-CA PSI SITE - LIFE, ACCIDENT AND HEALTH AGENT
EXAMINATION (LIFE AGENT) LATEST 2023-2024
ACTUAL EXAM 350 QUESTIONS AND CORRECT
DETAILED //ALREADY GRADED A+
Audrey wants to take a vacation. To do so, she authorizes an agent to conduct the operations of one of
her business enterprises. The kind of agency she has established is - ANSWERwer-General agent. In a
general agency, the principle delegates to the agent ongoing tasks and duties within a particular business
or enterprise
A property seller empowers an agent to market and sell a property on his behalf. The kind of agency
represented is - ANSWERwer-Special. Under a special agency agreement, the principal delegates
authority to conduct a specific activity, after which the agency relationship terminates. In most cases, the
special agent may not bind the principal to a contract.
An agent who intends to represent a seller or owner must disclose the import of the proposed agency
relationship in writing before - - ANSWERwer-The listing agreement is executed
When must a listing agent disclose their agency relationship to prospective tenants or buyers? -
ANSWERwerOn substantive contact
When a broker enters into a listing agreement, the broker has agreed to accept which of the following?
-fiduciary and contractual obligations with the client -fiduciary
relationships with the client and customer
-contractual obligations with cooperating brokers
-fiduciary obligations with the customer - ANSWERwer-fiduciary and contractual obligations with the
client.
What is a multiple listing? - ANSWERwer-A listing that is entered in a multiple listing service
,Agent Peter has an open listing with Frank. Paul is peters broker. Agent Perry's customer buys Frank's
house. Patrick has a commission agreement with Frank. Who is most likely to be compensated in this
scenario? - ANSWERwer-Perry, since he found the customer.
Which of the following business entities is generally prohibited from brokering real estate?
-sole proprietorship
-partnership
-corporation for profit
-non-profit corporation - ANSWERwer-Nonprofit corporation. A corporate entity is not legally entitled
to generate profit. A nonprofit organization may not broker real estate.
What is co-brokerage? - ANSWERwer-Outside brokers acting as subagents assist a listing agent in
procuring a customer.
How does the position of an independent contractor licensee IC differ from that of an employee
licensee?
-the IC must obtain their own training; it is not provided by the broker
-the employee is not entitled to company benefits
-the IC must abide by all office meeting schedules
-The IC is responsible for his or her own taxes; the broker does not withhold - ANSWERwer-The IC is
responsible for his or her own taxes; the broker does not withhold
A salesperson's commission rate and structure is established by
-state regulation
-competitive conditions
-agreement with the other brokers in the market
-negotiations with the client - ANSWERwer-competitive conditions
Mary Carboy buys a house from Jim Schmidt and at the same time obtains an option to purchase the
adjoining vacant lot for $10,000 within one year. A few months later, Carboy informs Schmidt that she is
ready to exercise her option, but finds that Schmidt has received an offer of $12,000 from another party.
,Schmidt states that he will accept the offer unless Carboy is willing to match the $12,000 offer. Which of
the following is true of this situation?
-Schmidt must sell to Carboy for $10,000
-Carboy must pay $12,000 or lose the property
-Schmidt may sell to Carboy or the other party, but the price cannot exceed $10,000
-if the other party delivers payment before Carboy does, the option is cancelled - ANSWERwer-
Schmidt must sell to Carboy for $10,000
Which of the following is true regarding the assign ability of an option?
-it is assignable only if the contract specifically allows assignment
-it is never assignable
-it is assignable only if the option is exercised
-it is always assignable unless the contract prohibits assignment - ANSWERwer--it is always assignable
unless the contract prohibits assignment
Which of the following is true of a contract for deed trANSWERaction?
-at the end of the contract period, the vendee receives equitable title, provided all required periodic
payments have been made
-the vendee has no right to possess or occupy the property during the contract period
-at the end of the contract period, the vendor conveys legal title, provided the vendee has fulfilled all
obligations
-the vendor may cancel the contract at any time before the final payment has been received -
ANSWERwer-at the end of the contract period, the vendor conveys legal title, provided the vendee
has fulfilled all obligations
An owner completes a sales contract on her property with a buyer. Before closing, the seller runs into
financial trouble and assigns the contract to her principal creditor. The buyer cries foul, fearing the
property will be lost. Which of the following is true?
-the buyer can sue the assignee to disallow the illegal assignment
-the buyer can take legal action against the assignor
-the assignor has completed a legal action
, -the sale contract is nullified - ANSWERwer-The assignor has completed a legal action
A due on sale clause in a sale contract puts parties on notice that
-the full price of the property is due the seller at closing
-any loANSWER surviving closing become immediately payable
-all of the seller's debts must be retired before or upon closing
-any conveyance may trigger an acceleration of any loANSWER secured by the party - ANSWERwer-
any conveyance may trigger an acceleration of any loANSWER secured by the party
Two parties enter into a contract for deed agreement. In this form of agreement,
-title is conveyed to the buyer, but the seller retains possession for a stipulated time period
-the buyer contracts to pay all cash at closing in exchange for the deed
-the seller retains legal title while the buyer makes partial payments until the contract is fully executed
-the buyer immediately acquired legal title and takes possession - ANSWERwer-the seller retains legal
title while the buyer makes partial payments until the contract is fully executed
The federal law that produced the do not call list and related protections is referred to as the -
ANSWERwerTelephone Consumer Protection Act
New federal regulation in advertising requires email advertisers to give recipients an option to
discontinue receiving emails from such advertiser. This legislation is called - ANSWERwer-CAN-SPAM
Act
As an economic product, real estate is distinguished by
-the homogeneity
-it's variety
-the uniqueness of every parcel
-it's ability to appreciate in value - ANSWERwer-The uniqueness of every parcel
EXAMINATION (LIFE AGENT) LATEST 2023-2024
ACTUAL EXAM 350 QUESTIONS AND CORRECT
DETAILED //ALREADY GRADED A+
Audrey wants to take a vacation. To do so, she authorizes an agent to conduct the operations of one of
her business enterprises. The kind of agency she has established is - ANSWERwer-General agent. In a
general agency, the principle delegates to the agent ongoing tasks and duties within a particular business
or enterprise
A property seller empowers an agent to market and sell a property on his behalf. The kind of agency
represented is - ANSWERwer-Special. Under a special agency agreement, the principal delegates
authority to conduct a specific activity, after which the agency relationship terminates. In most cases, the
special agent may not bind the principal to a contract.
