PSI REAL ESTATE PRACTICE EXAM
questions and answers
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 - the agreement does not
comply with the Statute of Frauds
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - the seller accepts the
offer
To what party or parties does the broker owe the fiduciary duty of care? - The
party or parties employing the broker
In MOST states, foreclosed property is sold through - public auction
A buyer was negotiating the purchase of a house for himself. During a
conversation with the seller, the seller agreed to include all kitchen appliances in
the sale, and this fact was included in the sales contract. In this situation, if the
seller takes the appliances with him, what recourse does the buyer have? - the
buyer may sue seller for specific performance
, PSI REAL ESTATE PRACTICE EXAM
questions and answers
A broker and the buyers he represents are anxiously awaiting the closing on their
new home. The closing is scheduled in 4 days. The buyers inform the broker that
they just received a revised Good Faith Estimate and Truth in Lending disclosure
from the lender indicating the Annual Percentage Rate on their loan has increased
by 0.3%. Based on the Mortgage Disclosure Improvement Act of 2009, what action
should the broker take in this situation? - confirm with the sellers broker, the
lender and the closing entity that the closing must be delayed to allow for a new
seven da waiting period because of interest rate revision
An exception to title insurance coverage is - defects that clearly appear in the title
search
ordinances that specify construction standards are - building codes
If a borrower can afford to make monthly principal and interest payments of
$1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-
1/2%, what is the largest loan (rounded to the nearest $100) this buyer can
afford? (BE SURE TO USE THE AMORTIZATION TABLE.) - 5-1/2% for 30yrs =
$5.67789 per $1000
$1000/$5.67789 = $176.121764
$176.121764 X $1000 = $176,121.764 = $176,100
questions and answers
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 - the agreement does not
comply with the Statute of Frauds
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - the seller accepts the
offer
To what party or parties does the broker owe the fiduciary duty of care? - The
party or parties employing the broker
In MOST states, foreclosed property is sold through - public auction
A buyer was negotiating the purchase of a house for himself. During a
conversation with the seller, the seller agreed to include all kitchen appliances in
the sale, and this fact was included in the sales contract. In this situation, if the
seller takes the appliances with him, what recourse does the buyer have? - the
buyer may sue seller for specific performance
, PSI REAL ESTATE PRACTICE EXAM
questions and answers
A broker and the buyers he represents are anxiously awaiting the closing on their
new home. The closing is scheduled in 4 days. The buyers inform the broker that
they just received a revised Good Faith Estimate and Truth in Lending disclosure
from the lender indicating the Annual Percentage Rate on their loan has increased
by 0.3%. Based on the Mortgage Disclosure Improvement Act of 2009, what action
should the broker take in this situation? - confirm with the sellers broker, the
lender and the closing entity that the closing must be delayed to allow for a new
seven da waiting period because of interest rate revision
An exception to title insurance coverage is - defects that clearly appear in the title
search
ordinances that specify construction standards are - building codes
If a borrower can afford to make monthly principal and interest payments of
$1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-
1/2%, what is the largest loan (rounded to the nearest $100) this buyer can
afford? (BE SURE TO USE THE AMORTIZATION TABLE.) - 5-1/2% for 30yrs =
$5.67789 per $1000
$1000/$5.67789 = $176.121764
$176.121764 X $1000 = $176,121.764 = $176,100
