IL REAL ESTATE BROKER PSI EXAM
2024/2025
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized
wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door
handles. The landlord... - Precise Answer ✔✔Must allow the tenant to make the modifications at the
tenants expense, but can require, by the terms of the lease, restoration of the property
Which of the following is the best description of a fee simple estate? - Precise Answer ✔✔The most
complete ownership in property that one can obtain
A licensee plans to send out an email offering his services. According to the CAN-SPAM Act, the licensee
must - Precise Answer ✔✔Tell recipients how to opt out of receiving future emails
The owner of an apartment building has just signed an agreement with a real estate firm. Has an agency
been formed? - Precise Answer ✔✔Yes, because an agency is formed whenever one party delegates to
another the right to act on his behalf in certain business transactions
The most typical purpose of a deed restriction is to - Precise Answer ✔✔control future uses of the
property
A managing broker requires his licensees to mention a particular lender to buyers. The broker has a
financial interest in this particular mortgage lender. Which of the following should the licensee
recommend to buyers? - Precise Answer ✔✔Consider this lender, disclosing the broker's interest, and
other lenders.
A couple leased a waterfront bungalow. The Lease began on June 15, 2012, and continued through July
31, 2010. The couple had - Precise Answer ✔✔An estate for years
A licensee anxious to make a sale violates his duties toward his principal if he volunteers which of the
following pieces of information to a prospective buyer? - Precise Answer ✔✔You should make an offer
for less than the listing price because the owner is anxious to sell
, An owner obtains a new mortgage on her house because the house has appreciated in value and she
wants money for an investment. The new mortgage rate is 1% lower than the old rate. What is this
process called? - Precise Answer ✔✔refinancing
An enforceable purchase agreement is formed when - Precise Answer ✔✔the buyer knows of the
seller's written acceptance of the offer
Which of the following is generally income tax deductible in home ownership? - Precise Answer
✔✔points paid to obtain the loan
Which of the following is true concerning eminent domain? - Precise Answer ✔✔The property is taken
through the process of condemnation
When a borrower defaults on a mortgage, an acceleration clause allows the lender the option of -
Precise Answer ✔✔demanding immediate payment of the entire loan balance.
An owner has been asked to grand a 60-day option to purchase a property. When should the purchase
price be decided? - Precise Answer ✔✔Upon creation and signing of the option to purchase.
Which of the following is true about prepayment penalties on VA or FHA loans for single-family
dwellings? - Precise Answer ✔✔Neither the VA nor the FHA allows prepayment penalties.
When managing property, which of the following actions is legal? - Precise Answer ✔✔obtaining
information from prospective tenants to determine if they are financially able to afford the rent.
Which of the following is a characteristic of a limited partner's role in a limited partnership? - Precise
Answer ✔✔reduced personal liability and no management decision making
For a real estate sales contract to be valid, it must include - Precise Answer ✔✔consideration
A home equity line of credit is - Precise Answer ✔✔a secured loan
2024/2025
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized
wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door
handles. The landlord... - Precise Answer ✔✔Must allow the tenant to make the modifications at the
tenants expense, but can require, by the terms of the lease, restoration of the property
Which of the following is the best description of a fee simple estate? - Precise Answer ✔✔The most
complete ownership in property that one can obtain
A licensee plans to send out an email offering his services. According to the CAN-SPAM Act, the licensee
must - Precise Answer ✔✔Tell recipients how to opt out of receiving future emails
The owner of an apartment building has just signed an agreement with a real estate firm. Has an agency
been formed? - Precise Answer ✔✔Yes, because an agency is formed whenever one party delegates to
another the right to act on his behalf in certain business transactions
The most typical purpose of a deed restriction is to - Precise Answer ✔✔control future uses of the
property
A managing broker requires his licensees to mention a particular lender to buyers. The broker has a
financial interest in this particular mortgage lender. Which of the following should the licensee
recommend to buyers? - Precise Answer ✔✔Consider this lender, disclosing the broker's interest, and
other lenders.
A couple leased a waterfront bungalow. The Lease began on June 15, 2012, and continued through July
31, 2010. The couple had - Precise Answer ✔✔An estate for years
A licensee anxious to make a sale violates his duties toward his principal if he volunteers which of the
following pieces of information to a prospective buyer? - Precise Answer ✔✔You should make an offer
for less than the listing price because the owner is anxious to sell
, An owner obtains a new mortgage on her house because the house has appreciated in value and she
wants money for an investment. The new mortgage rate is 1% lower than the old rate. What is this
process called? - Precise Answer ✔✔refinancing
An enforceable purchase agreement is formed when - Precise Answer ✔✔the buyer knows of the
seller's written acceptance of the offer
Which of the following is generally income tax deductible in home ownership? - Precise Answer
✔✔points paid to obtain the loan
Which of the following is true concerning eminent domain? - Precise Answer ✔✔The property is taken
through the process of condemnation
When a borrower defaults on a mortgage, an acceleration clause allows the lender the option of -
Precise Answer ✔✔demanding immediate payment of the entire loan balance.
An owner has been asked to grand a 60-day option to purchase a property. When should the purchase
price be decided? - Precise Answer ✔✔Upon creation and signing of the option to purchase.
Which of the following is true about prepayment penalties on VA or FHA loans for single-family
dwellings? - Precise Answer ✔✔Neither the VA nor the FHA allows prepayment penalties.
When managing property, which of the following actions is legal? - Precise Answer ✔✔obtaining
information from prospective tenants to determine if they are financially able to afford the rent.
Which of the following is a characteristic of a limited partner's role in a limited partnership? - Precise
Answer ✔✔reduced personal liability and no management decision making
For a real estate sales contract to be valid, it must include - Precise Answer ✔✔consideration
A home equity line of credit is - Precise Answer ✔✔a secured loan
