PSI LATEST EXAM PREP QUESTIONS AND
ANSWERS PDF 2026
▶ A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called. Answer: contract
▶ A 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.
▶ A gross lease can be best defined as one where the tenant pays, as a
part of the rent,. Answer: no operating expenses of the leased space.
▶ A broker has brought a ready, willing, and able buyer to a seller. In
MOST listing contracts, the broker has earned his commission when.
Answer: the seller accepts the offer.
▶ 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?. Answer: Both contracts are valid
▶ 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. Answer: the owner withdraws the counteroffer before it is
accepted.
▶ In an exclusive right-to-sell listing, an owner lists the property for sale
with how many brokers?. Answer: one
, ▶ When a listing broker is preparing an Offer to Purchase for a buyer
customer, contingencies involving inspections or approval by a third party
should. Answer: have short deadlines.
▶ A 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
▶ A licensee has an agency representation agreement with a buyer. When
showing another company's listing, what obligation does the licensee have
to the seller and the listing broker at the other company?. Answer:
Disclose the agency relationship when arranging the showing and disclose
material information about the buyer if presenting an offer.
▶ A contract has been drawn which obliges the sellers to convey title to
their land to the buyers if the buyers come up with $22,000 on or before
December 31st. This is called. Answer: an option contract.
▶ The buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should. Answer: suggest the buyer ask a lawyer to furnish the wording.
▶ An equal housing opportunity notice MUST be. Answer: displayed in the
brokerage office.
▶ A managing broker can be held responsible for. Answer: all real estate
activities of salespersons.
▶ A charge of violation of Federal Fair Housing laws can be heard by an
administrative law judge within the Department of Housing and Urban
Development (HUD) or by a Federal district court judge in Federal court.
The advantage of a Federal court hearing to the complaining party is that.
Answer: there is no dollar limit on damages paid.
▶ Under the Federal Fair Housing Law, which of the following is
considered discriminatory advertising?. Answer: Catholics preferred
▶ A salesperson in a branch office is sued for damages by a buyer after
the salesperson misrepresents a property. Who has the ultimate
ANSWERS PDF 2026
▶ A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called. Answer: contract
▶ A 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.
▶ A gross lease can be best defined as one where the tenant pays, as a
part of the rent,. Answer: no operating expenses of the leased space.
▶ A broker has brought a ready, willing, and able buyer to a seller. In
MOST listing contracts, the broker has earned his commission when.
Answer: the seller accepts the offer.
▶ 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?. Answer: Both contracts are valid
▶ 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. Answer: the owner withdraws the counteroffer before it is
accepted.
▶ In an exclusive right-to-sell listing, an owner lists the property for sale
with how many brokers?. Answer: one
, ▶ When a listing broker is preparing an Offer to Purchase for a buyer
customer, contingencies involving inspections or approval by a third party
should. Answer: have short deadlines.
▶ A 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
▶ A licensee has an agency representation agreement with a buyer. When
showing another company's listing, what obligation does the licensee have
to the seller and the listing broker at the other company?. Answer:
Disclose the agency relationship when arranging the showing and disclose
material information about the buyer if presenting an offer.
▶ A contract has been drawn which obliges the sellers to convey title to
their land to the buyers if the buyers come up with $22,000 on or before
December 31st. This is called. Answer: an option contract.
▶ The buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should. Answer: suggest the buyer ask a lawyer to furnish the wording.
▶ An equal housing opportunity notice MUST be. Answer: displayed in the
brokerage office.
▶ A managing broker can be held responsible for. Answer: all real estate
activities of salespersons.
▶ A charge of violation of Federal Fair Housing laws can be heard by an
administrative law judge within the Department of Housing and Urban
Development (HUD) or by a Federal district court judge in Federal court.
The advantage of a Federal court hearing to the complaining party is that.
Answer: there is no dollar limit on damages paid.
▶ Under the Federal Fair Housing Law, which of the following is
considered discriminatory advertising?. Answer: Catholics preferred
▶ A salesperson in a branch office is sued for damages by a buyer after
the salesperson misrepresents a property. Who has the ultimate
