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PSI NATIONAL REAL ESTATE EXAM LATEST 2026-2027 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
A buyer is purchasing a property for $95,000. The seller has an
existing mortgage of $65,750 which the buyer is assuming. The
buyer has already deposited a $2,500 earnest money check. The
seller agreed to pay a listing commission of 6.5% of the sales
price. How much cash will the buyer need at the closing? -
ANSWER-$26,750
Mortgage default insurance - ANSWER-Is paid by borrower to
protect lender
If the principal insists that she will not sell her house to black
families, the broker must - ANSWER-Cancel the listing
The final appraisal step when the appraiser weighs the three
approaches to value is called? - ANSWER-Reconciliation
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Which one of the following buys mortgages - ANSWER-Federal
National Mortgage Association (FNMA)
The Comprehensive Environmental Response Compensation and
Liability Act (CERCLA) created: - ANSWER-a Superfund to clean
up hazardous waste sites
The listing broker has done a visual inspection of the property and
found no issues. The seller's property disclosure states there are
no problems. After closing, the buyer finds long-standing issues
with water entering the basement.
Who is most likely to be held liable for non-disclosure of this latent
material defect? - ANSWER-The seller, since brokers are not
responsible for latent defects the seller does not disclose
A broker states "this is the best house in the neighborhood," and
the buyer purchases the home. Later the buyer finds out it is not
the best house in the neighborhood. Can the buyer sue the
broker? - ANSWER-No, since the broker was clearly puffing
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When a buyer and a seller enter into a purchase agreement
(contract of sale), the legal remedy that each has to force the
other transaction is - ANSWER-specific performance.
A licensee when showing property MUST disclose - ANSWER-
material facts of which the licensee is aware
In order for a property manager to determine the net operating
income for the investor/owner, which fees or expenses are
subtracted from the effective gross income? - ANSWER-
Operating expenses
A legal description in land that includes language like "the old oak
tree" or "the big rock" would be - ANSWER-Metes and bounds
As a licensee is showing a property contiguous to a lake, the
licensee notices that the lake has a large amount of algae. The
buyer wishes to make an offer. What should the licensee do? -
ANSWER-Encourage the buyer to have an authoritative party
investigate the algae growth.
PSI NATIONAL REAL ESTATE EXAM LATEST 2026-2027 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
A buyer is purchasing a property for $95,000. The seller has an
existing mortgage of $65,750 which the buyer is assuming. The
buyer has already deposited a $2,500 earnest money check. The
seller agreed to pay a listing commission of 6.5% of the sales
price. How much cash will the buyer need at the closing? -
ANSWER-$26,750
Mortgage default insurance - ANSWER-Is paid by borrower to
protect lender
If the principal insists that she will not sell her house to black
families, the broker must - ANSWER-Cancel the listing
The final appraisal step when the appraiser weighs the three
approaches to value is called? - ANSWER-Reconciliation
,2|Page
Which one of the following buys mortgages - ANSWER-Federal
National Mortgage Association (FNMA)
The Comprehensive Environmental Response Compensation and
Liability Act (CERCLA) created: - ANSWER-a Superfund to clean
up hazardous waste sites
The listing broker has done a visual inspection of the property and
found no issues. The seller's property disclosure states there are
no problems. After closing, the buyer finds long-standing issues
with water entering the basement.
Who is most likely to be held liable for non-disclosure of this latent
material defect? - ANSWER-The seller, since brokers are not
responsible for latent defects the seller does not disclose
A broker states "this is the best house in the neighborhood," and
the buyer purchases the home. Later the buyer finds out it is not
the best house in the neighborhood. Can the buyer sue the
broker? - ANSWER-No, since the broker was clearly puffing
, 3|Page
When a buyer and a seller enter into a purchase agreement
(contract of sale), the legal remedy that each has to force the
other transaction is - ANSWER-specific performance.
A licensee when showing property MUST disclose - ANSWER-
material facts of which the licensee is aware
In order for a property manager to determine the net operating
income for the investor/owner, which fees or expenses are
subtracted from the effective gross income? - ANSWER-
Operating expenses
A legal description in land that includes language like "the old oak
tree" or "the big rock" would be - ANSWER-Metes and bounds
As a licensee is showing a property contiguous to a lake, the
licensee notices that the lake has a large amount of algae. The
buyer wishes to make an offer. What should the licensee do? -
ANSWER-Encourage the buyer to have an authoritative party
investigate the algae growth.
