PSI Exam Prep- Practice Test #1, TOP Questions and accurate answers. VERIFIED

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PSI Exam Prep- Practice Test #1, TOP Questions and accurate answers. VERIFIED Many states determine the order of water rights according to which users of the water hold a recorded beneficial use ... permit. This allocation of water rights is determined by: -✔✔-the doctrine of prior appropriation The right to control one's property includes all of the following EXCEPT: -✔✔-the right to exclude the utilities meter reader Which of the following types of ownership CANNOT be created by operation of law, but must be created by the parties' expressed intent? -✔✔-tenancy by the entireties Which of the following is/are considered to be personal property? -✔✔-patio furniture The word "improvement" would refer to all of the following EXCEPT: -✔✔-trade fixtures All of the following are physical characteristics of land EXCEPT: -✔✔-scarcity Certain items on the premises that are installed by the tenant and are related to the tenant's business are called: -✔✔-trade fixtures Personal property includes all of the following EXCEPT: -✔✔-fixtures A person who has complete control over a parcel of real estate is said to own a: -✔✔-fee simple estate A portion of Wendell's building was inadvertently built on Ginny's land. This is called an: -✔✔- encroachment The purchase of a ticket for a professional sporting event gives the bearer what? -✔✔-a license to enter and claim a seat for the duration of the game If the owner of the dominant tenement becomes the owner of the servient tenement and merges the two properties, what happens? -✔✔-the easement is terminated Homeowner Ginny acquired the ownership of land that was deposited by a river running through her property by -✔✔-accretion The rights of the owner of property located along the banks of a river are called: -✔✔-riparian rights The local utility company dug up Frank's garden to install a natural gas line. The company claimed it had a valid easement and proved it through the county records. Frank claimed the easement was not valid because he did not know about it. The easement: -✔✔-Was valid even though the owner did not know about it. Jim and Sandy are next-door neighbors. Sandy tells Jim that he can store his camper in her yard for a few weeks until she needs the space. Sandy did not charge Jim rent for the use of her yard. Sandy has given Jim a(n) what? -✔✔-license Your neighbors use your driveway to reach their garage on their property. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtenant giving them the driveway right. Your property is the: -✔✔-servient tenement Quintin owned two acres of land. He sold one acre to Frank and reserved for himself an appurtenant easement over Frank's land for ingress and egress. Frank's land: -✔✔-is the servient tenement Ginny owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. She wishes to subdivide the parcel into salable lots, but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of access rights would provide the greatest protection for a prospective purchaser? -✔✔-an appurtenant easement Sam and Nancy bought a store building and took title as joint tenants. Nancy died testate. Sam now owns the store: -✔✔-in severalty When real estate under an estate for years is sold, what happens to the lease? -✔✔-it binds the new owner Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the corporation and has a lease on his apartment. This type of ownership is called a(n): - ✔✔-cooperative Tom leases store space to Kim for a restaurant, and Kim installs her ovens, booths, counters, and other equipment. When do these items become real property? -✔✔-when the lease expires, if the items are not taken by the tenant Jim, Manny and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his longtime friend Wendell. After the conveyance, Jim and Manny: -✔✔-remain joint tenants owning a twothirds interest In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as what? - ✔✔-tenants in common To create a joint tenancy relationship in the ownership of real estate, there must be unities of: -✔✔- possession, time, interest, and title. What is a Schedule of Exceptions on a title policy? -✔✔-list of things not insured in the policy When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n): -✔✔-mechanic's lien Which of the following liens does not need to be recorded to be valid? -✔✔-real estate tax lien The system of ownership of real property in the United States is what? -✔✔-allodial A mechanic's lien would be properly classified as a(n): -✔✔-statutory lien Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt? -✔✔-judgment lien A homeowner owned a house on a lot. The front ten feet of the lot were taken by eminent domain for a sidewalk. Would the homeowner be entitled to compensation? -✔✔-Yes. The land was taken for public use by eminent domain. The