PSI NATIONAL REAL ESTATE QUESTIONS & ANSWERS
2024 ( A+ GRADED 100% VERIFIED)
1. A legal description in land that includes language like "the old oak tree" or
"the big rock" would be: Metes and bounds
2. 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.
3. All the following are protected classifications except: Homosexuals
4. 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
5. In a rescission agreement:: All parties return to original position and earnest
money is refunded
6. 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
7. 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
8. A home warranty will typically provide coverage for which of the following:-
: Electrical and plumbing systems
9. 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
10. 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
11. What statement is true about asbestos removal: Encapsulation is the safest tactic
12. An easement is: The right to use another's land
13. The amount to list a property is best determined by:: Competitive Market
Analysis (CMA)
14. Interest on a security deposit Starts:: The month the Property Manager receives
the security deposit
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, 15. Racial discrimination is allowed:: NEVER
16. An agent goes door knocking in a subdivision. As part of his presentation, he
makes
mention of the fact that many families with children are moving into the area and
that house prices are rising. He then recommends the owner should sell because he
has a nice quiet subdivision of older, mature families that are quiet. Is this
discrimination: Yes- he is blockbusting by playing on the fears of consumers of
protected class.
17. The purpose of an Agency Disclosure is:: To inform the consumer of their
representation choices
18. The purpose of Regulation Z is:: Disclose loan costs
19. interest rates on credit cards, loans, car loans, etc. are established by:: Usury
20. The ways to terminate an Agency Agreement include all except:: Unilateral
cancellatio
21. Title Insurance covers all matters that are:: Itemized on the title report
22. 22. A purchaser in the secondary mortgage market is: Federal National Mortgage
Association
23. While performing an analysis of value for listing a house, all of the following
would be
included in the Market Data Approach except:: Capitalization
24. A developer of a subdivision does not want "clotheslines" to be installed in the
houses in the subdivision. A way for the developer to have control to limit and fine
people who want to install clotheslines would be:: Covenant
25. 25. Seller is selling their property. Their outstanding loan balance is $240,000.
The house has a value of $200,000. Assuming the seller pays realty fees, closing fees,
state fees, the amount left over is only $180,000 to pay off the loan. What statement:
Lender may pursue the seller for a deficiency judgment of $60,000
26. A seller has received an offer at 80% of list price. Seller counter offers at 90%
of list the response, an offer of 98% of list price comes in from another buyer. The
seller wishes to sell to the second buyer. What is true?: Withdraw the first buyer's
counter-offer and then accept the second offer
27. A buyer makes an offer on a property that the seller accepts. While waiting
for an inspection, the buyers see another property that they like even better. They
draft an
offer on that property which is accepted by that seller. What statement about the
offers is true?: Both offers are Valid Offers
28. What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved?: Contingency
2/6
2024 ( A+ GRADED 100% VERIFIED)
1. A legal description in land that includes language like "the old oak tree" or
"the big rock" would be: Metes and bounds
2. 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.
3. All the following are protected classifications except: Homosexuals
4. 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
5. In a rescission agreement:: All parties return to original position and earnest
money is refunded
6. 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
7. 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
8. A home warranty will typically provide coverage for which of the following:-
: Electrical and plumbing systems
9. 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
10. 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
11. What statement is true about asbestos removal: Encapsulation is the safest tactic
12. An easement is: The right to use another's land
13. The amount to list a property is best determined by:: Competitive Market
Analysis (CMA)
14. Interest on a security deposit Starts:: The month the Property Manager receives
the security deposit
1/6
, 15. Racial discrimination is allowed:: NEVER
16. An agent goes door knocking in a subdivision. As part of his presentation, he
makes
mention of the fact that many families with children are moving into the area and
that house prices are rising. He then recommends the owner should sell because he
has a nice quiet subdivision of older, mature families that are quiet. Is this
discrimination: Yes- he is blockbusting by playing on the fears of consumers of
protected class.
17. The purpose of an Agency Disclosure is:: To inform the consumer of their
representation choices
18. The purpose of Regulation Z is:: Disclose loan costs
19. interest rates on credit cards, loans, car loans, etc. are established by:: Usury
20. The ways to terminate an Agency Agreement include all except:: Unilateral
cancellatio
21. Title Insurance covers all matters that are:: Itemized on the title report
22. 22. A purchaser in the secondary mortgage market is: Federal National Mortgage
Association
23. While performing an analysis of value for listing a house, all of the following
would be
included in the Market Data Approach except:: Capitalization
24. A developer of a subdivision does not want "clotheslines" to be installed in the
houses in the subdivision. A way for the developer to have control to limit and fine
people who want to install clotheslines would be:: Covenant
25. 25. Seller is selling their property. Their outstanding loan balance is $240,000.
The house has a value of $200,000. Assuming the seller pays realty fees, closing fees,
state fees, the amount left over is only $180,000 to pay off the loan. What statement:
Lender may pursue the seller for a deficiency judgment of $60,000
26. A seller has received an offer at 80% of list price. Seller counter offers at 90%
of list the response, an offer of 98% of list price comes in from another buyer. The
seller wishes to sell to the second buyer. What is true?: Withdraw the first buyer's
counter-offer and then accept the second offer
27. A buyer makes an offer on a property that the seller accepts. While waiting
for an inspection, the buyers see another property that they like even better. They
draft an
offer on that property which is accepted by that seller. What statement about the
offers is true?: Both offers are Valid Offers
28. What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved?: Contingency
2/6
