National Real Estate PSI Exam with verified
answers
The doctrine of laches refers to the _______ of restrictive
||! ||! ||! ||! ||! ||! ||! ||! ||!
covenants/deed restrictions.
||! ||!
-Creation
-Enforcement
-History
-Types - correct answer ✔Enforcement
||! ||! ||! ||!
Roberto, a licensee, filled in the blanks on a standard form used in his
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
brokerage firm. Is this okay? ||! ||! ||! ||!
-No, because he's not an attorney, he shouldn't prepare contracts.
||! ||! ||! ||! ||! ||! ||! ||! ||!
-No, he should have his client complete any forms.
||! ||! ||! ||! ||! ||! ||! ||!
-Yes, licensees can use standard forms originally created or approved by
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
an attorney.
||! ||!
-Yes, real estate licensees may draft contracts and fill in blanks on
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
existing contracts. - correct answer ✔Yes, licensees can use standard
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
forms originally created or approved by an attorney.
||! ||! ||! ||! ||! ||! ||!
Derrick was thrilled to find out that the land he purchased includes
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
several small caves. He's been spelunking for about three years and
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
,looks forward to exploring the caves on weekends. Which real property
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
right allows him to do so?
||! ||! ||! ||! ||!
-Disposition
-Enjoyment
-Exclusion
-Possession - correct answer ✔Enjoyment ||! ||! ||! ||!
Lawrence is a buyer closing on a home purchase for which he's
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
obtaining financing. He receives a Loan Estimate from his lender. What's
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the purpose of this document?
||! ||! ||! ||! ||!
-To detail the amount Lawrence needs to bring to closing
||! ||! ||! ||! ||! ||! ||! ||! ||!
-To detail the estimated closing costs for Lawrence's loan
||! ||! ||! ||! ||! ||! ||! ||!
-To disclose the interest rates available on this lender's various loan
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
programs
-To disclose the lender's source of loan funds - correct answer ✔To
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
detail the estimated closing costs for Lawrence's loan
||! ||! ||! ||! ||! ||! ||!
**The Loan Estimate, which the lender must provide within three days
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
of loan application, provides an estimate of mortgage loan costs.
||! ||! ||! ||! ||! ||! ||! ||! ||!
Claire rents 1,100 square feet of office space in a new professional
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
building. Her rent payment includes all utilities and property taxes, but
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
she pays separately for custodial services. What kind of lease does
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Claire have? ||!
,-Full-service lease ||!
-Modified gross lease ||! ||!
-Percentage lease ||!
-Triple-net lease - correct answer ✔Modified gross lease
||! ||! ||! ||! ||! ||! ||!
**A modified gross lease typically includes all the nets in the base rent,
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
but not utilities and/or janitorial services.
||! ||! ||! ||! ||! ||!
Marlon and Leah are interested in buying a home in a new homeowner
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
opportunity area. The 100-year-old row house was renovated and is
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
like new on the inside. The property taxes decreased by more than
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
$5,000 last year. What's the likely reason for this?
||! ||! ||! ||! ||! ||! ||! ||!
-Introductory rates ||!
-Seller error ||!
-Tax abatement
||!
-Tax reassessment - correct answer ✔Tax abatement
||! ||! ||! ||! ||! ||!
**A tax abatement program will lower the property taxes on a given
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
property for a set amount of time. This is typically in response to some
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sort of improvement or rehabilitation, or for some new construction
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
properties.
Which of the following is an example of price fixing?
||! ||! ||! ||! ||! ||! ||! ||! ||!
-A brokerage requires all licensees to offer a fair cooperative brokerage
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
fee.
, -Three brokerages agree to purchase office supplies together to obtain a
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
bulk discount.
||! ||!
-Twelve brokerages discuss compensation of associated independent
||! ||! ||! ||! ||! ||! ||!
contractor licensees. ||!
-Two brokerages determine a standard commission rate. - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Two brokerages determine a standard commission rate.
||! ||! ||! ||! ||! ||! ||!
**Collusion must occur on pricing for the public in order for price fixing
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
to occur.
||! ||!
Which legislative act prohibits certain types of electronic communication?
||! ||! ||! ||! ||! ||! ||! ||!
-CAN-SPAM
-NO-SPAM
-SPAM-CAN
-SPAM-JAM - correct answer ✔CAN-SPAM ||! ||! ||! ||!
**The Controlling the Assault of Non-Solicited Pornography and
||! ||! ||! ||! ||! ||! ||! ||!
Marketing Act (CAN-SPAM) prohibits junk email and requires an
||! ||! ||! ||! ||! ||! ||! ||!
"unsubscribe" option in any email marketing messages.
||! ||! ||! ||! ||! ||! ||!
Tracy is looking in the MLS and sees a listing marked "REO." Which of
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
these statements regarding REOs is correct?
||! ||! ||! ||! ||!
