PSI Practice Exam Questions and Answers (100% Pass)
7 views 0 purchase
Course
PSI
Institution
PSI
PSI Practice Exam Questions and Answers (100% Pass)
A prospective buyer made an offer to purchase a property. The owner responded
with a counteroffer. While the buyer was reviewing the counteroffer, the owner
received a better offer. The owner can accept the second offer if? - Answer️️ -the
...
PSI Practice Exam Questions and Answers (100% Pass)
A prospective buyer made an offer to purchase a property. The owner responded
with a counteroffer. While the buyer was reviewing the counteroffer, the owner
received a better offer. The owner can accept the second offer if? - Answer✔️✔️-the
owner withdraws the counteroffer before it is accepted.
A buyer was negotiating the purchase of a house for himself. During a
conversation with the seller, the seller agreed to include all kitchen appliances in
the sale, and this fact was included in the sales contract. In this situation, if the
seller takes the appliances with him, what recourse does the buyer have? -
Answer✔️✔️-The buyer may sue the seller for specific performance.
If an older building cannot be air-conditioned, it is an example of? - Answer✔️✔️-
functional obsolescence.
Three people buy a house as tenants in common. Subsequently, two of the owners
want to sell, but the third discourages each potential purchaser. The two owners
who wish to sell the house can? - Answer✔️✔️-file an action for partition against the
third owner.
A minority couple come to a salesperson looking for a house. The salesperson has
some properties for which the couple qualify but avoids showing or mentioning
these listings. Instead, the salesperson shows only properties in low-priced and
integrated neighborhoods. This practice is known as - Answer✔️✔️-steering.
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? - Answer✔️✔️-
Specify questionable items of property in the written sales contract
In MOST states, foreclosed property is sold through? - Answer✔️✔️-public auction.
When a principal authorizes an agent to perform a particular act or transaction, it is
an example of a? - Answer✔️✔️-special agency.
Which restrictive covenant would be considered illegal? - Answer✔️✔️-A covenant
that restricts selected parcels within a defined subdivision.
A gross lease can be best defined as one where the tenant pays, as a part of the
rent? - Answer✔️✔️-no operating expenses of the leased space
A salesperson in a branch office is sued for damages by a buyer after the
salesperson misrepresents a property. Who has the ultimate responsibility for the
salesperson's actions? - Answer✔️✔️-the supervising broker
When a listing broker is preparing an Offer to Purchase for a buyer customer,
contingencies involving inspections or approval by a third party should? -
Answer✔️✔️-have short deadlines.
Ordinances that specify construction standards are? - Answer✔️✔️-building codes.
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 - Answer✔️✔️-an exclusive agency listing.
The FHA functions MOST like - Answer✔️✔️-an insurance company.
A buyer is getting a fully amortized loan for $220,000. The bank will give the
buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest
dollar, what is the difference between the monthly payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.) - Answer✔️✔️-$407
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
