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Compiled- PSI National Examination2025: Real Estate Licensing- Updated Question and Answers [100% Correct]- Latest Version!! £7.59
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Compiled- PSI National Examination2025: Real Estate Licensing- Updated Question and Answers [100% Correct]- Latest Version!!

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Compiled- PSI National Examination2025: Real Estate Licensing- Updated Question and Answers [100% Correct]- Latest Version!! The agreement stipulates that the sellers must transfer ownership of their land to the buyers upon receipt of $22,000 by December 31st. What is this type of contrac...

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  • December 8, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • compiled psi national examination2025 real esta

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  • Real Estate
  • Real Estate

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Compiled- PSI National
Examination2025: Real Estate Licensing-
Updated Question and Answers [100%
Correct]- Latest Version!!
The agreement stipulates that the sellers must transfer ownership of their land to the buyers upon
receipt of $22,000 by December 31st. What is this type of contract called?

An option contract



What type of insurance provides protection to brokers against unintentional inaccuracies or omissions
during transactions?

Errors and Omissions insurance



The land description "T3N, R4W, Principal Meridian" is an example of which property description
method?

Rectangular survey



Which of the following is NOT a recognized method to calculate the reproduction or replacement cost of
a building?

Straight-line method



If a buyer assumes a mortgage on a property worth $110,000, how should this be reflected at closing?

Credit buyer $110,000; debit seller $110,000



A salesperson signs a listing agreement allowing subagency and dual agency. What is the salesperson's
role in this situation?

An agent to the broker and a subagent to the principal



Who determines the amount of commission to be paid for a real estate transaction?


1

, The seller and the agent as per their agreement



What is the minimum residential property value for which a Federally related appraisal requires a
licensed or certified appraiser?

$250,000



What is the name of the radioactive gas that is both odorless and a known carcinogen?

Radon



Which document defines the legal rights and obligations of buyers and sellers in a real estate
transaction?

Purchase contract



If a prospective seller asks for assistance in pricing their property, what should the salesperson
recommend?

A competitive market analysis to establish an appropriate listing price



Why might two lots of the same size sell at different prices, with the corner lot commanding a premium
of $20,000?

Situs



What document formalizes the relationship between a property owner and a property manager?

Management agreement



A seller paid $960 in property taxes on January 15 for the current year. If a buyer closes on March 1 and
is responsible for the day of closing, what credit should the seller receive? Assume a 360-day year.

$800



Which of the following is NOT typically prorated at closing?

Special tax assessments

2

,What is an example of a cost typically prorated at closing?

1. Homeowners association fees.

2. Property taxes.

3. Transferred homeowner's insurance.



In most states, how are foreclosed properties sold?

Public auction



A commercial property loses value because traffic is diverted due to a new highway. What type of
depreciation is this?

Economic or external obsolescence



Who is accountable for the real estate activities of salespersons under a managing broker?

The managing broker



What is the role of an intermediary in arranging financing for a real estate purchase?

Mortgage broker



Under the Truth-in-Lending Act, if an advertisement includes trigger terms, what information must be
disclosed?

1. Cash price or loan amount

2. Down payment requirements

3. Payment number, amount, and frequency



How many brokers are involved in an exclusive right-to-sell listing?

One




3

, A seller mentions a termite treatment completed 10 years ago. Before listing the property, what should
the agent advise?

Ensure the seller discloses the termite treatment in the property disclosure



What is the term for a principal giving an agent authority for a specific transaction?

Special agency



After a listing agreement expires and another broker lists the home, a third agent requests the key from
the original broker. How should the broker respond?

Inform the caller they are no longer the listing agent



If conditions in a deed are violated, what is the consequence?

The property returns to the original owner



What is a similarity between special assessments and ad valorem taxes?

Delinquent payments can lead to a property sale



Why is the Jones v. Mayer decision of 1968 significant?

It upheld the Civil Rights Act of 1866, eliminating exceptions for racial discrimination in housing



What does an Environmental Impact Statement (EIS) evaluate?

The environmental consequences of a proposed project



What exemplifies a buffer zone in real estate planning?

Garden apartments separating residential neighborhoods from commercial zones



When does a broker typically earn their commission in a real estate transaction?

When the seller accepts a ready, willing, and able buyer's offer



4

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