Consolidation history:
Nasan Mona & Su Hurley each bought PSI practice tests ($20) in February 2020. Then KrisTina Novichenkp found a very similar PSI practice test online from 2015. Then Anna Bicho sent me her two PSI practice tests from 2/21/20 and 2/28/20.
Then someone resurrected a PSI practi...
Consolidation history:
Nasan Mona & Su Hurley each bought PSI practice tests ($20) in
February 2020. Then KrisTina Novichenkp found a very similar PSI
practice test online from 2015. Then Anna Bicho sent me her two PSI
practice tests from 2/21/20 and 2/28/20.
Then someone resurrected a PSI practice test posted by Fallon Barnes on March 21,
2019. Finally, April Leann and Constanza Sokorai sent me their PSI practice tests
they’d bought recently.
Since then, I’ve checked many PSI practice exams and have never seen a question/answer that’s not
included below.
Nasan Mona’s PSI practice test
#1 (#24 on 2015 test • #53 Hurley’s PSI test • #73 Constanza’s test • #70 April’s test)
At the closing on June 15, the buyer is assuming a mortgage presently on the property,
on which the monthly interest charge is currently $600. The seller has made the
payment due on June 1.
Assuming a VA mortgage, what is the adjustment made at closing?
Answer: Debit seller $300; credit buyer $300
#2
When compiling a competitive market analysis, a broker would look for comparable
properties that Answer: were located near the property being listed.
#3 (#44 on 2015 test • #14 April’s test)
What is the duration of a home warranty’s coverage?
Answer: as disclosed in the contract that offers the
warranty
#4 (#5 Constanza’s test)
Even if a loan applicant’s current income seems adequate to qualify for a certain
loan, the ECOA allows a lender to refuse the loan as high risk if the applicant’s main
source of income is
Answer: commission sales
#5 (#50 Constanza’s test • #63 April’s test)
Davis, Hernandez, and Moore are vested as tenants in common on a parcel of land.
Each received a pro-rata undivided interest in the parcel. The total price was $120,000.
David put up 40% and Hernandez put up $22,500. What percentage does Moore own (to
the nearest tenth of a percent)?
Answer: 41.2%
#6 (#43 Hurley’s PSI test • #6 Constanza’s test • #66 April’s test)
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing?
Answer: Credit buyer $110,000; debit seller $110,000.
#7 (#34 Constanza’s test)
The 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. #8 (#79 on 2015 test • #63 Hurley’s PSI test •
#18 April’s test)
, Unrepresented buyers ask the licensee who listed the home whether they should order a
property inspection as a part of their due diligence for the purchase of the home. Which
of the following would be the most appropriate way for the listing agent to respond?
Answer: If you feel it is in your best interest, please do so.
#9 (#77 April’s test)
All of the following are methods to calculate the reproduction or replacement cost
of a building EXCEPT the
Answer: straight-line method
#10 (#66 on 2015 test • #20 Hurley’s PSI test • #19 April’s test)
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.
#11 (#67 on 2015 test • #13 Hurley’s PSI test • #58 Constanza’s test • #2 April’s test)
The broker has signed a listing contract for the sale of a home. Which of the following
could make this contract voidable.
Answer: The seller is heavily under the influence of alcohol at the time of signing.
#12 (#63 on 2015 test • #62 Hurley’s PSI test • #55 Constanza’s test • #34 April’s test)
The FHA functions MOST
like Answer: an insurance
company.
#13 (#42 on 2015 test • #38 Hurley’s PSI test)
In helping a buyer select a lender, if the buyer believes he has good credit and his
income is documentable as a salary and by tax returns, the licensee might recommend a
mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT
Answer: more variety of loan programs available.
#14 (#31 on 2015 test • #6 Hurley’s PSI test • #25 Constanza’s test • #67 April’s test)
A borrower has defaulted on the mortgage. The mortgage contains an acceleration
clause. This permits the lender to
Answer: demand immediate payment of the entire note.
#15 (#58 Hurley’s PSI test • #53 Constanza’s test • #8 April’s test)
A contract for the sale of a home has been signed by both parties. This contract
will remain executory until
Answer: the transaction has closed.
#16 (#3 Hurley’s PSI test • #65 Constanza’s test • #15 April’s test)
Alex, 14 and Kent, 17, inherited a piece of property. The next year, Kent deeded the
whole property to Alex, who immediately put it on the market. An adult buyer made a
written offer which was accepted by Alex. Which of the following is TRUE?
Answer: The buyer cannot legally compel Alex to sell.
#17 (#33 Hurley’s PSI test • #41 April’s test)
In an exclusive right-to-sell listing, an owner lists the property for sale with how many
brokers?
Answer: One
#18 (#36 on 2015 test • #15 Hurley’s PSI test • #52 Constanza’s test)
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