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SOUTH CAROLINA PSI EXAM PREP QUESTIONS WITH COMPLETE ANSWERS
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SOUTH CAROLINA PSI EXAM PREP QUESTIONS WITH COMPLETE ANSWERS
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SOUTH CAROLINA PSI EXAM PREPQUESTIONS WITH COMPLETE
ANSWERS
Amira's rrseller rrTom rrjust rrreceived rrthe rrnews rrthat rrhis rrbuyers rrare rrwalking rraway
rrfrom rrthe rrsale. rrThey rrweren't rrwilling rrto rrproceed rrafter rrthey rrsaw rrthe rrinspection
rrreport. rrNeither rrAmira rrnor rrTom rrhas rrrequested rra rrcopy rrof rrthe rrreport. rrWhat's
rrthe rrmost rrlikely rrreason rrfor rrthat?
1. rrAmira rrdoesn't rrtrust rrthis rrparticular rrinspection rrcompany.
2. rrIf rrthey rrsee rrthe rrreport, rrthey'll rrbe rrrequired rrto rrdisclose rrany rradverse rrfindings. rr
3. rrThey rrare rrunwilling rrto rrpay rrfor rrthe rrreport rras rrthe rrbuyer rrrequires.
4. rrTom rrwants rrto rrpay rrfor rrhis rrown rrinspector rrso rrthat rrhe rrcan rrquestion rrthe
rrinspector. rr- rrAnswerIf rrthey rrsee rrthe rrreport, rrthey'll rrbe rrrequired rrto rrdisclose rrany
rradverse rrfindings. rr
NOTE: rrSome rrlicensees rr(and rrsellers) rrmay rropt rrNOT rrto rrsee rrthe rrinspection rrreport
rrso rrthat rrthey rrdon't rrlearn rrabout rrany rradverse rrmaterial rrfacts rrwhich rrthen rrmust rrbe
rrdisclosed. rrThey rrmay rralso rrbe rrconcerned rrabout rrthe rraccuracy rrof rrthe rrreport.
Which rrof rrthe rrfollowing rris rrtrue rrabout rrair rrrights?
1. rrThey rrare rrthe rrright rrto rruse rrthe rropen rrspace rrabove rrbuildings.
2. rrThey rrare rrthe rrright rrto rruse rrthe rrspace rrdirectly rrbelow rrbuildings.
3. rrThey rrcannot rrbe rrbought rror rrsold.
4. rrThey rrinclude rrmineral rrrights. rr- rrAnswerThey rrare rrthe rrright rrto rruse rrthe rropen
rrspace rrabove rrbuildings.
,NOTE: rrAir rrrights rrinvolve rrthe rrright rrto rruse rrthe rropen rrspace rrabove rrbuildings rrup
rrto rra rrheight rrestablished rrby rrlaw.
Jacob's rrfamily rrhas rroperated rra rrneighborhood rrgrocery rrstore rrin rrthe rrcommunity
rrsince rrbefore rrthe rrland rrwas rrzoned rrresidential. rrJacob rrcontinues rrto rroperate rrthe
rrstore rrlegally. rrWhat rrwould rryou rrcall rrthis?
1. rrMixed rruse
2. rrNon-conforming rruse
3. rrResidential rrretail rruse
4. rrSpecial rruse rr- rrAnswerNon-conforming rruse
NOTE: rrLegal, rrnon-conforming rruse rrof rrland rroccurs rrwhen rra rrstructure rror rrbusiness
rrwas rrlegally rrestablished rraccording rrto rrzoning rrordinances rrat rrthe rrtime, rrbut rrdoes
rrnot rrmeet rrcurrent rrzoning rrand rrbuilding rrregulations. rrThis rris rrcalled rrbeing
rr"grandfathered."
If rrthere rris rrsome rrkind rrof rrdefect rron rra rrproperty's rrtitle, rrwhat rreffect rrdoes rrthis
rrlevel rrof rrtransferability rrhave rron rrthe rrproperty's rrvalue?
