PSI NATIONAL REAL ESTATE QUESTIONS WITH
CORRECT ANSWERS
A legal description in land that includes language like "the old oak
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
tree" or "the big rock" would be - correct answer ✔Metes and bounds
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
As a licensee is
||! ||! ||! ||! showing a property contiguous to a lake, the licensee
||! ||! ||! ||! ||! ||! ||! ||! ||!
notices that the ||! ||! ||! lake has a large amount of algae. The buyer wishes to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
make an offer.
||! ||! ||! ||! What should the licensee do? - correct answer
||! ||! ||! ||! ||! ||! ||! ||!
✔Encourage the ||! ||! buyer to have an authoritative party investigate the
||! ||! ||! ||! ||! ||! ||! ||!
algae growth. ||!
All the following are protected classifications except - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Homosexuals
As licensees usually work as independent contractors, a broker will have
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
a contract
||! ||!
for the independent contractor which (for federal purposes) must outline
||! ||! ||! ||! ||! ||! ||! ||! ||!
- correct answer ✔Statement that FICA (taxes) are the associates
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
responsibility
In a rescission agreement: - correct answer ✔All parties return to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
original position and earnest money is refunded
||! ||! ||! ||! ||! ||!
Agent A has been working at Brokerage for 4 years. Agent has listed
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and sold many but desires to try industrial office sales. What is the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
, best course of action for houses Agent A? - correct answer ✔Move
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
license to an industrial/office
||! ||! ||!
company and train under them ||! ||! ||! ||!
A seller is listing their $350,000 house. They state their property tax bill
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
is $1,110 per year. What should the agent do? - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Verify the information with the county
||! ||! ||! ||! ||!
A home warranty will typically provide coverage for which of the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
following: - correct answer ✔Electrical and plumbing systems
||! ||! ||! ||! ||! ||! ||!
The local governments have authority to ensure that properties are
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
being built properly. Under the authority of police power, the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
government can adapt and implement: - correct answer ✔Construction
||! ||! ||! ||! ||! ||! ||! ||! ||!
standards
A married couple owns a property together as tenancy in entirety.
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Which of the following about selling a property as tenancy in entirety is
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
true? - correct answer ✔Both spouses must sign the conveyance
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
What statement is true about asbestos removal - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Encapsulation is the safest tactic ||! ||! ||! ||!
An easement is - correct answer ✔The right to use another's land
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
The amount to list a property is best determined by: - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Competitive Market Analysis (CMA) ||! ||! ||!
CORRECT ANSWERS
A legal description in land that includes language like "the old oak
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
tree" or "the big rock" would be - correct answer ✔Metes and bounds
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
As a licensee is
||! ||! ||! ||! showing a property contiguous to a lake, the licensee
||! ||! ||! ||! ||! ||! ||! ||! ||!
notices that the ||! ||! ||! lake has a large amount of algae. The buyer wishes to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
make an offer.
||! ||! ||! ||! What should the licensee do? - correct answer
||! ||! ||! ||! ||! ||! ||! ||!
✔Encourage the ||! ||! buyer to have an authoritative party investigate the
||! ||! ||! ||! ||! ||! ||! ||!
algae growth. ||!
All the following are protected classifications except - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Homosexuals
As licensees usually work as independent contractors, a broker will have
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
a contract
||! ||!
for the independent contractor which (for federal purposes) must outline
||! ||! ||! ||! ||! ||! ||! ||! ||!
- correct answer ✔Statement that FICA (taxes) are the associates
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
responsibility
In a rescission agreement: - correct answer ✔All parties return to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
original position and earnest money is refunded
||! ||! ||! ||! ||! ||!
Agent A has been working at Brokerage for 4 years. Agent has listed
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and sold many but desires to try industrial office sales. What is the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
, best course of action for houses Agent A? - correct answer ✔Move
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
license to an industrial/office
||! ||! ||!
company and train under them ||! ||! ||! ||!
A seller is listing their $350,000 house. They state their property tax bill
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
is $1,110 per year. What should the agent do? - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Verify the information with the county
||! ||! ||! ||! ||!
A home warranty will typically provide coverage for which of the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
following: - correct answer ✔Electrical and plumbing systems
||! ||! ||! ||! ||! ||! ||!
The local governments have authority to ensure that properties are
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
being built properly. Under the authority of police power, the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
government can adapt and implement: - correct answer ✔Construction
||! ||! ||! ||! ||! ||! ||! ||! ||!
standards
A married couple owns a property together as tenancy in entirety.
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Which of the following about selling a property as tenancy in entirety is
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
true? - correct answer ✔Both spouses must sign the conveyance
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
What statement is true about asbestos removal - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Encapsulation is the safest tactic ||! ||! ||! ||!
An easement is - correct answer ✔The right to use another's land
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
The amount to list a property is best determined by: - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔Competitive Market Analysis (CMA) ||! ||! ||!
