National PSI EXAM PRACTICE TEST QUESTIONS AND ANSWERS UPDATED 2026

National PSI
EXAM PRACTICE
TEST QUESTIONS
AND ANSWERS
UPDATED 2026
RealBEstateBlawBgoverningBadvertisingBappliesBtoBallBofBtheseBEXCEPT:B

A.BInBhouseBnotesBforBshowing

B.BMultipleBlistingBserviceB(MLS)

C.BcommunicationsBwithBconsumers

D.BSocialBMediaB-BAnswerBA.BIn-
houseBnotesBforBshowingBareBnotBseenBbyBconsumersBanBsoBdoBnotBhaveBtoBfollowB
stateBorBfederalBlaws.



ABcoupleBaccompaniesBaBpropertyBinspectorBduringBanBinspectionBofBaBhouseBonBwh
ichBtheyBhaveBaBcontract.BTheBinspectorBpointsBtoBaBsix-
inchBcrackBatBtheBcornerBofBaBdiningBroomBwindow.BTheBcrackBisBanBexampleBofB:B

A.BABstructuralBdefectB

B.BABpatentBDefectB

C.BaBlatentBdefectB

D.BanBenvironmentalBdefectB-
BAnswerBB.BABpatentBdefectBisBeasilyBvisibleBwhenBinspectingBaBproperty.B(another)Bt
ermBforBmaterial)

,AnBeligibleBveteranBmadeBanBofferBofB$225,000BtoBpurchaseBaBhomeBcontingentBupo
nBobtainingBaBno-
downBpaymentBU.SBdepartmentBofBVeteransBAffairsB(VA)BguaranteedBloan.BThreeBwee
ksBafterBtheBofferBwasBaccepted,BtheBVABissuedBaBcertificateBofBreasonableBvalueB(CR
V)BforBtheB$222,000BforBtheBproperty.BInBthisBcase,BtheBveteranBmay:B

A.BwithdrawBfromBtheBsaleBwithBaBthree-pointBpenaltyB

B.BwithdrawBfromBtheBsaleBonBpaymentBofBaBcommissionBtoBtheBseller'sBbrokerB

C.BpurchaseBtheBpropertyBbyBmakingBaB$3,000BcashBpayment

D.BseekBsecondaryBfundingBforBtheB$3,0000B-
BAnswerBC.BWhenBtheBpurchaseBpriceBofBaBpropertyBisBgreaterBthanBtheBVA-
issuedB(CRV),BtheBveteranBmayBpayBtheBdifferenceBinBcashBtoBpurchaseBtheBproperty
BbecauseBsecondaryBfinancingBisBsomewhatBrestrictedBunderBVABregulations.



GeneralBrealBestateBpropertyBtaxesBleviedBforBtheBoperationBofBtheBgovernmentBareB
called:B



A.BspecialBtaxes

B.BadBvaloremBtaxes

C.BimprovementBtaxesB

D.BspecialBassessmentBtaxesB-BAnswerBB.



UnderBcurrentBRegulations,BaBU.S.BdepartmentBofBVeteranBAffairsB(VA)BloanBisBassum
ableBif:B



A.BTheBVABapprovesBbothBtheBbuyerBandBtheBassumptionBagreementB

B.BtheBveteranBagreesBnotBtoBrequestBaBreleasesBofBliabilityBforBrepaymentB

C.BtheBVABapprovesBtheBbuyerBonlyB

D.BtheBVABapprovesBtheBassumptionBofBtheBagreementBonlyB-BAnswerBA.B

forBVABloansBmadeBafterBMarchB1,B1988BtheBVABmustBapproveBbothBtheBbuyerBand
BtheBassumptionBagreementBbeforeBtheBloanBmayBbeBassumed.

, DuringBtheBperiodBofBtimeBafterBaBrealBestateBsalesBcontractBisBsigned,BbutBbeforeBti
tleBactuallyBpasses,BtheBstatusBofBtheBcontractBis:



A.BexecutoryB

B.Bvoidable

C.Bexecuted

D.BunilateralB-BAnswerBA.B

ABcontractBisBinBexecutoryBstatusBwhenBitsBtermsBofBagreementBhaveBnotByetBbeenB
carriedBout.



IfBthereBisBaBdiscrepancyBbetweenBaBresidentialBlotBsizeBquotedBinBaBlistingBcontract
BandBtheBactualBlotBsize,BtheBactualBlotBsizeBthatBwillBprevailBinBaBsalesBtransactionB
willBbeBfoundBinB:



A.BtheBMLSB

B.BtheBsurveyB

C.BtheBlistingBcontractB

D.BtheBdeedB-BAnswerBB.



TheBbuyersBsecuredBaBloanBatB75%B(LTV)Bration.BTheBinterestBrateBwasB7.125%,BandB
theBtermBwasBforB30BYears.BTheBfirstBmonth'sBinterestBpaymentBwasB$477.82.BWhatB
wasBtheBappraisedBvalueBofBtheBproperty?



A.B$103.700

B.B$80,475

C.B$107,300

D.B79,239B-BAnswerBC.B



$477.82x12=$5,733.84BannualBinterestB

$5,733.84/7.125%=$80,475