MISSISSIPPI REAL ESTATE EXAM, PSI
REAL ESTATE TEST, MISSISSIPPI PSI
EXAM, REAL ESTATE LICENSE PREP, PSI
PRACTICE QUESTIONS, REAL ESTATE
EXAM ANSWERS
Question : 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 goes the tenant have?(a) gross lease (b) proprietary lease (c) tenancy at sufferance (d) holdover tenancy
Correct answer: d
Question : How does a creditor who has obtained a
judgement get satisfaction against a debtor who will not pay?(a) write of execution (b) notice of default (c) notice of lien (d) unlawful detainer
Correct answer: a
Question : Timeshare ownership programs MOST often use
which of the following ownership forms?(a) joint tenancy (b) tenancy in common (c) tenancy by entirety (d) cooperative ownership
Correct answer: b
Question : Real property can be converted to personal
property by (a) annexation (b) severance (c) accession (d) extension
Correct answer: b
Question : 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) permanence of investment (b) uniqueness (c) indestructibility (d) situs
Correct answer: d
Question : 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) the lot-and-block numbers that appear in the recorded plat (b) a metes-and-bounds description, verified by the surveyor (c) a combination of at least two methods for greater accuracy (d) the same one used in prior transfers of the parcel, verified by a surveyor
Correct answer: d
Question : A deed restriction is applicable to the activities of
(a) the current owner only (b) all owners, present and future (c) tenants (d) mortgagors
Correct answer: b
Question : If conditions for purchase are included in a deed
and these conditions are violated, what is the penalty?(a) a court order enforcing compliance (b) penalty charges (c) an injunction against further use of the property (d) return of the property to the original owner
Correct answer: d
Question : 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?(a) deed amendment (b) approval of surrounding property owners (c) inclusionary zoning (d) conditional use permit or zoning variance
Correct answer: d
Question : An environmental impact statement typically
describes the effects of a proposed project on factors such as (a) public health and safety (b) zoning regulations (c) highest and best use of the land (d) mapping requirements
Correct answer: a
Question : New sidewalks installed only on one particular
street will probably be paid for by (a) a special assessment (b) an ad valorem tax (c) an equalization factor (d) an attachment