An agent who intends to represent a seller or owner must disclose the import of the proposed agency
relationship in writing before - - ANSWERwer-The listing agreement is executed
When must a listing agent disclose their agency relationship to prospective tenants or buyers? -
ANSWERwerOn substantive contact
When a broker enters into a listing agreement, the broker has agreed to accept which of the following?
-fiduciary and contractual obligations with the client -fiduciary
relationships with the client and customer
-contractual obligations with cooperating brokers
-fiduciary obligations with the customer - ANSWERwer-fiduciary and contractual obligations with the
client.
What is a multiple listing? - ANSWERwer-A listing that is entered in a multiple listing service
,Agent Peter has an open listing with Frank. Paul is peters broker. Agent Perry's customer buys Frank's
house. Patrick has a commission agreement with Frank. Who is most likely to be compensated in this
scenario? - ANSWERwer-Perry, since he found the customer.
Which of the following business entities is generally prohibited from brokering real estate?
-sole proprietorship
-partnership
-corporation for profit
-non-profit corporation - ANSWERwer-Nonprofit corporation. A corporate entity is not legally entitled
to generate profit. A nonprofit organization may not broker real estate.
What is co-brokerage? - ANSWERwer-Outside brokers acting as subagents assist a listing agent in
procuring a customer.
How does the position of an independent contractor licensee IC differ from that of an employee
licensee?
-the IC must obtain their own training; it is not provided by the broker
-the employee is not entitled to company benefits
-the IC must abide by all office meeting schedules
-The IC is responsible for his or her own taxes; the broker does not withhold - ANSWERwer-The IC is
responsible for his or her own taxes; the broker does not withhold
A salesperson's commission rate and structure is established by
-state regulation
-competitive conditions
-agreement with the other brokers in the market
-negotiations with the client - ANSWERwer-competitive conditions
Mary Carboy buys a house from Jim Schmidt and at the same time obtains an option to purchase the
adjoining vacant lot for $10,000 within one year. A few months later, Carboy informs Schmidt that she is
ready to exercise her option, but finds that Schmidt has received an offer of $12,000 from another party.
,Schmidt states that he will accept the offer unless Carboy is willing to match the $12,000 offer. Which of
the following is true of this situation?
-Schmidt must sell to Carboy for $10,000
-Carboy must pay $12,000 or lose the property
-Schmidt may sell to Carboy or the other party, but the price cannot exceed $10,000
-if the other party delivers payment before Carboy does, the option is cancelled - ANSWERwer-
Schmidt must sell to Carboy for $10,000
Which of the following is true regarding the assign ability of an option?
-it is assignable only if the contract specifically allows assignment
-it is never assignable
-it is assignable only if the option is exercised
-it is always assignable unless the contract prohibits assignment - ANSWERwer--it is always assignable
unless the contract prohibits assignment
Which of the following is true of a contract for deed trANSWERaction?
-at the end of the contract period, the vendee receives equitable title, provided all required periodic
payments have been made
-the vendee has no right to possess or occupy the property during the contract period
-at the end of the contract period, the vendor conveys legal title, provided the vendee has fulfilled all
obligations
-the vendor may cancel the contract at any time before the final payment has been received -
ANSWERwer-at the end of the contract period, the vendor conveys legal title, provided the vendee
has fulfilled all obligations
An owner completes a sales contract on her property with a buyer. Before closing, the seller runs into
financial trouble and assigns the contract to her principal creditor. The buyer cries foul, fearing the
property will be lost. Which of the following is true?
-the buyer can sue the assignee to disallow the illegal assignment
-the buyer can take legal action against the assignor
-the assignor has completed a legal action
, -the sale contract is nullified - ANSWERwer-The assignor has completed a legal action
A due on sale clause in a sale contract puts parties on notice that
-the full price of the property is due the seller at closing
-any loANSWER surviving closing become immediately payable
-all of the seller's debts must be retired before or upon closing
-any conveyance may trigger an acceleration of any loANSWER secured by the party - ANSWERwer-
any conveyance may trigger an acceleration of any loANSWER secured by the party
Two parties enter into a contract for deed agreement. In this form of agreement,
-title is conveyed to the buyer, but the seller retains possession for a stipulated time period
-the buyer contracts to pay all cash at closing in exchange for the deed
-the seller retains legal title while the buyer makes partial payments until the contract is fully executed
-the buyer immediately acquired legal title and takes possession - ANSWERwer-the seller retains legal
title while the buyer makes partial payments until the contract is fully executed
The federal law that produced the do not call list and related protections is referred to as the -
ANSWERwerTelephone Consumer Protection Act
New federal regulation in advertising requires email advertisers to give recipients an option to
discontinue receiving emails from such advertiser. This legislation is called - ANSWERwer-CAN-SPAM
Act
As an economic product, real estate is distinguished by
-the homogeneity
-it's variety
-the uniqueness of every parcel
-it's ability to appreciate in value - ANSWERwer-The uniqueness of every parcel
