The CE Shop National Exam (PSI) PART
1 Questions And Answers With Verified
Solutions Already Passed!!!
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?
lower initial interest rate - ANSWER✔✔ What attracts borrowers to adjustable rate
mortgages?
98,000
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