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PSI REAL ESTATE SALESPERSON PRACTICE EXAM Questions and Correct Answers & Latest Updated $12.49   Add to cart

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PSI REAL ESTATE SALESPERSON PRACTICE EXAM Questions and Correct Answers & Latest Updated

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  • Course
  • PSI REAL ESTATE
  • Institution
  • PSI REAL ESTATE

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. a...

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  • August 25, 2024
  • 35
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI REAL ESTATE
  • PSI REAL ESTATE
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ExamArsenal
1|Page: 2024/2025 Grade A+


PSI REAL ESTATE SALESPERSON PRACTICE EXAM Questions and Correct Answers & Latest

Updated

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the

sale closed. The seller was not obligated to pay a commission to the broker. This listing was

MOST likely




1. an exclusive agency listing.

2. an exclusive right to sell listing.

3. a net listing.

4. an advance fee listing.


o :## an exclusive agency listing



What critical aspect of the property inspection process MUST licensees convey to

prospective buyers?

1. Difficulty of finding competent inspectors.

2. Appropriate fee splitting between inspectors and brokers.

3. Need for inspections to be completed within the time stated in the contract.

4. Likelihood that the inspection will generate a list of items sellers must repair.


o :## Need for inspections to be completed within the time stated in the contract.



An exception to title insurance coverage is




Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

,2|Page: 2024/2025 Grade A+


1. forged documents.

2. defects found in public newspapers.

3. incorrect records of marital status.

4. defects that clearly appear in the title search.


o :## defects that clearly appear in the title search.



If a borrower can afford to make monthly principal and interest payments of $1,000 and the

lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is the largest

loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO USE THE

AMORTIZATION TABLE.)

1. $158,100

2. $158,300

3. $175,900

4. $176,100


o :## $176,100



State laws differ on whether a buyer is entitled to know about

1. a suicide that occurred in the house last year.

2. possible lead paint in the property.

3. the flooding of the basement every spring.

4. the fact that the sellers are getting a divorce.




Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

,3|Page: 2024/2025 Grade A+

o :## a suicide that occurred in the house last year.



Three identical homes in a neighborhood were listed at the same time in a market where

demand was constant. According to the law of supply and demand, which would have sold

for the lowest price?




1. The first sold.

2. The second sold.

3. The last sold.

4. Cannot tell from the information given


o :## The first sold.



A property management plan may serve different purposes for different owners, and

generally has to strike a balance between preservation of the property's value and

generation of income. Which of the following owners would MOST likely prefer a property

manager who emphasizes maintenance of value over profitability?

1. An individual entrepreneur who owns several apartment buildings.

2. The Department of Housing and Urban Development.

3. The investment division of a bank.

4. A corporate Real Estate Investment Trust.


o :## The Department of Housing and Urban Development.




Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

, 4|Page: 2024/2025 Grade A+


Federal Truth-in-Lending laws are also known as

1. the Freedom of Information Act.

2. the Equal Credit Opportunity Act.

3. Regulation Z.

4. Title VIII.


o :## Regulation Z.



The FHA functions MOST like




1. a bank or savings and loan association.

2. a mortgage company.

3. an investment group.

4. an insurance company.


o :## an insurance company.



In the sale of property, there is often confusion over whether an item is a fixture or personal

property. What is the best way to avoid this confusion?




1. Apply the legal tests of a fixture.

2. Apply local court decisions dealing with similar items.

3. Specify questionable items of property in the written sales contract.



Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update

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