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PSI National Real Estate Salesperson Practice Exam With Correct Answers.
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PSI National Real Estate SalespersonPractice Exam With Correct Answers
A nncompetitive nnmarket nnanalysis nnis nnMOST nnoften nnused nnfor nn- nnANSWER: nn✔ nnsetting nna nnlisting nnprice.
A nncouple nnowns nnan nnolder nnhome nnin nna nnneighborhood nnthat nnis nnbecoming nna nncommercial nnarea.
nnBecause nnof nnthe nnchange nnin nnthe nnuse nnof nnthe nnland, nnthe nncouple nncan nnexpect nnthe nnvalue nnof nntheir
nnparcel nnto nnincrease nnat nnsome nnfuture nntime. nnThis nnis nnan nnexample nnof nnthe nnprinciple nnof nn- nnANSWER:
nn✔ nnanticipation.
A nncommercial nnproperty nnlost nnvalue nnbecause nna nnrecently nnconstructed nnhighway nnmoved nntraffic nnaway
nnfrom nnthe nnproperty. nnThis nnis nnan nnexample nnof nn- nnANSWER: nn✔ nneconomic nnor nnexternal nnobsolescence.
According nnto nnthe nnprinciple nnof nnprogression, nna nnthree-bedroom, nnone-story nnhome nnis nnMOST nnlikely nnto
nnbring nnthe nnhighest nnsales nnprice nnif nnlocated nnin nna nnneighborhood nnin nnwhich nn- nnANSWER: nn✔ nnmost
nnhomes nnare nnlarger nnthan nnthe nnsale nnhome.
A nnprospective nnseller nnasks nna nnsalesperson nnto nnrecommend nna nnlisting nnprice nnfor nna nnproperty. nnThe
nnsalesperson nnshould nnsuggest nn- nnANSWER: nn✔ nna nncompetitive nnmarket nnanalysis nnto nndetermine nnthe
nnproperty's nnvalue.
If nnall nnother nnfactors nnare nnequal, nnin nnwhich nnlocation nnis nna nnparking nnlot nnlikely nnto nnbring nnthe nnhighest
nnsales nnprice? nn- nnANSWER: nn✔ nnBusiness nndistrict nnzoned nnfor nna nnsix nnstory nnoffice nnbuilding.
When nnthe nnsellers nnare nnlending nnpart nnof nnthe nnpurchase nnprice, nnthey nnmay nnsecure nnthe nndebt nneither
nnwith nna nndeed nnof nntrust nnor nna nnmortgage. nnFor nnthe nnseller, nnone nnbenefit nnof nnthe nndeed nnof nntrust nnis
nnthat nn- nnANSWER: nn✔ nnforeclosure nnis nnusually nnsimpler nnand nnfaster.
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- nnANSWER: nn✔ nncommission nnsales.
, A nnbroker nnand nnthe nnbuyers nnhe nnrepresents nnare nnanxiously nnawaiting nnthe nnclosing nnon nntheir nnnew
nnhome. nnThe nnclosing nnis nnscheduled nnin nn4 nndays. nnThe nnbuyers nninform nnthe nnbroker nnthat nnthey nnjust
nnreceived nnrevised nnLoan nnEstimate nnand nnClosing nnDisclosure nnforms nnfrom nnthe nnlender, nnindicating nnthe
nnAnnual nnPercentage nnRate nnon nntheir nnloan nnhas nnincreased nnby nn0.3%. nnBased nnon nnthe nnTILA-RESPA
nnIntegrated nnDisclosure nnrule, nnwhat nnaction nnshould nnthe nnbroker nntake nnin nnthis nnsituation? nn- nnANSWER:
nn✔ nnConfirm nnwith nnthe nnseller's nnbroker, nnthe nnlender nnand nnthe nnclosing nnentity nnthat nnthe nnclosing nnmust
nnbe nndelayed nnto nnallow nnfor nna nnnew nnseven-day nnwaiting nnperiod nnbecause nnof nnthe nninterest nnrate
nnrevision.
The nnFHA nnfunctions nnMOST nnlike nn- nnANSWER: nn✔ nnan nninsurance nncompany.
Federal nnTruth-in-Lending nnlaws nnare nnalso nnknown nnas nn- nnANSWER: nn✔ nnRegulation nnZ.
Which nnof nnthese nnFederal nnlaws nnregulates nnthe nnadvertisement nnof nna nnlender's nncredit nnterms nn(rates,
nnpayment, nnetc.)? nn- nnANSWER: nn✔ nnRegulation nnZ.
A nnborrower nnhas nndefaulted nnon nnthe nnmortgage. nnThe nnmortgage nncontains nnan nnacceleration nnclause.
nnThis nnpermits nnthe nnlender nnto nn- nnANSWER: nn✔ nndemand nnimmediate nnpayment nnof nnthe nnentire nnnote.
According nnto nnthe nnTruth-in-Lending nnAct, nnif nnany nn"trigger nnterms" nnare nnused nnin nnan nnad, nnall nnof nnthe
nnfollowing nndisclosures nnMUST nnappear nnin nnthe nnad nnEXCEPT nnthe nn- nnANSWER: nn✔ nnprepayment
nnpenalties nnand nnrebates.
An nnowner nnhired nna nnconstruction nncompany nnto nnbuild nna nnswimming nnpool nnat nna nnnew nnhome. nnThe
nnowner nnfailed nnto nnpay nnthe nnbill nnonce nnthe nnwork nnwas nncompleted nnand nnthe nnconstruction nncompany
nnfiled nna nnlien nnto nnobtain nnpayment nnof nnthe nndebt. nnThe nnencumbrance nncreated nnis nncalled nn- nnANSWER:
nn✔ nna nnmechanic's nnlien.
Three nnpeople nnbuy nna nnhouse nnas nntenants nnin nncommon. nnSubsequently, nntwo nnof nnthe nnowners nnwant nnto
nnsell, nnbut nnthe nnthird nndiscourages nneach nnpotential nnpurchaser. nnThe nntwo nnowners nnwho nnwish nnto nnsell
nnthe nnhouse nncan nn- nnANSWER: nn✔ nnfile nnan nnaction nnfor nnpartition nnagainst nnthe nnthird nnowner.
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