PSI National Exam for Real Estate
Save
Terms in this set (544)
A written agreement in which a a contract
purchaser agrees to buy and a
seller agrees to sell is called
Antitrust laws prohibit competing 1. boycotting other brokers in the marketplace.
brokers from all of the following 2. dividing the market to restrict competition.
3. agreeing to set sales commissions and
management rates.
When a sewer line is installed all current owners of real estate fronting on
down a rural road, the cost will that road
probably be shared by
State laws differ on whether a a suicide that occurred in the house last year.
buyer is entitled to know about
A lawsuit for inverse a homeowner
condemnation may be brought by
When is racial discrimination in the Under no circumstances
rental of rooms or apartments
permitted?
The real estate broker who is the number of square feet in the building
listing a house for sale should
personally verify
Real property can be converted Severance
to personal property by
,Prospective buyers made an offer Both contracts are valid
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?
Although states make specific prior appropriation
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
The purpose of requiring an provide evidence of the buyer's intention to
earnest money deposit in a real carry out the contract.
estate sales contract is to
A buyer is getting a fully $409.20.
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
payments for these two loans?
(BE SURE TO USE THE
AMORTIZATION TABLE.)
A borrower has defaulted on the demand immediate payment of the entire note
mortgage. The mortgage contains
an acceleration clause. This
permits the lender to
The FHA functions MOST like an insurance company
,1. They are used to buy down discount points
interest rate.
2. They are a function of the
marketplace.
3. They are paid by either the
buyer or the seller.
When land is conveyed to a do whatever is permitted under the trust
trustee, the trustee may agreement
A prospective buyer made an the owner withdraws the counteroffer before it
offer to purchase a property. The is accepted.
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
While an agent is showing a listed the agreement does not comply with the
property, the seller and the buyer Statute of Frauds
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
Earnest money should be in a timely manner, according to state laws
deposited into a trust account
A deed restriction is applicable to all owners, present and future
the activities of
An easement can be terminated prescription
by
Depreciation is calculated based cost of the building only
on the
Which of the following Market data
approaches MOST reliably
estimates the sales price of a
single-family residence?
, A seller mentions to his agent that Seller
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?
The escrow officer or closing IRS
agent MUST give information
regarding the sales price and
seller's social security number to
A broker supplies the financing for Agency coupled with an interest
a project to build condominiums
with the stipulation that he has the
exclusive right to sell the
completed condos. Which of the
following BEST describes this
relationship?
If you own a building free and $1,150
clear that is worth $115,000 and
want an annual return of 12%, what
net income is needed each
month?
Usury laws were enacted to borrower
protect the
At the time of listing, the seller tell potential buyers about the parties
tells the listing agent they are
moving because the neighbor has
loud parties every weekend.
The agent should
When one of the parties to an breached
agreement fails to perform one of
its conditions, that contract is
deemed to be
Which of the following is NOT a Buyer and seller must agree to appraised value
consideration in the definition of
market value?
Save
Terms in this set (544)
A written agreement in which a a contract
purchaser agrees to buy and a
seller agrees to sell is called
Antitrust laws prohibit competing 1. boycotting other brokers in the marketplace.
brokers from all of the following 2. dividing the market to restrict competition.
3. agreeing to set sales commissions and
management rates.
When a sewer line is installed all current owners of real estate fronting on
down a rural road, the cost will that road
probably be shared by
State laws differ on whether a a suicide that occurred in the house last year.
buyer is entitled to know about
A lawsuit for inverse a homeowner
condemnation may be brought by
When is racial discrimination in the Under no circumstances
rental of rooms or apartments
permitted?
The real estate broker who is the number of square feet in the building
listing a house for sale should
personally verify
Real property can be converted Severance
to personal property by
,Prospective buyers made an offer Both contracts are valid
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?
Although states make specific prior appropriation
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
The purpose of requiring an provide evidence of the buyer's intention to
earnest money deposit in a real carry out the contract.
estate sales contract is to
A buyer is getting a fully $409.20.
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
payments for these two loans?
(BE SURE TO USE THE
AMORTIZATION TABLE.)
A borrower has defaulted on the demand immediate payment of the entire note
mortgage. The mortgage contains
an acceleration clause. This
permits the lender to
The FHA functions MOST like an insurance company
,1. They are used to buy down discount points
interest rate.
2. They are a function of the
marketplace.
3. They are paid by either the
buyer or the seller.
When land is conveyed to a do whatever is permitted under the trust
trustee, the trustee may agreement
A prospective buyer made an the owner withdraws the counteroffer before it
offer to purchase a property. The is accepted.
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
While an agent is showing a listed the agreement does not comply with the
property, the seller and the buyer Statute of Frauds
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
Earnest money should be in a timely manner, according to state laws
deposited into a trust account
A deed restriction is applicable to all owners, present and future
the activities of
An easement can be terminated prescription
by
Depreciation is calculated based cost of the building only
on the
Which of the following Market data
approaches MOST reliably
estimates the sales price of a
single-family residence?
, A seller mentions to his agent that Seller
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?
The escrow officer or closing IRS
agent MUST give information
regarding the sales price and
seller's social security number to
A broker supplies the financing for Agency coupled with an interest
a project to build condominiums
with the stipulation that he has the
exclusive right to sell the
completed condos. Which of the
following BEST describes this
relationship?
If you own a building free and $1,150
clear that is worth $115,000 and
want an annual return of 12%, what
net income is needed each
month?
Usury laws were enacted to borrower
protect the
At the time of listing, the seller tell potential buyers about the parties
tells the listing agent they are
moving because the neighbor has
loud parties every weekend.
The agent should
When one of the parties to an breached
agreement fails to perform one of
its conditions, that contract is
deemed to be
Which of the following is NOT a Buyer and seller must agree to appraised value
consideration in the definition of
market value?
