Exam (elaborations)
PSI NATIONAL EXAM FOR REAL ESTATE QUESTIONS WITH CORRECT ANSWERS
- Course
- Institution
PSI NATIONAL EXAM FOR REAL ESTATE QUESTIONS WITH CORRECT ANSWERS
[Show more]
Content preview
PSI NATIONAL EXAM FOR REALESTATE QUESTIONS WITH CORRECT
ANSWERS
A mmwritten mmagreement mmin mmwhich mma mmpurchaser mmagrees mmto mmbuy mmand mma
mmseller mmagrees mmto mmsell mmis mmcalled mm- mmAnswera mmcontract
Antitrust mmlaws mmprohibit mmcompeting mmbrokers mmfrom mmall mmof mmthe mmfollowing
mm- mmAnswer1. mmboycotting mmother mmbrokers mmin mmthe mmmarketplace.
2. mmdividing mmthe mmmarket mmto mmrestrict mmcompetition.
3. mmagreeing mmto mmset mmsales mmcommissions mmand mmmanagement mmrates.
When mma mmsewer mmline mmis mminstalled mmdown mma mmrural mmroad, mmthe mmcost
mmwill mmprobably mmbe mmshared mmby mm- mmAnswerall mmcurrent mmowners mmof mmreal
mmestate mmfronting mmon mmthat mmroad
State mmlaws mmdiffer mmon mmwhether mma mmbuyer mmis mmentitled mmto mmknow mmabout
mm- mmAnswera mmsuicide mmthat mmoccurred mmin mmthe mmhouse mmlast mmyear.
A mmlawsuit mmfor mminverse mmcondemnation mmmay mmbe mmbrought mmby mm-
mmAnswera mmhomeowner
When mmis mmracial mmdiscrimination mmin mmthe mmrental mmof mmrooms mmor mmapartments
mmpermitted? mm- mmAnswerUnder mmno mmcircumstances
The mmreal mmestate mmbroker mmwho mmis mmlisting mma mmhouse mmfor mmsale mmshould
mmpersonally mmverify mm- mmAnswerthe mmnumber mmof mmsquare mmfeet mmin mmthe
mmbuilding
Real mmproperty mmcan mmbe mmconverted mmto mmpersonal mmproperty mmby mm-
mmAnswerSeverance
Prospective mmbuyers mmmade mman mmoffer mmon mma mmproperty. mmThe mmseller mmdid
mmNOT mmaccept, mmbut mmmade mma mmcounteroffer. mmThe
mmprospective mmbuyers mmsigned mmthe mmcounteroffer mmand mmthe mmreal mmestate
mmagent mmdelivered mmtheir mmacceptance mmto mmthe mmseller.
mmIn mmthe mminterim, mmthe mmsame mmbuyers mmhad mmfound mmanother mmhouse mmthat
mmthey mmliked mmbetter mmand mmmade mman mmoffer mmon mmit, mmwhich mmwas
,mmaccepted. mmWhich mmof mmthe mmfollowing mmis mmTRUE? mm- mmAnswerBoth
mmcontracts mmare mmvalid
Although mmstates mmmake mmspecific mmlaws mmgoverning mmwater mmrights mmand mmthe
mmrights mmin mmland mmthat mmborders mmwater, mmmost mmstates mm
generally mmfollow mmone mmof mmtwo mmbasic mmdoctrines mmregarding mmwater mmrights.
mmIn mmmany mmstates, mmthe mmcommon mmlaw mmdoctrine mmof mmriparian mmand
mmlittoral mmrights mmdictates mmthat mmwater mmrights mmare mmautomatically mmconveyed
mmwith mmproperty. mmIn mmothers, mmall mmwater mmrights mmare mmcontrolled mmby mmthe
mmstate mmunder mmthe mmdoctrine mmof mm- mmAnswerprior mmappropriation
The mmpurpose mmof mmrequiring mman mmearnest mmmoney mmdeposit mmin mma mmreal
mmestate mmsales mmcontract mmis mmto mm- mmAnswerprovide mmevidence mmof mmthe
mmbuyer's mmintention mmto mmcarry mmout mmthe mmcontract.
