National PSI EXAM PRACTICE TEST
questions and answers
Real Estate law governing advertising applies to all of these EXCEPT:
A. In house notes for showing
B. Multiple listing service (MLS)
C. communications with consumers
D. Social Media - correct answer ✅A. In-house notes for showing are not seen by
consumers an so do not have to follow state or federal laws.
A couple accompanies a property inspector during an inspection of a house on
which they have a contract. The inspector points to a six-inch crack at the corner
of a dining room window. The crack is an example of :
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect - correct answer ✅B. A patent defect is easily visible
when inspecting a property. (another) term for material)
An eligible veteran made an offer of $225,000 to purchase a home contingent
upon obtaining a no-down payment U.S department of Veterans Affairs (VA)
guaranteed loan. Three weeks after the offer was accepted, the VA issued a
,National PSI EXAM PRACTICE TEST
questions and answers
certificate of reasonable value (CRV) for the $222,000 for the property. In this
case, the veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to the seller's broker
C. purchase the property by making a $3,000 cash payment
D. seek secondary funding for the $3,0000 - correct answer ✅C. When the
purchase price of a property is greater than the VA-issued (CRV), the veteran may
pay the difference in cash to purchase the property because secondary financing
is somewhat restricted under VA regulations.
General real estate property taxes levied for the operation of the government are
called:
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes - correct answer ✅B.
Under current Regulations, a U.S. department of Veteran Affairs (VA) loan is
assumable if:
, National PSI EXAM PRACTICE TEST
questions and answers
A. The VA approves both the buyer and the assumption agreement
B. the veteran agrees not to request a releases of liability for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement only - correct answer ✅A.
for VA loans made after March 1, 1988 the VA must approve both the buyer and
the assumption agreement before the loan may be assumed.
During the period of time after a real estate sales contract is signed, but before
title actually passes, the status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral - correct answer ✅A.
A contract is in executory status when its terms of agreement have not yet been
carried out.
questions and answers
Real Estate law governing advertising applies to all of these EXCEPT:
A. In house notes for showing
B. Multiple listing service (MLS)
C. communications with consumers
D. Social Media - correct answer ✅A. In-house notes for showing are not seen by
consumers an so do not have to follow state or federal laws.
A couple accompanies a property inspector during an inspection of a house on
which they have a contract. The inspector points to a six-inch crack at the corner
of a dining room window. The crack is an example of :
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect - correct answer ✅B. A patent defect is easily visible
when inspecting a property. (another) term for material)
An eligible veteran made an offer of $225,000 to purchase a home contingent
upon obtaining a no-down payment U.S department of Veterans Affairs (VA)
guaranteed loan. Three weeks after the offer was accepted, the VA issued a
,National PSI EXAM PRACTICE TEST
questions and answers
certificate of reasonable value (CRV) for the $222,000 for the property. In this
case, the veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to the seller's broker
C. purchase the property by making a $3,000 cash payment
D. seek secondary funding for the $3,0000 - correct answer ✅C. When the
purchase price of a property is greater than the VA-issued (CRV), the veteran may
pay the difference in cash to purchase the property because secondary financing
is somewhat restricted under VA regulations.
General real estate property taxes levied for the operation of the government are
called:
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes - correct answer ✅B.
Under current Regulations, a U.S. department of Veteran Affairs (VA) loan is
assumable if:
, National PSI EXAM PRACTICE TEST
questions and answers
A. The VA approves both the buyer and the assumption agreement
B. the veteran agrees not to request a releases of liability for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement only - correct answer ✅A.
for VA loans made after March 1, 1988 the VA must approve both the buyer and
the assumption agreement before the loan may be assumed.
During the period of time after a real estate sales contract is signed, but before
title actually passes, the status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral - correct answer ✅A.
A contract is in executory status when its terms of agreement have not yet been
carried out.
