PSI PSI Real Estate Principles and Practices 2

Question 1

What is the term for an easement that benefits one parcel of land and burdens another?

Accepted Answer

Easement appurtenant

Answer

An easement appurtenant attaches to and benefits a dominant estate, while burdening a servient estate, and transfers with the land.

Question 2

Under the doctrine of adverse possession, which condition is NOT required for a claimant to gain title?

Accepted Answer

Payment of fair market value

Answer

Adverse possession does not require payment; the claimant must possess the land openly, continuously, hostilely, and exclusively for the statutory period.

Question 3

Which type of deed is most commonly used in foreclosure sales and offers the least protection to the buyer?

Accepted Answer

Quitclaim deed

Answer

A quitclaim deed conveys only whatever interest the grantor may have, with no warranties, offering the buyer no protection against title defects.

Question 4

Real property is converted to personal property through a legal process called:

Accepted Answer

Severance

Answer

Severance is the process by which real property (such as a tree or a structure) is converted into personal property by detaching it from the land.

Question 5

Which of the following would NOT be considered real property?

Accepted Answer

A harvested crop stored in a silo

Answer

Once a crop is harvested and severed from the land, it becomes personal property (chattel); it is no longer considered real property.

PSI - Exams Practice Test

PSI - Exams Practice Test

PSI PSI Real Estate Principles and Practices 2