PSI National Real Estate Salesperson Practice Exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20National
PSI National Real Estate Salesperson Practice
Exam Questions & Answers
1. A competitive market analysis is MOST often used for
Answer setting a listing price.
2. A couple owns an older home in a neighborhood that is becoming a com-
mercial area. Because of the change in the use of the land, the couple can
expect the value of their parcel to increase at some future time. This is an
example of the principle of
Answer anticipation.
3. A commercial property lost value because a recently constructed highway
moved traffic away from the property. This is an example of
Answer economic or external obsolescence.
4. According to the principle of progression, a three-bedroom, one-story home is
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,PSI National Real Estate Salesperson Practice Exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20National
MOST likely to bring the highest sales price if located in a neighborhood in
which
Answer most homes are larger than the sale home.
5. A prospective seller asks a salesperson to recommend a listing price for a
property. The salesperson should suggest
Answer a competitive market analysis to determine the property's value.
6. If all other factors are equal, in which location is a parking lot likely to bring
the highest sales price?
Answer Business district zoned for a six story office building.
7. When the sellers are lending part of the purchase price, they may secure the
debt either with a deed of trust or a mortgage. For the seller, one benefit of the
deed of trust is that
Answer foreclosure is usually simpler and faster.
8. 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
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loan as a high risk if the applicant's main source of income is
Answer commission sales.
9. A broker and the buyers he represents are anxiously awaiting the closing on
their new home.The closing is scheduled in 4 days.The buyers inform the
broker that they just received revised Loan Estimate and Closing Disclosure
forms from the lender, indicating the Annual Percentage Rate on their loan has
increased by 0.3%. Based on theTILA-RESPA Integrated Disclosure rule, what
action should the broker take in this situation?
Answer Confirm with the seller's broker, the lender and the closing entity that the
closing must be delayed to allow for a new seven-day waiting period because of the
interest rate revision.
10. The FHA functions MOST like
Answer an insurance company.
11. Federal Truth-in-Lending laws are also known as
Answer Regulation Z.
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