PSI national Practice Exam Questions and Answers (100% Pass)
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Course
PSI
Institution
PSI
PSI national Practice Exam Questions and Answers (100% Pass)
What's the major difference between freehold estate and leasehold estate?
A. Have an ownership interest
B. Terminate upon the death of the person on whose life they are based
C. Are estates of inheritance
D. Are estates for a fixed t...
C. A developer is allowed to include the deed restriction that all lots in a
subdivision contain a house of at least 3,000 square feet of living area
D. A developer is allowed to include the deed restriction that all lots in a
subdivision must have a swimming pool built on themout
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Comment - Answer✔️✔️-A. A moderate violation of setback requirements is
allowed so that an office building is built far enough from a high-pressure natural
gas pipeline
A developer has a 100-acre tract to develop. 2% of the land will be used for
recreational areas and 10% will be used for roads and utilities. Acre lots are selling
for $32,000. What is the potential gross income from the sale of this development:
A. $2,860,000
B. $2,944,000
C. $3,200,000
D. $5,632,000 - Answer✔️✔️-
Which of the following differentiates a bilateral contract from a unilateral contract?
Comment - Answer✔️✔️-B Performance obligations of the parties
A sellers disclosure form states there's no known material defects but the listing
agent discovered the asbestos wrapped around the pipes in the basement. The
licensee should :
A disclose the existence of asbestos to all buyers
B ask the sellers permission to disclose and abide by the sellers wishes
C suggest the buyers have a home inspection
D suggest to the seller that he wrap the pipes to contain potential airborne
contamination. - Answer✔️✔️-A disclose the existence of asbestos to all buyers
You're explaining to your client that using electronic documents and signature
simplifies the homebuying process. Your client is skeptical about the signatures.
You describe the uniform electronica transactions act (UETA) and tell your client
A.) It gives electronic signatures the same legal weight as "wet" signatures
B.) It provides a guarantee that electronic signatures will hold up in court
C.) It requires states to permit electronic signatures on all real estate related
documents
D.) It takes precedence over state laws - Answer✔️✔️-A.) It gives electronic
signatures the same legal weight as "wet" si
Under what circumstances can a licensee represent the buyer and the seller in the
same transaction:
A. The buyer and the seller agree to split the expense of the commission
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