PSI EXAM 3-Questions with Correct Answers/ Verified/ 100% Pass
Question 1 of 80
Portion Name : National Real Estate Salesperson Practice Exam 2015
Under the Federal Fair Housing Law, which of the following is considered discriminatory advertising?
1.
"Nonsmoker preferred."
2.
"Military discount."
3.
"Seniors welcome."
4.
"Catholics preferred." - ✔️✔️4.
"Catholics preferred."
When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies
involving inspections or approval by a third party should
1.
have short deadlines.
2.
be discouraged by the broker.
3.
be stated as briefly as possible.
4.
be limited to mortgage arrangements. - ✔️✔️1.
have short deadlines.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the
broker has earned his commission when
1.
any offer is delivered to the seller.
2.
,the seller accepts the offer.
3.
all contingencies are removed.
4.
the sale closes. - ✔️✔️2.
the seller accepts the offer.
A real estate salesperson is representing only the buyer in a transaction. Which of the following
actions would be a violation of the salesperson's agency duties to the client?
1.
disclosing the price the seller originally paid for the property
2.
disclosing the highest price the buyer is willing to pay
3.
preparing a competitive market analysis
4.
identifying latent property defects - ✔️✔️2.
disclosing the highest price the buyer is willing to pay
The day after a broker's listing on a house expired, it was listed with another broker and offered in
the MLS. Several days later, a third licensee called the first broker and asked for the key to show the
home. The broker should inform the caller that
1.
he is no longer the listing agent.
2.
he will set up an appointment for showing the home.
3.
he will leave the key under the door mat.
4.
the house is currently off the market. - ✔️✔️1.
he is no longer the listing agent.
,Legal descriptions using the government survey system are NOT generally used in
1.
the original 13 states.
2.
subdivisions.
3.
quitclaim deeds.
4.
mortgages or deeds of trust. - ✔️✔️1.
the original 13 states.
Failure of a real estate agent to comply with Fair Housing practices is punishable by
1.
license revocation only.
2.
criminal prosecution only.
3.
license revocation and criminal prosecution.
4.
probation. - ✔️✔️3.
license revocation and criminal prosecution.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this
store?
1.
Deed amendment.
2.
Approval of surrounding property owners.
3.
Inclusionary zoning.
4.
, Conditional use permit or zoning variance. - ✔️✔️4.
Conditional use permit or zoning variance.
Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign
mutual release papers rather than proceed to closing. Which of the following circumstances would
NOT give either party a justifiable reason to insist on a mutual release?
1.
The buyer finds a better property for better terms.
2.
A title defect that will take months to clear is discovered.
3.
A basement fire causes damage that requires extensive repairs.
4.
The buyer is unable to obtain financing that meets the terms of the contract's financing contingency.
- ✔️✔️1.
The buyer finds a better property for better terms.
Under the terms of their listing contract, the owners may sell their house themselves and pay no
commission. If their agent sells it, a commission will be due. What kind of listing contract do the
owners have?
1.
Multiple listing.
2.
Net listing.
3.
Exclusive agency listing.
4.
Exclusive right to sell listing. - ✔️✔️3.
Exclusive agency listing.
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?
Question 1 of 80
Portion Name : National Real Estate Salesperson Practice Exam 2015
Under the Federal Fair Housing Law, which of the following is considered discriminatory advertising?
1.
"Nonsmoker preferred."
2.
"Military discount."
3.
"Seniors welcome."
4.
"Catholics preferred." - ✔️✔️4.
"Catholics preferred."
When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies
involving inspections or approval by a third party should
1.
have short deadlines.
2.
be discouraged by the broker.
3.
be stated as briefly as possible.
4.
be limited to mortgage arrangements. - ✔️✔️1.
have short deadlines.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the
broker has earned his commission when
1.
any offer is delivered to the seller.
2.
,the seller accepts the offer.
3.
all contingencies are removed.
4.
the sale closes. - ✔️✔️2.
the seller accepts the offer.
A real estate salesperson is representing only the buyer in a transaction. Which of the following
actions would be a violation of the salesperson's agency duties to the client?
1.
disclosing the price the seller originally paid for the property
2.
disclosing the highest price the buyer is willing to pay
3.
preparing a competitive market analysis
4.
identifying latent property defects - ✔️✔️2.
disclosing the highest price the buyer is willing to pay
The day after a broker's listing on a house expired, it was listed with another broker and offered in
the MLS. Several days later, a third licensee called the first broker and asked for the key to show the
home. The broker should inform the caller that
1.
he is no longer the listing agent.
2.
he will set up an appointment for showing the home.
3.
he will leave the key under the door mat.
4.
the house is currently off the market. - ✔️✔️1.
he is no longer the listing agent.
,Legal descriptions using the government survey system are NOT generally used in
1.
the original 13 states.
2.
subdivisions.
3.
quitclaim deeds.
4.
mortgages or deeds of trust. - ✔️✔️1.
the original 13 states.
Failure of a real estate agent to comply with Fair Housing practices is punishable by
1.
license revocation only.
2.
criminal prosecution only.
3.
license revocation and criminal prosecution.
4.
probation. - ✔️✔️3.
license revocation and criminal prosecution.
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this
store?
1.
Deed amendment.
2.
Approval of surrounding property owners.
3.
Inclusionary zoning.
4.
, Conditional use permit or zoning variance. - ✔️✔️4.
Conditional use permit or zoning variance.
Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign
mutual release papers rather than proceed to closing. Which of the following circumstances would
NOT give either party a justifiable reason to insist on a mutual release?
1.
The buyer finds a better property for better terms.
2.
A title defect that will take months to clear is discovered.
3.
A basement fire causes damage that requires extensive repairs.
4.
The buyer is unable to obtain financing that meets the terms of the contract's financing contingency.
- ✔️✔️1.
The buyer finds a better property for better terms.
Under the terms of their listing contract, the owners may sell their house themselves and pay no
commission. If their agent sells it, a commission will be due. What kind of listing contract do the
owners have?
1.
Multiple listing.
2.
Net listing.
3.
Exclusive agency listing.
4.
Exclusive right to sell listing. - ✔️✔️3.
Exclusive agency listing.
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?
