PSI PSI Real Estate Principles and Practices

Question 1

Which type of property ownership gives two or more people equal, undivided interest with the right of survivorship?

Accepted Answer

Joint tenancy

Answer

Tenancy in common

Answer

Tenancy by the entirety

Answer

Community property

Question 2

A deed that contains the greatest number of warranties and provides the most protection to a buyer is called a:

Accepted Answer

General warranty deed

Answer

Quitclaim deed

Answer

Bargain and sale deed

Answer

Special warranty deed

Question 3

What term describes the process by which the government acquires private property for public use with just compensation?

Accepted Answer

Eminent domain

Answer

Escheat

Answer

Police power

Answer

Adverse possession

Question 4

Which of the following is an example of a freehold estate?

Accepted Answer

Fee simple absolute

Answer

Month-to-month tenancy

Answer

Estate for years

Answer

Tenancy at sufferance

Question 5

An encumbrance that makes property security for the repayment of a debt is called a:

Accepted Answer

Lien

Answer

Easement

Answer

Encroachment

Answer

Restriction

Question 6

Which form of legal description uses a reference point, base lines, and principal meridians to identify land?

Accepted Answer

Rectangular survey

Answer

Lot and block

Answer

Metes and bounds

Answer

Plat map