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State & National Real Estate PSI Practice Questions & Answers 2024
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State & National Real Estate PSI Practice Questions & Answers 2024
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State & National Real Estate PSI Practice Questions1. All of the above: In Virginia, what action is prohibited in an
advertisement for real estate?
Select one:
A. Failing to get a client's written consent to advertise his property
B. Failing to identify the type of services offered in a general property description
C. Advertising that a property listed by a firm is for sale by owner
D.All of the above
2. 7 days: The initial purchaser of a time-share estate has a statutory right
to rescind a contract to purchase. How long is this rescission period?
Select one:
A. 5 days
B. 7 days
C. 10 days
D.None of the above
3. By the broker, according to the terms of the contract if neither party files a
written objection: If a contract of sale is not consummated, how are
escrow funds disbursed?
Select one:
A. By the settlement attorney, with permission of all parties
B. By the broker, with written permission of the seller
,C. By the broker, according to the terms of the contract if neither party files a
written objection
D.By the broker, only upon notification of the court
4. Improper dealing: A broker placed one of her signs on property without
permis- sion from the owner. The broker is guilty of:
Select one:
A. Misrepresentation
B.Violation of anti-trust laws
C. Improper dealing
D.Disparate impact
5. The claimant assigns his rights to the Board, to the extent of the amount
of money paid by the Fund: When a claim is paid from the Transaction
Recovery fund, which of the following statements is true?
Select one:
A.The licensee named in the claim must post a bond in order to continue
practicing real estate
B.The claimant assigns his rights to the Board, to the extent of the amount of
money paid by the Fund
C. All claims submitted in relation to a licensee's misconduct in a single transaction
, may not exceed $20,000
D.All of the above
6. Protect the public interest: The purpose of Virginia License Law and the
Rules and Regulations is to:
Select one:
A. Make brokers and salespersons more professional
B. Protect the public interest
C. Enable licensed real estate professionals to earn more money
D.Comply with federal law
7.Lisa is subject to Board censure for violation of Fair Housing laws:
Salesper- son Lisa is selling her townhouse to move into a luxury condominium.
She advertised her property in the newspaper as follows: "Beautiful, 3 bedroom
townhouse. Excel- lent assumption. Single females only. Call 123-4567 for details.
Owner is licensed." Which of the following statements is true?
Select one:
A. Lisa has not violated Board regulations since she disclosed her license status
B.Lisa has not violated the Virginia Fair Housing Act since it does not protect
marital status
C. Lisa has not violated Board regulations since she is not subject to the license
laws
D.Lisa is subject to Board censure for violation of Fair Housing laws
8. Advertises a listing at lower than listed price: A real estate
salesperson's license may be revoked if the licensee:
Select one:
A. Sells insurance from the real estate office where she is employed
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