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PSI National Exam for Real Estate With Complete Solutions
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PSI National Exam for Real Estate With Complete Solutions
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PSI National Exam for Real Estate WithComplete Solutions
A nnwritten nnagreement nnin nnwhich nna nnpurchaser nnagrees nnto nnbuy nnand nna nnseller nnagrees nnto nnsell nnis
nncalled nn- nnANSWER: nn✔ nna nncontract
Antitrust nnlaws nnprohibit nncompeting nnbrokers nnfrom nnall nnof nnthe nnfollowing nn- nnANSWER: nn✔ nn1.
nnboycotting nnother nnbrokers nnin nnthe nnmarketplace.
2. nndividing nnthe nnmarket nnto nnrestrict nncompetition.
3. nnagreeing nnto nnset nnsales nncommissions nnand nnmanagement nnrates.
When nna nnsewer nnline nnis nninstalled nndown nna nnrural nnroad, nnthe nncost nnwill nnprobably nnbe nnshared nnby nn-
nnANSWER: nn✔ nnall nncurrent nnowners nnof nnreal nnestate nnfronting nnon nnthat nnroad
State nnlaws nndiffer nnon nnwhether nna nnbuyer nnis nnentitled nnto nnknow nnabout nn- nnANSWER: nn✔ nna nnsuicide nnthat
nnoccurred nnin nnthe nnhouse nnlast nnyear.
A nnlawsuit nnfor nninverse nncondemnation nnmay nnbe nnbrought nnby nn- nnANSWER: nn✔ nna nnhomeowner
When nnis nnracial nndiscrimination nnin nnthe nnrental nnof nnrooms nnor nnapartments nnpermitted? nn- nnANSWER: nn✔
nnUnder nnno nncircumstances
The nnreal nnestate nnbroker nnwho nnis nnlisting nna nnhouse nnfor nnsale nnshould nnpersonally nnverify nn- nnANSWER: nn✔
nnthe nnnumber nnof nnsquare nnfeet nnin nnthe nnbuilding
Real nnproperty nncan nnbe nnconverted nnto nnpersonal nnproperty nnby nn- nnANSWER: nn✔ nnSeverance
Prospective nnbuyers nnmade nnan nnoffer nnon nna nnproperty. nnThe nnseller nndid nnNOT nnaccept, nnbut nnmade nna
nncounteroffer. nnThe
,nnprospective nnbuyers nnsigned nnthe nncounteroffer nnand nnthe nnreal nnestate nnagent nndelivered nntheir
nnacceptance nnto nnthe nnseller.
nnIn nnthe nninterim, nnthe nnsame nnbuyers nnhad nnfound nnanother nnhouse nnthat nnthey nnliked nnbetter nnand nnmade
nnan nnoffer nnon nnit, nnwhich nnwas nnaccepted. nnWhich nnof nnthe nnfollowing nnis nnTRUE? nn- nnANSWER: nn✔ nnBoth
nncontracts nnare nnvalid
Although nnstates nnmake nnspecific nnlaws nngoverning nnwater nnrights nnand nnthe nnrights nnin nnland nnthat nnborders
nnwater, nnmost nnstates nn
generally nnfollow nnone nnof nntwo nnbasic nndoctrines nnregarding nnwater nnrights. nnIn nnmany nnstates, nnthe
nncommon nnlaw nndoctrine nnof nnriparian nnand nnlittoral nnrights nndictates nnthat nnwater nnrights nnare
nnautomatically nnconveyed nnwith nnproperty. nnIn nnothers, nnall nnwater nnrights nnare nncontrolled nnby nnthe nnstate
nnunder nnthe nndoctrine nnof nn- nnANSWER: nn✔ nnprior nnappropriation
The nnpurpose nnof nnrequiring nnan nnearnest nnmoney nndeposit nnin nna nnreal nnestate nnsales nncontract nnis nnto nn-
nnANSWER: nn✔ nnprovide nnevidence nnof nnthe nnbuyer's nnintention nnto nncarry nnout nnthe nncontract.
A nnbuyer nnis nngetting nna nnfully nnamortized nnloan nnfor nn$220,000. nnThe nnbank nnwill nngive nnthe nnbuyer nnthe
nnloan nnfor nn15 nnyears nnat nn5 nn1/2% nn
or nnfor nn30 nnyears nnat nn6 nn1/2%. nnTo nnthe nnnearest nncent, nnwhat nnis nnthe nndifference nnbetween nnthe nnmonthly
nnpayments nnfor nnthese nntwo nnloans?
(BE nnSURE nnTO nnUSE nnTHE nnAMORTIZATION nnTABLE.) nn- nnANSWER: nn✔ nn$409.20.
nn
A nnborrower nnhas nndefaulted nnon nnthe nnmortgage. nnThe nnmortgage nncontains nnan nnacceleration nnclause.
nnThis nnpermits nnthe nnlender nnto nn- nnANSWER: nn✔ nndemand nnimmediate nnpayment nnof nnthe nnentire nnnote
The nnFHA nnfunctions nnMOST nnlike nn- nnANSWER: nn✔ nnan nninsurance nncompany
1. nnThey nnare nnused nnto nnbuy nndown nninterest nnrate.
2. nnThey nnare nna nnfunction nnof nnthe nnmarketplace.
