PSI Real Estate Salesperson Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers| Grade A

PSI Real Estate Salesperson Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers| Grade A

PSI Real Estate Salesperson Exam (Latest
2023/ 2024) 100% Correct| Questions and
Verified Answers| Grade A
Q: Which of the following statements does NOT correctly describe a legal life estate?

1. During his or her life estate the life tenant is generally answerable to the holder of the future
   interest.
2. The life tenant may not commit any acts that would permanently injure the property.
3. There may be a reversionary interest.
4. There may be a remainder interest.
   Answer:
5. During his or her life estate the life tenant is generally answerable to the holder of the future
   interest.
   Q: Which of the following is NOT a leasehold estate?
6. An estate for years
7. Periodic estate
8. Time-Share estate
9. Estate from year to year
   Answer:
10. A Time-Share estate
    Q: You are married and own a house under a form of ownership that prohibits you from selling
    it without the signature of your spouse. Your form of ownership is LEAST likely to be?
11. in severalty
12. a joint tenancy
13. tenancy in common
14. tenancy by the entirety

Answer:

1. in severalty
   Q: A state wants to build a publicly owned convention center to attract private development in
   its largest city. Can the state use eminent domain to acquire the land?
2. No, because private investments aren’t allowed.
3. Yes, if just compensation is paid to the owners of the land.
4. No, because eminent domain can only be used for highway expansion.
5. Yes, if the owners hold fee-simple interest in the land.
   Answer:
6. Yes, if just compensation is paid to the owners of the land.
   Q: Which of the following grants zoning authority to municipal governments?
7. Eminent domain
8. State enabling acts
9. Laches
10. Escheat
    Answer:
11. State enabling acts
    Q: The city in which you live has a zoning ordinance. The basis for the city to have such an
    ordinance is
12. eminent domain
13. escheat
14. police power
15. riparian right
    Answer:
16. police power

Q: Which of the following terms are NOT related?

1. Freehold Estate – fee simple
2. Grantor- person conveying title
3. Leasehold estate – personal property
4. Police Power- deed restriction
   Answer:
5. Police power – deed restriction
   Q: Strict liability under Superfund means that:
6. each of the individual owners is personally responsible for the damages in whole.
7. the owner is responsible to the injured party without excuse.
8. the liability is not limited to the person who currently owns the property but also includes the
   people who have owned the site in the past.
9. The owner is not responsible to the injured party unless it can be proved that the owner was
   aware of the problem.
   Answer:
10. the owner is responsible to the injured party without excuse.
    Q: Which of the following does NOT correctly describe how Real Estate licensees should
    handle the possibility of hazardous substances on a property being sold?
11. Clients should be asked about the possibility of hazardous substances on the property.
12. Licensees should consider the consequences of potential liability.
13. Licensees should be scrupulous in considering environmental issues.
14. Licensees should not disclose the problem because it might harm the seller.
    Answer:
15. Licensees should not disclose the problem because it might harm the seller.
    Q: Sources of groundwater contamination do NOT include:
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