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NATIONAL EXAM (PSI) PREP 400 QUESTIONS WITH 100% CORRECT VERIFIED ANSWERS. LATEST 2024
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NATIONAL EXAM (PSI) PREP 400 QUESTIONS WITH 100% CORRECT VERIFIED ANSWERS. LATEST 2024NATIONAL EXAM (PSI) PREP 400 QUESTIONS WITH 100% CORRECT VERIFIED ANSWERS. LATEST 2024

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  • July 23, 2024
  • 32
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 29 national exam psi prep
  • 2024national exam psi
  • 29 national exam psi prep 400 questions with 10
  • national exam psi prep questions

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  • PSI
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NATIONAL EXAM (PSI) PREP 400 QUESTIONS WITH
100% CORRECT VERIFIED ANSWERS. LATEST 2024

1. Ellen has only been licensed for two weeks, but she's already booked a listing
presentation appointment with potential clients, the Birds. What should she do
to prepare?: Prepare a CMA
2. What types of penalties can the Federal Trade Commission impose for
violations of truth in advertising laws?: Cease-and-desist orders, civil and
monetary penalties, and corrective advertising or disclosures
3. What type of tenement do you have when you give the right to another to cross
your property?: Servient tenement
When you give the right to another to cross your property, you have a servient tenement.
4. If a licensee has violated advertising rules, the Federal Trade Commission may
impose which of the following penalties?: corrective advertising
5. What is the MLS?: A database of real estate information
6. As part of her fiduciary duty of accounting, Donna must handle her clients'
______ and paperwork properly.: Funds
7. Which of the following Internet addresses is secure?: https://www.google.com
8. Which of the following could indicate a problem with the chimney flue or
ventilation?: Drafts near the fireplace
9. Which of the following best demonstrates the fiduciary duty of disclosure?: You
notify all parties of the existence of mold on the property.
10. Your seller client has listed a beautiful piece of land on the water. You know
this property would be a great investment if it were subdivided and developed,
but you don't mention the potential investment value to the seller because you
want the property for yourself. You also don't market it or present any offers.
After several months, you buy the property at a deep discount. Not so fast! If
you do this, you're guilty of ______.: Passive fraud
You not only should have known better, but you did know better and intentionally
remained silent, so you're guilty of passive fraud.
11. Asbestos can be identified in what way?: By looking at it with a polarized light
12. What's a password vault?: A security tool that stores logins and passwords
13. 13. What's it called when a property is owned by the bank after failing to
receive an acceptable bid at foreclosure?: REO
14. Chloe focuses her marketing efforts on a specific neighborhood. This is known as
her ______.: Farm area
A farm area is an area that a licensee "farms" consistently over time, such as a
neighborhood or association.





,15. A lien due to a court decree resulting from a lawsuit is called a ______.:
Judgement lien'
16 A legal description can contain ______.: metes and bounds
17. To compute a monthly principal and interest payment, you need to know which
of the following?: Mortgage loan value, annual percentage rate, loan term, and
payment frequency
18. What agency/act is designed to "preserve, protect, develop, and where possible,
to restore or enhance the resources of the nation's coastal zone"?-
: Coastal Zone Management Act
19. Henry is a real estate licensee representing Ginger, a buyer. Henry
recommended Ginger obtain a professional home inspection. Ginger asks
Henry for a referral. What should Henry do?: Provide several names for Ginger
to contact, ultimately letting her decide who will perform the inspection.
20. In caveat emptor states, whose responsibility is it to notify sellers of their duty
to disclose required items?: Licensee representing the seller
21. According to the EPA, at what level does radon become a health concern
requiring mitigation?: 4.0 picocuries per liter of air
Although there is no safe level of radon, once the level reaches above 4.0 picocuries per
liter of air, the EPA recommends radon mitigation.
22. Voluntary alienation includes which of the following?: Kali intentionally transfers
her property to Sandy.
23. Kellan and Stacy are in the midst of a property dispute. Each party has a legal
description and survey that show conflicting boundaries between their
properties. What may be the best way to resolve this dispute?: They must take
the dispute to court.
When legal descriptions conflict, it will be up to the courts to decide the matter.
24. Where do legal descriptions appear?: Deeds
25. What are paint, soil, pipes, dust, and drinking water all potential sources of?:
Lead contamination
26. You represent the buyer and seller in the same transaction. What type of
agency relationship do you have with your clients?: Single-licensee dual agency
You are in a single-licensee dual agency relationship with your clients because you
represent both the buyer and the seller.
27. A client terminates a listing agreement before its expiration date. What happens
now?: The client may owe a commission anyway.
The listing agreement may not be cancelled by only one party. It's possible the client will
owe the agent the commission.
28. When homebuyers agree to open an escrow account for their mortgage, the
mortgage lender uses that money to pay ______.: taxes and insurance





