Hallucinatory experiences are by far not limited to patients with clinical psychosis. A number of internal and external factors may bring about such experiences in healthy individuals, whereby the personality trait of (positive) schizotypy is a major mediator of individual differences. Psychotic experiences are defined as associating abnormal meaning to real but objectively irrelevant perceptions. Especially, the ambiguity of a stimulus correlates positively with the likelihood of abnormal interpretation, and intelligence is believed to have an important influence and act as protective against clinical psychosis in highly schizotypic individuals. In this study, we presented 131 healthy participants with 216 15-letter strings containing either a word, a non-word, or only random letters and asked them to report, whether or not they believed to have seen a word. The aim was to replicate findings that participants with high values in positive schizotypy on the trait-level make more false-positive errors and assess the role of stimulus-ambiguity and verbal intelligence. Additionally, we wanted to examine whether the same effect could be shown for indices of state schizotypy. Our results support findings that both state and trait positive schizotypy explain significant variance in “seeing things that are not there” and that the properties of individual stimuli have additional strong effects on the false-positive hit rates. Finally, we found that verbal intelligence and positive schizotypy interact with stimulus-ambiguity in the production of false-positive perceptions.