NATIONAL EXAM PSI PRACTICE | 100 QUESTIONS AND
ANSWERS | LATEST 2025/2026 UPDATE | WITH
COMPLETE SOLUTION
Which of the following agreements gives you the sole right to represent a
buyer? Answer - Exclusive right-to-represent agreement
Leonard is offered a loan at 5.75%. Because he plans to be in his home for
several years, he chooses to pay points up front to have the rate reduced to
5.25%. What's this an example of? Answer - Discount points
What's the most common indicator of illegal property flipping? Answer -
falsely inflated appraisal
The economic principle that tells us that when supply goes up, price goes down
is commonly referred to as what? Answer - supply and demand
Savvy's buyer client made an offer on a property but is having second thoughts.
Savvy tells her client that she'll ask the seller's agent for an extension on the
inspection period "to gather more bids," and use that time to look at other
properties to avoid losing out on the current property. Savvy's client found a
property she liked better, so they made an offer. The offer was accepted, so
Savvy contacted the first property's agent to terminate that offer. Is this wrong?
Answer - Yes she did not act honestly or act in good faith
, Which of these is an example of agency coupled with interest? Answer - A
listing agent agrees to split the commission on the sale of a property with a
cooperating agent who brings the buyer to the table.
Quad City National Bank has several REO properties on its books. Why does the
bank own these properties? Answer - The properties went through the
foreclosure process and didn't sell at auction.
Select the situation that correctly represents a true conflict of fiduciary duties.
Answer - Nikki's seller client has instructed her not to present offers that are
less than the listing price. This is a conflict of Nikki's duty of disclosure, which
requires her to present all offers, and her duty of obedience.
Kevin listed his house with you but isn't offering a cooperating agent's
commission. Ji-eun represents the buyer, Marta, and Marta's parents, Jean and
Tom, are paying Ji-eun's commission. On which of these factors is your agency
relationship based? Answer - Kevin signed a listing agreement with you.
You've just signed a listing with a new seller client. What's true about electronic
delivery of written notice or contract forms to your seller? Answer - It's legal as
long as it's subsequent to physical hard copy delivery.
Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000.
Kathy rejected that offer but said she'd sell it to Breanna for $200,000. Breanna
agreed to these terms, and they added their signatures. Which of the following
statements is correct? Answer - Breanna accepted the offer Kathy made.
Sandra retired from a career in the Navy and is ready to buy her first home, a
small bungalow in a quiet neighborhood, for $169,900. Her military service
gives her the benefit of Veterans Affairs (VA) loan. What's her required down
payment? Answer - $2,548.50
ANSWERS | LATEST 2025/2026 UPDATE | WITH
COMPLETE SOLUTION
Which of the following agreements gives you the sole right to represent a
buyer? Answer - Exclusive right-to-represent agreement
Leonard is offered a loan at 5.75%. Because he plans to be in his home for
several years, he chooses to pay points up front to have the rate reduced to
5.25%. What's this an example of? Answer - Discount points
What's the most common indicator of illegal property flipping? Answer -
falsely inflated appraisal
The economic principle that tells us that when supply goes up, price goes down
is commonly referred to as what? Answer - supply and demand
Savvy's buyer client made an offer on a property but is having second thoughts.
Savvy tells her client that she'll ask the seller's agent for an extension on the
inspection period "to gather more bids," and use that time to look at other
properties to avoid losing out on the current property. Savvy's client found a
property she liked better, so they made an offer. The offer was accepted, so
Savvy contacted the first property's agent to terminate that offer. Is this wrong?
Answer - Yes she did not act honestly or act in good faith
, Which of these is an example of agency coupled with interest? Answer - A
listing agent agrees to split the commission on the sale of a property with a
cooperating agent who brings the buyer to the table.
Quad City National Bank has several REO properties on its books. Why does the
bank own these properties? Answer - The properties went through the
foreclosure process and didn't sell at auction.
Select the situation that correctly represents a true conflict of fiduciary duties.
Answer - Nikki's seller client has instructed her not to present offers that are
less than the listing price. This is a conflict of Nikki's duty of disclosure, which
requires her to present all offers, and her duty of obedience.
Kevin listed his house with you but isn't offering a cooperating agent's
commission. Ji-eun represents the buyer, Marta, and Marta's parents, Jean and
Tom, are paying Ji-eun's commission. On which of these factors is your agency
relationship based? Answer - Kevin signed a listing agreement with you.
You've just signed a listing with a new seller client. What's true about electronic
delivery of written notice or contract forms to your seller? Answer - It's legal as
long as it's subsequent to physical hard copy delivery.
Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000.
Kathy rejected that offer but said she'd sell it to Breanna for $200,000. Breanna
agreed to these terms, and they added their signatures. Which of the following
statements is correct? Answer - Breanna accepted the offer Kathy made.
Sandra retired from a career in the Navy and is ready to buy her first home, a
small bungalow in a quiet neighborhood, for $169,900. Her military service
gives her the benefit of Veterans Affairs (VA) loan. What's her required down
payment? Answer - $2,548.50
