Psi National Exam For Real Estate
2024/2025
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - Precise Answer ✔✔a contract
Antitrust laws prohibit competing brokers from all of the following -
Precise Answer ✔✔1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably
be shared by - Precise Answer ✔✔all current owners of real estate
fronting on that road
State laws differ on whether a buyer is entitled to know about - Precise
Answer ✔✔a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - Precise Answer
✔✔a homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - Precise Answer ✔✔Under no circumstances
,The real estate broker who is listing a house for sale should personally
verify - Precise Answer ✔✔the number of square feet in the building
Real property can be converted to personal property by - Precise Answer
✔✔Severance
Prospective buyers made an offer on a property. The seller did NOT
accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real estate agent
delivered their acceptance to the seller.
In the interim, the same buyers had found another house that they liked
better and made an offer on it, which was accepted. Which of the
following is TRUE? - Precise Answer ✔✔Both contracts are valid
Although states make specific laws governing water rights and the rights
in land that borders water, most states
generally follow one of two basic doctrines regarding water rights. In
many states, the common law doctrine of riparian and littoral rights
dictates that water rights are automatically conveyed with property. In
others, all water rights are controlled by the state under the doctrine of -
Precise Answer ✔✔prior appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - Precise Answer ✔✔provide evidence of the buyer's
intention to carry out the contract.
,A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is the difference
between the monthly payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.) - Precise
Answer ✔✔$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - Precise Answer
✔✔demand immediate payment of the entire note
The FHA functions MOST like - Precise Answer ✔✔an insurance
company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller. - Precise Answer
✔✔discount points
When land is conveyed to a trustee, the trustee may - Precise Answer
✔✔do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer
, was reviewing the counteroffer, the owner received a better offer. The
owner can accept the second offer if - Precise Answer ✔✔the owner
withdraws the counteroffer before it is accepted.
While an agent is showing a listed property, the seller and the buyer
enter into an oral agreement for the purchase of the home. If a dispute
over the terms arises later, the agreement may be unenforceable because
- Precise Answer ✔✔the agreement does not comply with the Statute of
Frauds
Earnest money should be deposited into a trust account - Precise Answer
✔✔in a timely manner, according to state laws
A deed restriction is applicable to the activities of - Precise Answer
✔✔all owners, present and future
An easement can be terminated by - Precise Answer ✔✔prescription
Depreciation is calculated based on the - Precise Answer ✔✔cost of the
building only
Which of the following approaches MOST reliably estimates the sales
price of a single-family residence? - Precise Answer ✔✔Market data
A seller mentions to his agent that the previous owners of his property
may have dumped hazardous waste on the site. Under the
2024/2025
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - Precise Answer ✔✔a contract
Antitrust laws prohibit competing brokers from all of the following -
Precise Answer ✔✔1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably
be shared by - Precise Answer ✔✔all current owners of real estate
fronting on that road
State laws differ on whether a buyer is entitled to know about - Precise
Answer ✔✔a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - Precise Answer
✔✔a homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - Precise Answer ✔✔Under no circumstances
,The real estate broker who is listing a house for sale should personally
verify - Precise Answer ✔✔the number of square feet in the building
Real property can be converted to personal property by - Precise Answer
✔✔Severance
Prospective buyers made an offer on a property. The seller did NOT
accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real estate agent
delivered their acceptance to the seller.
In the interim, the same buyers had found another house that they liked
better and made an offer on it, which was accepted. Which of the
following is TRUE? - Precise Answer ✔✔Both contracts are valid
Although states make specific laws governing water rights and the rights
in land that borders water, most states
generally follow one of two basic doctrines regarding water rights. In
many states, the common law doctrine of riparian and littoral rights
dictates that water rights are automatically conveyed with property. In
others, all water rights are controlled by the state under the doctrine of -
Precise Answer ✔✔prior appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - Precise Answer ✔✔provide evidence of the buyer's
intention to carry out the contract.
,A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is the difference
between the monthly payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.) - Precise
Answer ✔✔$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - Precise Answer
✔✔demand immediate payment of the entire note
The FHA functions MOST like - Precise Answer ✔✔an insurance
company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller. - Precise Answer
✔✔discount points
When land is conveyed to a trustee, the trustee may - Precise Answer
✔✔do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer
, was reviewing the counteroffer, the owner received a better offer. The
owner can accept the second offer if - Precise Answer ✔✔the owner
withdraws the counteroffer before it is accepted.
While an agent is showing a listed property, the seller and the buyer
enter into an oral agreement for the purchase of the home. If a dispute
over the terms arises later, the agreement may be unenforceable because
- Precise Answer ✔✔the agreement does not comply with the Statute of
Frauds
Earnest money should be deposited into a trust account - Precise Answer
✔✔in a timely manner, according to state laws
A deed restriction is applicable to the activities of - Precise Answer
✔✔all owners, present and future
An easement can be terminated by - Precise Answer ✔✔prescription
Depreciation is calculated based on the - Precise Answer ✔✔cost of the
building only
Which of the following approaches MOST reliably estimates the sales
price of a single-family residence? - Precise Answer ✔✔Market data
A seller mentions to his agent that the previous owners of his property
may have dumped hazardous waste on the site. Under the
