️Fee Simple Determinable Estate
The current property owner conveys ownership to a new owner on a specific condition - ✔️✔️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 - ✔️✔️Estate For Years
,A lease that automatically renews at the end of its term (such as a month-to-month lease) -
✔️✔️Periodic Estate
A lease without an established ending that can be terminated by either party - ✔️✔️Estate At Will
A lease in which a tenant (referred to as a holdover tenant) didn't leave when the lease expired -
✔️✔️Estate At Sufferance
One person owns the property with no joint interest by any other person - ✔️✔️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 -
✔️✔️Tenancy in Common
A form of co-ownership in which equal ownership requires unity of time, title, interest, and
possession. - ✔️✔️Joint Tenancy
Examples of common interest ownership - ✔️✔️Timeshares, Condos, Cooperatives
Which legal description method uses compass headings and directions? - ✔️✔️Metes and Bounds
True/False:
Timeshare estates can be sold or passed down to heirs. - ✔️✔️True
LaTonya's aunt left her a bungalow on the outskirts of the city. For many years, it was the place for
family holiday gatherings, and LaTonya's sister was even married there. That's why her family is so
upset to learn that she plans to sell the bungalow as soon as she gets it cleaned out. Which real
property right allows her to sell the property? - ✔️✔️Disposition
Vicky and Lee vacation in Cancun, Mexico, every year. They purchased the right to stay in a beach
condo for the first two weeks in May, in perpetuity. They don't actually own a share of the unit.
What did they purchase? - ✔️✔️Timeshare Use
, The percentage of a property's value the bank loaned/will loan on. It's the ratio of the loan amount
to the property's value, where value is the lesser of either appraised value or sales price. -
✔️✔️Loan-To-Value Ratio
Title that has no defects or clouds to which a reasonable buyer would object - ✔️✔️Marketable
Title
Title in which there may be known defects (such as easements), but the title company has notified
the parties of the defect and has agreed to insure against it (not list it as a policy exception). -
✔️✔️Insurable Title
On average, construction warranties cover structural damage or major construction defects (such as
foundation issues) for ____ years.
Major systems (heating, air conditioning, electrical, etc.) may also be covered for a period of time,
such as ___ to ___ years. - ✔️✔️10
2-5
What's the purpose of a chain of title? - ✔️✔️To establish history of past ownership
Which covenant requires the grantor to execute any necessary legal documents (within his power)
necessary to fix title defects discovered after closing? - ✔️✔️The covenant of further assurances
Two essential elements of a deed are the ______ - ✔️✔️Signature of the grantor and the
habendum clause
Covenant in which the grantor holds title to and possession of the property. - ✔️✔️Covenant of
Seisin
Covenant in which the grantor has the right to convey both title to and possession of the property. -
✔️✔️Covenant of right to convey
The grantor assures the grantee that there are no encumbrances against the title other than those
identified in public records or the deed itself. - ✔️✔️Covenant against encumbrances
