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PSI REAL ESTATE PRACTICE EXAM 2024 With Correct Answers
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PSI REAL ESTATE PRACTICE EXAM 2024 With Correct Answers
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PSI REAL ESTATE PRACTICE EXAM2024 With Correct Answers
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
A nnbroker nnhas nnbrought nna nnready, nnwilling, nnand nnable nnbuyer nnto nna nnseller. nnIn nnMOST nnlisting nncontracts,
nnthe nnbroker nnhas nnearned nnhis nncommission nnwhen nn- nnANSWER: nn✔ nnthe nnseller nnaccepts nnthe nnoffer
To nnwhat nnparty nnor nnparties nndoes nnthe nnbroker nnowe nnthe nnfiduciary nnduty nnof nncare? nn- nnANSWER: nn✔
nnThe nnparty nnor nnparties nnemploying nnthe nnbroker
In nnMOST nnstates, nnforeclosed nnproperty nnis nnsold nnthrough nn- nnANSWER: nn✔ nnpublic nnauction
A nnbuyer nnwas nnnegotiating nnthe nnpurchase nnof nna nnhouse nnfor nnhimself. nnDuring nna nnconversation nnwith nnthe
nnseller, nnthe nnseller nnagreed nnto nninclude nnall nnkitchen nnappliances nnin nnthe nnsale, nnand nnthis nnfact nnwas
nnincluded nnin nnthe nnsales nncontract. nnIn nnthis nnsituation, nnif nnthe nnseller nntakes nnthe nnappliances nnwith nnhim,
nnwhat nnrecourse nndoes nnthe nnbuyer nnhave? nn- nnANSWER: nn✔ nnthe nnbuyer nnmay nnsue nnseller nnfor nnspecific
nnperformance
A nnbroker nnand nnthe nnbuyers nnhe nnrepresents nnare nnanxiously nnawaiting nnthe nnclosing nnon nntheir nnnew
nnhome. nnThe nnclosing nnis nnscheduled nnin nn4 nndays. nnThe nnbuyers nninform nnthe nnbroker nnthat nnthey nnjust
nnreceived nna nnrevised nnGood nnFaith nnEstimate nnand nnTruth nnin nnLending nndisclosure nnfrom nnthe nnlender
nnindicating nnthe nnAnnual nnPercentage nnRate nnon nntheir nnloan nnhas nnincreased nnby nn0.3%. nnBased nnon nnthe
nnMortgage nnDisclosure nnImprovement nnAct nnof nn2009, nnwhat nnaction nnshould nnthe nnbroker nntake nnin nnthis
nnsituation? nn- nnANSWER: nn✔ nnconfirm nnwith nnthe nnsellers nnbroker, nnthe nnlender nnand nnthe nnclosing nnentity
nnthat nnthe nnclosing nnmust nnbe nndelayed nnto nnallow nnfor nna nnnew nnseven nnda nnwaiting nnperiod nnbecause nnof
nninterest nnrate nnrevision
An nnexception nnto nntitle nninsurance nncoverage nnis nn- nnANSWER: nn✔ nndefects nnthat nnclearly nnappear nnin nnthe
nntitle nnsearch
, ordinances nnthat nnspecify nnconstruction nnstandards nnare nn- nnANSWER: nn✔ nnbuilding nncodes
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.) nn- nnANSWER: nn✔ nn5-1/2% nnfor nn30yrs nn= nn$5.67789 nnper nn$1000
$1000/$5.67789 nn= nn$176.121764
$176.121764 nnX nn$1000 nn= nn$176,121.764 nn= nn$176,100
4-1/2% nnfor nn20yrs nn= nn$6.32649 nnper nn$1000
$1000/$6.32649 nn= nn$158.065531
$158.065531 nnX nn$1000 nn= nn$158,065.531 nn= nn$158,100
Answer: nn$176,100
requiring nnowners nnof nncontaminated nnproperties nnto nnbear nncleanup nncost; nnFederal nnlegislation nnpassed
nnin nn1980 nn- nnANSWER: nn✔ nnComprehensive nnEnvironmental nnResponse nnCompensation nnand nnLiability
nnAct nn(CERCLA)
A nnseller nnmentions nnto nnhis nnagent nnthat nnthe nnprevious nnowners nnof nnhis nnproperty nnmay nnhave nndumped
nnhazardous nnwaste nnon nnthe nnsite. nnUnder nnCERCLA, nnwho nnis nnliable nnfor nndamages nnfrom nnthe nndumping
nnprior nnto nnthe nnsale nnof nnthe nnproperty nn- nnANSWER: nn✔ nnthe nnseller
The nnday nnafter nna nnbroker's nnlisting nnon nna nnhouse nnexpired, nnit nnwas nnlisted nnwith nnanother nnbroker nnand
nnoffered nnin nnthe nnMLS. nnSeveral nndays nnlater, nna nnthird nnlicensee nncalled nnthe nnfirst nnbroker nnand nnasked nnfor
nnthe nnkey nnto nnshow nnthe nnhome. nnThe nnbroker nnshould nninform nnthe nncaller nnthat nn- nnANSWER: nn✔ nnhe nnis
nnno nnlonger nnthe nnlisting nnagent
According nnto nnthe nnTruth-in-Lending nnAct, nnif nnany nn"trigger nnterms" nnare nnused nnin nnan nnad, nnall nnof nnthe
nnfollowing nndisclosures nnMUST nnappear nnin nnthe nnad nnEXCEPT nnthe nn- nnANSWER: nn✔ nnprepayment
nnpenalties nnand nnrebates
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