National PSI Exam Post-Test: Top-Tier Exam Mastery ...
with Verified Questions and Detailed Explanations
for Academic Success
In the appraisal process, the capitalization rate is used by an appraiser to determine which
type of value?
A)
Future value of any type of property
B)
Past value of a unique and income-producing property
C)
Present value of an income-producing property
D)
Probable value of residential property - CORRECT ANS- -c
If the current monthly GRM on a single-family home is 100 with an estimated annual
income of $24,000, what is the estimated value of the property?
A)
$120,000
B)
$200,000
C)
$240,000
D)
$2,400,000 - CORRECT ANS- -b
Page 1 of 38 2025/2026
,An appraiser is using the sales comparison approach to estimate the value of a residential
home. The appraiser will make positive and negative adjustments to the sold comparables
for all of the following factors EXCEPT
A)
square footage of the sold properties.
B)
lot size and location of each sold comparable in relation to the subject.
C)
actual replacement and reproduction cost.
D)
date of sale of each sold comparable. - CORRECT ANS- -c
The BEST approach for an appraiser trying to determine market value of a shopping center,
apartment building, or office building would be the
A)
replacement approach to value.
B)
income approach to value.
C)
sales comparison approach to value.
D)
summation approach to value. - CORRECT ANS- -b
Page 2 of 38 2025/2026
,An active real estate professional must be able to help consumers determine the probable
sales price of a real property. A broker's or salesperson's competitive market analysis
would be used for all of the following EXCEPT
A)
setting the loan value.
B)
determining the listing price.
C)
assisting sellers and buyers in determining market value.
D)
estimating the probable sales price. - CORRECT ANS- -a
An appraiser has been asked to determine the value of a church. The appraiser has
determined the best approach to value for this property is the cost approach. While
completing the process of determining the value, the appraiser will consider all of the
following EXCEPT
A)
reproduction cost of the subject property.
B)
value of the land under the church.
C)
adjusted square footage of the subject and comparables.
D)
current depreciation of the property improvements. - CORRECT ANS- -
Page 3 of 38 2025/2026
, All of the following are true of FHA and VA loans EXCEPT
A)
there can be no prepayment penalty.
B)
the loan is assumable by a qualified buyer.
C)
the loan-to-value (LTV) ratio may typically be higher than that of conventional loans.
D)
an appraisal is not required. - CORRECT ANS- -d
A state statute has set the maximum interest rate allowed on loans originated within the
state. This type of law is known as
A)
discount points.
B)
usury law.
C)
nominal interest rate.
D)
statute of limitations. - CORRECT ANS- -b
A borrower has applied for a loan and has been told the funds will be held because there is
a three-day right of rescission. Which of the following loans would have such a three-day
right of rescission?
Page 4 of 38 2025/2026
with Verified Questions and Detailed Explanations
for Academic Success
In the appraisal process, the capitalization rate is used by an appraiser to determine which
type of value?
A)
Future value of any type of property
B)
Past value of a unique and income-producing property
C)
Present value of an income-producing property
D)
Probable value of residential property - CORRECT ANS- -c
If the current monthly GRM on a single-family home is 100 with an estimated annual
income of $24,000, what is the estimated value of the property?
A)
$120,000
B)
$200,000
C)
$240,000
D)
$2,400,000 - CORRECT ANS- -b
Page 1 of 38 2025/2026
,An appraiser is using the sales comparison approach to estimate the value of a residential
home. The appraiser will make positive and negative adjustments to the sold comparables
for all of the following factors EXCEPT
A)
square footage of the sold properties.
B)
lot size and location of each sold comparable in relation to the subject.
C)
actual replacement and reproduction cost.
D)
date of sale of each sold comparable. - CORRECT ANS- -c
The BEST approach for an appraiser trying to determine market value of a shopping center,
apartment building, or office building would be the
A)
replacement approach to value.
B)
income approach to value.
C)
sales comparison approach to value.
D)
summation approach to value. - CORRECT ANS- -b
Page 2 of 38 2025/2026
,An active real estate professional must be able to help consumers determine the probable
sales price of a real property. A broker's or salesperson's competitive market analysis
would be used for all of the following EXCEPT
A)
setting the loan value.
B)
determining the listing price.
C)
assisting sellers and buyers in determining market value.
D)
estimating the probable sales price. - CORRECT ANS- -a
An appraiser has been asked to determine the value of a church. The appraiser has
determined the best approach to value for this property is the cost approach. While
completing the process of determining the value, the appraiser will consider all of the
following EXCEPT
A)
reproduction cost of the subject property.
B)
value of the land under the church.
C)
adjusted square footage of the subject and comparables.
D)
current depreciation of the property improvements. - CORRECT ANS- -
Page 3 of 38 2025/2026
, All of the following are true of FHA and VA loans EXCEPT
A)
there can be no prepayment penalty.
B)
the loan is assumable by a qualified buyer.
C)
the loan-to-value (LTV) ratio may typically be higher than that of conventional loans.
D)
an appraisal is not required. - CORRECT ANS- -d
A state statute has set the maximum interest rate allowed on loans originated within the
state. This type of law is known as
A)
discount points.
B)
usury law.
C)
nominal interest rate.
D)
statute of limitations. - CORRECT ANS- -b
A borrower has applied for a loan and has been told the funds will be held because there is
a three-day right of rescission. Which of the following loans would have such a three-day
right of rescission?
Page 4 of 38 2025/2026