3. nnThey nnare nnpaid nnby nneither nnthe nnbuyer nnor nnthe nnseller. nn- nnANSWER: nn✔ nndiscount nnpoints
,When nnland nnis nnconveyed nnto nna nntrustee, nnthe nntrustee nnmay nn- nnANSWER: nn✔ nndo nnwhatever nnis
nnpermitted nnunder nnthe nntrust nnagreement
A nnprospective nnbuyer nnmade nnan nnoffer nnto nnpurchase nna nnproperty. nnThe nnowner nnresponded nnwith nna
nncounteroffer. nnWhile nnthe nnbuyer nn
was nnreviewing nnthe nncounteroffer, nnthe nnowner nnreceived nna nnbetter nnoffer. nnThe nnowner nncan nnaccept nnthe
nnsecond nnoffer nnif nn- nnANSWER: nn✔ nnthe nnowner nnwithdraws nnthe nncounteroffer nnbefore nnit nnis nnaccepted.
While nnan nnagent nnis nnshowing nna nnlisted nnproperty, nnthe nnseller nnand nnthe nnbuyer nnenter nninto nnan nnoral
nnagreement nnfor nnthe nnpurchase nnof nnthe nnhome. nnIf nna nndispute nnover nnthe nnterms nnarises nnlater, nnthe
nnagreement nnmay nnbe nnunenforceable nnbecause nn- nnANSWER: nn✔ nnthe nnagreement nndoes nnnot nncomply
nnwith nnthe nnStatute nnof nnFrauds
Earnest nnmoney nnshould nnbe nndeposited nninto nna nntrust nnaccount nn- nnANSWER: nn✔ nnin nna nntimely nnmanner,
nnaccording nnto nnstate nnlaws
A nndeed nnrestriction nnis nnapplicable nnto nnthe nnactivities nnof nn- nnANSWER: nn✔ nnall nnowners, nnpresent nnand
nnfuture
An nneasement nncan nnbe nnterminated nnby nn- nnANSWER: nn✔ nnprescription
Depreciation nnis nncalculated nnbased nnon nnthe nn- nnANSWER: nn✔ nncost nnof nnthe nnbuilding nnonly
Which nnof nnthe nnfollowing nnapproaches nnMOST nnreliably nnestimates nnthe nnsales nnprice nnof nna nnsingle-family
nnresidence? nn- nnANSWER: nn✔ nnMarket nndata
A nnseller nnmentions nnto nnhis nnagent nnthat nnthe nnprevious nnowners nnof nnhis nnproperty nnmay nnhave nndumped
nnhazardous nnwaste nnon nnthe nnsite. nnUnder nnthe nnComprehensive nnEnvironmental nnResponse,
nnCompensation, nnand nnLiability nnAct nn(CERCLA), nnwho nnis nnliable nnfor nndamages nnfrom
the nndumping nnprior nnto nnthe nnsale nnof nnthe nnproperty? nn- nnANSWER: nn✔ nnSeller
nn
, The nnescrow nnofficer nnor nnclosing nnagent nnMUST nngive nninformation nnregarding nnthe nnsales nnprice nnand
nnseller's nnsocial nnsecurity nnnumber nnto nn- nnANSWER: nn✔ nnIRS
A nnbroker nnsupplies nnthe nnfinancing nnfor nna nnproject nnto nnbuild nncondominiums nnwith nnthe nnstipulation nnthat
nnhe nnhas nnthe nnexclusive nnright nnto nnsell nnthe nncompleted nncondos. nnWhich nnof nnthe nnfollowing nnBEST
nndescribes nnthis nnrelationship? nn- nnANSWER: nn✔ nnAgency nncoupled nnwith nnan nninterest
If nnyou nnown nna nnbuilding nnfree nnand nnclear nnthat nnis nnworth nn$115,000 nnand nnwant nnan nnannual nnreturn nnof
nn12%, nnwhat nnnet nnincome nnis nnneeded nneach nnmonth? nn- nnANSWER: nn✔ nn$1,150
Usury nnlaws nnwere nnenacted nnto nnprotect nnthe nn- nnANSWER: nn✔ nnborrower
At nnthe nntime nnof nnlisting, nnthe nnseller nntells nnthe nnlisting nnagent nnthey nnare nnmoving nnbecause nnthe
nnneighbor nnhas nnloud nnparties nnevery nnweekend.
The nnagent nnshould nn- nnANSWER: nn✔ nntell nnpotential nnbuyers nnabout nnthe nnparties
nn
When nnone nnof nnthe nnparties nnto nnan nnagreement nnfails nnto nnperform nnone nnof nnits nnconditions, nnthat
nncontract nnis nndeemed nnto nnbe nn- nnANSWER: nn✔ nnbreached
Which nnof nnthe nnfollowing nnis nnNOT nna nnconsideration nnin nnthe nndefinition nnof nnmarket nnvalue? nn- nnANSWER:
nn✔ nnBuyer nnand nnseller nnmust nnagree nnto nnappraised nnvalue
One nncommon nnmethod nnfor nncontrolling nnthe nnproblems nncreated nnby nnconflict nnof nninterest nnin nndual
nnrepresentation nnis nn- nnANSWER: nn✔ nnallowing nna nnbroker nnto nndesignate nnseparate nnsalespeople nnwithin
nnthe nncompany nnas nnlegal nnrepresentatives nnof nneach nnof nnthe nnclients.
Ownership nnof nncommon nnstock nnin nna nncorporation nngives nn- nnANSWER: nn✔ nnan nninterest nnthat nnis
nnclassified nnas nnpersonal nnproperty
At nnthe nnclosing nnon nnJune nn15, nnthe nnbuyer nnis nnassuming nna nnmortgage nnpresently nnon nnthe nnproperty, nnon
nnwhich nnthe nnmonthly nninterest nncharge
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