,29. The fibers of ______ are dangerous when inhaled because they can lodge in the
lungs and intestines, causing cancer.: Asbestos
30. Which of the following could indicate the presence of an underground storage
tank?: Pipe or vent sticking out of the ground
31. Whose role is it to develop the comprehensive master plan?: Planning board
members
32. Mariel is buying a home and is looking forward to the tax deductions. She
may deduct which of the following?: Loan origination fee The
loan origination fee is deductible for homeowners.
33. A lot has a length of 10 rods. How many feet is this?: 165 A rod is 16-1/2 feet in
length, so 10 rods equal 165 feet.
34. The amount and disposition of security deposits for commercial tenancy are
defined by ______.: The Lease
35. Zack represents a seller, and receives an offer through another agent. The offer
is higher than the listing price. The property is already listed at a very high
price, and no other offers have been received. Is Zack obligated by his duties to
the other party to disclose that the offer is too high?: No, his fiduciary duty is to
his own client. The buyer's agent must be responsible for advising on a fair price for
the property.
36. What type of loan comes from the equity in the home?: Home Equity Loan
37. 37. Cityville administrators are trying to control urban sprawl, but they still
need to plan for the growing population. They've revamped zoning laws to
allow residential units to be built on smaller lots, and multi-family housing to be
built in areas once zoned for single-family housing. Which real estate trend does
this describe?: Increased Density
38. Rescission, suit for specific performance, liquidated damages, and acceptance
of partial performance are all ______.: Options a wronged party has to remedy a
breach of contract
39. The city of River Heights is experiencing a shortage of skilled workers in the
construction trades. Is this likely to affect the real estate market, and if so, how?:
Yes, this would impact the supply of homes on the market, potentially creating a seller's
market.
The availability of skilled labor to build homes is a factor that will affect the supply of
homes on the market. Low supply can potentially create a seller's market.
40. Jeremy is an investor who's purchased a foreclosed property. He's nervous
about building on it, though, in case there are former occupants "out there" who
may lay claim to the property. What would best solve Jeremy's dilemma?-
: A suit to quiet title






, 41. Qualified mortgages require debt-to-income ratios of no more than ______.:
43%
Although it seems generous, the 43% debt-to-income ratio is a firm limit.
42 Licensees may charge a fee of ______ dollars per contract they prepare for a
client.: zero
43. Which type of legal description is this: "Plat of Block 28, Woodmen Heights
Tract, recorded in Map Book 27, page 68, at the Eldor County Records Office"?:
Lot and block
This is an example of a lot and block legal description, which is also called a plat
reference system.
44. A loss in value caused by an undesirable or hazardous influence offsite is
which type of depreciation?: external depreciation
45. A burnt electrical outlet or light switch that's warm to the touch are signs of
______.: A fault or defect in the electrical system
46. Real estate licensees who want to uphold the Fair Housing Act should make a
habit out of which of the following actions?: Tell potential clients in their initial
meeting that they are committed to upholding fair housing laws.
47. Children and pregnant women are especially vulnerable to poisoning caused
by what hazard?: lead
48. Susie has opted out of opening an escrow account with her mortgage lender,
which means she has a lower monthly payment. She still needs to save up, though, to
make sure she can pay for taxes and ______.: Insurance
49. A trust involves a special relationship called a fiduciary relationship. Which of
the following statements is true regarding trusts?: Any asset may be held in a trust.
Trusts are very flexible and accommodating. Any asset may be held in a trust.
50. Rico is an appraiser who is performing a valuation on a property. What's
another term for what Rico is doing?: Formal Appraisal
51. As a part of a buyer's due diligence, which location-related issues should be
researched?: Whether the property is insurable, located in a wetland, or located in an
historic area
52. A municipality will allow a developer to proceed with an otherwise-prohibited
type of construction based on ______.: Incentive zoning
53. What type of leasehold is characterized by possession of a property without
the express permission of the property owner, such as a situation in which a tenant
continues to occupy an apartment after the lease has terminated?: Estate at
sufferance
Estate at sufferance is so called because the landlord is suffering the tenant's presence
without the landlord's permission.

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