PSI NATIONAL ACTUAL TEST PAPER
ACCURATE QUESTIONS AND CORRECT
ANSWERS GRADED APLUS
●● A couple accompanies a property inspector during an inspection of a
house on which they have a contract. The inspector points to a six-inch
crack at the corner of a dining room window. The crack is an example of
:
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect
Answer: B. A patent defect is easily visible when inspecting a property.
(another) term for material)
●● An eligible veteran made an offer of $225,000 to purchase a home
contingent upon obtaining a no-down payment U.S department of
Veterans Affairs (VA) guaranteed loan. Three weeks after the offer was
accepted, the VA issued a certificate of reasonable value (CRV) for the
$222,000 for the property. In this case, the veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to the seller's
broker
C. purchase the property by making a $3,000 cash payment
,D. seek secondary funding for the $3,0000
Answer: C. When the purchase price of a property is greater than the
VA-issued (CRV), the veteran may pay the difference in cash to
purchase the property because secondary financing is somewhat
restricted under VA regulations.
●● General real estate property taxes levied for the operation of the
government are called:
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes
Answer: B.
●● Under current Regulations, a U.S. department of Veteran Affairs
(VA) loan is assumable if:
A. The VA approves both the buyer and the assumption agreement
B. the veteran agrees not to request a releases of liability for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement only
Answer: A.
, for VA loans made after March 1, 1988 the VA must approve both the
buyer and the assumption agreement before the loan may be assumed.
●● During the period of time after a real estate sales contract is signed,
but before title actually passes, the status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral
Answer: A.
A contract is in executory status when its terms of agreement have not
yet been carried out.
●● If there is a discrepancy between a residential lot size 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
C. the listing contract
D. the deed
Answer: B.
ACCURATE QUESTIONS AND CORRECT
ANSWERS GRADED APLUS
●● A couple accompanies a property inspector during an inspection of a
house on which they have a contract. The inspector points to a six-inch
crack at the corner of a dining room window. The crack is an example of
:
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect
Answer: B. A patent defect is easily visible when inspecting a property.
(another) term for material)
●● An eligible veteran made an offer of $225,000 to purchase a home
contingent upon obtaining a no-down payment U.S department of
Veterans Affairs (VA) guaranteed loan. Three weeks after the offer was
accepted, the VA issued a certificate of reasonable value (CRV) for the
$222,000 for the property. In this case, the veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to the seller's
broker
C. purchase the property by making a $3,000 cash payment
,D. seek secondary funding for the $3,0000
Answer: C. When the purchase price of a property is greater than the
VA-issued (CRV), the veteran may pay the difference in cash to
purchase the property because secondary financing is somewhat
restricted under VA regulations.
●● General real estate property taxes levied for the operation of the
government are called:
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes
Answer: B.
●● Under current Regulations, a U.S. department of Veteran Affairs
(VA) loan is assumable if:
A. The VA approves both the buyer and the assumption agreement
B. the veteran agrees not to request a releases of liability for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement only
Answer: A.
, for VA loans made after March 1, 1988 the VA must approve both the
buyer and the assumption agreement before the loan may be assumed.
●● During the period of time after a real estate sales contract is signed,
but before title actually passes, the status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral
Answer: A.
A contract is in executory status when its terms of agreement have not
yet been carried out.
●● If there is a discrepancy between a residential lot size 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
C. the listing contract
D. the deed
Answer: B.
