TEST BANK PSI NATIONAL EXAM FOR REAL ESTATE ACTUAL EXAM 2024 LATEST UPDATE DETAILED QUESTIONS CORRECTLY ANSWERED ALREADY GRADED A+….

TEST BANK PSI NATIONAL EXAM FOR REAL ESTATE ACTUAL EXAM 2024 LATEST UPDATE DETAILED QUESTIONS CORRECTLY ANSWERED ALREADY GRADED A+…. A couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plans to move out at the end of the lease rather than renew it. How much notice MUST they give to comply with the lease term? - ANSWER- No notice is required The relationship in which the agent is placed in the position of trust and confidence to the principal is known by the term - ANSWER- fiduciary A couple are moving to a new city. They have decided to rent temporarily before buying a house to see which part of the city they would like to live in. What type of lease would BEST suit the couple's needs? - ANSWER- Month-to-month lease A broker says, while showing a rural property, "This property has the world's purest well water." This would be an example of - ANSWER- an expression of opinion, or puffing, which could lead to misrepresentation A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called - ANSWER- an option contract Errors and Omissions insurance covers the broker for - ANSWER- unintentional misrepresentations The land description T3N, R4W Principal Meridian refers to what method of property description? - ANSWER- Rectangular survey