PSI REAL ESTATE SALESPERSON PRACTICE EXAM.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20REAL%
PSI REAL ESTATE SALESPERSON PRACTICE
EXAM Questions & Answers
1. 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 commissionto
the broker.This listing was MOST likely
1. an exclusive agency listing.
2. an exclusive right to sell listing.
3. a net listing.
4. an advance fee listing.
Answer an exclusive agency listing
2. What critical aspect of the property inspection process MUST licenseesconvey
to prospective buyers?
1. Difficulty of finding competent inspectors.
2. Appropriate fee splitting between inspectors and brokers.
3. Need for inspections to be completed within the time stated in the contract.
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4. Likelihood that the inspection will generate a list of items sellers must
repair.
Answer Need for inspections to be completed within the time stated in the contract.
3. An exception to title insurance coverage is
1. forged documents.
2. defects found in public newspapers.
3. incorrect records of marital status.
4. defects that clearly appear in the title search.
Answer defects that clearly appear inthe title search.
4. If a borrower can afford to make monthly principal and interest payments of
$1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at
4-1/2%, what is the largest loan (rounded to the nearest $100) this buyer can
afford? (BE SURE TO USE THE AMORTIZATION TABLE.)
1. $158,100
2. $158,300
3. $175,900
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4. $176,100
Answer $176,100
5. State laws differ on whether a buyer is entitled to know about
1. a suicide that occurred in the house last year.
2. possible lead paint in the property.
3. the flooding of the basement every spring.
4. the fact that the sellers are getting a divorce.
Answer a suicide that occurred in thehouse last year.
6. Three identical homes in a neighborhood were listed at the same time ina
market where demand was constant. According to the law of supply and
demand, which would have sold for the lowest price?
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1. The first sold.
2. The second sold.
3. The last sold.
4. Cannot tell from the information given
Answer The first sold.
7. A property management plan may serve different purposes for different
owners, and generally has to strike a balance between preservation of the
property's value and generation of income. Which of the following owners
would MOST likely prefer a property manager who emphasizes maintenanceof
value over profitability?
1. An individual entrepreneur who owns several apartment buildings.
2. The Department of Housing and Urban Development.
3. The investment division of a bank.
4. A corporate Real Estate Investment Trust.
Answer The Department of Housing andUrban Development.
8. Federal Truth-in-Lending laws are also known as
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