PSI REAL ESTATE NATIONAL EXAM |ACTUAL
QUESTIONS AND VERIFIED ANSWERS|BRAND NEW
2026-2027 UPDATE|GRADED A+
Question 1
Which of the following would not necessarily belong in a firms mandatory interest-bearing
trust account?
A. Earnest Money Deposits
B. Security Deposits
C. Advanced Fees
D. A down payment
CORRECT ANSWER
B. Security deposits
Question 2
The buyers want an attorney to hold the earnest money. Who should draft earnest money
agreement?
A. An attorney
B. Buyers firm
C. Sellers listing firm
D. None of the above
CORRECT ANSWER
A. An attorney
Question 3
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@THE STUDY VAULT
,Client funds do not include:
A. Down payment
B. Earnest money
C. Promissory notes
D. Additional earnest money
CORRECT ANSWER
C. Promissory notes
Question 4
Generally, a licensee must deposit real estate trust funds within what timeframe?
A. 48 hours
B. 24 hours
C. Two working days
D. 72 hours
CORRECT ANSWER
A. 48 hours
Question 5
The interest from an interest-bearing real estate trust account is annually remitted to the:
A. Department of Finance
B. Department of motor vehicles
C. Department of Administration
D. Department of safety
CORRECT ANSWER
C. Department of Administration
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@THE STUDY VAULT
, Question 6
How should a party amend contract for sale?
A. Cross out provisions and initial and date the changes
B. Use an amendment to the offer to purchase
C. Draft a new contract
D. Use an addendum to the contract for sale
CORRECT ANSWER
B. Use an amendment to offer to purchase
Question 7
Buyer makes a written offer and the seller changes some of the terms of the offer, signs it,
and delivers it back to the buyer. what is the status of the offer?
A. It is a contract for sale
B. Does a contract for sale but does not include the sellers revised term
C. It is a contract for sale if the buyer initials the sellers revisions delivers it back to the seller
D. It is a rejection of the offer and a presentation of a counter offer
CORRECT ANSWER
D. It is a rejection of the offer and a presentation of a counter offer
Question 8
When were the licensee not use of WB - 46 multiple counter proposal?
A. To issue a non-binding proposal to more than one buyer
B. When a seller does not want to reject offers but would like to suggest modifications to
offers
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@THE STUDY VAULT
QUESTIONS AND VERIFIED ANSWERS|BRAND NEW
2026-2027 UPDATE|GRADED A+
Question 1
Which of the following would not necessarily belong in a firms mandatory interest-bearing
trust account?
A. Earnest Money Deposits
B. Security Deposits
C. Advanced Fees
D. A down payment
CORRECT ANSWER
B. Security deposits
Question 2
The buyers want an attorney to hold the earnest money. Who should draft earnest money
agreement?
A. An attorney
B. Buyers firm
C. Sellers listing firm
D. None of the above
CORRECT ANSWER
A. An attorney
Question 3
1
@THE STUDY VAULT
,Client funds do not include:
A. Down payment
B. Earnest money
C. Promissory notes
D. Additional earnest money
CORRECT ANSWER
C. Promissory notes
Question 4
Generally, a licensee must deposit real estate trust funds within what timeframe?
A. 48 hours
B. 24 hours
C. Two working days
D. 72 hours
CORRECT ANSWER
A. 48 hours
Question 5
The interest from an interest-bearing real estate trust account is annually remitted to the:
A. Department of Finance
B. Department of motor vehicles
C. Department of Administration
D. Department of safety
CORRECT ANSWER
C. Department of Administration
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@THE STUDY VAULT
, Question 6
How should a party amend contract for sale?
A. Cross out provisions and initial and date the changes
B. Use an amendment to the offer to purchase
C. Draft a new contract
D. Use an addendum to the contract for sale
CORRECT ANSWER
B. Use an amendment to offer to purchase
Question 7
Buyer makes a written offer and the seller changes some of the terms of the offer, signs it,
and delivers it back to the buyer. what is the status of the offer?
A. It is a contract for sale
B. Does a contract for sale but does not include the sellers revised term
C. It is a contract for sale if the buyer initials the sellers revisions delivers it back to the seller
D. It is a rejection of the offer and a presentation of a counter offer
CORRECT ANSWER
D. It is a rejection of the offer and a presentation of a counter offer
Question 8
When were the licensee not use of WB - 46 multiple counter proposal?
A. To issue a non-binding proposal to more than one buyer
B. When a seller does not want to reject offers but would like to suggest modifications to
offers
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@THE STUDY VAULT
