PSIgNationalgExamgforgRealgEstategLicensingg||gWithgQuestionsg&g100%gAccurategAnswers
CONCEPTIALGRESEARCHERS
,PSI National Exam for Real Estate Licensing || W
g g g g g g g g
ith Questions & 100% Accurate Answers
g g g g g
Thegpurposegofgrequiringgangearnestgmoneygdepositgingagrealgestategsalesgcontractgisgtog-gANSWER-
providegevidencegofgthegbuyer'sgintentiongtogcarrygoutgthegcontract.
Agbuyergisggettinggagfullygamortizedgloangforg$220,000.gThegbankgwillggivegthegbuyergthegloangforg15gye
arsgatg5g1/2%g
orgforg30gyearsgatg6g1/2%.gTogthegnearestgcent,gwhatgisgthegdifferencegbetweengthegmonthlygpaymentsg
forgthesegtwogloans?
g(BEgSUREgTOgUSEgTHEgAMORTIZATIONgTABLE.)g-gANSWER-$409.20.
Agborrowerghasgdefaultedgongthegmortgage.gThegmortgagegcontainsgangaccelerationgclause.gThisgpermit
sgtheglendergtog-gANSWER-demandgimmediategpaymentgofgthegentiregnote
ThegFHAgfunctionsgMOSTglikeg-gANSWER-anginsurancegcompany
1.gTheygaregusedgtogbuygdownginterestgrate.
2.gTheygaregagfunctiongofgthegmarketplace.
3.gTheygaregpaidgbygeithergthegbuyergorgthegseller.g-gANSWER-discountgpoints
Whenglandgisgconveyedgtogagtrustee,gthegtrusteegmayg-gANSWER-
dogwhatevergisgpermittedgundergthegtrustgagreement
Agprospectivegbuyergmadegangoffergtogpurchasegagproperty.gThegownergrespondedgwithgagcounteroffer.g
Whilegthegbuyerg
wasgreviewinggthegcounteroffer,gthegownergreceivedgagbettergoffer.gThegownergcangacceptgthegsecondgo
ffergifg-gANSWER-thegownergwithdrawsgthegcounteroffergbeforegitgisgaccepted.
Whilegangagentgisgshowinggaglistedgproperty,gthegsellergandgthegbuyergentergintogangoralgagreementgforg
thegpurchasegofgtheghome.gIfgagdisputegovergthegtermsgarisesglater,gthegagreementgmaygbegunenforcea
blegbecauseg-gANSWER-thegagreementgdoesgnotgcomplygwithgthegStatutegofgFrauds
,Earnestgmoneygshouldgbegdepositedgintogagtrustgaccountg-gANSWER-
ingagtimelygmanner,gaccordinggtogstateglaws
Agdeedgrestrictiongisgapplicablegtogthegactivitiesgofg-gANSWER-allgowners,gpresentgandgfuture
Angeasementgcangbegterminatedgbyg-gANSWER-prescription
Depreciationgisgcalculatedgbasedgongtheg-gANSWER-costgofgthegbuildinggonly
WhichgofgthegfollowinggapproachesgMOSTgreliablygestimatesgthegsalesgpricegofgagsingle-
familygresidence?g-gANSWER-Marketgdata
Agsellergmentionsgtoghisgagentgthatgthegpreviousgownersgofghisgpropertygmayghavegdumpedghazardousg
wastegongthegsite.gUndergthegComprehensivegEnvironmentalgResponse,gCompensation,gandgLiabilitygAct
g(CERCLA),gwhogisgliablegforgdamagesgfrom
gthegdumpinggpriorgtogthegsalegofgthegproperty?g-gANSWER-Seller
ThegescrowgofficergorgclosinggagentgMUSTggiveginformationgregardinggthegsalesgpricegandgseller'sgsocialg
securitygnumbergtog-gANSWER-IRS
Agbrokergsuppliesgthegfinancinggforgagprojectgtogbuildgcondominiumsgwithgthegstipulationgthatgheghasgth
egexclusivegrightgtogsellgthegcompletedgcondos.gWhichgofgthegfollowinggBESTgdescribesgthisgrelationship
?g-gANSWER-Agencygcoupledgwithganginterest
Ifgyougowngagbuildinggfreegandgcleargthatgisgworthg$115,000gandgwantgangannualgreturngofg12%,gwhatgn
etgincomegisgneededgeachgmonth?g-gANSWER-$1,150
Usuryglawsgweregenactedgtogprotectgtheg-gANSWER-borrower
Atgthegtimegofglisting,gthegsellergtellsgtheglistinggagentgtheygaregmovinggbecausegthegneighborghasgloudg
partiesgeverygweekend.
