PSI TEXAS STATE BOARD NAIL TECHNOLOGY EXAM
2024 NEWEST 2 VERSIONS (VERSION A AND B) 250
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT) /ALREADY GRADED A+
An owner hired a construction company to build a swimming pool at a new home.
The owner failed to pay the bill once the work was completed and the construction
company filed a lien to obtain payment of the debt. The encumbrance created is
called - ANSWER: a mechanic's lien.
In every real estate transaction, a legal description of the real estate MUST appear in
the transaction documents. What kind of legal description should be used in MOST
transactions? - ANSWER: The same one used in prior transfers of the parcel, verified
by a surveyor.
Two lots of the same size are sold on a street. The lot on the corner sells for $20,000
more than the lot in the middle of the street. Which of the following characteristics
MOST likely explains the price difference? - ANSWER: Situs.
The owner of an interest in commonly held property who wishes to dispose of the
property, while the other owners do NOT want to do so, will probably - ANSWER:
begin a suit for partition
Real property can be converted to personal property by - ANSWER: severance.
A legal easement can be created by any of the following EXCEPT - ANSWER: merger
of the titles.
projects the impact on the environment of a proposed project. - ANSWER: An
Environmental Impact Statement (EIS)
An escheat occurs when - ANSWER: a property owner dies without heirs or a valid
will
If conditions for purchase are included in a deed and these conditions are violated,
what is the penalty? - ANSWER: Return of the property to the original owner.
A legal easement can be created by any of the following EXCEPT - ANSWER: merger
of the titles
A lawsuit for inverse condemnation may be brought by - ANSWER: a homeowner.
All of the following are methods to calculate the reproduction or replacement cost of
a building EXCEPT the - ANSWER: straight-line method.
, A formal appraisal will ALWAYS be REQUIRED when the - ANSWER: lender wants to
sell the mortgage to the secondary market.
If an older building cannot be air-conditioned, it is an example of - ANSWER:
functional obsolescence
An appraiser MUST be licensed or certified to handle Federally related work on
residential property valued at more than - ANSWER: $250,000.
When preparing a market data estimate of value, which of the following categories
of adjustment is NOT essential? - ANSWER: The original cost of the building.
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined? - ANSWER: Reconciliation
Federal Truth-in-Lending laws are also known as - ANSWER: Regulation Z
Which of the following statements about discount points is FALSE? - ANSWER: They
are computed as a percentage of the selling price.
The FHA functions MOST like - ANSWER: an insurance company.
A realty firm has just entered into an agreement to represent a home builder in the
sale of a new subdivision. The firm has located several potential buyers and five
homes have been sold to purchasers that the firm's agents have contacted. The
realty firm has an agency relationship with - ANSWER: the builder.
An agency relationship between a property owner and a property manager is usually
created by - ANSWER: a management agreement.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - ANSWER: the seller accepts
the offer.
A broker lists a property, with a listing contract allowing subagency and dual agency.
One of the broker's salespersons shows the property. The salesperson would be
classified as - ANSWER: a subagent of the seller.
At the time of listing, the seller tells the listing agent they are moving because the
neighbor has loud parties every weekend. The agent should - ANSWER: tell potential
buyers about the parties.
Without checking the facts, a broker who is the seller's agent tells a buyer that the
property taxes in a particular neighborhood are among the lowest in the area. The
buyer relies on the broker's statement and makes an offer on a house in the
neighborhood. Before closing, it is determined that the taxes are actually among the
2024 NEWEST 2 VERSIONS (VERSION A AND B) 250
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT) /ALREADY GRADED A+
An owner hired a construction company to build a swimming pool at a new home.
The owner failed to pay the bill once the work was completed and the construction
company filed a lien to obtain payment of the debt. The encumbrance created is
called - ANSWER: a mechanic's lien.
In every real estate transaction, a legal description of the real estate MUST appear in
the transaction documents. What kind of legal description should be used in MOST
transactions? - ANSWER: The same one used in prior transfers of the parcel, verified
by a surveyor.
Two lots of the same size are sold on a street. The lot on the corner sells for $20,000
more than the lot in the middle of the street. Which of the following characteristics
MOST likely explains the price difference? - ANSWER: Situs.
The owner of an interest in commonly held property who wishes to dispose of the
property, while the other owners do NOT want to do so, will probably - ANSWER:
begin a suit for partition
Real property can be converted to personal property by - ANSWER: severance.
A legal easement can be created by any of the following EXCEPT - ANSWER: merger
of the titles.
projects the impact on the environment of a proposed project. - ANSWER: An
Environmental Impact Statement (EIS)
An escheat occurs when - ANSWER: a property owner dies without heirs or a valid
will
If conditions for purchase are included in a deed and these conditions are violated,
what is the penalty? - ANSWER: Return of the property to the original owner.
A legal easement can be created by any of the following EXCEPT - ANSWER: merger
of the titles
A lawsuit for inverse condemnation may be brought by - ANSWER: a homeowner.
All of the following are methods to calculate the reproduction or replacement cost of
a building EXCEPT the - ANSWER: straight-line method.
, A formal appraisal will ALWAYS be REQUIRED when the - ANSWER: lender wants to
sell the mortgage to the secondary market.
If an older building cannot be air-conditioned, it is an example of - ANSWER:
functional obsolescence
An appraiser MUST be licensed or certified to handle Federally related work on
residential property valued at more than - ANSWER: $250,000.
When preparing a market data estimate of value, which of the following categories
of adjustment is NOT essential? - ANSWER: The original cost of the building.
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined? - ANSWER: Reconciliation
Federal Truth-in-Lending laws are also known as - ANSWER: Regulation Z
Which of the following statements about discount points is FALSE? - ANSWER: They
are computed as a percentage of the selling price.
The FHA functions MOST like - ANSWER: an insurance company.
A realty firm has just entered into an agreement to represent a home builder in the
sale of a new subdivision. The firm has located several potential buyers and five
homes have been sold to purchasers that the firm's agents have contacted. The
realty firm has an agency relationship with - ANSWER: the builder.
An agency relationship between a property owner and a property manager is usually
created by - ANSWER: a management agreement.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - ANSWER: the seller accepts
the offer.
A broker lists a property, with a listing contract allowing subagency and dual agency.
One of the broker's salespersons shows the property. The salesperson would be
classified as - ANSWER: a subagent of the seller.
At the time of listing, the seller tells the listing agent they are moving because the
neighbor has loud parties every weekend. The agent should - ANSWER: tell potential
buyers about the parties.
Without checking the facts, a broker who is the seller's agent tells a buyer that the
property taxes in a particular neighborhood are among the lowest in the area. The
buyer relies on the broker's statement and makes an offer on a house in the
neighborhood. Before closing, it is determined that the taxes are actually among the
