SPECIALISTS EXAM
IL REAL ESTATE BROKER PSI EXAM 2025
LATEST REVISED QUESTIONS AND CORRECT
ANSWERS, GRADED A+
Email us at for all Academic assistance
[Mainly Nursing/Medical courses].
A couple's yearly income is $87,400. The couple's bank currently allows residential
loans for an amount equal to twice the annual income. Disregarding minimum
percentage down payment requirements, what is the minimum cash down
payment that the couple will need to have on a $210,000 home? - Precise Answer
✔✔$35,200. The couple would have to make up any difference between the loan
amount and the purchase price of the property in the form of a down payment.
Since their joint incomes equal $87,4000, the bank will loan twice that amount, or
$174,800. The purchase price of the property is $210,000, minus the loan amount
of $174,800, equals a required down payment in the amount of $35,200
A buyer has a properly executed option with a seller to buy a property, which runs
through September 15. The buyer decides not to exercise the option. What
should the seller do to terminate the option? - Precise Answer ✔✔Nothing, as the
option expires automatically
the closing date is approaching on the sale of a property to a buyer who is
represented by a licensee. Although the sellers have both signed the sales
contract, the licensee learns that a relative of the sellers may have a title claim to
this property. In this situation, the licensee should - Precise Answer ✔✔ask the
SPECIALISTS EXAM
, SPECIALISTS EXAM
listing licensee to advise the seller to contact an attorney to seek a quitclaim deed
from the relative
The primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to -
Precise Answer ✔✔Inform the buyers and sellers of all settlement costs in real
estate transactions
Under which of the following circumstances may a seller keep the earnest money
deposit of a defaulting buyer? - Precise Answer ✔✔if the seller wants to declare
the sales contract forfeited, and there is a forfeiture clause in the contract
A deed restriction in a subdivision created a community playground that used a
few square feet from the rear of every owner's lot. An owner has begun making
plans to convert the rear half of his lot to a garden. The plans would require the
removal of park equipment. A neighbor objects to these plans. The neighbor
should - Precise Answer ✔✔apply for a court injunction against the owner's plans.
An appraisal prepared using the amount of rent generated by the property is an
example of which of the following approaches to value? - Precise Answer
✔✔Income. The income approach to value is determined by the amount of net
income the property will produce over its remaining economic life.
Which of the following best describes steering? - Precise Answer ✔✔A licensee
shows prospects of a particular race properties only in areas populated by
families of the same race
When using the sales comparison approach, a licensee determines that a
comparable property's tile floor in the entry hall is worth $2,000. The subject
SPECIALISTS EXAM
, SPECIALISTS EXAM
property does not have tile floors at all. Which of the following adjustments
should be made? - Precise Answer ✔✔the comparable should be adjusted
downward. It is always the comparable that is adjusted, never the subject
property. If the comparable is better than the subject property, the adjustment to
it is downward. If the comparable is not as good as the subject property, the
adjustment to it would be upward.
An owner has accepted an offer. Another buyer approaches the licensee with an
offer on the same property. The licensee should tell this second offeror that -
Precise Answer ✔✔this offer can be presented as a back-up offer only. Once an
owner has accepted an offer, the owner has entered into a legal and binding
contract.
A real estate licensee was hired by a property management company to lease and
manage commercial properties. Each commercial lease was different based on
the negotiations of the parties. Which of the following should the licensee do in
this circumstance? - Precise Answer ✔✔Seek legal counsel to write or review the
leases. Drafting a commercial lease may constitute the practice of law, and a real
estate licensee cannot practice law unless also a licensed attorney.
An owner of an apartment building asks a licensee who is managing the property
not to advertise the apartments in the local newspaper because it is published by
her ex-husband. The property manager argues that many advertisements in this
newspaper have produced rentals, but the owner will not change her mind.
