The CE Shop National Exam (PSI) PART 1
Questions And Correct Answers
Addendum - answer✔✔When Dashiell received the purchase offer for his bungalow, he was
surprised to see a page added to the contract requesting that an attorney review the contract.
What is Dashiell looking at?
Place a lien on the property
Unpaid taxes become a lien on real estate. - answer✔✔What might the government do if
property owners fail to pay taxes on their property?
Ajit may be liable if he operates in a state that requires licensees to make a reasonable effort to
discover adverse material facts.
Licensees must follow state laws regarding disclosure of all material facts, but typically there's
no distinction between disclosure of material facts or adverse material facts. Ajit may be liable
even if the seller didn't disclose the fact, depending on state law. - answer✔✔A former client has
filed a formal complaint against Ajit, claiming he failed to properly disclose a material fact that
the seller didn't disclose. Which of these statements about Ajit's liability is true?
1,425
Only finished above-ground space should be counted in Bonnie's MLS listing. That means the
square footage of the upper floor plus the main floor (minus the unfinished laundry area). Bonnie
should report 1,425 square feet (450 + 1,200 - 225). - answer✔✔Bonnie is calculating the square
footage of a listing. The upper level of the home is 450 square feet. The main floor is 1,200
square feet, including an unfinished laundry area that's 225 square feet. The 1,200-square-foot
basement is finished. Bonnie's MLS system disregards below-grade square footage. What square
footage will Bonnie mention in her MLS listing and marketing materials?
Indestructibility
Indestructibility is the physical characteristic that states that while improvements may
deteriorate, land can't be destroyed. - answer✔✔Sander and Ginny bought an old industrial site
and plan to get grant money to put an environmental education center on the site. There are a few
structures on the property, but they are in disrepair, and it will likely be less expensive to tear
them down and build new than to rehabilitate them. However, the new owners are sure that
they've made a great investment because the land is in great shape. This reflects which physical
characteristic of real property?
$367,687.80
To find the total amount paid back, multiply the monthly payment ($2,042.71) by the total
number of payments (180 = 12 payments/year x 15 years). The total paid back is $367,687.80. -
answer✔✔A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal
and interest payment totaling $2,042.71. What's the total amount the borrower will pay back over
the life of the loan?
Minimum rent = Operating expenses + Owner expenses + ROI Margin. ROI margin is the
owner's initial investment x ROI. In this example $32,000 ($400,000 x .08). The minimum rent
to achieve the owner's goals is $98,000. - answer✔✔A rental property owner purchased a
property for $400,000 and pays $36,000 in ownership expenses, plus $30,000 in operating
expenses. The owner would like to achieve an ROI of 8%. What's the minimum annual rent that
would accomplish this?
Reduced consumer confidence makes new buyers wary of purchasing and homeowners hesitant
to trade up. - answer✔✔Many market conditions impact housing prices. Which of the following
is a true statement?
Identify data needed.
The first step is to state the problem so the appraiser can then identify the data that is needed. -
answer✔✔Identifying the purpose of the appraisal leads the appraiser to do what next?
$52,500 - answer✔✔An owner purchased a rental property for $750,000. What annual cash flow
would result in a return on investment (ROI) of 7%?
Rescind
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