PSI NATIONAL REAL ESTATE EXAM 2024 ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS WITH RATIONALE ALREADY GRADED A+
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PSI NATIONAL REAL ESTATE
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PSI NATIONAL REAL ESTATE
PSI NATIONAL REAL ESTATE EXAM 2024 ACTUAL
EXAM QUESTIONS AND CORRECT ANSWERS WITH
RATIONALE ALREADY GRADED A+.
PSI NATIONAL REAL ESTATE EXAM 2024 ACTUAL
EXAM QUESTIONS AND CORRECT ANSWERS WITH
RATIONALE ALREADY GRADED A+PSI NATIONAL REAL ESTATE EXAM 2024 ACTUAL
EXAM QUESTIONS AND CORRECT...
1 | P a g e PSI NATIONAL REAL ESTATE EXAM 20 24 ACTUAL EXAM QUESTIONS AND C ORRECT ANSWERS WITH RATIONALE ALREADY GRADED A+ Which one of the following types of ownership termination allows each tenant to have a specific, divi ded portion (partition) of the property exclusively? -Termination by division -Termination of co -ownership by partition -Termination of estate in severalty -Termination of joint tenancies - ANSWER >>> Termination of co -
ownership by partition **Terminatio n of tenancy in common by partition allows each tenant to have a specific, divided portion of the property exclusively. If the property can't be divided, the court may rule that the property be sold and the proceeds divided by the tenants. Which of these would void a deed intended to convey property? -The grantee is not mentally competent. -The grantee's signature is not acknowledged. -The grantor is not mentally competent. -The transfer includes no monetary consideration. - ANSWER >>> The grantor is not mentally competent. Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a commission. What type of agreement do Desmond and the Harpers have? 2 | P a g e -Bilateral -Executed -Mutual -Unilateral - ANSWER >>> Bilateral **A contract involving an exchange of promises or other consideration between two parties is a bilateral contract. Phoebe's gross monthly income is $4,200, and she has $360 in monthly non -housing debt payments. The lender's qualifying ratios are 28% for the housing ratio and 36% for the total DTI ratio. What's the maximum housing payment she can afford? -$1,075 -$1,152 -$1,176 -$1,512 - ANSWER >>> $1,176 **The maximum house payment is the lesser of the amounts calculated using both ratios. DTI: $4,200 x .36 = $1,512. $1,512 - $360 = $1,152. Housing ratio: $4,200 x .28 = $1,176. Phoebe's maximum payment is $1,152. Which of these is an example of agency coupled with interest? -A listing agent agrees to accept a commission of 2.5% upon sale of the property. -A listing agent agrees to split the commission on the sale of a property with a cooperating agent who brings the buyer to the table. -An agent foregoes buyer agent commission, provided the purchasing developer gives the agent the listings on the developed lots. 3 | P a g e -An agent is interested a property the agent has listed. - ANSWER >>> An agent foregoes buyer agent commission, provided the pu rchasing developer gives the agent the listings on the developed lots. **Agency coupled with interest means the agent holds an estate (or interest) in a property that is the subject of the agency relationship. Forgoing commission now in turn for listings down the road is an example. Juan has decided to invest his small inheritance in real estate. He is drawn to the fact that he can add a building where there wasn't one previously and immediately increase the value of his investment. Which economic charact eristic of real property is this? -Area preference -Improvements -Permanence -Scarcity - ANSWER >>> Improvements **The economic characteristic of improvements says that a land's value can be influenced by changes that are made to it. What does the Feder al Trade Commission consider to be an unfair ad? -Any ad or business practice that causes or is likely to cause injury -Any ad that is likely to mislead consumers acting reasonably under the circumstances -Any ad that makes a health claim -Any ad with a c laim that's difficult to evaluate - ANSWER >>> Any ad or business practice that causes or is likely to cause injury 4 | P a g e **Any ad or business practice that causes or is likely to cause injury is considered an unfair ad, according to the FTC's Unfairness Policy Statement. Demographics impact the housing market. Which of the following is a true statement? -An increase in the number of retirees in a given population would negatively impact the demand for large, single -family homes. -An increase in the number of retirees in a given population would positively impact the demand for large, single -family homes. -An influx of higher wage earners to a given area would create a price decrease for lower -valued homes. -An influx of higher wage earners to a given area woul d decrease the demand for higher -priced housing. - ANSWER >>> An increase in the number of retirees in a given population would negatively impact the demand for large, single -family homes. **Downsizing retirees usually look for smaller homes or condos. A real estate transaction has a closing date of May 20. The seller, who's responsible for closing costs up to but not including the day of settlement, has already paid annual property taxes of $1,949. Using calendar year proration, the seller will be _____ _ on the closing statement (round to the nearest dollar). -Credited $1,207 -Credited $742 -Debited $1,207 -Debited $742 - ANSWER >>> Credited $1,207 **The seller is required to pay the for January 1 through May 19. The seller will be credited $1,207, bec ause $1,949 ÷ 365 = $5.34, and $5.34 × 226 days (the number of days the buyer is required
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