A mmbuyer mmis mmgetting mma mmfully mmamortized mmloan mmfor mm$220,000. mmThe
mmbank mmwill mmgive mmthe mmbuyer mmthe mmloan mmfor mm15 mmyears mmat mm5 mm1/2% mm
or mmfor mm30 mmyears mmat mm6 mm1/2%. mmTo mmthe mmnearest mmcent, mmwhat mmis mmthe
mmdifference mmbetween mmthe mmmonthly mmpayments mmfor mmthese mmtwo mmloans?
mm(BE mmSURE mmTO mmUSE mmTHE mmAMORTIZATION mmTABLE.) mm-
mmAnswer$409.20.
A mmborrower mmhas mmdefaulted mmon mmthe mmmortgage. mmThe mmmortgage mmcontains
mman mmacceleration mmclause. mmThis mmpermits mmthe mmlender mmto mm-
mmAnswerdemand mmimmediate mmpayment mmof mmthe mmentire mmnote
The mmFHA mmfunctions mmMOST mmlike mm- mmAnsweran mminsurance mmcompany
1. mmThey mmare mmused mmto mmbuy mmdown mminterest mmrate.
2. mmThey mmare mma mmfunction mmof mmthe mmmarketplace.
3. mmThey mmare mmpaid mmby mmeither mmthe mmbuyer mmor mmthe mmseller. mm-
mmAnswerdiscount mmpoints
When mmland mmis mmconveyed mmto mma mmtrustee, mmthe mmtrustee mmmay mm-
mmAnswerdo mmwhatever mmis mmpermitted mmunder mmthe mmtrust mmagreement
A mmprospective mmbuyer mmmade mman mmoffer mmto mmpurchase mma mmproperty. mmThe
mmowner mmresponded mmwith mma mmcounteroffer. mmWhile mmthe mmbuyer mm
was mmreviewing mmthe mmcounteroffer, mmthe mmowner mmreceived mma mmbetter mmoffer.
mmThe mmowner mmcan mmaccept mmthe mmsecond mmoffer mmif mm- mmAnswerthe mmowner
mmwithdraws mmthe mmcounteroffer mmbefore mmit mmis mmaccepted.
While mman mmagent mmis mmshowing mma mmlisted mmproperty, mmthe mmseller mmand mmthe
mmbuyer mmenter mminto mman mmoral mmagreement mmfor mmthe mmpurchase mmof mmthe
mmhome. mmIf mma mmdispute mmover mmthe mmterms mmarises mmlater, mmthe mmagreement
,mmmay mmbe mmunenforceable mmbecause mm- mmAnswerthe mmagreement mmdoes mmnot
mmcomply mmwith mmthe mmStatute mmof mmFrauds
Earnest mmmoney mmshould mmbe mmdeposited mminto mma mmtrust mmaccount mm-
mmAnswerin mma mmtimely mmmanner, mmaccording mmto mmstate mmlaws
A mmdeed mmrestriction mmis mmapplicable mmto mmthe mmactivities mmof mm- mmAnswerall
mmowners, mmpresent mmand mmfuture
An mmeasement mmcan mmbe mmterminated mmby mm- mmAnswerprescription
Depreciation mmis mmcalculated mmbased mmon mmthe mm- mmAnswercost mmof mmthe
mmbuilding mmonly
Which mmof mmthe mmfollowing mmapproaches mmMOST mmreliably mmestimates mmthe
mmsales mmprice mmof mma mmsingle-family mmresidence? mm- mmAnswerMarket mmdata
A mmseller mmmentions mmto mmhis mmagent mmthat mmthe mmprevious mmowners mmof mmhis
mmproperty mmmay mmhave mmdumped mmhazardous mmwaste mmon mmthe mmsite. mmUnder
mmthe mmComprehensive mmEnvironmental mmResponse, mmCompensation, mmand
mmLiability mmAct mm(CERCLA), mmwho mmis mmliable mmfor mmdamages mmfrom
mmthe mmdumping mmprior mmto mmthe mmsale mmof mmthe mmproperty? mm- mmAnswerSeller
The mmescrow mmofficer mmor mmclosing mmagent mmMUST mmgive mminformation
mmregarding mmthe mmsales mmprice mmand mmseller's mmsocial mmsecurity mmnumber mmto
mm- mmAnswerIRS
A mmbroker mmsupplies mmthe mmfinancing mmfor mma mmproject mmto mmbuild
mmcondominiums mmwith mmthe mmstipulation mmthat mmhe mmhas mmthe mmexclusive mmright
mmto mmsell mmthe mmcompleted mmcondos. mmWhich mmof mmthe mmfollowing mmBEST
mmdescribes mmthis mmrelationship? mm- mmAnswerAgency mmcoupled mmwith mman
mminterest
If mmyou mmown mma mmbuilding mmfree mmand mmclear mmthat mmis mmworth mm$115,000
mmand mmwant mman mmannual mmreturn mmof mm12%, mmwhat mmnet mmincome mmis
mmneeded mmeach mmmonth? mm- mmAnswer$1,150
Usury mmlaws mmwere mmenacted mmto mmprotect mmthe mm- mmAnswerborrower
At mmthe mmtime mmof mmlisting, mmthe mmseller mmtells mmthe mmlisting mmagent mmthey mmare
mmmoving mmbecause mmthe mmneighbor mmhas mmloud mmparties mmevery mmweekend.
