National PSI EXAM questions with correct answers
A buyer is planning to purchase a house that costs $120,000. If she
obtains an 85% loan and the lender charges a 1.5% loan origination fee
and
1.5 discount points, what is the cost of these expenses?
$1,800
$2,550
$3,060
$3,600
$3,600 Correct Answer--The answer is "$3,600" as 1.5% loan and 1.5
discount point adds to 3%. So 3% of $120,000 will come out as
$3,600
The principal broker must retain all client records for 6 years. How long
does a property manager retain his client records? Correct Answer-6
YEARS
The following documents must
be kept for record by the
principal broker for a period of
time after the transaction
ЕХСЕРТ Correct Answer-a. Emails used in the process of the
transaction
b. BILLS PAID TO KEEP THE CLIENT
TRUST ACCOUNT OPEN ALL
, c. Documents voluntarily created
during the transaction
d. Earnest money deposit receipts
A buyer is purchasing a 40 acre parcel zoned exclusive farm use with a
house and barn. The property currently has a property tax deferral based
upon the farm use.
What MUST the buyer do to continue the tax deferral? Correct Answer-
The buyer must make sure that the seller agrees to transfer the deferral
as part of the sale and these provisions must be included in the sales
contract.
A seller asks a real estate agent to list their land for sale.
The land includes an 'untitled' manufactured home. Can the real estate
agent list both the land & untitled man. home in the same transaction?
Correct Answer-JUST THE LAND, REAL ESTATE AGENTS CAN'T
SELL AN UNTITLED MANUFACTURED HOME
The north to south line in a rectangular Govt. survey Correct Answer-
meridians
a financial agreement in which a homeowner relinquishes equity in their
home in exchange for regular payments, typically to supplement
retirement income. Correct Answer-reverse mortgage
Sally is a broker whose very good friend Jane is a broker with a
competing company.
A buyer is planning to purchase a house that costs $120,000. If she
obtains an 85% loan and the lender charges a 1.5% loan origination fee
and
1.5 discount points, what is the cost of these expenses?
$1,800
$2,550
$3,060
$3,600
$3,600 Correct Answer--The answer is "$3,600" as 1.5% loan and 1.5
discount point adds to 3%. So 3% of $120,000 will come out as
$3,600
The principal broker must retain all client records for 6 years. How long
does a property manager retain his client records? Correct Answer-6
YEARS
The following documents must
be kept for record by the
principal broker for a period of
time after the transaction
ЕХСЕРТ Correct Answer-a. Emails used in the process of the
transaction
b. BILLS PAID TO KEEP THE CLIENT
TRUST ACCOUNT OPEN ALL
, c. Documents voluntarily created
during the transaction
d. Earnest money deposit receipts
A buyer is purchasing a 40 acre parcel zoned exclusive farm use with a
house and barn. The property currently has a property tax deferral based
upon the farm use.
What MUST the buyer do to continue the tax deferral? Correct Answer-
The buyer must make sure that the seller agrees to transfer the deferral
as part of the sale and these provisions must be included in the sales
contract.
A seller asks a real estate agent to list their land for sale.
The land includes an 'untitled' manufactured home. Can the real estate
agent list both the land & untitled man. home in the same transaction?
Correct Answer-JUST THE LAND, REAL ESTATE AGENTS CAN'T
SELL AN UNTITLED MANUFACTURED HOME
The north to south line in a rectangular Govt. survey Correct Answer-
meridians
a financial agreement in which a homeowner relinquishes equity in their
home in exchange for regular payments, typically to supplement
retirement income. Correct Answer-reverse mortgage
Sally is a broker whose very good friend Jane is a broker with a
competing company.
