PSI NATIONAL REAL ESTATE 2026 EXAMS QUESTIONS AND
ANSWERS GRADED A+
✔✔A purchaser in the secondary mortgage market is - ✔✔Federal National Mortgage
Association
✔✔While performing an analysis of value for listing a house, all of the following would
be
included in the Market Data Approach except: - ✔✔Capitalization
✔✔A developer of a subdivision does not want "clotheslines" to be installed in the
houses in the subdivision. A way for the developer to have control to limit and fine
people who want to install clotheslines would be: - ✔✔Covenant
✔✔Seller is selling their property. Their outstanding loan balance is $240,000. The
house has a value of $200,000. Assuming the seller pays realty fees, closing fees, state
fees, the amount left over is only $180,000 to pay off the loan. What statement -
✔✔Lender may pursue the seller for a deficiency judgment of $60,000
✔✔A seller has received an offer at 80% of list price. Seller counter offers at 90% of list
the response, an offer of 98% of list price comes in from another buyer. The seller
wishes to sell to the second buyer. What is true? - ✔✔Withdraw the first buyer's
counter-offer and then accept the second offer
✔✔A buyer makes an offer on a property that the seller accepts. While waiting for an
inspection, the buyers see another property that they like even better. They draft an
offer on that property which is accepted by that seller. What statement about the offers
is true? - ✔✔Both offers are Valid Offers
✔✔What should a buyer include in an offer to purchase that gives them the ability to
financing is not approved? - ✔✔Contingency
✔✔With regard to the Lead Based Paint requirements under federal law, what is
required? - ✔✔Buyer has a 10 day period to inspect and/or rescind offer
✔✔A real estate committee met and decided to simplify real estate in an area by having
one commission structure at a low rate for all consumers. Is this legal? - ✔✔No-this is
price fixing
✔✔A principal broker can be held responsible for - ✔✔All real estate activities of
salesperson
, ✔✔A commercial property lost value because a recently constructed highway directed
traffic away from the property. This is an example of - ✔✔Economic or external
obsolesce
✔✔A prospective buyer makes an offer to buy a house. The owner counter-offers. While
the buyers are reviewing the counteroffer, the owner receives a better offer. The owner
can accept the second offer if... - ✔✔The owner withdraws the counteroffer before the
first buyer accepts-it
✔✔The amount of commission is established - ✔✔Agreed upon by seller and broker
✔✔At the closing on June 15, the buyer is assuming a mortgage presently on the
property, on which the monthly interest charge is currently $600. The seller has made
the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at
closing? - ✔✔Credit seller $300; debit buyer $300
✔✔A couple is moving to a new city. They are renting a house temporarily before
buying a house. What type of lease would best suit their needs? - ✔✔Month-to-month
lease
✔✔Two buyers bought a house with a $178,000 mortgage. The interest rate is 6 1/2%
per annum payable for 30 years. To the nearest dollar, what is their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION TABLE.) - ✔✔$1,125
✔✔A homeowner has negotiated with a neighbor to obtain the permanent right to pass
over the northern part of the neighbor's land to gain access to the river. He
pays the neighbor $9,000 for the right of access and receives a deed. This is an
easement - ✔✔Appurtenant
✔✔FHA functions most like - ✔✔Insurance Company
✔✔At the time of listing, the seller tells the listing agent they are moving because the
neighbor has loud parties every weekend. The agent should - ✔✔Tell potential buyers
✔✔An appraisal method that uses adjustments to recent sales to estimate value is the -
✔✔sales comparison approach
✔✔A lender who forecloses on a property and sells it later for less than what was owed
has the right to obtain a(n) - ✔✔deficiency judgment
✔✔What is the payment difference on a loan amount of $220,000 with a 15 year, 5.5%
interest versus a 30 year at 6.5% (use amortization chart) - ✔✔$407
ANSWERS GRADED A+
✔✔A purchaser in the secondary mortgage market is - ✔✔Federal National Mortgage
Association
✔✔While performing an analysis of value for listing a house, all of the following would
be
included in the Market Data Approach except: - ✔✔Capitalization
✔✔A developer of a subdivision does not want "clotheslines" to be installed in the
houses in the subdivision. A way for the developer to have control to limit and fine
people who want to install clotheslines would be: - ✔✔Covenant
✔✔Seller is selling their property. Their outstanding loan balance is $240,000. The
house has a value of $200,000. Assuming the seller pays realty fees, closing fees, state
fees, the amount left over is only $180,000 to pay off the loan. What statement -
✔✔Lender may pursue the seller for a deficiency judgment of $60,000
✔✔A seller has received an offer at 80% of list price. Seller counter offers at 90% of list
the response, an offer of 98% of list price comes in from another buyer. The seller
wishes to sell to the second buyer. What is true? - ✔✔Withdraw the first buyer's
counter-offer and then accept the second offer
✔✔A buyer makes an offer on a property that the seller accepts. While waiting for an
inspection, the buyers see another property that they like even better. They draft an
offer on that property which is accepted by that seller. What statement about the offers
is true? - ✔✔Both offers are Valid Offers
✔✔What should a buyer include in an offer to purchase that gives them the ability to
financing is not approved? - ✔✔Contingency
✔✔With regard to the Lead Based Paint requirements under federal law, what is
required? - ✔✔Buyer has a 10 day period to inspect and/or rescind offer
✔✔A real estate committee met and decided to simplify real estate in an area by having
one commission structure at a low rate for all consumers. Is this legal? - ✔✔No-this is
price fixing
✔✔A principal broker can be held responsible for - ✔✔All real estate activities of
salesperson
, ✔✔A commercial property lost value because a recently constructed highway directed
traffic away from the property. This is an example of - ✔✔Economic or external
obsolesce
✔✔A prospective buyer makes an offer to buy a house. The owner counter-offers. While
the buyers are reviewing the counteroffer, the owner receives a better offer. The owner
can accept the second offer if... - ✔✔The owner withdraws the counteroffer before the
first buyer accepts-it
✔✔The amount of commission is established - ✔✔Agreed upon by seller and broker
✔✔At the closing on June 15, the buyer is assuming a mortgage presently on the
property, on which the monthly interest charge is currently $600. The seller has made
the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at
closing? - ✔✔Credit seller $300; debit buyer $300
✔✔A couple is moving to a new city. They are renting a house temporarily before
buying a house. What type of lease would best suit their needs? - ✔✔Month-to-month
lease
✔✔Two buyers bought a house with a $178,000 mortgage. The interest rate is 6 1/2%
per annum payable for 30 years. To the nearest dollar, what is their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION TABLE.) - ✔✔$1,125
✔✔A homeowner has negotiated with a neighbor to obtain the permanent right to pass
over the northern part of the neighbor's land to gain access to the river. He
pays the neighbor $9,000 for the right of access and receives a deed. This is an
easement - ✔✔Appurtenant
✔✔FHA functions most like - ✔✔Insurance Company
✔✔At the time of listing, the seller tells the listing agent they are moving because the
neighbor has loud parties every weekend. The agent should - ✔✔Tell potential buyers
✔✔An appraisal method that uses adjustments to recent sales to estimate value is the -
✔✔sales comparison approach
✔✔A lender who forecloses on a property and sells it later for less than what was owed
has the right to obtain a(n) - ✔✔deficiency judgment
✔✔What is the payment difference on a loan amount of $220,000 with a 15 year, 5.5%
interest versus a 30 year at 6.5% (use amortization chart) - ✔✔$407
