PSI National Exam ACTUAL QUESTIONS
AND CORRECT ANSWERS
CC&R - Correct answers✔Chrissy lives in Lake Ridge Estates, a neighborhood in which vinyl
siding may not be used on homes. This HOA regulation is what kind of private land control?
12.5 - Correct answers✔A 20-unit apartment building sells for $5 million. The property can bring
in $400,000 in annual gross income. What is the gross income multiplier (GIM
Fee simple - Correct answers✔After a life estate holder dies and ownership rights have either
reverted to the original owner or have been transferred to a remainderman, with what type of
estate is the property held?
The date by which all inspection issues must be addressed - Correct answers✔Katelyn wants to
include an inspection contingency in her purchase offer. Her agent explains that the inspection
contingency will document which of the following?
Loan flipping - Correct answers✔Which practice involves talking the consumer into refinancing
over and over so a lender can charge fees?
A public record of tenancy - Correct answers✔Title insurance covers claims by individuals who
live or lived on the property in question, as long as what's in place?
Lease agreements - Correct answers✔To be an effective property manager, a licensee must be
familiar with a variety of ______.
75% - Correct answers✔A buyer is purchasing a home for $400,000 and is financing $300,000.
AND CORRECT ANSWERS
CC&R - Correct answers✔Chrissy lives in Lake Ridge Estates, a neighborhood in which vinyl
siding may not be used on homes. This HOA regulation is what kind of private land control?
12.5 - Correct answers✔A 20-unit apartment building sells for $5 million. The property can bring
in $400,000 in annual gross income. What is the gross income multiplier (GIM
Fee simple - Correct answers✔After a life estate holder dies and ownership rights have either
reverted to the original owner or have been transferred to a remainderman, with what type of
estate is the property held?
The date by which all inspection issues must be addressed - Correct answers✔Katelyn wants to
include an inspection contingency in her purchase offer. Her agent explains that the inspection
contingency will document which of the following?
Loan flipping - Correct answers✔Which practice involves talking the consumer into refinancing
over and over so a lender can charge fees?
A public record of tenancy - Correct answers✔Title insurance covers claims by individuals who
live or lived on the property in question, as long as what's in place?
Lease agreements - Correct answers✔To be an effective property manager, a licensee must be
familiar with a variety of ______.
75% - Correct answers✔A buyer is purchasing a home for $400,000 and is financing $300,000.
