National PSI EXAM PRACTICE TEST
Study online at https://quizlet.com/_8wj122
1. Real Estate law governing advertising applies to all of A. In-house notes for
these EXCEPT: showing are not seen by
A. In house notes for showing consumers an so do not
B. Multiple listing service (MLS) have to follow state or fed-
C. communications with consumers eral laws.
D. Social Media
2. A couple accompanies a property inspector during an B. A patent defect is easi-
inspection of a house on which they have a contract. ly visible when inspecting
The inspector points to a six-inch crack at the corner a property. (another) term
of a dining room window. The crack is an example of : for material)
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect
3. An eligible veteran made an offer of $225,000 to pur- C. When the purchase
chase a home contingent upon obtaining a no-down price of a property is
payment U.S department of Veterans Affairs (VA) guar- greater than the VA-issued
anteed loan. Three weeks after the offer was accepted, (CRV), the veteran may pay
the VA issued a certificate of reasonable value (CRV) for the difference in cash to
the $222,000 for the property. In this case, the veteran purchase the property be-
may: cause secondary financing
A. withdraw from the sale with a three-point penalty is somewhat restricted un-
B. withdraw from the sale on payment of a commission der VA regulations.
to the seller's broker
C. purchase the property by making a $3,000 cash
payment
D. seek secondary funding for the $3,0000
4. General real estate property taxes levied for the oper- B.
ation of the government are called:
, National PSI EXAM PRACTICE TEST
Study online at https://quizlet.com/_8wj122
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes
5. Under current Regulations, a U.S. department of Vet- A.
eran Affairs (VA) loan is assumable if: for VA loans made af-
ter March 1, 1988 the
A. The VA approves both the buyer and the assumption VA must approve both the
agreement buyer and the assumption
B. the veteran agrees not to request a releases of lia- agreement before the loan
bility for repayment may be assumed.
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement
only
6. During the period of time after a real estate sales A.
contract is signed, but before title actually passes, the A contract is in executo-
status of the contract is: ry status when its terms
of agreement have not yet
A. executory been carried out.
B. voidable
C. executed
D. unilateral
7. If there is a discrepancy between a residential lot size B.
quoted in a listing contract and the actual lot size, the
actual lot size that will prevail in a sales transaction will
be found in :
A. the MLS
B. the survey
Study online at https://quizlet.com/_8wj122
1. Real Estate law governing advertising applies to all of A. In-house notes for
these EXCEPT: showing are not seen by
A. In house notes for showing consumers an so do not
B. Multiple listing service (MLS) have to follow state or fed-
C. communications with consumers eral laws.
D. Social Media
2. A couple accompanies a property inspector during an B. A patent defect is easi-
inspection of a house on which they have a contract. ly visible when inspecting
The inspector points to a six-inch crack at the corner a property. (another) term
of a dining room window. The crack is an example of : for material)
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect
3. An eligible veteran made an offer of $225,000 to pur- C. When the purchase
chase a home contingent upon obtaining a no-down price of a property is
payment U.S department of Veterans Affairs (VA) guar- greater than the VA-issued
anteed loan. Three weeks after the offer was accepted, (CRV), the veteran may pay
the VA issued a certificate of reasonable value (CRV) for the difference in cash to
the $222,000 for the property. In this case, the veteran purchase the property be-
may: cause secondary financing
A. withdraw from the sale with a three-point penalty is somewhat restricted un-
B. withdraw from the sale on payment of a commission der VA regulations.
to the seller's broker
C. purchase the property by making a $3,000 cash
payment
D. seek secondary funding for the $3,0000
4. General real estate property taxes levied for the oper- B.
ation of the government are called:
, National PSI EXAM PRACTICE TEST
Study online at https://quizlet.com/_8wj122
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes
5. Under current Regulations, a U.S. department of Vet- A.
eran Affairs (VA) loan is assumable if: for VA loans made af-
ter March 1, 1988 the
A. The VA approves both the buyer and the assumption VA must approve both the
agreement buyer and the assumption
B. the veteran agrees not to request a releases of lia- agreement before the loan
bility for repayment may be assumed.
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement
only
6. During the period of time after a real estate sales A.
contract is signed, but before title actually passes, the A contract is in executo-
status of the contract is: ry status when its terms
of agreement have not yet
A. executory been carried out.
B. voidable
C. executed
D. unilateral
7. If there is a discrepancy between a residential lot size B.
quoted in a listing contract and the actual lot size, the
actual lot size that will prevail in a sales transaction will
be found in :
A. the MLS
B. the survey
