1 | Page
National PSI EXAM PRACTICE
TEST Questions and Answers Latest
2026
Real Estate law governing advertising applies to all of
these EXCEPT:
A. In house notes for showing
B. Multiple listing service (MLS)
C. communications with consumers
D. Social Media Ans: A. In-house notes for showing are
not seen by consumers an so do not have to follow state
or federal laws.
A couple accompanies a property inspector during an
inspection of a house on which they have a contract. The
inspector points to a six-inch crack at the corner of a
dining room window. The crack is an example of :
A. A structural defect
B. A patent Defect
C. a latent defect
© 2025 All rights reserved
, 2 | Page
D. an environmental defect Ans: B. A patent defect is
easily visible when inspecting a property. (another) term
for material)
An eligible veteran made an offer of $225,000 to
purchase a home contingent upon obtaining a no-down
payment U.S department of Veterans Affairs (VA)
guaranteed loan. Three weeks after the offer was
accepted, the VA issued a certificate of reasonable value
(CRV) for the $222,000 for the property. In this case, the
veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to
the seller's broker
C. purchase the property by making a $3,000 cash
payment
D. seek secondary funding for the $3,0000 Ans: C. When
the purchase price of a property is greater than the VA-
issued (CRV), the veteran may pay the difference in cash
to purchase the property because secondary financing is
somewhat restricted under VA regulations.
General real estate property taxes levied for the operation
of the government are called:
A. special taxes
B. ad valorem taxes
© 2025 All rights reserved
, 3 | Page
C. improvement taxes
D. special assessment taxes Ans: B.
Under current Regulations, a U.S. department of Veteran
Affairs (VA) loan is assumable if:
A. The VA approves both the buyer and the assumption
agreement
B. the veteran agrees not to request a releases of liability
for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement
only Ans: A.
for VA loans made after March 1, 1988 the VA must
approve both the buyer and the assumption agreement
before the loan may be assumed.
During the period of time after a real estate sales
contract is signed, but before title actually passes, the
status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral Ans: A.
© 2025 All rights reserved
National PSI EXAM PRACTICE
TEST Questions and Answers Latest
2026
Real Estate law governing advertising applies to all of
these EXCEPT:
A. In house notes for showing
B. Multiple listing service (MLS)
C. communications with consumers
D. Social Media Ans: A. In-house notes for showing are
not seen by consumers an so do not have to follow state
or federal laws.
A couple accompanies a property inspector during an
inspection of a house on which they have a contract. The
inspector points to a six-inch crack at the corner of a
dining room window. The crack is an example of :
A. A structural defect
B. A patent Defect
C. a latent defect
© 2025 All rights reserved
, 2 | Page
D. an environmental defect Ans: B. A patent defect is
easily visible when inspecting a property. (another) term
for material)
An eligible veteran made an offer of $225,000 to
purchase a home contingent upon obtaining a no-down
payment U.S department of Veterans Affairs (VA)
guaranteed loan. Three weeks after the offer was
accepted, the VA issued a certificate of reasonable value
(CRV) for the $222,000 for the property. In this case, the
veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to
the seller's broker
C. purchase the property by making a $3,000 cash
payment
D. seek secondary funding for the $3,0000 Ans: C. When
the purchase price of a property is greater than the VA-
issued (CRV), the veteran may pay the difference in cash
to purchase the property because secondary financing is
somewhat restricted under VA regulations.
General real estate property taxes levied for the operation
of the government are called:
A. special taxes
B. ad valorem taxes
© 2025 All rights reserved
, 3 | Page
C. improvement taxes
D. special assessment taxes Ans: B.
Under current Regulations, a U.S. department of Veteran
Affairs (VA) loan is assumable if:
A. The VA approves both the buyer and the assumption
agreement
B. the veteran agrees not to request a releases of liability
for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement
only Ans: A.
for VA loans made after March 1, 1988 the VA must
approve both the buyer and the assumption agreement
before the loan may be assumed.
During the period of time after a real estate sales
contract is signed, but before title actually passes, the
status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral Ans: A.
© 2025 All rights reserved