, gThegagentgshouldg-gANSWER-tellgpotentialgbuyersgaboutgthegparties
Whengonegofgthegpartiesgtogangagreementgfailsgtogperformgonegofgitsgconditions,gthatgcontractgisgdeem
edgtogbeg-gANSWER-breached
WhichgofgthegfollowinggisgNOTgagconsiderationgingthegdefinitiongofgmarketgvalue?g-gANSWER-
Buyergandgsellergmustgagreegtogappraisedgvalue
Onegcommongmethodgforgcontrollinggthegproblemsgcreatedgbygconflictgofginterestgingdualgrepresentatio
ngisg-gANSWER-
allowinggagbrokergtogdesignategseparategsalespeoplegwithingthegcompanygasglegalgrepresentativesgofgea
chgofgthegclients.
Ownershipgofgcommongstockgingagcorporationggivesg-gANSWER-
anginterestgthatgisgclassifiedgasgpersonalgproperty
AtgthegclosinggongJuneg15,gthegbuyergisgassuminggagmortgagegpresentlygongthegproperty,gongwhichgtheg
monthlyginterestgcharge
gisgcurrentlyg$600.gThegsellerghasgmadegthegpaymentgduegongJuneg1.gAssuminggagVAgmortgage,gwhatgisg
thegadjustmentg
madegatgclosing?g-gANSWER-Debitgsellerg$300;gcreditgbuyerg$300
Toogmuchgleveragegmaygresultging-gANSWER-negativegcashgflow
Agmajorgreasongforgbuyinggandgowninggagcondominiumgrathergthangagdetachedgsingle-
familyghomegisgthatg-gANSWER-agcondominiumgtendsgtogbegmoregaffordable
Angadjustablegrategloangshouldgincludegallgofgthegfollowinggelementsg-gANSWER-1.gmargin
2.glife-of-the-loangcap
3.gindex
CONCEPTIALGRESEARCHERS
,PSI National Exam for Real Estate Licensing || W
g g g g g g g g
ith Questions & 100% Accurate Answers
g g g g g
Thegpurposegofgrequiringgangearnestgmoneygdepositgingagrealgestategsalesgcontractgisgtog-gANSWER-
providegevidencegofgthegbuyer'sgintentiongtogcarrygoutgthegcontract.
Agbuyergisggettinggagfullygamortizedgloangforg$220,000.gThegbankgwillggivegthegbuyergthegloangforg15gye
arsgatg5g1/2%g
orgforg30gyearsgatg6g1/2%.gTogthegnearestgcent,gwhatgisgthegdifferencegbetweengthegmonthlygpaymentsg
forgthesegtwogloans?
g(BEgSUREgTOgUSEgTHEgAMORTIZATIONgTABLE.)g-gANSWER-$409.20.
Agborrowerghasgdefaultedgongthegmortgage.gThegmortgagegcontainsgangaccelerationgclause.gThisgpermit
sgtheglendergtog-gANSWER-demandgimmediategpaymentgofgthegentiregnote
ThegFHAgfunctionsgMOSTglikeg-gANSWER-anginsurancegcompany
1.gTheygaregusedgtogbuygdownginterestgrate.
2.gTheygaregagfunctiongofgthegmarketplace.
3.gTheygaregpaidgbygeithergthegbuyergorgthegseller.g-gANSWER-discountgpoints
Whenglandgisgconveyedgtogagtrustee,gthegtrusteegmayg-gANSWER-
dogwhatevergisgpermittedgundergthegtrustgagreement
Agprospectivegbuyergmadegangoffergtogpurchasegagproperty.gThegownergrespondedgwithgagcounteroffer.g
Whilegthegbuyerg
wasgreviewinggthegcounteroffer,gthegownergreceivedgagbettergoffer.gThegownergcangacceptgthegsecondgo
ffergifg-gANSWER-thegownergwithdrawsgthegcounteroffergbeforegitgisgaccepted.
