PSI REAL ESTATE EXAM PREP VERIFIED
QUESTIONS AND ANSWERS
COMPREHENSIVE REVIEW SHEET
●● Who must register the business name?
Answer: Principal Broker, must register the business name with REA-
(Real Estate Agency) under their name.
●● How long must real estate documents be kept?
Answer: 6 years, from the date the transaction was accepted, rejected, or
withdrawn
●● Who approves advertising?
Answer: The principal broker
●● When should the principal broker review a brokers Documents?
Answer: 7 days, of the documents acceptance, rejection, or withdrawal.
The principal broker must initial and date the document in writing at the
time of review
●● How long must you keep attendance & continuing education
records?
, Answer: 3 years, All other records regarding business are kept for 6
years
●● When should you notify the Real Estate agency a clients trust
account has been closed/opened?
Answer: 10 business days, from the date the account was opened or
closed
●● When informing the real estate agency a clients trust account has
been opened. What information is to be included?
Answer: 1. Name of the bank
2. Account Number
3. Name of the account
4. Date the account was opened
5. Acknowledged copy of the notice
●● How long can a broker temporarily supervise due to the absence of
the principal broker?
Answer: 90 days, with written authorization and broker accepts in
writing the effective & termination date. The broker must also have
3years of active real estate experience.
●● Who must maintain CE (continuing education) records
QUESTIONS AND ANSWERS
COMPREHENSIVE REVIEW SHEET
●● Who must register the business name?
Answer: Principal Broker, must register the business name with REA-
(Real Estate Agency) under their name.
●● How long must real estate documents be kept?
Answer: 6 years, from the date the transaction was accepted, rejected, or
withdrawn
●● Who approves advertising?
Answer: The principal broker
●● When should the principal broker review a brokers Documents?
Answer: 7 days, of the documents acceptance, rejection, or withdrawal.
The principal broker must initial and date the document in writing at the
time of review
●● How long must you keep attendance & continuing education
records?
, Answer: 3 years, All other records regarding business are kept for 6
years
●● When should you notify the Real Estate agency a clients trust
account has been closed/opened?
Answer: 10 business days, from the date the account was opened or
closed
●● When informing the real estate agency a clients trust account has
been opened. What information is to be included?
Answer: 1. Name of the bank
2. Account Number
3. Name of the account
4. Date the account was opened
5. Acknowledged copy of the notice
●● How long can a broker temporarily supervise due to the absence of
the principal broker?
Answer: 90 days, with written authorization and broker accepts in
writing the effective & termination date. The broker must also have
3years of active real estate experience.
●● Who must maintain CE (continuing education) records
