PSI NATIONAL REAL ESTATE
QUESTIONS AND ANSWERS ALREADY
PASSED
A legal description in land that includes language like "the old oak tree" or "the big rock" would
be ✔✔Metes and bounds
As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a
large amount of algae. The buyer wishes to make an offer. What should the licensee do?
✔✔Encourage the buyer to have an authoritative party investigate the algae growth.
All the following are protected classifications except ✔✔Homosexuals
As licensees usually work as independent contractors, a broker will have a contract
for the independent contractor which (for federal purposes) must outline ✔✔Statement that
FICA (taxes) are the associates responsibility
In a rescission agreement: ✔✔All parties return to original position and earnest money is
refunded
, Agent A has been working at Brokerage for 4 years. Agent has listed and sold many but desires
to try industrial office sales. What is the best course of action for houses Agent A? ✔✔Move
license to an industrial/office
company and train under them
A seller is listing their $350,000 house. They state their property tax bill is $1,110 per year. What
should the agent do? ✔✔Verify the information with the county
A home warranty will typically provide coverage for which of the following: ✔✔Electrical and
plumbing systems
The local governments have authority to ensure that properties are being built properly. Under
the authority of police power, the government can adapt and implement: ✔✔Construction
standards
A married couple owns a property together as tenancy in entirety. Which of the following about
selling a property as tenancy in entirety is true? ✔✔Both spouses must sign the conveyance
What statement is true about asbestos removal ✔✔Encapsulation is the safest tactic
QUESTIONS AND ANSWERS ALREADY
PASSED
A legal description in land that includes language like "the old oak tree" or "the big rock" would
be ✔✔Metes and bounds
As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a
large amount of algae. The buyer wishes to make an offer. What should the licensee do?
✔✔Encourage the buyer to have an authoritative party investigate the algae growth.
All the following are protected classifications except ✔✔Homosexuals
As licensees usually work as independent contractors, a broker will have a contract
for the independent contractor which (for federal purposes) must outline ✔✔Statement that
FICA (taxes) are the associates responsibility
In a rescission agreement: ✔✔All parties return to original position and earnest money is
refunded
, Agent A has been working at Brokerage for 4 years. Agent has listed and sold many but desires
to try industrial office sales. What is the best course of action for houses Agent A? ✔✔Move
license to an industrial/office
company and train under them
A seller is listing their $350,000 house. They state their property tax bill is $1,110 per year. What
should the agent do? ✔✔Verify the information with the county
A home warranty will typically provide coverage for which of the following: ✔✔Electrical and
plumbing systems
The local governments have authority to ensure that properties are being built properly. Under
the authority of police power, the government can adapt and implement: ✔✔Construction
standards
A married couple owns a property together as tenancy in entirety. Which of the following about
selling a property as tenancy in entirety is true? ✔✔Both spouses must sign the conveyance
What statement is true about asbestos removal ✔✔Encapsulation is the safest tactic
