National PSI Exam Post Test – Comprehensive
Solutions & Expert-Verified Answers for High-
Quality Exam Success
The seller received an offer on Tuesday. On Wednesday the seller countered the offer and
gave the buyer three days to accept the counteroffer. On Thursday the seller received a
much better offer than the first one and decided to accept the new offer. In order to accept
the new offer, the seller
A)
must give the first buyer a novation.
B)
must first wait the three days until the buyer responds to the counteroffer.
C)
can accept it without any notice to the first buyer.
D)
needs to withdraw the counteroffer first. - CORRECT ANS- -d
Any contract that lacks a lawful objective is
A)
a valid contract.
B)
a void contract.
C)
a voidable by the buyer contract.
D)
,an unenforceable by the seller contract. - CORRECT ANS- -b
A listing contract is terminated
A)
by the death of the salesperson or broker associate who obtained it.
B)
upon acceptance and communication of acceptance of a purchase agreement.
C)
by the date specified in the listing contract.
D)
if the seller decides not to sell the property and gives the listing firm 10 days' notice to
terminate. - CORRECT ANS- -c
An appraiser is performing the income approach to estimate the value of a small
commercial property. The capitalization rate in the area is 10%, and the property's annual
net operating income is $25,000. What is the value of the property?
A)
$2,152
B)
$127,980
C)
$250,000
D)
None of these - CORRECT ANS- -c
, A duplex owner lives in one unit and rents the other for $600 a month, due on the first of the
month. The owner sells the property and the closing is scheduled for April 21. How will the
rent be prorated if the seller has the day of closing?
A)
The seller owes the buyer $180.
B)
The buyer owes the seller $200.
C)
The seller owes the buyer $400.
D)
The buyer owes the seller $420. - CORRECT ANS- -a
Since the original purchase, a property appreciated 20% and then sold for $150,000. What
was the original purchase price?
A)
$110,000
B)
$125,000
C)
$156,000
D)
None of these - CORRECT ANS- -b
The net operating income (NOI) is $30,000, and the owner is asking $400,000. What is the
capitalization rate for the property?
Solutions & Expert-Verified Answers for High-
Quality Exam Success
The seller received an offer on Tuesday. On Wednesday the seller countered the offer and
gave the buyer three days to accept the counteroffer. On Thursday the seller received a
much better offer than the first one and decided to accept the new offer. In order to accept
the new offer, the seller
A)
must give the first buyer a novation.
B)
must first wait the three days until the buyer responds to the counteroffer.
C)
can accept it without any notice to the first buyer.
D)
needs to withdraw the counteroffer first. - CORRECT ANS- -d
Any contract that lacks a lawful objective is
A)
a valid contract.
B)
a void contract.
C)
a voidable by the buyer contract.
D)
,an unenforceable by the seller contract. - CORRECT ANS- -b
A listing contract is terminated
A)
by the death of the salesperson or broker associate who obtained it.
B)
upon acceptance and communication of acceptance of a purchase agreement.
C)
by the date specified in the listing contract.
D)
if the seller decides not to sell the property and gives the listing firm 10 days' notice to
terminate. - CORRECT ANS- -c
An appraiser is performing the income approach to estimate the value of a small
commercial property. The capitalization rate in the area is 10%, and the property's annual
net operating income is $25,000. What is the value of the property?
A)
$2,152
B)
$127,980
C)
$250,000
D)
None of these - CORRECT ANS- -c
, A duplex owner lives in one unit and rents the other for $600 a month, due on the first of the
month. The owner sells the property and the closing is scheduled for April 21. How will the
rent be prorated if the seller has the day of closing?
A)
The seller owes the buyer $180.
B)
The buyer owes the seller $200.
C)
The seller owes the buyer $400.
D)
The buyer owes the seller $420. - CORRECT ANS- -a
Since the original purchase, a property appreciated 20% and then sold for $150,000. What
was the original purchase price?
A)
$110,000
B)
$125,000
C)
$156,000
D)
None of these - CORRECT ANS- -b
The net operating income (NOI) is $30,000, and the owner is asking $400,000. What is the
capitalization rate for the property?