mmThe mmagent mmshould mm- mmAnswertell mmpotential mmbuyers mmabout mmthe mmparties
When mmone mmof mmthe mmparties mmto mman mmagreement mmfails mmto mmperform mmone
mmof mmits mmconditions, mmthat mmcontract mmis mmdeemed mmto mmbe mm-
mmAnswerbreached
, Which mmof mmthe mmfollowing mmis mmNOT mma mmconsideration mmin mmthe mmdefinition
mmof mmmarket mmvalue? mm- mmAnswerBuyer mmand mmseller mmmust mmagree mmto
mmappraised mmvalue
One mmcommon mmmethod mmfor mmcontrolling mmthe mmproblems mmcreated mmby
mmconflict mmof mminterest mmin mmdual mmrepresentation mmis mm- mmAnswerallowing mma
mmbroker mmto mmdesignate mmseparate mmsalespeople mmwithin mmthe mmcompany mmas
mmlegal mmrepresentatives mmof mmeach mmof mmthe mmclients.
Ownership mmof mmcommon mmstock mmin mma mmcorporation mmgives mm- mmAnsweran
mminterest mmthat mmis mmclassified mmas mmpersonal mmproperty
At mmthe mmclosing mmon mmJune mm15, mmthe mmbuyer mmis mmassuming mma mmmortgage
mmpresently mmon mmthe mmproperty, mmon mmwhich mmthe mmmonthly mminterest mmcharge
mmis mmcurrently mm$600. mmThe mmseller mmhas mmmade mmthe mmpayment mmdue mmon
mmJune mm1. mmAssuming mma mmVA mmmortgage, mmwhat mmis mmthe mmadjustment mm
made mmat mmclosing? mm- mmAnswerDebit mmseller mm$300; mmcredit mmbuyer mm$300
Too mmmuch mmleverage mmmay mmresult mmin mm- mmAnswernegative mmcash mmflow
A mmmajor mmreason mmfor mmbuying mmand mmowning mma mmcondominium mmrather
mmthan mma mmdetached mmsingle-family mmhome mmis mmthat mm- mmAnswera
mmcondominium mmtends mmto mmbe mmmore mmaffordable
An mmadjustable mmrate mmloan mmshould mminclude mmall mmof mmthe mmfollowing
mmelements mm- mmAnswer1. mmmargin
2. mmlife-of-the-loan mmcap
3. mmindex
Regulation mmZ mmrequires mmthat mmthe mmborrower mmbe mmfully mminformed mmof mmall
mmof mmthe mmfollowing mm- mmAnswer1. mmloan mmfees.
2 mm.the mmorigination mmfee.
3. mmthe mmannual mmpercentage mmrate
A mmcouple mmsigned mma mmlease mmon mman mmapartment mmfor mma mmperiod mmof mm1
mmyear. mmThe mmlease mmdoes mmNOT mmcontain mman mmautomatic mmrenewal mmclause.
mmThe mmcouple mmplans mmto mmmove mmout mmat mmthe mmend mmof mmthe mmlease
mmrather mmthan mmrenew mmit. mmHow mmmuch mmnotice mmMUST mmthey mmgive mmto
mmcomply mmwith mm
the mmlease mmterm? mm- mmAnswerNo mmnotice mmis mmrequired
The mmrelationship mmin mmwhich mmthe mmagent mmis mmplaced mmin mmthe mmposition mmof
mmtrust mmand mmconfidence mmto mmthe mmprincipal mmis mmknown mmby mmthe mmterm mm-
mmAnswerfiduciary
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LucieLucky. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now