REAL ESTATE NATIONAL PSI EXAM 2 NEW UPDATE 2024 |QUESTIONS AND ANSWERS A+ GRADED

REAL ESTATE NATIONAL PSI EXAM 2 NEW
UPDATE 2024 |QUESTIONS AND ANSWERS A+
GRADED


A borrower has defaulted on the mortgage. The mortgage
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contains an acceleration clause. This permits the lender to
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1. confiscate the borrower's personal assets.
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2. demand immediate payment of the entire note.
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3. report the borrower to the Federal Housing Administration.
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4. force the borrower to vacate the premises.
B B B B B B B BBBBBBBBBB ANS: 2 BBB




A broker and the buyers he represents are anxiously awaiting
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the closing on their new home. The closing is scheduled in 4
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days. The buyers inform the broker that they just received
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revised Loan Estimate and Closing Disclosure forms from the
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lender, indicating the Annual Percentage Rate on their loan
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has increased by 0.3%. Based on the TILA-RESPA Integrated
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Disclosure rule, what action should the broker take in this
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situation?
B




1. Assist the buyers in calculating the new loan payments and ask
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them if they want to proceed with the closing as scheduled.
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2. Advise the buyers to file a legal action against the lender for
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violation of predatory lending practices under the Real Estate
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Settlement Procedures Act.
B B B




3. Call the lender and inform them that they are in violation of the
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seven-day waiting period and cannot change the terms of the loan
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this close to the closing.
B B B B B

,4. Confirm with the seller's broker, the lender and the
B B B B B B B B B BBBBBBBBBB ANS:
4
BBB




A broker has signed a listing contract for the sale of a home.
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Which of the following could make this contract voidable?
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1. The seller cannot write and sign with an "X".
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2. The listing contract specifies that no other broker may show the
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house.
B




3. The seller is heavily under the influence of alcohol at the time
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of signing.
B B




4. The listing contract specifies that a commission will be paid
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only if the house is sold within 3 weeks.
B B B B ANS: 3 B B B B B BBBBBBBBBB BBB




A broker represents a group of investors who purchase single
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family residences when they can be found at very low prices.
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Their offers are typically made with $500 deposits and cash
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closings within 7 days of acceptance of the offers. When the
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last property closed, the investors suggested the broker keep
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the deposit money to be used for their next purchase, as yet
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not identified. What must the broker do with these deposit
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funds?
B




1. Return them to the purchasers.
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2. Deposit them in his escrow account.
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3. Deposit them in his rental trust account.
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4. Hold them in his personal account until needed.
B B B B B B B B BBBBBBBBBB ANS: 1 BBB

, A broker, acting as agent for the seller, presents an offer to
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buy from the broker's former college roommate. The broker
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knows that the buyer will increase the amount of the offer if
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the seller turns down the offer. When presenting the offer, the
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broker should:
B B




1. tell the seller that the buyer will pay more.
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2. not disclose that the buyer will pay more to ensure fair
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treatment of all parties.
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3. try to negotiate a fair compromise between what the seller is
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asking and what the buyer is offering.
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4. encourage the seller to delay accepting the offer.
B B B B B B B B BBBBBBBBBB ANS: BB


1
B




A buyer is getting a fully amortized loan for $220,000. The
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bank will give the buyer the loan for 15 years at 5 1/2% or
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for 30 years at 6 1/2%. To the nearest dollar, what is the
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difference between the monthly payments for these two loans?
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(BE SURE TO USE THE AMORTIZATION TABLE.)
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1. $141
B




2. $407
B




3. $526
B




4. $548
B BBBBBBBBBB ANS: 2 BBB




A buyer wants to purchase a home for $160,000 with a 15%
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down payment. The lender charges 2 points. How much
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money does the buyer need up front to make the purchase?
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1. $2,720
B