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PSI NATIONAL REAL ESTATE EXAM 2026 | 500+
VERIFIED Q&A | NATIONAL PORTION MASTERY | A+
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called
a contract
Antitrust laws prohibit competing brokers from all of the following
1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably be shared by
all current owners of real estate fronting on that road
State laws differ on whether a buyer is entitled to know about
a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by
a homeowner
When is racial discrimination in the rental of rooms or apartments permitted?
Under no circumstances
The real estate broker who is listing a house for sale should personally verify
the number of square feet in the building
Real property can be converted to personal property by
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Severance
Prospective buyers made an offer on a property. The seller did NOT accept, but made a
counteroffer. The
prospective buyers signed the counteroffer and the real estate agent delivered their
acceptance to the seller.
In the interim, the same buyers had found another house that they liked better and made
an offer on it, which was accepted. Which of the following is TRUE?
Both contracts are valid
Although states make specific laws governing water rights and the rights in land that
borders water, most states
generally follow one of two basic doctrines regarding water rights. In many states, the
common law doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are controlled by the state
under the doctrine of
prior appropriation
The purpose of requiring an earnest money deposit in a real estate sales contract is to
provide evidence of the buyer's intention to carry out the contract.
A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan
for 15 years at 5 1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly
,3|Page
payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.)
$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to
demand immediate payment of the entire note
The FHA functions MOST like
an insurance company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller.
discount points
When land is conveyed to a trustee, the trustee may
do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner responded with a
counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better offer. The owner can accept the
second offer if
the owner withdraws the counteroffer before it is accepted.
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While an agent is showing a listed property, the seller and the buyer enter into an oral
agreement for the purchase of the home. If a dispute over the terms arises later, the
agreement may be unenforceable because
the agreement does not comply with the Statute of Frauds
Earnest money should be deposited into a trust account
in a timely manner, according to state laws
A deed restriction is applicable to the activities of
all owners, present and future
An easement can be terminated by
prescription
Depreciation is calculated based on the
cost of the building only
Which of the following approaches MOST reliably estimates the sales price of a single-
family residence?
Market data
A seller mentions to his agent that the previous owners of his property may have dumped
hazardous waste on the site. Under the Comprehensive Environmental Response,
Compensation, and Liability Act (CERCLA), who is liable for damages from
the dumping prior to the sale of the property?
Seller
PSI NATIONAL REAL ESTATE EXAM 2026 | 500+
VERIFIED Q&A | NATIONAL PORTION MASTERY | A+
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called
a contract
Antitrust laws prohibit competing brokers from all of the following
1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably be shared by
all current owners of real estate fronting on that road
State laws differ on whether a buyer is entitled to know about
a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by
a homeowner
When is racial discrimination in the rental of rooms or apartments permitted?
Under no circumstances
The real estate broker who is listing a house for sale should personally verify
the number of square feet in the building
Real property can be converted to personal property by
,2|Page
Severance
Prospective buyers made an offer on a property. The seller did NOT accept, but made a
counteroffer. The
prospective buyers signed the counteroffer and the real estate agent delivered their
acceptance to the seller.
In the interim, the same buyers had found another house that they liked better and made
an offer on it, which was accepted. Which of the following is TRUE?
Both contracts are valid
Although states make specific laws governing water rights and the rights in land that
borders water, most states
generally follow one of two basic doctrines regarding water rights. In many states, the
common law doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are controlled by the state
under the doctrine of
prior appropriation
The purpose of requiring an earnest money deposit in a real estate sales contract is to
provide evidence of the buyer's intention to carry out the contract.
A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan
for 15 years at 5 1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly
,3|Page
payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.)
$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to
demand immediate payment of the entire note
The FHA functions MOST like
an insurance company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller.
discount points
When land is conveyed to a trustee, the trustee may
do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner responded with a
counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better offer. The owner can accept the
second offer if
the owner withdraws the counteroffer before it is accepted.
, 4|Page
While an agent is showing a listed property, the seller and the buyer enter into an oral
agreement for the purchase of the home. If a dispute over the terms arises later, the
agreement may be unenforceable because
the agreement does not comply with the Statute of Frauds
Earnest money should be deposited into a trust account
in a timely manner, according to state laws
A deed restriction is applicable to the activities of
all owners, present and future
An easement can be terminated by
prescription
Depreciation is calculated based on the
cost of the building only
Which of the following approaches MOST reliably estimates the sales price of a single-
family residence?
Market data
A seller mentions to his agent that the previous owners of his property may have dumped
hazardous waste on the site. Under the Comprehensive Environmental Response,
Compensation, and Liability Act (CERCLA), who is liable for damages from
the dumping prior to the sale of the property?
Seller
