PSI EXAM #1, Questions and answers, Graded A+, 2022 update. Graded A+.

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PSI EXAM #1, Questions and answers, Graded A+, 2022 update. Graded A+. In every real estate transaction, a legal description of the real estate MUST appear in the transaction documents. What kind ... of legal description should be used in MOST transactions? A. descriptions on the Monument system B. address of physical location C. same one used in prior transfers of parcel D. descriptions using the straight line method - ✔✔D At the time of harvest, crops that require annual planting are generally considered to be: A. personal property B. property of new owner C. shared between new owner and grantor D. none of the above - ✔✔A A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? A. an easement B. a license C. written permission for a definite time D. easement appurtant - ✔✔B When land is conveyed to a trustee, the trustee may: A. sell the land in the interest of the beneficiary B. foreclose on the property C. do whatever is permitted under the agreement D. hold the land until trust expires - ✔✔C Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics MOST likely explains the price difference? A. Situs B. economic recovery C. anticipation D. appreciation - ✔✔A 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: A. judgement B. a mechanic's lien C. easement D. mortgage - ✔✔B A couple are moving to a new city. They have decided to rent temporarily before buying a house to see which part of the city they would like to live in. What type of lease would BEST suit the couple's needs? A. yearly lease B. month-to-month lease C. holdover lease D. open lease - ✔✔B Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are: A. tenants in common B. joint tenants C. tenants at sufferance D. holdover tenancy - ✔✔C A major difference between freehold and nonfreehold estates is that all freehold estates: A. are temporary B. are in perpetuity C. are inherited D. are free and clear of encumbrances - ✔✔B Real property can be converted to personal property by: A. severance B. bill of sale C. transfer of title D. judgement - ✔✔A What type of map is MOST useful for describing the terrain of a very hilly lot? A. survey B. legal description C. contour map D. monument - ✔✔C In MOST states, when a first mortgage is foreclosed and the property has been sold, junior liens: A. can still go after the defaulting party B. can obtain a legal judgement C. no longer have any claim on the property D. get nothing - ✔✔C 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 the tenant have? A. tenancy at sufferance B. holdover tenancy C. month to month tenancy D. tenancy in common - ✔✔B A distinguishing characteristic of owning property by land trust is that: A. identity of legal owner is kept confidential B. easier to foreclose on C. easier to sell it D. tax benefits - ✔✔A A legal easement can be created by any of the following EXCEPT: A. by prescription B. providing access to utilities underground C. merger of titles D. none of the above - ✔✔C Legal descriptions using the government survey system are NOT generally used in: - ✔✔13 states The economic characteristics of land are: A. immobility, transferability, situs B. indistructability, location, scarcity C. scarcity, location, durability D. demand, location, transferability - ✔✔C A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the nothern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement: - ✔✔appurtenant Timeshare ownership programs MOST often use which of the following ownership forms? - ✔✔tenancy in common How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? - ✔✔obtain a writ of execution The land description T3N, R4W Principal Meridian refers to what method of property description? - ✔✔rectangular survey An easement can be terminated by: - ✔✔merger of titles A lawsuit for inverse condemnation may be brought by: - ✔✔a homeowner A deed restriction is applicable to the activities of: - ✔✔present and future owners The power vested in the government to establish legislation to preserve order, protect the public health and safety, and promote the general welfare is known as: - ✔✔police power The principal difference between zoning and planning as they relate to land use control is that zoning: - ✔✔planning is a process and zoning is a legal action The terms "littoral," "riparian," and "appropriative" refer to: - ✔✔water rights An Environmental Impact Statement (EIS): - ✔✔projects the impact on the environment of a proposed project. If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? - ✔✔return of the property to original owner An environmental impact statement typically describes the effects of a proposed project on factors such as: - ✔✔public health and safety A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? - ✔✔Conditional use permit or zoning variance A property owner died, having willed his real estate property to his two daughters. There is still a chance that they could lose the land for a variety of reasons, but it CANNOT be taken through: - ✔✔escheat An intestate/escheat occurs when: - ✔✔no heirs or will The PRIMARY purpose of zoning ordinances is to: - ✔✔implement local master plan In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of: - ✔✔prior appropriation [Show More]

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