PSI Real Estate Exam Study Questions with 100% Correct Verified Answers
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Course
PSI Real Estate
Institution
PSI Real Estate
When a borrower defaults on a mortgage, an acceleration clause allows the lender the
option of - Answer Demanding immediate payment of the entire loan balance.
A property has a fair market value of $95,000 and is assessed at 50% of value. The tax
rate is $55.00 per $1,000 of assessed value. What...
PSI Real Estate Exam Study Questions with 100%
Correct Verified Answers
When a borrower defaults on a mortgage, an acceleration clause allows the lender the
option of - Answer Demanding immediate payment of the entire loan balance.
A property has a fair market value of $95,000 and is assessed at 50% of value. The tax
rate is $55.00 per $1,000 of assessed value. What is the real estate tax for this property?
- Answer $2,612.50
An owner has been asked to grant a 60-day option to purchase a property. When should
the purchase price be decided? - Answer Upon creation and signing of the option to
purchase
Which of the following is true about prepayment penalties on VA or FHA loans for
single-family dwellings? - Answer Neither the VA nor the FHA allows prepayment
penalties.
When managing property, which of the following actions is legal? - Answer Obtaining
information from prospective tenants to determine if they are financially able to afford
the rent
The owner of a lot is interested in selling. The lot is 99' × 110'. If similar property sells for
$36,000 per acre, what is the most likely selling price for this property? - Answer $9,000
A licensee is representing prospective buyers. The licensee orally informed the buyers
that the developer would be paving the streets in front of a house in a rural subdivision.
The licensee had not verified this but assumed that it was true because the developer
had done the paving in similar subdivisions. The buyers relied on the licensee's
, statement in deciding to buy the house. If no contract exists spelling out paving
responsibilities, who can be held accountable for damages? - Answer The licensee
because his unverified statement was misrepresentation
Which of the following is a characteristic of a limited partner's role in a limited
partnership? - Answer Reduced personal liability and no management decision making
For a real estate sales contract to be valid, it must include - Answer consideration
A home equity line of credit is - Answer A secured loan.
Which of the following factors tends to increase the price of residential real estate in a
given area? - Answer A large manufacturing plant opening in the city
A buyer made an offer on a property and the seller accepted the offer. A week later, the
seller asked the licensee to amend the contract's provision for closing from 60 days to
90 days. The licensee completed the amendment and all parties initialed the change.
The buyer now asks if the seller would agree to split the cost of any needed repairs
found during the home inspection. Which of the following should be prepared to include
this provision? - Answer An addendum
Four people bought an investment property together, each having an equal ownership
interest. They took title in such a manner that if one died he could leave his one-fourth
interest to his heirs. How did they take title to the real estate? - Answer Tenants in
common
A couple's yearly income is $87,400. The couple's bank currently allows residential loans
for an amount equal to twice the annual income. Disregarding minimum percentage
down payment requirements, what is the minimum cash down payment that the couple
will need to have on a $210,000 home? - Answer $35,200
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