MI sales person PSI Final Exam Latest
Update Graded A
1. A veteran buying a home from a for sale by owner and financing it with a VA loan can do all
of the following except:
Immediately rent the home after closing to make the monthly payments
2. After Charlie's death, his will indicates that all of his real property must go to charity what can
Charlie's wife do?
Nothing
3. Two Brokers decide to go broke 60/40 in favor of the listing broker, and each broker split 50
Dash 50 with his sales person. How much will the listing sales person make if the house is sold
for $134,500 & commission rate is 6%?
$2,421
4. The real estate board, appointed by the governor and consisting of nine voting members, has
authority to decide on all of the following except
Waiving continuing education requirements for an individual who proves to be very competent.
5. Property is appraised for $158,000 and tax rate is 33 mills. How much tax is due?
2,607
6. A shape six miles by six miles square that results from intersection of range lines and
township lines is called a:
,Township
7. A parcel of land measuring 485 ft by 1,210 ft sold for $122,000. Calculate the approximate
price per acre.
9,056
8. The following is an example of functional obsolescence?
Outdated plumbing.
9. An agent's exaggerated opinion of property features is known as:
Puffing
10. After purchasing a home, the Johnson's purchased a dishwasher and installed it into the
kitchen cabinets. This item has now become:
A fixture
11. David and Susan purchased real estate as tenants in common. All of the following is true
regarding their ownership except:
C. When David dies, his share belongs to Susan automatically and without probate court.
12. John deeded property to his mother with the stipulation that the mother could own it for as
long as she lived and upon her death property will go to charity. This is an example of:
C. life estate.
13. David's architect told him that the house built on the lot must be within 20 feet from the lot
line, while the zoning ordinance requires a 30-ft setback. David must apply and receive:
, A. A variance.
14. As a special agent of the owner, the salesperson needs written authority to do all of the
following except:
D. Disclose all known material facts to a potential buyer.
15. After noticing the opening of a new group home in a neighborhood, a licensee contacts the
surrounding subdivision owners to notify them of that fact, suggesting that they may want to sell
their property before it loses value. This illegal conduct is known as: A.
Block-busting
16. After renting a house to a family of four, the landlord is notified by the tenant that their
daughter is now in a wheelchair after having surgery and asks permission to build a ramp at the
family's own expense. The owner must:
Approve the ramp after making sure it is constructed according to codes and handicap
specifications.
17. A buyer wants to buy a parcel of land but only if he can get the zoning changed. He is able to
place a $10,000 deposit on the purchase agreement subject to obtaining a change in the zoning or
purchase a 90-day option by paying a $10,000 option fee. Which of the following is true
regarding the buyer's choices?
He loses his option unless he exercised it before expiration of the 90-day period.
18. Seller is asking $300,000 for property and received an offe for $250,000. He countered for
$280,000, but before the buyer was able to sign the counteroffer, seller received a full-price
Update Graded A
1. A veteran buying a home from a for sale by owner and financing it with a VA loan can do all
of the following except:
Immediately rent the home after closing to make the monthly payments
2. After Charlie's death, his will indicates that all of his real property must go to charity what can
Charlie's wife do?
Nothing
3. Two Brokers decide to go broke 60/40 in favor of the listing broker, and each broker split 50
Dash 50 with his sales person. How much will the listing sales person make if the house is sold
for $134,500 & commission rate is 6%?
$2,421
4. The real estate board, appointed by the governor and consisting of nine voting members, has
authority to decide on all of the following except
Waiving continuing education requirements for an individual who proves to be very competent.
5. Property is appraised for $158,000 and tax rate is 33 mills. How much tax is due?
2,607
6. A shape six miles by six miles square that results from intersection of range lines and
township lines is called a:
,Township
7. A parcel of land measuring 485 ft by 1,210 ft sold for $122,000. Calculate the approximate
price per acre.
9,056
8. The following is an example of functional obsolescence?
Outdated plumbing.
9. An agent's exaggerated opinion of property features is known as:
Puffing
10. After purchasing a home, the Johnson's purchased a dishwasher and installed it into the
kitchen cabinets. This item has now become:
A fixture
11. David and Susan purchased real estate as tenants in common. All of the following is true
regarding their ownership except:
C. When David dies, his share belongs to Susan automatically and without probate court.
12. John deeded property to his mother with the stipulation that the mother could own it for as
long as she lived and upon her death property will go to charity. This is an example of:
C. life estate.
13. David's architect told him that the house built on the lot must be within 20 feet from the lot
line, while the zoning ordinance requires a 30-ft setback. David must apply and receive:
, A. A variance.
14. As a special agent of the owner, the salesperson needs written authority to do all of the
following except:
D. Disclose all known material facts to a potential buyer.
15. After noticing the opening of a new group home in a neighborhood, a licensee contacts the
surrounding subdivision owners to notify them of that fact, suggesting that they may want to sell
their property before it loses value. This illegal conduct is known as: A.
Block-busting
16. After renting a house to a family of four, the landlord is notified by the tenant that their
daughter is now in a wheelchair after having surgery and asks permission to build a ramp at the
family's own expense. The owner must:
Approve the ramp after making sure it is constructed according to codes and handicap
specifications.
17. A buyer wants to buy a parcel of land but only if he can get the zoning changed. He is able to
place a $10,000 deposit on the purchase agreement subject to obtaining a change in the zoning or
purchase a 90-day option by paying a $10,000 option fee. Which of the following is true
regarding the buyer's choices?
He loses his option unless he exercised it before expiration of the 90-day period.
18. Seller is asking $300,000 for property and received an offe for $250,000. He countered for
$280,000, but before the buyer was able to sign the counteroffer, seller received a full-price
