It's not fake but it's not real exactly either. Value-wise, it'll be slightly above fake.
Here's what PSA says:
PSA will grade virtually any card that has been hand-cut off of a panel, box, etc. (Post Cereal, Hostess, Bazooka, Strip cards, etc.) keeping the following information in mind. This service does not include traditional sheet-cut cards. PSA will not grade cards cut from sheets that can be obtained in a normal fashion. For example, PSA will not grade a 1979 O-Pee-Chee Wayne Gretzky card cut from a sheet because that card was issued in non-sheet form. On the other hand, PSA will grade a 1959 Bazooka or 1961 Post Cereal Mickey Mantle because those cards could only be obtained in one fashion - removed by hand from a box or panel.
XL5: Home of the "smarty pants" comments. Want: 2010 Allen & Ginter N43 relics of Pujols, Markakis, Howard. Want: Konerko high-end, looking for any Konerko 2012 Topps Series 1 & Topps Chrome 1/1s