STATE & NATIONAL REAL ESTATE PSI PRACTICE QUESTIONS &
ANSWERS 2024 ( A GRADED 100% VERIFIED)
1. All of the above: In Virginia, what action is prohibited in an advertisement for real
estate? Select one:
A. Failing to get a client's written consent to advertise his property
B. Failing to identify the type of services offered in a general property descriptionC.
Advertising that a property listed by a firm is for sale by owner
D. All of the above
2. 7 days: The initial purchaser of a time-share estate has a statutory right to rescind a
contract to purchase. How long is this rescission period? Select one:
A. 5 days
B. 7 days
C. 10 days
D. None of the above
3. By the broker, according to the terms of the contract if neither party files a
written objection: If a contract of sale is not consummated, how are escrow funds
disbursed? Select one:
A. By the settlement attorney, with permission of all parties
B. By the broker, with written permission of the seller
C. By the broker, according to the terms of the contract if neither party files a written
objection
D. By the broker, only upon notification of the court
4. Improper dealing: A broker placed one of her signs on property without permission
from the owner. The broker is guilty of:
Select one:
A. Misrepresentation
B. Violation of anti-trust laws
C. Improper dealingD. Disparate impact
5. The claimant assigns his rights to the Board, to the extent of the amount of money
paid by the Fund: When a claim is paid from the Transaction Recovery fund, which of
the following statements is true?
Select one:
A. The licensee named in the claim must post a bond in order to continue practicing
real estate
, B. The claimant assigns his rights to the Board, to the extent of the amount of money
paid by the Fund
C. All claims submitted in relation to a licensee's misconduct in a single transaction
may not exceed $20,000 D. All of the above
6. Protect the public interest: The purpose of Virginia License Law and the Rules and
Regulations is to:
Select one:
A. Make brokers and salespersons more professional
B. Protect the public interest
C. Enable licensed real estate professionals to earn more money
D. Comply with federal law
7. Lisa is subject to Board censure for violation of Fair Housing laws: Salesperson
Lisa is selling her townhouse to move into a luxury condominium. She advertised her
property in the newspaper as follows: "Beautiful, 3 bedroom townhouse. Excellent
assumption. Single females only. Call 123-4567 for details. Owner is licensed." Which of
the following statements is true?
Select one:
A. Lisa has not violated Board regulations since she disclosed her license status B. Lisa
has not violated the Virginia Fair Housing Act since it does not protect marital status
C. Lisa has not violated Board regulations since she is not subject to the license laws
D. Lisa is subject to Board censure for violation of Fair Housing laws
8. Advertises a listing at lower than listed price: A real estate salesperson's license may
be revoked if the licensee:
Select one:
A. Sells insurance from the real estate office where she is employed
B. Gives a reduced commission rate to a family member
C. Charges more than the legal maximum commission rate
D. Advertises a listing at lower than listed price
9. A commission received from an out-of-state broker: Which funds would NOT need
to be held in an escrow account?
Select one:
A. Money received as a security deposit for rental housing
B. An earnest money deposit, if closing is scheduled in less than 15 days
C. An earnest money deposit of less than $500
D. A commission received from an out-of-state broker
ANSWERS 2024 ( A GRADED 100% VERIFIED)
1. All of the above: In Virginia, what action is prohibited in an advertisement for real
estate? Select one:
A. Failing to get a client's written consent to advertise his property
B. Failing to identify the type of services offered in a general property descriptionC.
Advertising that a property listed by a firm is for sale by owner
D. All of the above
2. 7 days: The initial purchaser of a time-share estate has a statutory right to rescind a
contract to purchase. How long is this rescission period? Select one:
A. 5 days
B. 7 days
C. 10 days
D. None of the above
3. By the broker, according to the terms of the contract if neither party files a
written objection: If a contract of sale is not consummated, how are escrow funds
disbursed? Select one:
A. By the settlement attorney, with permission of all parties
B. By the broker, with written permission of the seller
C. By the broker, according to the terms of the contract if neither party files a written
objection
D. By the broker, only upon notification of the court
4. Improper dealing: A broker placed one of her signs on property without permission
from the owner. The broker is guilty of:
Select one:
A. Misrepresentation
B. Violation of anti-trust laws
C. Improper dealingD. Disparate impact
5. The claimant assigns his rights to the Board, to the extent of the amount of money
paid by the Fund: When a claim is paid from the Transaction Recovery fund, which of
the following statements is true?
Select one:
A. The licensee named in the claim must post a bond in order to continue practicing
real estate
, B. The claimant assigns his rights to the Board, to the extent of the amount of money
paid by the Fund
C. All claims submitted in relation to a licensee's misconduct in a single transaction
may not exceed $20,000 D. All of the above
6. Protect the public interest: The purpose of Virginia License Law and the Rules and
Regulations is to:
Select one:
A. Make brokers and salespersons more professional
B. Protect the public interest
C. Enable licensed real estate professionals to earn more money
D. Comply with federal law
7. Lisa is subject to Board censure for violation of Fair Housing laws: Salesperson
Lisa is selling her townhouse to move into a luxury condominium. She advertised her
property in the newspaper as follows: "Beautiful, 3 bedroom townhouse. Excellent
assumption. Single females only. Call 123-4567 for details. Owner is licensed." Which of
the following statements is true?
Select one:
A. Lisa has not violated Board regulations since she disclosed her license status B. Lisa
has not violated the Virginia Fair Housing Act since it does not protect marital status
C. Lisa has not violated Board regulations since she is not subject to the license laws
D. Lisa is subject to Board censure for violation of Fair Housing laws
8. Advertises a listing at lower than listed price: A real estate salesperson's license may
be revoked if the licensee:
Select one:
A. Sells insurance from the real estate office where she is employed
B. Gives a reduced commission rate to a family member
C. Charges more than the legal maximum commission rate
D. Advertises a listing at lower than listed price
9. A commission received from an out-of-state broker: Which funds would NOT need
to be held in an escrow account?
Select one:
A. Money received as a security deposit for rental housing
B. An earnest money deposit, if closing is scheduled in less than 15 days
C. An earnest money deposit of less than $500
D. A commission received from an out-of-state broker
