National PSI Broker Exam prep 100% verified correct 2025/2026 Newest RATED A+

National PSI Broker Exam prep 100% verified correct
2025/2026 Newest RATED A+
A broker is completing a CMA to determine the potential listing price of a seller's home. Which of
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the following is NOT part of the final CMA given to the seller?
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A)

Highest and best use evaluation Il` Il` Il` Il`




Il` B)

Comparable sales analysis Il` Il`




Il` C)

Adjustments to past sales Il` Il` Il`




Il` D)

Pictures of comparables - Correct Answers A) Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




The answer is highest and best use evaluation. An appraiser does a highest and best use
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evaluation, which does not appear in a CMA.
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Il` Houses in the local area have had an increase in sales price and a decrease in days on the market.
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Il` A broker who is attempting to determine the current market value for a residential listing would
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Il` get the BEST estimate of value by using
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A)

a GRM as the primary consideration to determine value.
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Il` B)

the cost approach with reproduction estimates.
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Il` C)

comparables that are no more than six months old. Il` Il` Il` Il` Il` Il` Il` Il`

,Il` D)

comparables that are no more than 12 months old. - Correct Answers C)Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




The answer is comparables that are no more than six months old. In a changing market, the more
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recent the comparables, the more likely they are to reflect upward or downward price changes.
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Il` Rental rates have increased by 2% in the last six months. Which appraisal principle BEST explains
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Il` this rate increase?
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A)

Principle of substitution Il` Il`




Il` B)

Principle of supply and demand Il` Il` Il` Il`




Il` C)

Principle of contribution Il` Il`




Il` D)

Principle of highest and best use - Correct Answers B)
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The answer is principle of supply and demand. The principle of supply and demand states that as
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fewer properties become available for rent or sale, the price owners can charge will increase.
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Il` The current monthly GRM in a neighborhood is 200, and the annual income is $24,000. What is
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Il` the estimated value of a property in this neighborhood?
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A)

$200,000

Il` B)

,$240,000

Il` C)

$400,000

Il` D)

$4,800,000 - Correct Answers C) Il` Il` Il` Il` Il` Il` Il` Il`




The answer is $400,000. Monthly GRM × monthly income = value. 200 × 2,000 ($24,000 ÷ 12) =
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$400,000.
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Il` The subject property has two baths and one fireplace. The property across the street sold for
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Il` $181,000 and has two baths and two fireplaces. The property behind the subject sold for
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Il` $175,000 and has two baths and no fireplace. In the area, baths are worth $5,000 and fireplaces
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Il` are worth $3,000. What is the subject property worth?
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A)

$175,000

Il` B)

$177,000

Il` C)

$178,000

Il` D)

$180,000 - Correct Answers The answer is $178,000
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Subject Property Comp 1 $181,000 Comp 2 $175,000
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2 baths 2 baths no adjustment 2 baths no adjustment
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1 fireplace 2 fireplaces - $3,000 No fireplace + $3,000
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Adjusted price $178,000 Adjusted price $178,000
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, Il` According to federal government lending regulations, a buyer purchasing a home must have an Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




Il` appraisal for all the following types of financing EXCEPT Il` Il` Il` Il` Il` Il` Il` Il`




A)

FHA.

Il` B)

VA.

Il` C)

loan sold to FNMA. Il` Il` Il`




Il` D)

seller carry. - Correct Answers D) Il` Il` Il` Il` Il` Il` Il` Il` Il`




The answer is seller carry. All government loans and any sold on the secondary market require an
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appraisal. A seller-carry loan, or seller financing, may or may not require an appraisal.
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Il` A buyer chooses a loan with an LTV ratio of 90%, which requires the purchase of PMI, instead of a
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Il` loan with an 80% LTV, which would not require the insurance. The buyer MOST likely made this
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Il` choice because Il`




A)

if the buyer defaults, PMI will protect the buyer by paying off the full loan.
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Il` B)

the buyer will make a larger down payment but have smaller monthly payments, including PMI.
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Il` C)

paying PMI will mean that all mortgage payments and homeowners association fees are deferred
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in case of default.
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