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PSI NATIONAL EXAM FOR REAL ESTATE-
COMPLETE EXAM SET WITH QUESTIONS
AND VERIED SOLUTIONS 2026
An agency relationship between a property owner and a property manager is
usually created by - correct-answer -management agreement
. On January 15, a seller paid $960 in annual property tax for the current calendar
year. A buyer is purchasing the house with the closing set for March 1. What will
be the seller's credit for the property taxes already paid if the buyer pays for the
day of closing? Use a 360-day year and a 30-day month. - correct-answer -$800
Which of the following is NOT usually prorated at closing - correct-answer -
Special tax assessments
Which of the following is usually prorated at closing? - correct-answer -1.
Homeowners association fees.
2. Property taxes.
3. Transferred homeowner's insurance.
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In MOST states, foreclosed property is sold through - correct-answer -public
auction
A commercial property lost value because a recently constructed highway moved
traffic away from the property. This is an example of - correct-answer -economic
or external obsolescence
A managing broker can be held responsible for - correct-answer -all real estate
activities of salespersons.
What is the term used for the person or organization who acts as an intermediary
for the purpose of obtaining
Financing? - correct-answer -Mortgage broker
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all
of the following disclosures
MUST appear in the ad - correct-answer -1. cash price or amount of the loan
2. amount of down payment required
3. number, amount, and frequency of payments
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In an exclusive right-to-sell listing, an owner lists the property for sale with how
many brokers - correct-answer -One
A seller tells the listing agent that her home was treated for termites 10 years
ago, so there are no termites now.
Before listing the property, the agent should - correct-answer -tell the seller to
disclose the termite treatment on the property disclosure
When a principal authorizes an agent to perform a particular act or transaction, it
is an example of a - correct-answer -special agency
The day after a broker's listing on a house expired, it was listed with another
broker and offered in the MLS.
Several days later, a third licensee called the first broker and asked for the key to
show the home. The broker should inform the caller that - correct-answer -he is
no longer the listing agent
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? - correct-answer -Return of the property to the
original owner
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Which is true of BOTH special assessments and ad valorem taxes - correct-answer
-Deliquent payment is grounds for sale of property
Why was the Jones vs. Mayer decision of 1968 important? - correct-answer -By
upholding the Civil Rights Act of 1866, the Supreme Court removed all exceptions
to racial discrimination in housing
An Environmental Impact Statement (EIS - correct-answer -projects the impact on
the environment of a proposed project.
Which of the following BEST illustrates the concept and intent of a buffer zone? -
correct-answer -Garden apartments located between a single-family residential
neighborhood and a shopping center.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - correct-answer -the
seller accepts the offer
Which rule-of-thumb version is being offered to an investor who is told that a
house renting for $900 a month
should sell for about $90,000? - correct-answer -GRM
PSI NATIONAL EXAM FOR REAL ESTATE-
COMPLETE EXAM SET WITH QUESTIONS
AND VERIED SOLUTIONS 2026
An agency relationship between a property owner and a property manager is
usually created by - correct-answer -management agreement
. On January 15, a seller paid $960 in annual property tax for the current calendar
year. A buyer is purchasing the house with the closing set for March 1. What will
be the seller's credit for the property taxes already paid if the buyer pays for the
day of closing? Use a 360-day year and a 30-day month. - correct-answer -$800
Which of the following is NOT usually prorated at closing - correct-answer -
Special tax assessments
Which of the following is usually prorated at closing? - correct-answer -1.
Homeowners association fees.
2. Property taxes.
3. Transferred homeowner's insurance.
,2|Page
In MOST states, foreclosed property is sold through - correct-answer -public
auction
A commercial property lost value because a recently constructed highway moved
traffic away from the property. This is an example of - correct-answer -economic
or external obsolescence
A managing broker can be held responsible for - correct-answer -all real estate
activities of salespersons.
What is the term used for the person or organization who acts as an intermediary
for the purpose of obtaining
Financing? - correct-answer -Mortgage broker
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all
of the following disclosures
MUST appear in the ad - correct-answer -1. cash price or amount of the loan
2. amount of down payment required
3. number, amount, and frequency of payments
,3|Page
In an exclusive right-to-sell listing, an owner lists the property for sale with how
many brokers - correct-answer -One
A seller tells the listing agent that her home was treated for termites 10 years
ago, so there are no termites now.
Before listing the property, the agent should - correct-answer -tell the seller to
disclose the termite treatment on the property disclosure
When a principal authorizes an agent to perform a particular act or transaction, it
is an example of a - correct-answer -special agency
The day after a broker's listing on a house expired, it was listed with another
broker and offered in the MLS.
Several days later, a third licensee called the first broker and asked for the key to
show the home. The broker should inform the caller that - correct-answer -he is
no longer the listing agent
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? - correct-answer -Return of the property to the
original owner
, 4|Page
Which is true of BOTH special assessments and ad valorem taxes - correct-answer
-Deliquent payment is grounds for sale of property
Why was the Jones vs. Mayer decision of 1968 important? - correct-answer -By
upholding the Civil Rights Act of 1866, the Supreme Court removed all exceptions
to racial discrimination in housing
An Environmental Impact Statement (EIS - correct-answer -projects the impact on
the environment of a proposed project.
Which of the following BEST illustrates the concept and intent of a buffer zone? -
correct-answer -Garden apartments located between a single-family residential
neighborhood and a shopping center.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - correct-answer -the
seller accepts the offer
Which rule-of-thumb version is being offered to an investor who is told that a
house renting for $900 a month
should sell for about $90,000? - correct-answer -GRM
