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PSI REAL ESTATE SALESPERSON PRACTICE EXAM with complete answers(verified for accuracy).
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PSI REAL ESTATE SALESPERSON PRACTICE EXAM with complete answers(verified for accuracy).
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Ohio Real Estate Exam PracticeQuestions with complete
answers(verified for accuracy)
May a consumer who has been harmed by a licensee acting under
her license as a real estate salesperson or broker immediately file a
claim for payment from the Real Estate Recovery Fund? - answer
CORRECT ANSWER: No, the consumer must file a lawsuit, get a final
judgment, and attempt to collect
A listing agreement in which the agent may possibly be in
competition with the client to see who can sell the house first is an
exclusive - answer CORRECT ANSWER: agency
According to the Statute of Frauds, what does NOT have to be in
writing? - answer CORRECT ANSWER: listing agreement
If a third party maintains a website for a licensee, places
information on the website on behalf of the licensee, and that
information becomes outdated or expired, how soon must it be
updated or removed? - answer CORRECT ANSWER: Outdated and
expired information must be updated or removed within two weeks
After issuing a bad check, the Division requires the licensee to send
certified funds for all subsequent payments for a period of - answer
CORRECT ANSWER: 5 years
How much will a licensee be fined for paying fees to the state with a
bad check? - answer CORRECT ANSWER: $100
Once a salesperson is affiliated with a broker, what are the steps to
be taken to associate with another broker? - answer CORRECT
,ANSWER: the salesperson must submit an application to the
Superintendent
What statement regarding condominium ownership is correct? -
answer CORRECT ANSWER: A unit owner may devise the property
Julie is the new owner of a house and decides to remove the carpet.
After doing so, she discovers there is significant pet damage to the
hardwood floor beneath the carpet. Julie cuts most of the center of
the floor out and replaces it with subfloor. Julie then places a
Persian rug over the subfloor. When Julie sells, can she remove the
Persian rug? - answer CORRECT ANSWER: No, anything that covers
subflooring becomes real property
How would a developer/builder typically finance a development? -
answer CORRECT ANSWER: blanket
For a conventional loan, how much of a borrower's income can be
used to service debt? - answer CORRECT ANSWER: 36%
What document uses legal title to real property to secure debt? -
answer CORRECT ANSWER: mortgage
According to the Lead-Based Paint Hazard Reduction Act, what can
happen to a licensee if she fails to give a buyer the lead-based paint
pamphlet and disclosures? - answer CORRECT ANSWER:
- $10,000 fine
- 3 times compensatory damages in lawsuit
- punishment
The non-breaching party to a contract has a duty by law to - answer
CORRECT ANSWER: mitigate damages
, What would be considered evidence of the agency relationship
between broker and buyer? - answer CORRECT ANSWER: buyer-
broker contract
Harvey enters into a lease where he must pay 30 percent of the
landlord's expenses. Which type of lease did Harvey sign? - answer
CORRECT ANSWER: net lease
Which statement regarding RESPA is TRUE? - answer RESPA
eliminates kickbacks and other referral fees, prohibits lenders from
requiring excessive escrow account deposits, and provides accurate
and timely information about the actual cost of buying or selling a
home.
A wealthy business man whishes to change his last will and
testament to exclude a relative who recently died. Which document
will the testator use to make the change? - answer CORRECT
ANSWER: codicil
RATIONALE
An addendum would signify a change in the terms of a contract. A
certificate of transfer is the instrument used to convey title to a
devise. A transfer on death deed transfers title of a decedent's
property upon death. A codicil is used to change a last will and
testament.
When a broker received an unexpected bill, he deposited a client's
earnest money check into his personal account to cover the
expense. This best describes - answer CORRECT ANSWER:
conversion
A real estate agent has written an offer in which Luke, the buyer,
asked the sellers to pay his half of the escrow fee and his three
points. The sellers accepted $135,000 for the home and Luke is
going to put $40,000 down. How much will the Luke pay for his
points? - answer CORRECT ANSWER: $0
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