PSI NATIONAL REAL ESTATE QUESTIONS AND
CORRECT ANSWERS PROFESSOR VERIFIED GRADED A
✅A lender who forecloses on a property and sells it later for less than what was owed has
the right to obtain a(n). Answer: deficiency judgment
✅What is the payment difference on a loan amount of $220,000 with a 15 year, 5.5%
interest versus a 30 year at 6.5% (use amortization chart). Answer: $407
✅A buyer and seller have a contract which states the buyer can buy the property for
$120,000 and close the sale before 12/31/2014. What type of contract exists?. Answer:
Option
✅A buyer wants to have a home business in a residential neighborhood. The broker should
advise the buyer to. Answer: Check to see whether zoning will allow the business use.
✅Which of the following is a disadvantage to owning real estate?. Answer: Liquidity
✅A broker lists a property and begins marketing it. The seller sells the property to a
neighbor and pays the broker a full commission, What type of listing agreement was
signed?". Answer: Exclusive Right to sell
✅A potential buyer was turned down for a mortgage loan because of the high crime rate
where the property is located. This is an example of. Answer: Redlining
✅Fair housing law allows seniors to have separate housing if 80 percent of the units are
occupied by at least one person age 55 or older. This exemption allows
for discrimination based on. Answer: Familial Status
, ✅A property manager would do all the following except:. Answer: Invest the profits into the
building
✅The listing agreement must contain all the following items except. Answer: Statement
regarding how to earn commission
✅The renter of a property has recently become disabled and can no longer walk. The
tenant needs a ramp to gain access to the property. What must the landlord
do?. Answer: Permit tenant to install ramp at their expense
✅The right of an agent to represent a principal is created by. Answer: fiduciary agreements
✅A tenancy in which the lessee remains in possession of the property without the lessor's
consent is:. Answer: An estate at sufferance
✅All of the following are true of the holder of a fee simple absolute estate EXCEPT:. Answer:
his estate terminates upon death
✅when a borrower wishes to obtain a loan in excess of 80% of the property's value, the
lender is likely to require:. Answer: Mortgage default insurance
✅The figure used by the lender in determining the maximum loan it will make the. Answer:
purchase price or appraised value, whichever is less
✅In an exclusive right to sell listing, the principal contracts:. Answer: to pay the broker a
commission if the property sells during the contract
✅Which of the following Statements BEST identifies the meaning of the term "Recession
Contract". Answer: A return of all parties to their condition before the contract was executed
✅All the following are considered a Common Interest Community EXCEPT. Answer:
Apartments
CORRECT ANSWERS PROFESSOR VERIFIED GRADED A
✅A lender who forecloses on a property and sells it later for less than what was owed has
the right to obtain a(n). Answer: deficiency judgment
✅What is the payment difference on a loan amount of $220,000 with a 15 year, 5.5%
interest versus a 30 year at 6.5% (use amortization chart). Answer: $407
✅A buyer and seller have a contract which states the buyer can buy the property for
$120,000 and close the sale before 12/31/2014. What type of contract exists?. Answer:
Option
✅A buyer wants to have a home business in a residential neighborhood. The broker should
advise the buyer to. Answer: Check to see whether zoning will allow the business use.
✅Which of the following is a disadvantage to owning real estate?. Answer: Liquidity
✅A broker lists a property and begins marketing it. The seller sells the property to a
neighbor and pays the broker a full commission, What type of listing agreement was
signed?". Answer: Exclusive Right to sell
✅A potential buyer was turned down for a mortgage loan because of the high crime rate
where the property is located. This is an example of. Answer: Redlining
✅Fair housing law allows seniors to have separate housing if 80 percent of the units are
occupied by at least one person age 55 or older. This exemption allows
for discrimination based on. Answer: Familial Status
, ✅A property manager would do all the following except:. Answer: Invest the profits into the
building
✅The listing agreement must contain all the following items except. Answer: Statement
regarding how to earn commission
✅The renter of a property has recently become disabled and can no longer walk. The
tenant needs a ramp to gain access to the property. What must the landlord
do?. Answer: Permit tenant to install ramp at their expense
✅The right of an agent to represent a principal is created by. Answer: fiduciary agreements
✅A tenancy in which the lessee remains in possession of the property without the lessor's
consent is:. Answer: An estate at sufferance
✅All of the following are true of the holder of a fee simple absolute estate EXCEPT:. Answer:
his estate terminates upon death
✅when a borrower wishes to obtain a loan in excess of 80% of the property's value, the
lender is likely to require:. Answer: Mortgage default insurance
✅The figure used by the lender in determining the maximum loan it will make the. Answer:
purchase price or appraised value, whichever is less
✅In an exclusive right to sell listing, the principal contracts:. Answer: to pay the broker a
commission if the property sells during the contract
✅Which of the following Statements BEST identifies the meaning of the term "Recession
Contract". Answer: A return of all parties to their condition before the contract was executed
✅All the following are considered a Common Interest Community EXCEPT. Answer:
Apartments
