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PSI REAL ESTATE SALESPERSON PRACTICE EXAM With Correct Answers
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PSI REAL ESTATE SALESPERSON PRACTICE EXAM With Correct Answers
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PSI REAL ESTATE SALESPERSONPRACTICE EXAM With Correct Answers
A nncouple nnlisted nntheir nnhome nnwith nna nnbroker. nnAfter nn2 nnmonths, nnthe nnseller nnfound nna nnbuyer, nnand nnthe
nnsale nnclosed. nnThe nnseller nnwas nnnot nnobligated nnto nnpay nna nncommission nnto nnthe nnbroker. nnThis nnlisting
nnwas nnMOST nnlikely
1. nnan nnexclusive nnagency nnlisting.
2. nnan nnexclusive nnright nnto nnsell nnlisting.
3. nna nnnet nnlisting.
4. nnan nnadvance nnfee nnlisting. nn- nnANSWER: nn✔ nnan nnexclusive nnagency nnlisting
What nncritical nnaspect nnof nnthe nnproperty nninspection nnprocess nnMUST nnlicensees nnconvey nnto nnprospective
nnbuyers?
1. nnDifficulty nnof nnfinding nncompetent nninspectors.
2. nnAppropriate nnfee nnsplitting nnbetween nninspectors nnand nnbrokers.
3. nnNeed nnfor nninspections nnto nnbe nncompleted nnwithin nnthe nntime nnstated nnin nnthe nncontract.
4. nnLikelihood nnthat nnthe nninspection nnwill nngenerate nna nnlist nnof nnitems nnsellers nnmust nnrepair. nn- nnANSWER:
nn✔ nnNeed nnfor nninspections nnto nnbe nncompleted nnwithin nnthe nntime nnstated nnin nnthe nncontract.
An nnexception nnto nntitle nninsurance nncoverage nnis
1. nnforged nndocuments.
2. nndefects nnfound nnin nnpublic nnnewspapers.
3. nnincorrect nnrecords nnof nnmarital nnstatus.
4. nndefects nnthat nnclearly nnappear nnin nnthe nntitle nnsearch. nn- nnANSWER: nn✔ nndefects nnthat nnclearly nnappear
nnin nnthe nntitle nnsearch.
,If nna nnborrower nncan nnafford nnto nnmake nnmonthly nnprincipal nnand nninterest nnpayments nnof nn$1,000 nnand nnthe
nnlender nnwill nnmake nna nn30-year nnloan nnat nn5-1/2%, nnor nna nn20-year nnloan nnat nn4-1/2%, nnwhat nnis nnthe
nnlargest nnloan nn(rounded nnto nnthe nnnearest nn$100) nnthis nnbuyer nncan nnafford? nn(BE nnSURE nnTO nnUSE nnTHE
nnAMORTIZATION nnTABLE.)
1. nn$158,100
2. nn$158,300
3. nn$175,900
4. nn$176,100 nn- nnANSWER: nn✔ nn$176,100
State nnlaws nndiffer nnon nnwhether nna nnbuyer nnis nnentitled nnto nnknow nnabout
1. nna nnsuicide nnthat nnoccurred nnin nnthe nnhouse nnlast nnyear.
2. nnpossible nnlead nnpaint nnin nnthe nnproperty.
3. nnthe nnflooding nnof nnthe nnbasement nnevery nnspring.
4. nnthe nnfact nnthat nnthe nnsellers nnare nngetting nna nndivorce. nn- nnANSWER: nn✔ nna nnsuicide nnthat nnoccurred nnin
nnthe nnhouse nnlast nnyear.
Three nnidentical nnhomes nnin nna nnneighborhood nnwere nnlisted nnat nnthe nnsame nntime nnin nna nnmarket nnwhere
nndemand nnwas nnconstant. nnAccording nnto nnthe nnlaw nnof nnsupply nnand nndemand, nnwhich nnwould nnhave nnsold
nnfor nnthe nnlowest nnprice?
1. nnThe nnfirst nnsold.
2. nnThe nnsecond nnsold.
3. nnThe nnlast nnsold.
4. nnCannot nntell nnfrom nnthe nninformation nngiven nn- nnANSWER: nn✔ nnThe nnfirst nnsold.
A nnproperty nnmanagement nnplan nnmay nnserve nndifferent nnpurposes nnfor nndifferent nnowners, nnand nngenerally
nnhas nnto nnstrike nna nnbalance nnbetween nnpreservation nnof nnthe nnproperty's nnvalue nnand nngeneration nnof
nnincome. nnWhich nnof nnthe nnfollowing nnowners nnwould nnMOST nnlikely nnprefer nna nnproperty nnmanager nnwho
nnemphasizes nnmaintenance nnof nnvalue nnover nnprofitability?
1. nnAn nnindividual nnentrepreneur nnwho nnowns nnseveral nnapartment nnbuildings.
2. nnThe nnDepartment nnof nnHousing nnand nnUrban nnDevelopment.
3. nnThe nninvestment nndivision nnof nna nnbank.
, 4. nnA nncorporate nnReal nnEstate nnInvestment nnTrust. nn- nnANSWER: nn✔ nnThe nnDepartment nnof nnHousing nnand
nnUrban nnDevelopment.
Federal nnTruth-in-Lending nnlaws nnare nnalso nnknown nnas
1. nnthe nnFreedom nnof nnInformation nnAct.
2. nnthe nnEqual nnCredit nnOpportunity nnAct.
3. nnRegulation nnZ.
4. nnTitle nnVIII. nn- nnANSWER: nn✔ nnRegulation nnZ.
The nnFHA nnfunctions nnMOST nnlike
1. nna nnbank nnor nnsavings nnand nnloan nnassociation.
2. nna nnmortgage nncompany.
3. nnan nninvestment nngroup.
4. nnan nninsurance nncompany. nn- nnANSWER: nn✔ nnan nninsurance nncompany.
In nnthe nnsale nnof nnproperty, nnthere nnis nnoften nnconfusion nnover nnwhether nnan nnitem nnis nna nnfixture nnor
nnpersonal nnproperty. nnWhat nnis nnthe nnbest nnway nnto nnavoid nnthis nnconfusion?
1. nnApply nnthe nnlegal nntests nnof nna nnfixture.
2. nnApply nnlocal nncourt nndecisions nndealing nnwith nnsimilar nnitems.
3. nnSpecify nnquestionable nnitems nnof nnproperty nnin nnthe nnwritten nnsales nncontract.
4. nnUse nnthe nnlegal nndefinition nnof nna nnfixture nnas nnany nnpermanently nnattached nnitem. nn- nnANSWER: nn✔
nnSpecify nnquestionable nnitems nnof nnproperty nnin nnthe nnwritten nnsales nncontract.
A nnsalesperson nnin nna nnbranch nnoffice nnis nnsued nnfor nndamages nnby nna nnbuyer nnafter nnthe nnsalesperson
nnmisrepresents nna nnproperty. nnWho nnhas nnthe nnultimate nnresponsibility nnfor nnthe nnsalesperson's nnactions?
1. nnthe nnowner nnof nnthe nnproperty
2. nnthe nnsupervising nnbroker
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