PSI National Exam for Real Estate Questions and Answers Updated 2026

PSI National Exam for
Real Estate
Questions and
Answers Updated 2026
ABwrittenBagreementBinBwhichBaBpurchaserBagreesBtoBbuyBandBaBsellerBagreesBtoBse
llBisBcalledB-BAnswerBaBcontract



AntitrustBlawsBprohibitBcompetingBbrokersBfromBallBofBtheBfollowingB-
BAnswerB1.BboycottingBotherBbrokersBinBtheBmarketplace.

2.BdividingBtheBmarketBtoBrestrictBcompetition.

3.BagreeingBtoBsetBsalesBcommissionsBandBmanagementBrates.



WhenBaBsewerBlineBisBinstalledBdownBaBruralBroad,BtheBcostBwillBprobablyBbeBshared
BbyB-BAnswerBallBcurrentBownersBofBrealBestateBfrontingBonBthatBroad



StateBlawsBdifferBonBwhetherBaBbuyerBisBentitledBtoBknowBaboutB-
BAnswerBaBsuicideBthatBoccurredBinBtheBhouseBlastByear.



ABlawsuitBforBinverseBcondemnationBmayBbeBbroughtBbyB-BAnswerBaBhomeowner



WhenBisBracialBdiscriminationBinBtheBrentalBofBroomsBorBapartmentsBpermitted?B-
BAnswerBUnderBnoBcircumstances



TheBrealBestateBbrokerBwhoBisBlistingBaBhouseBforBsaleBshouldBpersonallyBverifyB-
BAnswerBtheBnumberBofBsquareBfeetBinBtheBbuilding

,RealBpropertyBcanBbeBconvertedBtoBpersonalBpropertyBbyB-BAnswerBSeverance



ProspectiveBbuyersBmadeBanBofferBonBaBproperty.BTheBsellerBdidBNOTBaccept,BbutBm
adeBaBcounteroffer.BThe

BprospectiveBbuyersBsignedBtheBcounterofferBandBtheBrealBestateBagentBdeliveredBthei
rBacceptanceBtoBtheBseller.

BInBtheBinterim,BtheBsameBbuyersBhadBfoundBanotherBhouseBthatBtheyBlikedBbetterB
andBmadeBanBofferBonBit,BwhichBwasBaccepted.BWhichBofBtheBfollowingBisBTRUE?B-
BAnswerBBothBcontractsBareBvalid



AlthoughBstatesBmakeBspecificBlawsBgoverningBwaterBrightsBandBtheBrightsBinBlandBth
atBbordersBwater,BmostBstatesB

generallyBfollowBoneBofBtwoBbasicBdoctrinesBregardingBwaterBrights.BInBmanyBstates,B
theBcommonBlawBdoctrineBofBriparianBandBlittoralBrightsBdictatesBthatBwaterBrightsBa
reBautomaticallyBconveyedBwithBproperty.BInBothers,BallBwaterBrightsBareBcontrolledBb
yBtheBstateBunderBtheBdoctrineBofB-BAnswerBpriorBappropriation



TheBpurposeBofBrequiringBanBearnestBmoneyBdepositBinBaBrealBestateBsalesBcontractB
isBtoB-BAnswerBprovideBevidenceBofBtheBbuyer'sBintentionBtoBcarryBoutBtheBcontract.



ABbuyerBisBgettingBaBfullyBamortizedBloanBforB$220,000.BTheBbankBwillBgiveBtheBbuy
erBtheBloanBforB15ByearsBatB5B1/2%B

orBforB30ByearsBatB6B1/2%.BToBtheBnearestBcent,BwhatBisBtheBdifferenceBbetweenBth
eBmonthlyBpaymentsBforBtheseBtwoBloans?

B(BEBSUREBTOBUSEBTHEBAMORTIZATIONBTABLE.)B-BAnswerB$409.20.



ABborrowerBhasBdefaultedBonBtheBmortgage.BTheBmortgageBcontainsBanBaccelerationB
clause.BThisBpermitsBtheBlenderBtoB-
BAnswerBdemandBimmediateBpaymentBofBtheBentireBnote



TheBFHABfunctionsBMOSTBlikeB-BAnswerBanBinsuranceBcompany

,1.BTheyBareBusedBtoBbuyBdownBinterestBrate.

2.BTheyBareBaBfunctionBofBtheBmarketplace.