Whilegangagentgisgshowinggaglistedgproperty,gthegsellergandgthegbuyergentergintogangoralgagreementgforg
thegpurchasegofgtheghome.gIfgagdisputegovergthegtermsgarisesglater,gthegagreementgmaygbegunenforcea
blegbecauseg-gANSWER-thegagreementgdoesgnotgcomplygwithgthegStatutegofgFrauds
,Earnestgmoneygshouldgbegdepositedgintogagtrustgaccountg-gANSWER-
ingagtimelygmanner,gaccordinggtogstateglaws
Agdeedgrestrictiongisgapplicablegtogthegactivitiesgofg-gANSWER-allgowners,gpresentgandgfuture
Angeasementgcangbegterminatedgbyg-gANSWER-prescription
Depreciationgisgcalculatedgbasedgongtheg-gANSWER-costgofgthegbuildinggonly
WhichgofgthegfollowinggapproachesgMOSTgreliablygestimatesgthegsalesgpricegofgagsingle-
familygresidence?g-gANSWER-Marketgdata
Agsellergmentionsgtoghisgagentgthatgthegpreviousgownersgofghisgpropertygmayghavegdumpedghazardousg
wastegongthegsite.gUndergthegComprehensivegEnvironmentalgResponse,gCompensation,gandgLiabilitygAct
g(CERCLA),gwhogisgliablegforgdamagesgfrom
gthegdumpinggpriorgtogthegsalegofgthegproperty?g-gANSWER-Seller
ThegescrowgofficergorgclosinggagentgMUSTggiveginformationgregardinggthegsalesgpricegandgseller'sgsocialg
securitygnumbergtog-gANSWER-IRS
Agbrokergsuppliesgthegfinancinggforgagprojectgtogbuildgcondominiumsgwithgthegstipulationgthatgheghasgth
egexclusivegrightgtogsellgthegcompletedgcondos.gWhichgofgthegfollowinggBESTgdescribesgthisgrelationship
?g-gANSWER-Agencygcoupledgwithganginterest
Ifgyougowngagbuildinggfreegandgcleargthatgisgworthg$115,000gandgwantgangannualgreturngofg12%,gwhatgn
etgincomegisgneededgeachgmonth?g-gANSWER-$1,150
Usuryglawsgweregenactedgtogprotectgtheg-gANSWER-borrower
Atgthegtimegofglisting,gthegsellergtellsgtheglistinggagentgtheygaregmovinggbecausegthegneighborghasgloudg
partiesgeverygweekend.
, gThegagentgshouldg-gANSWER-tellgpotentialgbuyersgaboutgthegparties
Whengonegofgthegpartiesgtogangagreementgfailsgtogperformgonegofgitsgconditions,gthatgcontractgisgdeem
edgtogbeg-gANSWER-breached
WhichgofgthegfollowinggisgNOTgagconsiderationgingthegdefinitiongofgmarketgvalue?g-gANSWER-
Buyergandgsellergmustgagreegtogappraisedgvalue
Onegcommongmethodgforgcontrollinggthegproblemsgcreatedgbygconflictgofginterestgingdualgrepresentatio
ngisg-gANSWER-
allowinggagbrokergtogdesignategseparategsalespeoplegwithingthegcompanygasglegalgrepresentativesgofgea
chgofgthegclients.
Ownershipgofgcommongstockgingagcorporationggivesg-gANSWER-
anginterestgthatgisgclassifiedgasgpersonalgproperty
AtgthegclosinggongJuneg15,gthegbuyergisgassuminggagmortgagegpresentlygongthegproperty,gongwhichgtheg
monthlyginterestgcharge
gisgcurrentlyg$600.gThegsellerghasgmadegthegpaymentgduegongJuneg1.gAssuminggagVAgmortgage,gwhatgisg
thegadjustmentg
madegatgclosing?g-gANSWER-Debitgsellerg$300;gcreditgbuyerg$300
Toogmuchgleveragegmaygresultging-gANSWER-negativegcashgflow
Agmajorgreasongforgbuyinggandgowninggagcondominiumgrathergthangagdetachedgsingle-
familyghomegisgthatg-gANSWER-agcondominiumgtendsgtogbegmoregaffordable
Angadjustablegrategloangshouldgincludegallgofgthegfollowinggelementsg-gANSWER-1.gmargin
2.glife-of-the-loangcap
3.gindex