-An REO property is one that the lender is trying to help the owner
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sell before beginning foreclosure proceedings.
||! ||! ||! ||!
answers
The doctrine of laches refers to the _______ of restrictive
||! ||! ||! ||! ||! ||! ||! ||! ||!
covenants/deed restrictions.
||! ||!
-Creation
-Enforcement
-History
-Types - correct answer ✔Enforcement
||! ||! ||! ||!
Roberto, a licensee, filled in the blanks on a standard form used in his
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
brokerage firm. Is this okay? ||! ||! ||! ||!
-No, because he's not an attorney, he shouldn't prepare contracts.
||! ||! ||! ||! ||! ||! ||! ||! ||!
-No, he should have his client complete any forms.
||! ||! ||! ||! ||! ||! ||! ||!
-Yes, licensees can use standard forms originally created or approved by
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
an attorney.
||! ||!
-Yes, real estate licensees may draft contracts and fill in blanks on
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
existing contracts. - correct answer ✔Yes, licensees can use standard
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
forms originally created or approved by an attorney.
||! ||! ||! ||! ||! ||! ||!
Derrick was thrilled to find out that the land he purchased includes
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
several small caves. He's been spelunking for about three years and
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
,looks forward to exploring the caves on weekends. Which real property
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
right allows him to do so?
||! ||! ||! ||! ||!
-Disposition
-Enjoyment
-Exclusion
-Possession - correct answer ✔Enjoyment ||! ||! ||! ||!
Lawrence is a buyer closing on a home purchase for which he's
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
obtaining financing. He receives a Loan Estimate from his lender. What's
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the purpose of this document?
||! ||! ||! ||! ||!
-To detail the amount Lawrence needs to bring to closing
||! ||! ||! ||! ||! ||! ||! ||! ||!
-To detail the estimated closing costs for Lawrence's loan
||! ||! ||! ||! ||! ||! ||! ||!
-To disclose the interest rates available on this lender's various loan
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
programs
-To disclose the lender's source of loan funds - correct answer ✔To
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
detail the estimated closing costs for Lawrence's loan
||! ||! ||! ||! ||! ||! ||!
**The Loan Estimate, which the lender must provide within three days
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
of loan application, provides an estimate of mortgage loan costs.
||! ||! ||! ||! ||! ||! ||! ||! ||!
Claire rents 1,100 square feet of office space in a new professional
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
building. Her rent payment includes all utilities and property taxes, but
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
she pays separately for custodial services. What kind of lease does
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Claire have? ||!
,-Full-service lease ||!
-Modified gross lease ||! ||!
-Percentage lease ||!
-Triple-net lease - correct answer ✔Modified gross lease
||! ||! ||! ||! ||! ||! ||!
**A modified gross lease typically includes all the nets in the base rent,
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
but not utilities and/or janitorial services.
||! ||! ||! ||! ||! ||!
Marlon and Leah are interested in buying a home in a new homeowner
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
opportunity area. The 100-year-old row house was renovated and is
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
like new on the inside. The property taxes decreased by more than
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
$5,000 last year. What's the likely reason for this?
||! ||! ||! ||! ||! ||! ||! ||!
-Introductory rates ||!
-Seller error ||!
-Tax abatement
||!
-Tax reassessment - correct answer ✔Tax abatement
||! ||! ||! ||! ||! ||!
**A tax abatement program will lower the property taxes on a given
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
property for a set amount of time. This is typically in response to some
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sort of improvement or rehabilitation, or for some new construction
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
properties.
Which of the following is an example of price fixing?
||! ||! ||! ||! ||! ||! ||! ||! ||!
-A brokerage requires all licensees to offer a fair cooperative brokerage
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
fee.
, -Three brokerages agree to purchase office supplies together to obtain a
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
bulk discount.
||! ||!
-Twelve brokerages discuss compensation of associated independent
||! ||! ||! ||! ||! ||! ||!
contractor licensees. ||!
-Two brokerages determine a standard commission rate. - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Two brokerages determine a standard commission rate.
||! ||! ||! ||! ||! ||! ||!
**Collusion must occur on pricing for the public in order for price fixing
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
to occur.
||! ||!
Which legislative act prohibits certain types of electronic communication?
||! ||! ||! ||! ||! ||! ||! ||!
-CAN-SPAM
-NO-SPAM
-SPAM-CAN
-SPAM-JAM - correct answer ✔CAN-SPAM ||! ||! ||! ||!
**The Controlling the Assault of Non-Solicited Pornography and
||! ||! ||! ||! ||! ||! ||! ||!
Marketing Act (CAN-SPAM) prohibits junk email and requires an
||! ||! ||! ||! ||! ||! ||! ||!
"unsubscribe" option in any email marketing messages.
||! ||! ||! ||! ||! ||! ||!
Tracy is looking in the MLS and sees a listing marked "REO." Which of
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
these statements regarding REOs is correct?
||! ||! ||! ||! ||!
-An REO property is one that the lender is trying to help the owner
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sell before beginning foreclosure proceedings.
||! ||! ||! ||!
