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PSI REAL ESTATE EXAM PSI Real Estate Estate Exam Sample questions for Washington State Questions and Correct Answers & Latest Updated $10.69
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PSI REAL ESTATE EXAM PSI Real Estate Estate Exam Sample questions for Washington State Questions and Correct Answers & Latest Updated
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Course
PSI REAL ESTATE
Institution
PSI REAL ESTATE
A licensee was showing property in an eight-unit complex to a prospective tenant using a
motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom,
and lower all the door handles. The landlord:
o :## Must allow the tenant to make the modifications at the tenant'...
PSI REAL ESTATE EXAM PSI Real Estate Estate
Exam Sample questions for Washington State
Questions and Correct Answers & Latest
Updated
A licensee was showing property in an eight-unit complex to a prospective tenant using a
motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom,
and lower all the door handles. The landlord:
o :## Must allow the tenant to make the modifications at the tenant's expense, but can
require, by the terms of the lease, restoration of the property.
Which of the following is the best description of a fee simple estate?
o :## The most complete ownership in property that one can obtain
A licensee plans to send out an email offering his services. According to the CAN-SPAM Act,
the licensee must
o :## Tell recipients how to opt out of receiving future email.
An owner's mortgage includes a clause requiring a prepayment penalty. Three percent of
any outstanding loan principal would be charged by the lender if the owner paid off the
principal before the scheduled time. Payments were $296.88, due on the first of each
month, and included both principal and interest in arrears at 8% per annum. After the
owner's July 1 payment, her loan balance was $8,946.23. On August 1, after handing her
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
,2|Page: 2024/2025 Grade A+
lender the check for her August 1 payment, the owner paid off the entire remaining loan
balance. What is the approximate prepayment penalty?
o :## $261.27
The owner of an apartment building has just signed an agreement with a real estate firm.
Has an agency been formed?
o :## Yes, because an agency is formed whenever one party delegates to another the right to
act on his behalf in certain business transactions.
The most typical purpose of a deed restriction is to
o :## control future uses of the property.
A managing broker requires his licensees to mention a particular lender to buyers. The
broker has a financial interest in this particular mortgage lender. Which of the following
should the licensee recommend to buyers?
o :## Consider this lender, disclosing the broker's interest, and other lenders.
A brokerage firm offers to split the commission equally with any cooperating brokerage or
any buyer's brokerage firm. A licensee who works for the buyer's broker has an agreement
with his broker that the licensee will receive 60% of the firm's share of commission on any
property the licensee sells. Assuming a 6% listing commission fee to the listing firm, how
much will the selling licensee receive for the sale of a property that was listed for $220,000
and sold for $215,000?
o :## $3,870
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
, 3|Page: 2024/2025 Grade A+
A couple leased a waterfront bungalow. The lease began on June 15, 2010, and continued
through July 31, 2010. The couple had
o :## an estate for years.
A licensee anxious to make a sale violates his duties toward his principal if he volunteers
which of the following pieces of information to a prospective buyer?
o :## "You should make an offer for less than the listing price because the owner is anxious to
sell."
An owner obtains a new mortgage on her house because the house has appreciated in value
and she wants money for an investment. The new mortgage rate is 1% lower than the old
rate. What is this process called?
o :## Refinancing
An enforceable purchase agreement is formed when
o :## Buyer knows of the seller's written acceptance of the offer.
Which of the following is generally income tax deductible in home ownership?
o :## Points paid to obtain the loan
Which of the following is true concerning eminent domain?
o :## The property is taken through the process of condemnation.
When a borrower defaults on a mortgage, an acceleration clause allows the lender the
option of
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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