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National PSI Brokers Real Estate Exam I Questions and Complete Solutions Graded A+.
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National PSI Brokers Real Estate Exam I Questions and Complete Solutions Graded A+.
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National PSI Brokers RealEstate Exam I Questions
and Complete Solutions
Graded A+
Denning [Date] [Course title]
,Which of the following would be considered real property?
1. A leasehold estate
2. Fixtures
3. Chattels
4. Trade fixtures - Answer: 2. A leasehold estate, chattels, and trade fixtures are classified as personal
property. page 21
Your uncle died without a will, and you inherited his real estate. The way in which you would acquire his
estate is by
1. accession.
2. the statute of descent and distribution.
3. escheat.
4. novation. - Answer: 2. When persons die intestate, their real estate and personal property pass on to
their heirs according to statute. page 30
A man receives possession of property under a deed that states that he will own the property as long as
the present building standing on the property is not torn down. The type of estate the man holds is
which of the following?
1. Life estate
2. Nondestructible estate
3. Fee-simple estate
4. Determinable fee estate - Answer: 4. The words as long as are key to the creation of a determinable
fee, sometimes referred to as a qualified fee, conditional fee, or base-fee estate. page 25
You would like to hire more than one broker to sell your house and be able to sell the house yourself
without paying a commission to a broker. Which of the following listing agreements should you choose?
1. Net
2. Open
3. Exclusive agency
4. Exclusive-right-to-sell - Answer: 2. Under an open listing, if the seller personally sells the property
without the aid of any broker, the seller is not obligated to pay the commission. page 119
, Which of the following is responsible for investigating and prosecuting violations of federal fair housing
laws?
1. National Association of REALTORS® (NAR)
2. Equal Employment Opportunity Commission (EEOC)
3. Department of Housing and Urban Development (HUD)
4. Association of Real Estate License Law Officials (ARELLO) - Answer: 3. NAR is the REALTOR® trade
association. EEOC deals with discrimination in employment, while ARELLO works with license law issues.
page 164
You have been making constant payments of $653.00 per month on your mortgage. The balance after
your last payment was $80,300. The interest rate on your mortgage is 8%. What will the balance of your
mortgage be after your next payment?
1. $79,647.00
2. $80,067.32
3. $80,182.33
4. $80,300.00 - Answer: 3. $80,300 × .08 = $6,424 annual interest
$6,424 ÷ 12 = $535.33 interest for one month
$653.00 P&I - $535.33 = $117.67 principal payoff
$80,300 - $117.67 = $80,182.33 balance after next payment page 191-192
Using the mortgage factor of 6.65, what is the monthly payment for $121,000 at 7% for 30 years?
1. $733.19
2. $804.65
3. $816.75
4. $847.00 - Answer: 2. $804.65 ($121,000 × 6.65) page 191-192
Using the numbers in the previous question, what is the total interest paid over the life of the loan?
1. $166,709.23
2. $167,514.74
3. $168,319.46
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