PSI NATIONAL REAL ESTATE EXAM NEWEST
2026 2027 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS FULLY
VERIFIED BRANDNEW VERSION HIGH YIELD
STUDY GUIDE ACTUAL UPDATED PRACTICE
QUESTIONS REAL ESTATE LICENSING EXAM
PREPARATION GRADED A+ SUCCESS REVIEW
Seller is selling their property. Their outstanding loan balance is
$240,000. The house has a value of $200,000. Assuming the seller pays
realty fees, closing fees, state fees, the amount left over is only $180,000
to pay off the loan. What statement - CORRECT ANSWER-Lender
may pursue the seller for a deficiency judgment of $60,000
A seller has received an offer at 80% of list price. Seller counter offers at
90% of list the response, an offer of 98% of list price comes in from
another buyer. The seller wishes to sell to the second buyer. What is
true? - CORRECT ANSWER-Withdraw the first buyer's counter-offer
and then accept the second offer
A buyer makes an offer on a property that the seller accepts. While
waiting for an inspection, the buyers see another property that they like
even better. They draft an offer on that property which is accepted by
that seller. What statement about the offers is true? - CORRECT
ANSWER-Both offers are Valid Offers
,What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved? - CORRECT ANSWER-
Contingency
With regard to the Lead Based Paint requirements under federal law,
what is required? - CORRECT ANSWER-Buyer has a 10 day period to
inspect and/or rescind offer
A real estate committee met and decided to simplify real estate in an area
by having one commission structure at a low rate for all consumers. Is
this legal? - CORRECT ANSWER-No-this is price fixing
A principal broker can be held responsible for - CORRECT ANSWER-
All real estate activities of salesperson
A commercial property lost value because a recently constructed
highway directed traffic away from the property. This is an example of -
CORRECT ANSWER-Economic or external obsolesce
A prospective buyer makes an offer to buy a house. The owner counter-
offers. While the buyers are reviewing the counteroffer, the owner
receives a better offer. The owner can accept the second offer if... -
,CORRECT ANSWER-The owner withdraws the counteroffer before the
first buyer accepts-it
The amount of commission is established - CORRECT ANSWER-
Agreed upon by seller and broker
At the closing on June 15, the buyer is assuming a mortgage presently
on the property, on which the monthly interest charge is currently $600.
The seller has made the payment due on June 1. Assuming a VA
mortgage, what is the adjustment made at closing? - CORRECT
ANSWER-Credit seller $300; debit buyer $300
A couple is moving to a new city. They are renting a house temporarily
before buying a house. What type of lease would best suit their needs? -
CORRECT ANSWER-Month-to-month lease
Two buyers bought a house with a $178,000 mortgage. The interest rate
is 6 1/2% per annum payable for 30 years. To the nearest dollar, what is
their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION
TABLE.) - CORRECT ANSWER-$1,125
, A homeowner has negotiated with a neighbor to obtain the permanent
right to pass over the northern part of the neighbor's land to gain access
to the river. He pays the neighbor $9,000 for the right of access and
receives a deed. This is an
easement - CORRECT ANSWER-Appurtenant
FHA functions most like - CORRECT ANSWER-Insurance Company
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - CORRECT ANSWER=a contract
When a sewer line is installed down a rural road, the cost will probably
be shared by - CORRECT ANSWER=all current owners of real estate
fronting on that road
State laws differ on whether a buyer is entitled to know about -
CORRECT ANSWER=a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - CORRECT
ANSWER=a homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - CORRECT ANSWER=Under no circumstances
2026 2027 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS FULLY
VERIFIED BRANDNEW VERSION HIGH YIELD
STUDY GUIDE ACTUAL UPDATED PRACTICE
QUESTIONS REAL ESTATE LICENSING EXAM
PREPARATION GRADED A+ SUCCESS REVIEW
Seller is selling their property. Their outstanding loan balance is
$240,000. The house has a value of $200,000. Assuming the seller pays
realty fees, closing fees, state fees, the amount left over is only $180,000
to pay off the loan. What statement - CORRECT ANSWER-Lender
may pursue the seller for a deficiency judgment of $60,000
A seller has received an offer at 80% of list price. Seller counter offers at
90% of list the response, an offer of 98% of list price comes in from
another buyer. The seller wishes to sell to the second buyer. What is
true? - CORRECT ANSWER-Withdraw the first buyer's counter-offer
and then accept the second offer
A buyer makes an offer on a property that the seller accepts. While
waiting for an inspection, the buyers see another property that they like
even better. They draft an offer on that property which is accepted by
that seller. What statement about the offers is true? - CORRECT
ANSWER-Both offers are Valid Offers
,What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved? - CORRECT ANSWER-
Contingency
With regard to the Lead Based Paint requirements under federal law,
what is required? - CORRECT ANSWER-Buyer has a 10 day period to
inspect and/or rescind offer
A real estate committee met and decided to simplify real estate in an area
by having one commission structure at a low rate for all consumers. Is
this legal? - CORRECT ANSWER-No-this is price fixing
A principal broker can be held responsible for - CORRECT ANSWER-
All real estate activities of salesperson
A commercial property lost value because a recently constructed
highway directed traffic away from the property. This is an example of -
CORRECT ANSWER-Economic or external obsolesce
A prospective buyer makes an offer to buy a house. The owner counter-
offers. While the buyers are reviewing the counteroffer, the owner
receives a better offer. The owner can accept the second offer if... -
,CORRECT ANSWER-The owner withdraws the counteroffer before the
first buyer accepts-it
The amount of commission is established - CORRECT ANSWER-
Agreed upon by seller and broker
At the closing on June 15, the buyer is assuming a mortgage presently
on the property, on which the monthly interest charge is currently $600.
The seller has made the payment due on June 1. Assuming a VA
mortgage, what is the adjustment made at closing? - CORRECT
ANSWER-Credit seller $300; debit buyer $300
A couple is moving to a new city. They are renting a house temporarily
before buying a house. What type of lease would best suit their needs? -
CORRECT ANSWER-Month-to-month lease
Two buyers bought a house with a $178,000 mortgage. The interest rate
is 6 1/2% per annum payable for 30 years. To the nearest dollar, what is
their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION
TABLE.) - CORRECT ANSWER-$1,125
, A homeowner has negotiated with a neighbor to obtain the permanent
right to pass over the northern part of the neighbor's land to gain access
to the river. He pays the neighbor $9,000 for the right of access and
receives a deed. This is an
easement - CORRECT ANSWER-Appurtenant
FHA functions most like - CORRECT ANSWER-Insurance Company
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - CORRECT ANSWER=a contract
When a sewer line is installed down a rural road, the cost will probably
be shared by - CORRECT ANSWER=all current owners of real estate
fronting on that road
State laws differ on whether a buyer is entitled to know about -
CORRECT ANSWER=a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - CORRECT
ANSWER=a homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - CORRECT ANSWER=Under no circumstances
