PSI Real Estate Salesperson exam 1.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
PSI Real Estate Salesperson Exam 1
Questions & Answers
1. Which of the following would NOT be considered Real Property?
1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air
Answer 2. A Leasehold Estate
2. 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
Answer 2. on which the easement is placed
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,PSI Real Estate Salesperson exam 1.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
3. Which of the following statements concerning encumbrances is NOT true
1. All encumbrances are liens
2. All liens are encumbrances
3. Restrictions beneficial to the grantee are encumbrances
4. An easement is a physical encumbrance
Answer 1. All encumbrances are liens
4. Which of the following is not a specific lien?
1. Mortgage Lien
2. State inheritance tax
3. Real Estate taxes
4. Mechanic's Lien
Answer 2. State Inheritance tax
5. You have entered into a lease that requires you to pay 20% of the owners
expenses.Your lease would be an example of
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,PSI Real Estate Salesperson exam 1.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
1. variable lease
2. net lease
3. percentage lease
4. gross lease
Answer 2. Net lease
6. 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
Answer 3.Tenancy in common
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,PSI Real Estate Salesperson exam 1.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Real%20E
7. The highest form of ownership a person may hold in Real Estate is?
1. Life Estate
2. Fee Simple
3. Legal life estate
4. base fee
Answer 2. Fee simple
8. Two unrelated people own a three-unit apartment building as tenants in
common. One wants to sell but the others do 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 penden on the property
4. The party may refinance the mortgage in his or her own name, thus elimi-
nating the co-owner's interest in the property
Answer 1. The party may request a courtto partition the building
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