PSI National Exam-Questions with Correct Answers/ Verified/ 100%
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What's the major difference between freehold estate and leasehold estate?
A. Have an ownership interest
B. Terminate upon the death of the person on whose life they are based
C. Are estates of inheritance
D. Are estates for a fixed term - ✔️✔️A. Have an ownership interest
What deed provide at LEAST protection
1 general warranty deed
2 quick claim deed
3 special warranty deed
4 bargain and sale deed - ✔️✔️quickclaim
An agent noticed that the metes and bound was incorrect on a property, what did the agent do?
A. Nothing, because this is beyond their expertise.
B. Go down to the court house and correct it themselves because they are experts.
C. Call to have a survey done - ✔️✔️C. Call to have a survey done
Which of the following is an example of a zoning variance?
A. A moderate violation of setback requirements is allowed so that an office building is built far
enough from a high-pressure natural gas pipeline
B. A modest violation of Federal fair Housing laws is allowed as a means of controlling population
density in a new suburban area
C. A developer is allowed to include the deed restriction that all lots in a subdivision contain a house
of at least 3,000 square feet of living area
D. A developer is allowed to include the deed restriction that all lots in a subdivision must have a
swimming pool built on themout
4 Comments
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Comment - ✔️✔️A. A moderate violation of setback requirements is allowed so that an office
building is built far enough from a high-pressure natural gas pipeline
,A developer has a 100-acre tract to develop. 2% of the land will be used for recreational areas and
10% will be used for roads and utilities. Acre lots are selling for $32,000. What is the potential gross
income from the sale of this development:
A. $2,860,000
B. $2,944,000
C. $3,200,000
D. $5,632,000 - ✔️✔️
Which of the following differentiates a bilateral contract from a unilateral contract?
A Number of parties involved
B Performance obligations of the parties
C Relative value of the object of the contract
D Type of property specified in the contract
26 Answers
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Comment - ✔️✔️B Performance obligations of the parties
A sellers disclosure form states there's no known material defects but the listing agent discovered
the asbestos wrapped around the pipes in the basement. The licensee should :
A disclose the existence of asbestos to all buyers
B ask the sellers permission to disclose and abide by the sellers wishes
C suggest the buyers have a home inspection
D suggest to the seller that he wrap the pipes to contain potential airborne contamination. - ✔️✔️A
disclose the existence of asbestos to all buyers
You're explaining to your client that using electronic documents and signature simplifies the
homebuying process. Your client is skeptical about the signatures. You describe the uniform
electronica transactions act (UETA) and tell your client
A.) It gives electronic signatures the same legal weight as "wet" signatures
B.) It provides a guarantee that electronic signatures will hold up in court
C.) It requires states to permit electronic signatures on all real estate related documents
, D.) It takes precedence over state laws - ✔️✔️A.) It gives electronic signatures the same legal
weight as "wet" si
Under what circumstances can a licensee represent the buyer and the seller in the same transaction:
A. The buyer and the seller agree to split the expense of the commission
B. The licensee notifies the buyer and the seller of his intent to represent both parties
C. The buyer and seller agree to in writing to the licensee's condition to both parties - ✔️✔️C. The
buyer and seller agree to in writing to the licensee's condition to both parties
Borrower advantage of PMI is?
A. Entire amount of loan is insured
B. Better interest-rate - ✔️✔️A
When must the property tax disclosure summary be present to the prospective buyer ?
A. At the closing table
B. Before or at the time broker shows the property to the buyer
C. Before or the tome of the time of execution of the contract for sale
D. Within 15 days after the execution of the contract for sale . - ✔️✔️
In MOST listing contracts, a broker who has brought a ready, willing, and able buyer to a seller who
agrees to the terms of a sales contract
A. earns a commission at that point.
B. earns a commission even if contingencies in the contract have not been met.
C. does not earn a commission unless the sale closes.
D. does not earn a commission if the buyer and seller agree to rescind the contract. - ✔️✔️C. does
not earn a commission unless the sale closes.
A principal broker has a single agency relationship with the seller. Any required property condition
disclosure would be completed by the:?
