PSI NATIONAL EXAM FOR REAL ESTATE
EXAM (ACTUAL EXAM) WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
A tenant rented an apartment, signing a 15-month lease. After the lease
expired, the tenant paid 1 month's rent and got a receipt. What kind of
leasehold goes the tenant have? - ANSWERS-Holdover tenancy
How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay? - ANSWERS-Writ of execution
Timeshare ownership programs MOST often use which of the following
ownership forms? - ANSWERS-tenancy in common
,In every real estate transaction, a legal description of the real estate MUST
appear in the transaction documents. What kind of legal description should
be used in MOST transactions? - ANSWERS-the same one used in prior
transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store on a busy street in
an area zoned for residential use. Which of the following would MOST likely
be used to obtain permission for this store? - ANSWERS-Conditional use
permit or zoning varience
An environmental impact statement typically describes the effects of a
proposed project on factors such as - ANSWERS-public health and safety
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. Either riparian and littoral rights are
automatically conveyed with property, or all water rights are controlled by
the state under the doctrine or prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where - ANSWERS-water
is scarce
The real estate broker who is listing a house for sale should personally verify -
ANSWERS-the number of square feet in the building
Real property can be converted to personal property by - ANSWERS-
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? - ANSWERS-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 - ANSWERS-prior
appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - ANSWERS-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?
(BE SURE TO USE THE AMORTIZATION TABLE.) - ANSWERS-$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - ANSWERS-demand
immediate payment of the entire note
The FHA functions MOST like - ANSWERS-an insurance company
, 1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller. - ANSWERS-discount points
When land is conveyed to a trustee, the trustee may - ANSWERS-do whatever
is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better offer. The owner
can accept the second offer if - ANSWERS-the owner withdraws the
counteroffer before it is accepted.
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 - ANSWERS-
the agreement does not comply with the Statute of Frauds
A written agreement in which a purchaser agrees to buy and a seller agrees to
sell is called - ANSWERS-a contract
Antitrust laws prohibit competing brokers from all of the following -
ANSWERS-1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
EXAM (ACTUAL EXAM) WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
A tenant rented an apartment, signing a 15-month lease. After the lease
expired, the tenant paid 1 month's rent and got a receipt. What kind of
leasehold goes the tenant have? - ANSWERS-Holdover tenancy
How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay? - ANSWERS-Writ of execution
Timeshare ownership programs MOST often use which of the following
ownership forms? - ANSWERS-tenancy in common
,In every real estate transaction, a legal description of the real estate MUST
appear in the transaction documents. What kind of legal description should
be used in MOST transactions? - ANSWERS-the same one used in prior
transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store on a busy street in
an area zoned for residential use. Which of the following would MOST likely
be used to obtain permission for this store? - ANSWERS-Conditional use
permit or zoning varience
An environmental impact statement typically describes the effects of a
proposed project on factors such as - ANSWERS-public health and safety
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. Either riparian and littoral rights are
automatically conveyed with property, or all water rights are controlled by
the state under the doctrine or prior appropriation. The doctrine of prior
appropriation is MOST likely to be followed in states where - ANSWERS-water
is scarce
The real estate broker who is listing a house for sale should personally verify -
ANSWERS-the number of square feet in the building
Real property can be converted to personal property by - ANSWERS-
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? - ANSWERS-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 - ANSWERS-prior
appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - ANSWERS-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?
(BE SURE TO USE THE AMORTIZATION TABLE.) - ANSWERS-$409.20.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - ANSWERS-demand
immediate payment of the entire note
The FHA functions MOST like - ANSWERS-an insurance company
, 1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller. - ANSWERS-discount points
When land is conveyed to a trustee, the trustee may - ANSWERS-do whatever
is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better offer. The owner
can accept the second offer if - ANSWERS-the owner withdraws the
counteroffer before it is accepted.
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 - ANSWERS-
the agreement does not comply with the Statute of Frauds
A written agreement in which a purchaser agrees to buy and a seller agrees to
sell is called - ANSWERS-a contract
Antitrust laws prohibit competing brokers from all of the following -
ANSWERS-1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
