National PSI Broker Exam Post test With 80 Questions
and answers New!! 100% verified correct 2025/2026
In the appraisal process, the capitalization rate is used by an appraiser to determine which type of
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value?
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A)
Future value of any type of property
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Il` B)
Past value of a unique and income-producing property
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Il` C)
Present value of an income-producing property
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Il` D)
Probable value of residential property - Correct Answers C)
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The answer is present value of an income-producing property. The capitalization formula uses
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current net operating income (NOI) to determine the present value of an income-producing
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property.
Il`
Il` If the current monthly GRM on a single-family home is 100 with an estimated annual income of
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Il` $24,000, what is the estimated value of the property?
Il` Il` Il` Il` Il` Il` Il` Il`
A)
$120,000
Il` B)
$200,000
Il` C)
$240,000
,Il` D)
$2,400,000 - Correct Answers B) Il` Il` Il` Il` Il` Il` Il` Il`
The answer is $200,000. Monthly gross rent multiplier (GRM) × monthly income = value. 100 ×
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2,000 ($24,000 ÷ 12) = $200,000.
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Il` An appraiser is using the sales comparison approach to estimate the value of a residential home.
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Il` The appraiser will make positive and negative adjustments to the sold comparables for all of the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` following factors EXCEPT Il` Il`
A)
square footage of the sold properties. Il` Il` Il` Il` Il`
Il` B)
lot size and location of each sold comparable in relation to the subject.
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Il` C)
actual replacement and reproduction cost. Il` Il` Il` Il`
Il` D)
date of sale of each sold comparable. - Correct Answers C)
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The answer is actual replacement and reproduction cost. Appraisers using the sales comparison
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
approach will adjust for square footage, lot size and location, and date of sale in a rapidly changing
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
market. Reproduction cost is used in the cost approach to value, not the sales comparison
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approach.
Il`
Il` The BEST approach for an appraiser trying to determine market value of a shopping center,
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Il` apartment building, or office building would be the Il` Il` Il` Il` Il` Il` Il`
A)
,replacement approach to value. Il` Il` Il`
Il` B)
income approach to value. Il` Il` Il`
Il` C)
sales comparison approach to value. Il` Il` Il` Il`
Il` D)
summation approach to value. - Correct Answers B) Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is income approach to value. The income approach is used when a property, such as a
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shopping center, generates revenue.
Il` Il` Il` Il`
Il` An active real estate professional must be able to help consumers determine the probable sales
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` price of a real property. A broker's or salesperson's competitive market analysis would be used for
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` all of the following EXCEPT
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A)
setting the loan value. Il` Il` Il`
Il` B)
determining the listing price. Il` Il` Il`
Il` C)
assisting sellers and buyers in determining market value. Il` Il` Il` Il` Il` Il` Il`
Il` D)
estimating the probable sales price. - Correct Answers A) Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is setting the loan value. Appraisals, not competitive market analyses (CMAs), are
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used to set or determine loan value. CMAs are often used to provide an estimate of market value
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or a probable price. Appraisals also estimate market value.
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, Il` An appraiser has been asked to determine the value of a church. The appraiser has determined
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Il` the best approach to value for this property is the cost approach. While completing the process of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` determining the value, the appraiser will consider all of the following EXCEPT Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
A)
reproduction cost of the subject property. Il` Il` Il` Il` Il`
Il` B)
value of the land under the church. Il` Il` Il` Il` Il` Il`
Il` C)
adjusted square footage of the subject and comparables. Il` Il` Il` Il` Il` Il` Il`
Il` D)
current depreciation of the property improvements. - Correct Answers c)
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The answer is adjusted square footage of the subject and comparables. An appraiser using the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
cost approach does not make adjustments for square footage or any other items
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Il` All of the following are true of FHA and VA loans EXCEPT
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A)
there can be no prepayment penalty. Il` Il` Il` Il` Il`
Il` B)
the loan is assumable by a qualified buyer.
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Il` C)
the loan-to-value (LTV) ratio may typically be higher than that of conventional loans.
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Il` D)
an appraisal is not required. - Correct Answers D)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
and answers New!! 100% verified correct 2025/2026
In the appraisal process, the capitalization rate is used by an appraiser to determine which type of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
value?
