NATIONAL EXAM TEST PSI QUESTION AND 100%
VERIFIED ANSWERS | GRADED A+ | GUARANTEED
PASS!!
Informing parties of material facts related to a transaction describes the duty of
______.
Accounting
Disclosure
Loyalty
Reasonable skill and care
- answer-Disclosure
Your home inspector Mason found some discoloration in the attic and near the
windows on the second floor. Why does he think this may be a concern?
Dark stains in the attic could mean plumbing problems.
It could be a sign of fire damage.
It means that the homeowners haven't insulated well.
It's indicative of insect activity.
- answer-It could be a sign of fire
damage.
Smalltown is building a new interstate exchange to facilitate access to shopping
and restaurants. In order to do so, it purchased two homes and tore them down so
the ramps to and from the interstate could be constructed. What principal allowed
Smalltown to do this?
Abandonment
Doctrine of laches
NATIONAL
,Eminent domain
Escheat
- answer-Eminent domain
Joaquin sold his house for $327,600. He bought it several years ago for $139,900
with a $100,000 loan. The loan balance when he sold it was $73,400. What was
Joaquin's equity?
$114,300
$187,700
$214,300
$254,200
- answer-$254,200
Robert is the general contractor for a home being constructed in a new
development. The foundation has been poured, and he's working with the
homeowners to make some decisions that weren't identified in the blueprints he's
working from. Which of the following details are guided by local building codes?
Material used for shingles
Number and type of electrical breakers
Number and type of windows per square foot
Placement of gas range in the kitchen
- answer-Number and type of electrical
breakers
Which of the following is an example of commingling?
Mixing earnest money with personal funds
Mixing two earnest money deposits
NATIONAL
,Paying licensee bonuses from forfeited escrow deposits
Commingling occurs when escrow funds, such as earnest money, are mixed with
personal funds.
- answer-Mixing earnest money with personal
funds
Following all of the client's lawful instructions describes which fiduciary duty?
Disclosure
Loyalty
Obedience
Reasonable skill and care
- answer-Obedience
Which of the following is true about ownership or title to a property?
Constructive notice to the public of real property ownership occurs when the deed
is recorded.
The last to record has priority.
The seller is responsible for paying for owner's and lender's title insurance.
Title isn't finalized until the deed has been recorded.
- answer-Title isn't finalized until the deed has been recorded.
When Gillian looked at the legal description of the property she was interested in
purchasing, she read the following: "Beginning at the corner of State Route 61 and
Hallowell Road, north for 314 feet, then southwest for 193 feet." In this
description, what does "Beginning at the corner of State Route 61 and Hallowell
Road" represent?
NATIONAL
, A benchmark
Bounds
Metes
Monuments
- answer-Bound
s
Lenore makes a 95% offer on a townhouse that's listed at $285,000 and includes an
earnest money deposit for 10% of her offer, which the seller accepts. She brings to
closing a cashier's check for $35,025 comprising the balance of her 20% down
payment and closing costs. What's the amount of her total down payment?
$35,025
$54,150
$57,000
$62,100
- answer-$54,150
Sondra thinks the new business contract she signed with her business partner is
valid. Both parties are legally competent, the contract has a legal purpose, an offer
was made and accepted, and a fee has been negotiated and documented. Which
essential element of a valid contract has Sondra not yet considered?
Whether consent was voluntary
Whether the contract has been translated into all possible languages
Whether the contract is in writing
Whether the parties are over 21
- answer-Whether consent was
voluntary
NATIONAL
VERIFIED ANSWERS | GRADED A+ | GUARANTEED
PASS!!
Informing parties of material facts related to a transaction describes the duty of
______.
Accounting
Disclosure
Loyalty
Reasonable skill and care
- answer-Disclosure
Your home inspector Mason found some discoloration in the attic and near the
windows on the second floor. Why does he think this may be a concern?
Dark stains in the attic could mean plumbing problems.
It could be a sign of fire damage.
It means that the homeowners haven't insulated well.
It's indicative of insect activity.
- answer-It could be a sign of fire
damage.
Smalltown is building a new interstate exchange to facilitate access to shopping
and restaurants. In order to do so, it purchased two homes and tore them down so
the ramps to and from the interstate could be constructed. What principal allowed
Smalltown to do this?
Abandonment
Doctrine of laches
NATIONAL
,Eminent domain
Escheat
- answer-Eminent domain
Joaquin sold his house for $327,600. He bought it several years ago for $139,900
with a $100,000 loan. The loan balance when he sold it was $73,400. What was
Joaquin's equity?
$114,300
$187,700
$214,300
$254,200
- answer-$254,200
Robert is the general contractor for a home being constructed in a new
development. The foundation has been poured, and he's working with the
homeowners to make some decisions that weren't identified in the blueprints he's
working from. Which of the following details are guided by local building codes?
Material used for shingles
Number and type of electrical breakers
Number and type of windows per square foot
Placement of gas range in the kitchen
- answer-Number and type of electrical
breakers
Which of the following is an example of commingling?
Mixing earnest money with personal funds
Mixing two earnest money deposits
NATIONAL
,Paying licensee bonuses from forfeited escrow deposits
Commingling occurs when escrow funds, such as earnest money, are mixed with
personal funds.
- answer-Mixing earnest money with personal
funds
Following all of the client's lawful instructions describes which fiduciary duty?
Disclosure
Loyalty
Obedience
Reasonable skill and care
- answer-Obedience
Which of the following is true about ownership or title to a property?
Constructive notice to the public of real property ownership occurs when the deed
is recorded.
The last to record has priority.
The seller is responsible for paying for owner's and lender's title insurance.
Title isn't finalized until the deed has been recorded.
- answer-Title isn't finalized until the deed has been recorded.
When Gillian looked at the legal description of the property she was interested in
purchasing, she read the following: "Beginning at the corner of State Route 61 and
Hallowell Road, north for 314 feet, then southwest for 193 feet." In this
description, what does "Beginning at the corner of State Route 61 and Hallowell
Road" represent?
NATIONAL
, A benchmark
Bounds
Metes
Monuments
- answer-Bound
s
Lenore makes a 95% offer on a townhouse that's listed at $285,000 and includes an
earnest money deposit for 10% of her offer, which the seller accepts. She brings to
closing a cashier's check for $35,025 comprising the balance of her 20% down
payment and closing costs. What's the amount of her total down payment?
$35,025
$54,150
$57,000
$62,100
- answer-$54,150
Sondra thinks the new business contract she signed with her business partner is
valid. Both parties are legally competent, the contract has a legal purpose, an offer
was made and accepted, and a fee has been negotiated and documented. Which
essential element of a valid contract has Sondra not yet considered?
Whether consent was voluntary
Whether the contract has been translated into all possible languages
Whether the contract is in writing
Whether the parties are over 21
- answer-Whether consent was
voluntary
NATIONAL
