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PSI National Real Estate Salesperson Practice Exam Questions and Correct Answers & Latest Updated $10.49   Add to cart

Exam (elaborations)

PSI National Real Estate Salesperson Practice Exam Questions and Correct Answers & Latest Updated

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  • Course
  • PSI REAL ESTATE
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  • PSI REAL ESTATE

A competitive market analysis is MOST often used for o :## setting a listing price. A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. ...

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  • August 25, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI REAL ESTATE
  • PSI REAL ESTATE
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1|Page: 2024/2025 Grade A+




PSI National Real Estate Salesperson Practice
Exam Questions and Correct Answers & Latest
Updated
A competitive market analysis is MOST often used for


o :## setting a listing price.



A couple owns an older home in a neighborhood that is becoming a commercial area.

Because of the change in the use of the land, the couple can expect the value of their parcel

to increase at some future time. This is an example of the principle of


o :## anticipation.



A commercial property lost value because a recently constructed highway moved traffic

away from the property. This is an example of


o :## economic or external obsolescence.



According to the principle of progression, a three-bedroom, one-story home is MOST likely

to bring the highest sales price if located in a neighborhood in which


o :## most homes are larger than the sale home.



A prospective seller asks a salesperson to recommend a listing price for a property. The

salesperson should suggest




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

,2|Page: 2024/2025 Grade A+

o :## a competitive market analysis to determine the property's value.



If all other factors are equal, in which location is a parking lot likely to bring the highest sales

price?


o :## Business district zoned for a six story office building.



When the sellers are lending part of the purchase price, they may secure the debt either

with a deed of trust or a mortgage. For the seller, one benefit of the deed of trust is that


o :## foreclosure is usually simpler and faster.



Even if a loan applicant's current income seems adequate to qualify for a certain loan, the

Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the

applicant's main source of income is


o :## commission sales.



A broker and the buyers he represents are anxiously awaiting the closing on their new

home. The closing is scheduled in 4 days. The buyers inform the broker that they just

received revised Loan Estimate and Closing Disclosure forms from the lender, indicating the

Annual Percentage Rate on their loan has increased by 0.3%. Based on the TILA-RESPA

Integrated Disclosure rule, what action should the broker take in this situation?


o :## Confirm with the seller's broker, the lender and the closing entity that the closing must
be delayed to allow for a new seven-day waiting period because of the interest rate revision.



The FHA functions MOST like




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

, 3|Page: 2024/2025 Grade A+

o :## an insurance company.



Federal Truth-in-Lending laws are also known as


o :## Regulation Z.



Which of these Federal laws regulates the advertisement of a lender's credit terms (rates,

payment, etc.)?


o :## Regulation Z.



A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.

This permits the lender to


o :## demand immediate payment of the entire note.



According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the

following disclosures MUST appear in the ad EXCEPT the


o :## prepayment penalties and rebates.



An owner hired a construction company to build a swimming pool at a new home. The

owner failed to pay the bill once the work was completed and the construction company

filed a lien to obtain payment of the debt. The encumbrance created is called


o :## a mechanic's lien.




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

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