PSI National Real Estate Exam Newest Complete
Questions And Correct Detailed Answers (Verified
Answers) |Brand New Version!!
An agency relationship based on a formal agreement between the
parties, either written or verbal, is - SOLUTION=express agency
An agency relationship based on the actions of the parties is -
SOLUTION=implied agency
An agent has a fiduciary relationship with the - SOLUTION=client or
principle
The type of agency that exists between the real estate agent and his
client is usually - SOLUTION=special agency
In Louisiana, the law states that, unless there is a written agreement to
the contrary, the agent represents - SOLUTION=the person he is with
Representing two principals to a transaction without the knowledge and
consent of both is - SOLUTION=undisclosed dual agency
What is grounds for termination of an agency relationship -
SOLUTION=1. mutual agreement
,2. destruction or condemnation of the property
3. death or incapacity of either party
An agency relationship in which the agent is given an interest in the
subject of the agency, such as the property being sold is called -
SOLUTION=agency coupled with an interest
An example of price fixing would be - SOLUTION=two brokers
agreeing to set the same fee structure.
An agent representing both the buyer and seller in a transaction with the
written consent - SOLUTION=a disclosed dual agent.
An agent for a seller must disclose his agency relationship to the buyer
when? - SOLUTION=at the first substantive contact
The person who is represented by the licensee is the -
SOLUTION=principle
A vendor wants to give you, the agent, a gift for services. What should
you do? - SOLUTION=Tell your broker
Once a seller accepts a ready, willing, and able buyer, the agent
is entitled to a commission because of the principle of -
SOLUTION=procuring cause
,Antitrust laws prohibit competing brokers from all of the following -
SOLUTION=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 - SOLUTION=all current owners of real estate fronting on
that road
State laws differ on whether a buyer is entitled to know about -
SOLUTION=a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - SOLUTION=a
homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - SOLUTION=Under no circumstances
The real estate broker who is listing a house for sale should personally
verify - SOLUTION=the number of square feet in the building
, Real property can be converted to personal property by -
SOLUTION=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? - SOLUTION=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 - SOLUTION=prior
appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - SOLUTION=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?
Questions And Correct Detailed Answers (Verified
Answers) |Brand New Version!!
An agency relationship based on a formal agreement between the
parties, either written or verbal, is - SOLUTION=express agency
An agency relationship based on the actions of the parties is -
SOLUTION=implied agency
An agent has a fiduciary relationship with the - SOLUTION=client or
principle
The type of agency that exists between the real estate agent and his
client is usually - SOLUTION=special agency
In Louisiana, the law states that, unless there is a written agreement to
the contrary, the agent represents - SOLUTION=the person he is with
Representing two principals to a transaction without the knowledge and
consent of both is - SOLUTION=undisclosed dual agency
What is grounds for termination of an agency relationship -
SOLUTION=1. mutual agreement
,2. destruction or condemnation of the property
3. death or incapacity of either party
An agency relationship in which the agent is given an interest in the
subject of the agency, such as the property being sold is called -
SOLUTION=agency coupled with an interest
An example of price fixing would be - SOLUTION=two brokers
agreeing to set the same fee structure.
An agent representing both the buyer and seller in a transaction with the
written consent - SOLUTION=a disclosed dual agent.
An agent for a seller must disclose his agency relationship to the buyer
when? - SOLUTION=at the first substantive contact
The person who is represented by the licensee is the -
SOLUTION=principle
A vendor wants to give you, the agent, a gift for services. What should
you do? - SOLUTION=Tell your broker
Once a seller accepts a ready, willing, and able buyer, the agent
is entitled to a commission because of the principle of -
SOLUTION=procuring cause
,Antitrust laws prohibit competing brokers from all of the following -
SOLUTION=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 - SOLUTION=all current owners of real estate fronting on
that road
State laws differ on whether a buyer is entitled to know about -
SOLUTION=a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by - SOLUTION=a
homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? - SOLUTION=Under no circumstances
The real estate broker who is listing a house for sale should personally
verify - SOLUTION=the number of square feet in the building
, Real property can be converted to personal property by -
SOLUTION=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? - SOLUTION=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 - SOLUTION=prior
appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - SOLUTION=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?
