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PSI PA REAL ESTATE EXAM STUDY GUIDE SOLUTUIONS
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PSI PA REAL ESTATE EXAM STUDY GUIDE SOLUTUIONS Severance - ANSWER-the performance of turning real property into personal property What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? - ANSWER-the undivided interest pass...

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  • November 4, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • psi pa real estate exam study guide solutuions

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




PSI PA REAL ESTATE EXAM STUDY GUIDE

SOLUTUIONS


Severance - ANSWER✔✔-the performance of turning real property into personal property


What is the main difference between tendency in common and joint tendency is that with tendency in

common, when a co-owner dies? - ANSWER✔✔-the undivided interest passes to his heirs


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 this tenant have? - ANSWER✔✔-Tenancy at

will


Although states make specific laws governing water rights and the rights in land that borders water, most

states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral

rights are automatically conveyed with property, or all water rights are controlled by the state under the

doctrine of? - ANSWER✔✔-prior appropriation


Legal description using the government survey system are not generally used in? - ANSWER✔✔-the

original 13 states


An owner hired a construction company to build a swimming pool at a new home. The owner failed to

pay the bill once the work was completed and the construction company filed a lien to obtain payment

of the debt. The encumbrance created is called? - ANSWER✔✔-a mechanic's lien


Building codes are? - ANSWER✔✔-ordinances that specify construction standards




Copyright ©Stuvia International BV 2010-2024 Page 1/15

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


An environmental impact statement (IES) - ANSWER✔✔-projects the impact on environment or

proposed project


A lawsuit for inverse condemnation may be brought by - ANSWER✔✔-the homeowner


A deed restriction is applicable to the activities of? - ANSWER✔✔-all owners present and future


A land owner wishes to build a neighborhood grocery store on a busy street in an area zoned for

residential use. What would most likely be used to obtain permission for this store? - ANSWER✔✔-

Conditional use permit or zoning variance


When preparing a market data estimate of value, what category of adjustment is NOT essential? -

ANSWER✔✔-the original cost of the building


Depreciation is calculated based on the? - ANSWER✔✔-cost of the building only


A competitive market analysis is MOST often used for? - ANSWER✔✔-setting a listing price


A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson

should suggest? - ANSWER✔✔-a competitive market analysis to determine the property's value


A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the

change in the use of the land, the couple can expect the value of their parcel to increase at some future

time. This is an example of the principle of - ANSWER✔✔-anticipation


A formal appraisal will ALWAYS be REQUIRED when the - ANSWER✔✔-lender wants to sell the mortgage

to the secondary market


If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? -

ANSWER✔✔-Business district zoned for a six-story office building


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