PSI Real Estate Broker Exam Review Questions and answers. 100% Verified

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PSI Real Estate Broker Exam Review Questions and answers. 100% Verified Which of the following is classified as personal property? Select one: A. apartment lease B. business reputation C. tool s... hed attached to the brick foundation D. both A and B -✔✔-both A and B An appurtenant easement may be terminated by: Select one: A. a merging of the dominant and servient estates B. condemnation of the servient estate through eminent domain C. abandonment by the servient estate D. all of the above -✔✔-a merging of the dominant and servient estates Which of the following is an example of a tenancy at sufferance? Select one: A. a farmer who refuses to give up possession when his lease expires in order to harvest his growing crops B. a person who leases a store and renews her lease on a month-to-month basis C. a tenant who installed trade fixtures, but did not remove them when the lease expired D. a tenant that uses the premises in violation of her lease -✔✔-a farmer who refuses to give up possession when his lease expires in order to harvest his growing crops A land description that reads "T4S, R3E" is most likely based on the: Select one: A. monument method B. government survey method C. metes and bounds method D. recorded plat method -✔✔-government survey method Former personal property that automatically conveys is most likely to: Select one: A. occur only by agreement B. be a chattel C. be a trade fixture D. be a fixture -✔✔-be a fixture Mr. & Mrs. Jones sold their home to a church, but retained the right to occupy the property as long as they lived. The interest of the church is that of a: Select one: A. remainder estate B. life estate C. reversion estate D. trustee -✔✔-remainder estate Three people inherit unequal shares of a single piece of property. How could they hold ownership? Select one: A. as tenants in severalty B. as tenants in common C. as joint tenants D. either B or C -✔✔-as tenants in common The force of water on land is known as: Select one: A. accretion B. riparian C. littoral D. annexation -✔✔-accretion Jean transfers a fee simple interest in her property to her daughter Lisa, but reserves a life estate for herself. During Jean's life time, Lisa holds a: Select one: A. life interest, pur autre vie B. remainder interest C. reversionary interest D. life estate -✔✔-remainder interest A court action to remove a cloud from the title is called an action or suit: Select one: A. for specific performance B. for title insurance C. to quiet title D. of legal injunction -✔✔-to quiet title All of the following persons may act as escrow agents except: Select one: A. brokers B. neutral third persons C. salespersons D. attorneys -✔✔-salespersons A house sold for $109,000, with the buyer making a 20% down payment. The grantor's tax is based on the: Select one: A. downpayment B. loan amount C. selling price D. none of the above -✔✔-selling price What term best describes the process of taxing real estate according to its value? Select one: A. ad valorem B. assessment C. appraisal D. special assessment -✔✔-d valorem What is the covenant in a deed where the grantor guarantees that no one has any interest in the property that will disturb the grantee's possession? Select one: A. the covenant of further assurances B. the covenant against encumbrances C. the covenant of quiet enjoyment D. the covenant of seisin -✔✔-the covenant of quiet enjoyment The right of a city government to take title to private property for public improvements is subject to all of the following except: Select one: A. the ownership interest held by the current owner B. public purpose C. economically profitable uses of the land by the owner D. both A and C -✔✔-both A and C Deed restrictions are usually imposed by: Select one: A. owners B. zoning regulations C. neighborhoods D. governments -✔✔-owners In a residential subdivision, the developer established a central playground that uses four feet of each owner's backyard. Brynes wants to put an organic garden in his backyard, but a central playground swing set sits there. To fix this, Brynes plans to remove the swing set. His neighbor, Yates, objects. What can Yates do? Select one: A. nothing, so long as Byrnes owns the property in question B. ask a court for help C. nothing, if the statutory period for adverse possession has run out D. seek a lis pendens -✔✔-ask a court for help A new residential development requires that all single-family houses have brick fronts. This requirement is most likely an example of: Select one: A. local building codes B. municipal regulations C. a covenant D. a zoning ordinance -✔✔-a covenant One of the principal reasons for zoning is to: Select one: A. restrict business activities B. effectively plan C. affect property values D. generate revenue through taxes -✔✔-effectively plan The State decides to widen a highway. To do this, it is necessary to use six feet of private property on each side. The State's power to take this property is derived from: Select one: A. police power B. zoning power C. condemnation proceedings D. none of the above -✔✔-none of the above An owner has been using a parcel of land for heavy industry since 1973. The property is subsequently zoned as commercial, excluding industrial uses. The owner's continued industrial use of the property is a(n): Select one: A. violation of the existing zoning B. deviation from the master plan C. example of a zoning variance D. illegal non-conforming use -✔✔-violation of the existing zoning Property management agreements usually represent: Select one: A. general agency B. special agency C. dual agency D. universal agency -✔✔-general agency In terms of management, PUDs most clearly resemble: Select one: A. leasing B. cooperative ownership C. condominium ownership D. time-share ownership -✔✔-condominium ownership Liquidated damages from breach of a sales contract are usually available to the: Select one: A. buyer, in the event of the seller's default B. seller, in the event of the buyer's default C. broker, in the event of the buyer's default D. either the buyer or seller where the other defaults -✔✔-seller, in the event of the buyer's default Broker Sam lists a house and sells it 2 months into the listing period. After closing, Sam tries to collect his commission, but the seller refuses and correctly asserts that he has no legal obligation to pay. What type of listing did Sam have? Select one: A. exclusive agency listing B. open listing C. net listing D. exclusive right-to-sell listing -✔✔-net listing [Show More]

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