NATIONAL PSI EXAM PRACTICE TEST |QUESTIONS & EXPERTLY VERIFIED ANSWERS.

NATIONAL PSI EXAM PRACTICE TEST |QUESTIONS & EXPERTLY VERIFIED ANSWERS. Quiz_________________? A brokerage represents the owner in the sale of the owner's property. Which of these events will terminate that agency relationship: A. the broker discovers that an adequate commission cannot be made due to the low market value of the property B. a fire destroys the property C. the broker engages other brokers to help sell the property D. the owner abandons the property. - Answer B Quiz_________________? A building sold for $157,000 The broker's commisssion was 6% and was divided as follows: 10% to the listing person 50% of the balance to the selling broker. What was the listing booker's commission? A. 1064 B. 942 C. 1124 D. 964 - Answer B. 157,000 X 6% = 9420 9420 / 10% = 942 Quiz_________________? A contract that conveys the right to possess the real property of another but does not convey title is : A. a bill of sale B. a lease C. a dedication D. a quitclaim deed - Answer B Quiz_________________? A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crack is an example of : A. A structural defect B. A patent Defect C. a latent defect D. an environmental defect - Answer B. A patent defect is easily visible when inspecting a property. (another) term for material) Quiz_________________? A couple purchased a home for cash over 25 years ago. Today the receive monthly checks from a lender that supplement their retirement income. The couple MOST likely have: A. a home equity loan B. a reverse mortgage C. an interest -only loan D. an adjustable rate mortgage - Answer B. Quiz_________________? A developer grants a local power company the right to install necessary transmission lines. This right is an example of a(n) A) license. B) easement in gross. C) easement by prescription. D) conditional use permit. - Answer D. An easement in gross is a company's right to use another's land. Quiz_________________? A document that protects against hidden risk such as forgeries and loss due to defects in title, subject to specific exclusions, is called: A. a title insurance policy B. an abstract of title C. a chain of title D. a certificate of title - Answer A. Quiz_________________? A lender that charges a rate of interest in excess of that permitted by state law may be guilty of : A. truth in lending violations B. fraud C. usury D. misrepresentation - Answer C