A. Seller
B. Principal Broker
C. Agent on behalf of principal broker
Pass
What's the major difference between freehold estate and leasehold estate?
A. Have an ownership interest
B. Terminate upon the death of the person on whose life they are based
C. Are estates of inheritance
D. Are estates for a fixed term - ✔️✔️A. Have an ownership interest
What deed provide at LEAST protection
1 general warranty deed
2 quick claim deed
3 special warranty deed
4 bargain and sale deed - ✔️✔️quickclaim
An agent noticed that the metes and bound was incorrect on a property, what did the agent do?
A. Nothing, because this is beyond their expertise.
B. Go down to the court house and correct it themselves because they are experts.
C. Call to have a survey done - ✔️✔️C. Call to have a survey done
Which of the following is an example of a zoning variance?
A. A moderate violation of setback requirements is allowed so that an office building is built far
enough from a high-pressure natural gas pipeline
B. A modest violation of Federal fair Housing laws is allowed as a means of controlling population
density in a new suburban area
C. A developer is allowed to include the deed restriction that all lots in a subdivision contain a house
of at least 3,000 square feet of living area
D. A developer is allowed to include the deed restriction that all lots in a subdivision must have a
swimming pool built on themout
4 Comments
Like
Comment - ✔️✔️A. A moderate violation of setback requirements is allowed so that an office
building is built far enough from a high-pressure natural gas pipeline
,A developer has a 100-acre tract to develop. 2% of the land will be used for recreational areas and
10% will be used for roads and utilities. Acre lots are selling for $32,000. What is the potential gross
income from the sale of this development:
A. $2,860,000
B. $2,944,000
C. $3,200,000
D. $5,632,000 - ✔️✔️
Which of the following differentiates a bilateral contract from a unilateral contract?
A Number of parties involved
B Performance obligations of the parties
C Relative value of the object of the contract
D Type of property specified in the contract
26 Answers
Like
Comment - ✔️✔️B Performance obligations of the parties
A sellers disclosure form states there's no known material defects but the listing agent discovered
the asbestos wrapped around the pipes in the basement. The licensee should :
A disclose the existence of asbestos to all buyers
B ask the sellers permission to disclose and abide by the sellers wishes
C suggest the buyers have a home inspection
D suggest to the seller that he wrap the pipes to contain potential airborne contamination. - ✔️✔️A
disclose the existence of asbestos to all buyers
You're explaining to your client that using electronic documents and signature simplifies the
homebuying process. Your client is skeptical about the signatures. You describe the uniform
electronica transactions act (UETA) and tell your client
A.) It gives electronic signatures the same legal weight as "wet" signatures
B.) It provides a guarantee that electronic signatures will hold up in court
C.) It requires states to permit electronic signatures on all real estate related documents
, D.) It takes precedence over state laws - ✔️✔️A.) It gives electronic signatures the same legal
weight as "wet" si
Under what circumstances can a licensee represent the buyer and the seller in the same transaction:
A. The buyer and the seller agree to split the expense of the commission
B. The licensee notifies the buyer and the seller of his intent to represent both parties
C. The buyer and seller agree to in writing to the licensee's condition to both parties - ✔️✔️C. The
buyer and seller agree to in writing to the licensee's condition to both parties
Borrower advantage of PMI is?
A. Entire amount of loan is insured
B. Better interest-rate - ✔️✔️A
When must the property tax disclosure summary be present to the prospective buyer ?
A. At the closing table
B. Before or at the time broker shows the property to the buyer
C. Before or the tome of the time of execution of the contract for sale
D. Within 15 days after the execution of the contract for sale . - ✔️✔️
In MOST listing contracts, a broker who has brought a ready, willing, and able buyer to a seller who
agrees to the terms of a sales contract
A. earns a commission at that point.
B. earns a commission even if contingencies in the contract have not been met.
C. does not earn a commission unless the sale closes.
D. does not earn a commission if the buyer and seller agree to rescind the contract. - ✔️✔️C. does
not earn a commission unless the sale closes.
A principal broker has a single agency relationship with the seller. Any required property condition
disclosure would be completed by the:?
A. Seller
B. Principal Broker
C. Agent on behalf of principal broker
