PSI REAL ESTATE SALESPERSON EXAM 1 2023 ACTUAL UPDATE ALL DONE SOLUTION

Which of the following would NOT be considered Real Property?

1. Mineral Rights
2. A Leasehold Estate
3. Fixtures
4. Air – 2. A Leasehold Estate
   The servient estate in an easement appurtenant is the property
5. owned by the landlord
6. on which the easement is placed
7. owned by the tenant
8. that benefits from the easement – 2. on which the easement is placed
   Which of the following statements concerning encumbrances is NOT true
9. All encumbrances are liens
10. All liens are encumbrances
11. Restrictions beneficial to the grantee are encumbrances
12. An easement is a physical encumbrance – 1. All encumbrances are liens
    Which of the following is not a specific lien?
13. Mortgage Lien
14. State inheritance tax
15. Real Estate taxes
16. Mechanic’s Lien – 2. State Inheritance tax
    You have entered into a lease that requires you to pay 20% of the owners expenses.
    Your lease would be an example of
17. variable lease
18. net lease
19. percentage lease
20. gross lease – 2. Net lease
    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?
    
21. Leasehold Estate
22. Joint tenancy
23. Tenancy in common
24. Tenancy by the entirety – 3. Tenancy in common
    The highest form of ownership a person may hold in Real Estate is?
25. Life Estate
26. Fee Simple
27. Legal life estate
28. base fee – 2. Fee simple
    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?
29. The party may request a court to partition the building
30. The party may require the co-owner to sell
31. The party may record a lis penden on the property
32. The party may refinance the mortgage in his or her own name, thus eliminating the
    co-owner’s interest in the property – 1. The party may request a court to partition the
    building
    Your aunt died intestate and you inherited her house. The way in which you acquired
    the title to her house is by:
33. curtsey
34. descent
35. escheat
36. laches – 2. descent
    Which of the following statements does NOT correctly describe a legal life estate?
37. During his or her life estate the life tenant is generally answerable to the holder of the
    future interest.
38. The life tenant may not commit any acts that would permanently injure the property.
39. There may be a reversionary interest.
40. There may be a remainder interest. – 1. During his or her life estate the life tenant is
    generally answerable to the holder of the future interest.
    Which of the following is NOT a leasehold estate?
41. An estate for years
42. Periodic estate
43. Time-Share estate