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PSI Exam: Property Ownership
Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What type of ownership involves two or more people who hold title to a property with the right of survivorship?✔✔ Joint tenancy
What is the most common type of property ownership for married couples in community property states?✔✔ Community property
In a tenancy in common, how is ownership divided between the co-owners?✔✔ The ownership can be divided unequally, and each owner can sell or transfer their interest independently.
What is the legal term for transferring ownership of real property from one person to another?✔✔ Conveyance
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When a property is transferred by will, what is the term for the individual who inherits the property?✔✔ Devisee
If a property owner dies without a will, what happens to their property?✔✔ The property is distributed according to the laws of intestacy in the state.
What is the primary characteristic of a fee simple absolute estate?✔✔ It is the highest form of property ownership with no limitations.
A person owns a condo and a share of the common areas but does not own the land underneath the building. What type of ownership do they have?✔✔ Condominium ownership
Which type of estate grants the holder the right to possess and use land for a specific period, but the land reverts to the original owner after the term ends?✔✔ Leasehold estate
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What is the difference between a life estate and a fee simple estate?✔✔ A life estate ends upon the death of the holder, while a fee simple estate lasts indefinitely.
What type of ownership gives a person the right to use the land but not own it?✔✔ Leasehold estate
In a joint tenancy, what happens if one of the co-owners dies?✔✔ The surviving co-owner(s) automatically inherit the deceased person’s share.
When a person has an interest in a property that is passed down upon their death, what is that interest called?✔✔ A life estate
What is the defining feature of a cooperative (co-op) ownership?✔✔ Shareholders own stock in the corporation that owns the building, rather than owning the real estate directly.
What happens to property held in joint tenancy if there is no surviving joint tenant?
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