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Exam (elaborations)

Psi Exam Test Prep Questions With Complete Answers

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PSI EXAM TEST PREP QUESTIONS WITH COMPLETE ANSWERS

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A competitive market analysis takes into consideration


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square footage of the subject property.




Under the common law of agency, licensees owe the broker with whom they are
associated all of the following duties EXCEPT

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indemnification




When compiling a competitive market analysis, a broker would look for comparable
properties that


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were located near the property being listed.




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 of prior
appropriation. The doctrine of prior appropriation is MOST likely to be followed in
states where


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water is scarce




State laws differ on whether a buyer is entitled to know about


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a suicide that occurred in the house last year.

, A gross lease can be best defined as one where the tenant pays, as a part of the rent,


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no operating expenses of the leased space.




The main difference between tenancy in common and joint tenancy is that with
tenancy in common, when a co-owner dies,


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his undivided interest passes to his heirs




A charge of violation of Federal Fair Housing laws can be heard by an administrative
law judge within the Department of Housing and Urban Development (HUD) or by a
Federal district court judge in Federal court. The advantage of a Federal court hearing
to the complaining party is that


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there is no dollar limit on damages paid.




Salesperson Susan was at the local coffee shop with some agents from other offices.
The subject of commissions came up, and agents began to compare their commission
rates. Susan should


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