3.BTheyBareBpaidBbyBeitherBtheBbuyerBorBtheBseller.B-BAnswerBdiscountBpoints



WhenBlandBisBconveyedBtoBaBtrustee,BtheBtrusteeBmayB-
BAnswerBdoBwhateverBisBpermittedBunderBtheBtrustBagreement



ABprospectiveBbuyerBmadeBanBofferBtoBpurchaseBaBproperty.BTheBownerBrespondedB
withBaBcounteroffer.BWhileBtheBbuyerB

wasBreviewingBtheBcounteroffer,BtheBownerBreceivedBaBbetterBoffer.BTheBownerBcanB
acceptBtheBsecondBofferBifB-
BAnswerBtheBownerBwithdrawsBtheBcounterofferBbeforeBitBisBaccepted.



WhileBanBagentBisBshowingBaBlistedBproperty,BtheBsellerBandBtheBbuyerBenterBintoBa
nBoralBagreementBforBtheBpurchaseBofBtheBhome.BIfBaBdisputeBoverBtheBtermsBarises
Blater,BtheBagreementBmayBbeBunenforceableBbecauseB-
BAnswerBtheBagreementBdoesBnotBcomplyBwithBtheBStatuteBofBFrauds



EarnestBmoneyBshouldBbeBdepositedBintoBaBtrustBaccountB-
BAnswerBinBaBtimelyBmanner,BaccordingBtoBstateBlaws



ABdeedBrestrictionBisBapplicableBtoBtheBactivitiesBofB-
BAnswerBallBowners,BpresentBandBfuture



AnBeasementBcanBbeBterminatedBbyB-BAnswerBprescription



DepreciationBisBcalculatedBbasedBonBtheB-BAnswerBcostBofBtheBbuildingBonly



WhichBofBtheBfollowingBapproachesBMOSTBreliablyBestimatesBtheBsalesBpriceBofBaBsin
gle-familyBresidence?B-BAnswerBMarketBdata

, ABsellerBmentionsBtoBhisBagentBthatBtheBpreviousBownersBofBhisBpropertyBmayBhave
BdumpedBhazardousBwasteBonBtheBsite.BUnderBtheBComprehensiveBEnvironmentalBRes
ponse,BCompensation,BandBLiabilityBActB(CERCLA),BwhoBisBliableBforBdamagesBfrom

BtheBdumpingBpriorBtoBtheBsaleBofBtheBproperty?B-BAnswerBSeller



TheBescrowBofficerBorBclosingBagentBMUSTBgiveBinformationBregardingBtheBsalesBprice
BandBseller'sBsocialBsecurityBnumberBtoB-BAnswerBIRS



ABbrokerBsuppliesBtheBfinancingBforBaBprojectBtoBbuildBcondominiumsBwithBtheBstipul
ationBthatBheBhasBtheBexclusiveBrightBtoBsellBtheBcompletedBcondos.BWhichBofBtheBf
ollowingBBESTBdescribesBthisBrelationship?B-BAnswerBAgencyBcoupledBwithBanBinterest



IfByouBownBaBbuildingBfreeBandBclearBthatBisBworthB$115,000BandBwantBanBannualBr
eturnBofB12%,BwhatBnetBincomeBisBneededBeachBmonth?B-BAnswerB$1,150



UsuryBlawsBwereBenactedBtoBprotectBtheB-BAnswerBborrower



AtBtheBtimeBofBlisting,BtheBsellerBtellsBtheBlistingBagentBtheyBareBmovingBbecauseBth
eBneighborBhasBloudBpartiesBeveryBweekend.

BTheBagentBshouldB-BAnswerBtellBpotentialBbuyersBaboutBtheBparties



WhenBoneBofBtheBpartiesBtoBanBagreementBfailsBtoBperformBoneBofBitsBconditions,Bt
hatBcontractBisBdeemedBtoBbeB-BAnswerBbreached



WhichBofBtheBfollowingBisBNOTBaBconsiderationBinBtheBdefinitionBofBmarketBvalue?B-
BAnswerBBuyerBandBsellerBmustBagreeBtoBappraisedBvalue



OneBcommonBmethodBforBcontrollingBtheBproblemsBcreatedBbyBconflictBofBinterestBin
BdualBrepresentationBisB-
BAnswerBallowingBaBbrokerBtoBdesignateBseparateBsalespeopleBwithinBtheBcompanyBa
sBlegalBrepresentativesBofBeachBofBtheBclients.