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PSI MARYLAND PRACTICE EXAM QUESTIONS AND ANSWERS
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PSI MARYLAND PRACTICE EXAM QUESTIONS AND ANSWERS
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PSI MARYLAND PRACTICE EXAM QUESTIONSAND ANSWERS 2024 - 2025
If,an,older,building,cannot,be,air-conditioned,,it,is,an,example,of,___________,?
A.,Economic,obsolescence.
B.,Functional,obsolescence.
C.,Physical,deterioration.
D.,External,deterioration,ANS,-B.,Functional,obsolescence.
An,appraiser,MUST,be,licensed,or,certified,to,handle,Federally,related,work,on,residential,property,val
ued,at,more,than,___________?
A.,$100,000.
B.,$250,000.
C.,$500,000.
D.,$1,000,000.,ANS,-B.,$250,000.
The,main,difference,between,tenancy,in,common,and,joint,tenancy,is,that,with,tenancy,in,common,,w
hen,a,co-owner,dies,,_____________
A.,His,undivided,interest,passes,to,his,heirs.
B.,The,last,surviving,owner,holds,title,in,severalty.
C.,His,undivided,interest,passes,to,the,surviving,co-owners.
D.,The,principle,of,the,right,to,survivorship,determines,the,rights,of,the,surviving,co-owners.,ANS,-
A.,His,undivided,interest,passes,to,his,heirs.
A,buyer,wants,to,purchase,a,home,for,$160,000,with,a,15%,down,payment.,The,lender,charges,2,point
s.,How,much,money,does,the,buyer,need,up,front,to,make,the,purchase?
,A.,$2,720
B.,$24,000
C.,$24,408
D.,$26,720,ANS,-D.,$26,720
When,a,home,is,purchased,using,an,ARM,,the,monthly,loan,payment,on,the,mortgage,will,__________
__,?
A.,Rise,slightly,in,each,adjustment,period,until,the,cap,is,reached.
B.,Be,adjusted,automatically,to,ensure,that,negative,amortization,does,not,occur.
C.,Be,based,on,a,very,low,interest,rate,to,begin,with,,but,will,rise,to,the,market,rate,at,the,first,adjust
ment.
D.,Vary,over,the,life,of,the,loan,depending,on,fluctuations,in,the,interest,rate,to,which,the,loan,is,refer
enced.,ANS,-
D.,Vary,over,the,life,of,the,loan,depending,on,fluctuations,in,the,interest,rate,to,which,the,loan,is,refer
enced.
An,exception,to,title,insurance,coverage,is,___________?
A.,Forged,documents.
B.,Defects,found,in,public,newspapers.
C.,Incorrect,records,of,marital,status.
D.,Defects,that,clearly,appear,in,the,title,search.,ANS,-D.,Defects,that,clearly,appear,in,the,title,search.
Under,the,common,law,of,agency,,licensees,owe,the,broker,with,whom,they,are,associated,all,of,the,f
ollowing,duties,EXCEPT,_________?
A.,Loyalty.
B.,Competence.
C.,Indemnification.
D.,Full,disclosure.,ANS,-C.,Indemnification.
, The,buyer,is,assuming,a,mortgage,presently,on,the,property,in,the,amount,of,$110,000.,What,is,the,ad
justment,made,at,closing?
A.,Credit,buyer,$110,000;,debit,seller,$110,000.
B.,Credit,seller,$110,000;,debit,buyer,$110,000.
C.,Credit,buyer,$110,000;,no,adjustment,to,seller.
D.,Credit,seller,$110,000;,no,adjustment,to,buyer.,ANS,-
A.,Credit,buyer,$110,000;,debit,seller,$110,000.
A,mentally,disabled,person,who,has,been,declared,incompetent,by,a,judge,wishes,to,enter,into,a,contr
act.,Under,what,conditions,can,such,a,person,do,so?
A.,The,person,must,obtain,prior,written,approval,by,a,licensed,psychiatrist,or,psychologist.
B.,The,person,must,be,capable,of,understanding,the,transaction.
C.,The,person,appointed,by,the,court,to,act,for,the,disabled,person,must,contract,on,his,or,her,behalf.
D.,The,person,may,enter,a,contract,under,any,conditions,,because,the,law,prohibits,discrimination,agai
nst,persons,with,disabilities.,ANS,-
C.,The,person,appointed,by,the,court,to,act,for,the,disabled,person,must,contract,on,his,or,her,behalf.
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,incom
e,is,___________?
A.,Alimony.
B.,Commission,sales.
C.,Pension,fund.
D.,Child,support,payments.,ANS,-B.,Commission,sales.
A,broker,and,the,buyers,he,represents,are,anxiously,awaiting,the,closing,on,their,new,home.,The,closin
g,is,scheduled,in,4,days.,The,buyers,inform,the,broker,that,they,just,received,revised,Loan,Estimate,an
d,Closing,Disclosure,forms,from,the,lender,,indicating,the,Annual,Percentage,Rate,on,their,loan,has,incr
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