PSI Real Estate Exam Questions and Correct Answers & Latest Updated

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an...

Legal descriptions using the government survey system are NOT generally used in o :## the original 13 states. A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the futu...

In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? o :## Specify questionable items of property in the written sales contract. The main difference between tenancy in common and joint tenancy is t...

Where is license law written? o :## Article 12A Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the salesperson can't be relicensed until how much time has expired? o :## 1 year If a broker's license is taken away, what happens to the salespersons who work ...

A competitive market analysis is MOST often used for o :## setting a listing price. A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. T...

A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord: o :## Must allow the tenant to make the modifications at the tenant'...

Broker o :## Individual licensed to charge the public for real estate services Broker-Salesperson o :## Fully qualified broker who remains under another broker's services Bureau of Subdivided Land Sales Control o :## State agency that approves and registers some out-of- state property Continu...

The ability of the government to acquire real property against the owner for the benefit of the public. o :## Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? o :## Devise What is the most complete estate in real property? ...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air o :## 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the ten...