Il`
A)
Future value of any type of property
Il` Il` Il` Il` Il` Il`
Il` B)
Past value of a unique and income-producing property
Il` Il` Il` Il` Il` Il` Il`
Il` C)
Present value of an income-producing property
Il` Il` Il` Il` Il`
Il` D)
Probable value of residential property - Correct Answers C)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is present value of an income-producing property. The capitalization formula uses
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
current net operating income (NOI) to determine the present value of an income-producing
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
property.
Il`
Il` If the current monthly GRM on a single-family home is 100 with an estimated annual income of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` $24,000, what is the estimated value of the property?
Il` Il` Il` Il` Il` Il` Il` Il`
A)
$120,000
Il` B)
$200,000
Il` C)
$240,000
,Il` D)
$2,400,000 - Correct Answers B) Il` Il` Il` Il` Il` Il` Il` Il`
The answer is $200,000. Monthly gross rent multiplier (GRM) × monthly income = value. 100 ×
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
2,000 ($24,000 ÷ 12) = $200,000.
Il` Il` Il` Il` Il` Il`
Il` An appraiser is using the sales comparison approach to estimate the value of a residential home.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` The appraiser will make positive and negative adjustments to the sold comparables for all of the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` following factors EXCEPT Il` Il`
A)
square footage of the sold properties. Il` Il` Il` Il` Il`
Il` B)
lot size and location of each sold comparable in relation to the subject.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` C)
actual replacement and reproduction cost. Il` Il` Il` Il`
Il` D)
date of sale of each sold comparable. - Correct Answers C)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is actual replacement and reproduction cost. Appraisers using the sales comparison
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
approach will adjust for square footage, lot size and location, and date of sale in a rapidly changing
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
market. Reproduction cost is used in the cost approach to value, not the sales comparison
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
approach.
Il`
Il` The BEST approach for an appraiser trying to determine market value of a shopping center,
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` apartment building, or office building would be the Il` Il` Il` Il` Il` Il` Il`
A)
,replacement approach to value. Il` Il` Il`
Il` B)
income approach to value. Il` Il` Il`
Il` C)
sales comparison approach to value. Il` Il` Il` Il`
Il` D)
summation approach to value. - Correct Answers B) Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is income approach to value. The income approach is used when a property, such as a
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
shopping center, generates revenue.
Il` Il` Il` Il`
Il` An active real estate professional must be able to help consumers determine the probable sales
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` price of a real property. A broker's or salesperson's competitive market analysis would be used for
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` all of the following EXCEPT
Il` Il` Il` Il`
A)
setting the loan value. Il` Il` Il`
Il` B)
determining the listing price. Il` Il` Il`
Il` C)
assisting sellers and buyers in determining market value. Il` Il` Il` Il` Il` Il` Il`
Il` D)
estimating the probable sales price. - Correct Answers A) Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is setting the loan value. Appraisals, not competitive market analyses (CMAs), are
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
used to set or determine loan value. CMAs are often used to provide an estimate of market value
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
or a probable price. Appraisals also estimate market value.
Il` Il` Il` Il` Il` Il` Il` Il` Il`
, Il` An appraiser has been asked to determine the value of a church. The appraiser has determined
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` the best approach to value for this property is the cost approach. While completing the process of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` determining the value, the appraiser will consider all of the following EXCEPT Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
A)
reproduction cost of the subject property. Il` Il` Il` Il` Il`
Il` B)
value of the land under the church. Il` Il` Il` Il` Il` Il`
Il` C)
adjusted square footage of the subject and comparables. Il` Il` Il` Il` Il` Il` Il`
Il` D)
current depreciation of the property improvements. - Correct Answers c)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
The answer is adjusted square footage of the subject and comparables. An appraiser using the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
cost approach does not make adjustments for square footage or any other items
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` All of the following are true of FHA and VA loans EXCEPT
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
A)
there can be no prepayment penalty. Il` Il` Il` Il` Il`
Il` B)
the loan is assumable by a qualified buyer.
Il` Il` Il` Il` Il` Il` Il`
Il` C)
the loan-to-value (LTV) ratio may typically be higher than that of conventional loans.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` D)
an appraisal is not required. - Correct Answers D)
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