PSI National Exam for Real Estate Questions With Answers 2022/2023

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - Answer - a contract Antitrust laws prohibit competing brokers from all of the following - Answer - 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probably be shared by - Answer - all current owners of real estate fronting on that road State laws differ on whether a buyer is entitled to know about - Answer - a suicide that occurred in the house last year. A lawsuit for inverse condemnation may be brought by - Answer - a homeowner When is racial discrimination in the rental of rooms or apartments permitted? - Answer - Under no circumstances The real estate broker who is listing a house for sale should personally verify - Answer - the number of square feet in the building Real property can be converted to personal property by - Answer - Severance Prospective buyers made an offer on a property. The seller did NOT accept, but made a counteroffer. The prospective buyers signed the counteroffer and the real estate agent delivered their acceptance to the seller. In the interim, the same buyers had found another house that they liked better and made an offer on it, which was accepted. Which of the following is TRUE? - Answer - Both contracts are valid Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of - Answer - prior appropriation The purpose of requiring an earnest money deposit in a real estate sales contract is to - Answer - provide evidence of the buyer's intention to carry out the contract. A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2