covenant in a deed which states that the grantor is the owner and has the right to convey the title is called: -✔✔-covenant of seism The recording of a deed: -✔✔-Gives constructive notice of the ownership of real property. Which of the following provides a buyer with the best assurance of clear, marketable title? -✔✔-title insurance What do liens and easements have in common? -✔✔-Both are encumbrances The title to real estate passes when a valid deed is: -✔✔-delivered and accepted The primary purpose of a deed is to: -✔✔-transfer title rights A special warranty deed differs from a general warranty deed in that the grantor's covenant in the special warranty deed: -✔✔-Applies only to a definite limited time. Which of the following deeds contains no expressed or implied warranties? -✔✔-a quitclaim deed When the grantor does not wish to convey certain property rights, he or she: -✔✔-may note the exceptions in the deed of conveyance. A partition suit is used for which of the following? -✔✔-to force a division of property without all the owners' consents The condemnation of private property for public use is exercised under which government right? -✔✔-eminent domain When a claim is settled by a title insurance company, the company acquires all rights and claims of the insured against any other person who is responsible for the loss. This is known as what? -✔✔- subrogation Which of the following would be used to clear a defect from the title records? -✔✔-a suit to quiet title A bill of sale is used to transfer the ownership of what? -✔✔-personal property A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n): -✔✔-abstract of title When the preliminary title report reveals the existence of an easement on the property, it indicates that the easement is a(n): -✔✔-encumbrance The list of previous owners of conveyance from whom the present real estate owner derives his or her title is known as the: -✔✔-chain of title A person agrees to sell a property for $500,000. The buyer gives the seller $150 as valuable consideration for a six-month option. Which of the following statements is true? -✔✔-The $150 is valuable consideration if the seller accepted it. Which of the following activities is a violation of the Federal Fair Housing Act? -✔✔-a nonprofit church that denies access to its retirement home to any person because of race A Savings & Loan institution would be violating the Federal Fair Housing Act by denying a loan to Mr. and Mrs. Happy Borrower for which of the following reasons? -✔✔-minority background The Civil Rights Act of 1866 prohibits discrimination in housing based on which of the following reasons? -✔✔-race An agent working as a subagent of the seller would suggest that the buyer hire an inspector from an outside service in all of the following cases EXCEPT: -✔✔-when a hinge is off the door. The federal anti-discriminatory laws apply to which of the following? -✔✔-a broker selling a singlefamily home A tenant complained to HUD about his landlord's discriminatory practices in his/her building. A week later the landlord gave the tenant an eviction notice. Under which of the following situations would the Federal Fair Housing Act be violated? -✔✔-when the landlord evicts the tenant for reporting him to HUD The Federal Fair Housing Act states that a prima facie (at first view) case against a broker for discrimination be established after a complaint has been received because the broker has failed to do which of the following? -✔✔-The broker has failed to display a HUD Equal Opportunity poster. A broker is discussing a new listing with a prospective Mexican American buyer. The buyer wants to inspect the property immediately, but the owner of said property has instructed the broker, in writing, not to show the house during the owner's three-week absence. The buyer insists on viewing the property. The broker should: -✔✔-Inform the buyer of the seller's instructions. A three-story apartment complex built in 1965 does not meet with the handicapped access provisions for the 1988 Fair Housing Act. The owner must: -✔✔-Make the ground floor handicapped accessible. What type of a listing agreement allows the owner to appoint an exclusive agent to sell his property, but retains the right to sell the property himself? -✔✔-exclusive agency Under an Exclusive Right to Sell Listing agreement, if the seller produces a ready, willing and able buyer he: -✔✔-owes the listing broker a full commission. Which of the following would not terminate an agency relationship? -✔✔-submission by the agent of two offers at the same time The buyer of an apartment complex is told that the refrigerator in one of the apartments goes with the sale. After taking title, he discovered that the refrigerator belonged to the tenant. Which is true about this situation? -✔✔-The refrigerator is the personal p [Show More]

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