1. rrThe rrvalue rrremains rrunchanged.
2. rrThe rrvalue rrwill rrfall.
3. rrThe rrvalue rrwill rrrise.
4. rrTransferability rrhas rrno rreffect rron rrvalue. rr- rrAnswerThe rrvalue rrwill rrfall.
If rra rrproperty rrcan't rrbe rreasily rrtransferred, rrthis rrwill rrhave rra rrnegative rreffect rron
rrvalue, rrcausing rrit rrto rrfall.
A rrstrip rrmall rrvalued rrat rr$850,000 rrhas rra rr$67,500 rrannual rrnet rroperating
income. rrWhat rris rrthe rrcapitalization rrrate rrfor rrthe rrstrip rrmall?
1. rr12.59%
2. rr7.9%
3. rr8.67%
4. rr9.2% rr- rrAnswer7.9% rr
, NOTE: rrThe rrcap rrrate rrformula rris: rrnet rroperating rrincome rr÷ rrvalue rr= rrrate rr(I rr÷ rrV rr=
rrR). rrSo rr$67,500 rr÷ rr$850,000 rr= rr.
079 rror rr7.9%. rrThis rrformula rrcan rrwork rrin rrreverse rras rrwell: rrvalue rr(purchase rrprice)
rr× rrcap rrrate rr= rrnet
operating rrincome rr(V rr× rrR rr= rrI).
When rragents rrput rrtheir rrclients' rrinterests rrahead rrof rrtheir rrown, rrthis rrdescribes rrthe
rrduty rrof rr______. rr
1. rrAccounting
2. rrLoyalty
3. rrObedience
4. rrReasonable rrskill rrand rrcare rr- rrAnswerLoyalty
NOTE: rrLoyalty rrmeans rrputting rrthe rrclient's rrinterests rrfirst rr... rrahead rrof rrcustomers'
rrinterests rrand rrahead rrof rryour rrown.
Four rrbrokerage rrfirms rroperate rrin rrthe rrsame rrsmall rrcity rras rrJackson's rrfirm. rrAll rrthe
rrfirms rrcharge rrapproximately rrthe rrsame rrlisting rrcommission rrand rrpay rrapproximately
rrthe rrsame rrcooperating rrcommission rrto rrthe rrselling rrbroker. rrThe rrcommission rrsplits
rrwithin rreach rrfirm rrare rralso rrsimilar. rrIs rrthis rran rrantitrust rrviolation? rrWhy rror rrwhy
rrnot?
1. rrNo. rrThe rrfact rrthat rrthe rrfirms' rrcommission rrrates rrand rrsplits rrare rrsimilar rrdoesn't
rrnecessarily rrmean rrthey rragreed rrto rrfix rrthose rrvalues. rr
2. rrNo. rrThe rrsimilarities rrbetween rrcommission rrrates rrmay rrbe rrsuspect, rrbut rrthe
rrsimilarity rrbetween rrcommission rrsplits rrdoesn't rrmatter.
3. rrYes. rrThe rrfact rrthat rrthe rrfirm's rrcommission rrrates rrand rrsplits rrare rrso rrsimilar rris
rra rrrestraint rrof rrtrade. rr
4. rrYes. rrThe rrfirms' rrinternal rrcommission rrsplits rrcan rrbe rrthe rrsame, rrbut rrthey rrcan't
rrall rrcharge rrthe rrsame rrcommission rrrate. rr- rrAnswerNo. rrThe rrfact rrthat rrthe rrfirms'
rrcommission rrrates rrand rrsplits rrare rrsimilar rrdoesn't rrnecessarily rrmean rrthey rragreed
rrto rrfix rrthose rrvalues.
Commission rrrates rrmay rrnaturally rrfall rrinto rrsimilar rrpatterns rrin rra rrgiven rrarea
rrwithout rrcollusion rrbetween
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