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PSI Maryland Practice Exam With 100- Correct Answers
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PSI Maryland Practice Exam With 100- Correct Answers
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PSI Maryland Practice Exam With 100%Correct Answers
If nnan nnolder nnbuilding nncannot nnbe nnair-conditioned, nnit nnis nnan nnexample nnof nn___________ nn?
A. nnEconomic nnobsolescence.
B. nnFunctional nnobsolescence.
C. nnPhysical nndeterioration.
D. nnExternal nndeterioration nn- nnANSWER: nn✔ nnB. nnFunctional nnobsolescence.
An nnappraiser nnMUST nnbe nnlicensed nnor nncertified nnto nnhandle nnFederally nnrelated nnwork nnon nnresidential
nnproperty nnvalued nnat nnmore nnthan nn___________?
A. nn$100,000.
B. nn$250,000.
C. nn$500,000.
D. nn$1,000,000. nn- nnANSWER: nn✔ nnB. nn$250,000.
The nnmain nndifference nnbetween nntenancy nnin nncommon nnand nnjoint nntenancy nnis nnthat nnwith nntenancy nnin
nncommon, nnwhen nna nnco-owner nndies, nn_____________
A. nnHis nnundivided nninterest nnpasses nnto nnhis nnheirs.
B. nnThe nnlast nnsurviving nnowner nnholds nntitle nnin nnseveralty.
C. nnHis nnundivided nninterest nnpasses nnto nnthe nnsurviving nnco-owners.
D. nnThe nnprinciple nnof nnthe nnright nnto nnsurvivorship nndetermines nnthe nnrights nnof nnthe nnsurviving nnco-owners.
nn- nnANSWER: nn✔ nnA. nnHis nnundivided nninterest nnpasses nnto nnhis nnheirs.
,A nnbuyer nnwants nnto nnpurchase nna nnhome nnfor nn$160,000 nnwith nna nn15% nndown nnpayment. nnThe nnlender
nncharges nn2 nnpoints. nnHow nnmuch nnmoney nndoes nnthe nnbuyer nnneed nnup nnfront nnto nnmake nnthe nnpurchase?
A. nn$2,720
B. nn$24,000
C. nn$24,408
D. nn$26,720 nn- nnANSWER: nn✔ nnD. nn$26,720
When nna nnhome nnis nnpurchased nnusing nnan nnARM, nnthe nnmonthly nnloan nnpayment nnon nnthe nnmortgage nnwill
nn____________ nn?
A. nnRise nnslightly nnin nneach nnadjustment nnperiod nnuntil nnthe nncap nnis nnreached.
B. nnBe nnadjusted nnautomatically nnto nnensure nnthat nnnegative nnamortization nndoes nnnot nnoccur.
C. nnBe nnbased nnon nna nnvery nnlow nninterest nnrate nnto nnbegin nnwith, nnbut nnwill nnrise nnto nnthe nnmarket nnrate nnat
nnthe nnfirst nnadjustment.
D. nnVary nnover nnthe nnlife nnof nnthe nnloan nndepending nnon nnfluctuations nnin nnthe nninterest nnrate nnto nnwhich nnthe
nnloan nnis nnreferenced. nn- nnANSWER: nn✔ nnD. nnVary nnover nnthe nnlife nnof nnthe nnloan nndepending nnon
nnfluctuations nnin nnthe nninterest nnrate nnto nnwhich nnthe nnloan nnis nnreferenced.
An nnexception nnto nntitle nninsurance nncoverage nnis nn___________?
A. nnForged nndocuments.
B. nnDefects nnfound nnin nnpublic nnnewspapers.
C. nnIncorrect nnrecords nnof nnmarital nnstatus.
D. nnDefects nnthat nnclearly nnappear nnin nnthe nntitle nnsearch. nn- nnANSWER: nn✔ nnD. nnDefects nnthat nnclearly
nnappear nnin nnthe nntitle nnsearch.
Under nnthe nncommon nnlaw nnof nnagency, nnlicensees nnowe nnthe nnbroker nnwith nnwhom nnthey nnare nnassociated
nnall nnof nnthe nnfollowing nnduties nnEXCEPT nn_________?
A. nnLoyalty.
, B. nnCompetence.
C. nnIndemnification.
D. nnFull nndisclosure. nn- nnANSWER: nn✔ nnC. nnIndemnification.
The nnbuyer nnis nnassuming nna nnmortgage nnpresently nnon nnthe nnproperty nnin nnthe nnamount nnof nn$110,000.
nnWhat nnis nnthe nnadjustment nnmade nnat nnclosing?
A. nnCredit nnbuyer nn$110,000; nndebit nnseller nn$110,000.
B. nnCredit nnseller nn$110,000; nndebit nnbuyer nn$110,000.
C. nnCredit nnbuyer nn$110,000; nnno nnadjustment nnto nnseller.
D. nnCredit nnseller nn$110,000; nnno nnadjustment nnto nnbuyer. nn- nnANSWER: nn✔ nnA. nnCredit nnbuyer nn$110,000;
nndebit nnseller nn$110,000.
A nnmentally nndisabled nnperson nnwho nnhas nnbeen nndeclared nnincompetent nnby nna nnjudge nnwishes nnto nnenter
nninto nna nncontract. nnUnder nnwhat nnconditions nncan nnsuch nna nnperson nndo nnso?
A. nnThe nnperson nnmust nnobtain nnprior nnwritten nnapproval nnby nna nnlicensed nnpsychiatrist nnor nnpsychologist.
B. nnThe nnperson nnmust nnbe nncapable nnof nnunderstanding nnthe nntransaction.
C. nnThe nnperson nnappointed nnby nnthe nncourt nnto nnact nnfor nnthe nndisabled nnperson nnmust nncontract nnon nnhis
nnor nnher nnbehalf.
D. nnThe nnperson nnmay nnenter nna nncontract nnunder nnany nnconditions, nnbecause nnthe nnlaw nnprohibits
nndiscrimination nnagainst nnpersons nnwith nndisabilities. nn- nnANSWER: nn✔ nnC. nnThe nnperson nnappointed nnby
nnthe nncourt nnto nnact nnfor nnthe nndisabled nnperson nnmust nncontract nnon nnhis nnor nnher nnbehalf.
Even nnif nna nnloan nnapplicant's nncurrent nnincome nnseems nnadequate nnto nnqualify nnfor nna nncertain nnloan, nnthe
nnEqual nnCredit nnOpportunity nnAct nnallows nna nnlender nnto nnrefuse nnthe nnloan nnas nna nnhigh nnrisk nnif nnthe
nnapplicant's nnmain nnsource nnof nnincome nnis nn___________?
A. nnAlimony.
B. nnCommission nnsales.
C. nnPension nnfund.
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