Should the property manager advertise in this newspaper? - Precise Answer
✔✔No, because the property manager is obligated to obey the lawful instructions
of the owner
SPECIALISTS EXAM
IL REAL ESTATE BROKER PSI EXAM 2025
LATEST REVISED QUESTIONS AND CORRECT
ANSWERS, GRADED A+
Email us at for all Academic assistance
[Mainly Nursing/Medical courses].
A couple's yearly income is $87,400. The couple's bank currently allows residential
loans for an amount equal to twice the annual income. Disregarding minimum
percentage down payment requirements, what is the minimum cash down
payment that the couple will need to have on a $210,000 home? - Precise Answer
✔✔$35,200. The couple would have to make up any difference between the loan
amount and the purchase price of the property in the form of a down payment.
Since their joint incomes equal $87,4000, the bank will loan twice that amount, or
$174,800. The purchase price of the property is $210,000, minus the loan amount
of $174,800, equals a required down payment in the amount of $35,200
A buyer has a properly executed option with a seller to buy a property, which runs
through September 15. The buyer decides not to exercise the option. What
should the seller do to terminate the option? - Precise Answer ✔✔Nothing, as the
option expires automatically
the closing date is approaching on the sale of a property to a buyer who is
represented by a licensee. Although the sellers have both signed the sales
contract, the licensee learns that a relative of the sellers may have a title claim to
this property. In this situation, the licensee should - Precise Answer ✔✔ask the
SPECIALISTS EXAM
, SPECIALISTS EXAM
listing licensee to advise the seller to contact an attorney to seek a quitclaim deed
from the relative
The primary purpose of the Real Estate Settlement Procedures Act (RESPA) is to -
Precise Answer ✔✔Inform the buyers and sellers of all settlement costs in real
estate transactions
Under which of the following circumstances may a seller keep the earnest money
deposit of a defaulting buyer? - Precise Answer ✔✔if the seller wants to declare
the sales contract forfeited, and there is a forfeiture clause in the contract
A deed restriction in a subdivision created a community playground that used a
few square feet from the rear of every owner's lot. An owner has begun making
plans to convert the rear half of his lot to a garden. The plans would require the
removal of park equipment. A neighbor objects to these plans. The neighbor
should - Precise Answer ✔✔apply for a court injunction against the owner's plans.
An appraisal prepared using the amount of rent generated by the property is an
example of which of the following approaches to value? - Precise Answer
✔✔Income. The income approach to value is determined by the amount of net
income the property will produce over its remaining economic life.
Which of the following best describes steering? - Precise Answer ✔✔A licensee
shows prospects of a particular race properties only in areas populated by
families of the same race
When using the sales comparison approach, a licensee determines that a
comparable property's tile floor in the entry hall is worth $2,000. The subject
SPECIALISTS EXAM
, SPECIALISTS EXAM
property does not have tile floors at all. Which of the following adjustments
should be made? - Precise Answer ✔✔the comparable should be adjusted
downward. It is always the comparable that is adjusted, never the subject
property. If the comparable is better than the subject property, the adjustment to
it is downward. If the comparable is not as good as the subject property, the
adjustment to it would be upward.
An owner has accepted an offer. Another buyer approaches the licensee with an
offer on the same property. The licensee should tell this second offeror that -
Precise Answer ✔✔this offer can be presented as a back-up offer only. Once an
owner has accepted an offer, the owner has entered into a legal and binding
contract.
A real estate licensee was hired by a property management company to lease and
manage commercial properties. Each commercial lease was different based on
the negotiations of the parties. Which of the following should the licensee do in
this circumstance? - Precise Answer ✔✔Seek legal counsel to write or review the
leases. Drafting a commercial lease may constitute the practice of law, and a real
estate licensee cannot practice law unless also a licensed attorney.
An owner of an apartment building asks a licensee who is managing the property
not to advertise the apartments in the local newspaper because it is published by
her ex-husband. The property manager argues that many advertisements in this
newspaper have produced rentals, but the owner will not change her mind.
Should the property manager advertise in this newspaper? - Precise Answer
✔✔No, because the property manager is obligated to obey the lawful instructions
of the owner
SPECIALISTS EXAM
