PSI NATIONAL REAL ESTATE QUESTIONS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NATIO
PSI NATIONAL REAL ESTATE
QUESTIONS & ANSWERS
1. A legal description in land that includes language like "the old oak tree" or
"the big rock" would be
Answer Metes and bounds
2. As a licensee is showing a property contiguous to a lake, the licensee notices
that the lake has a large amount of algae.The buyer wishes to make anoffer.What
should the licensee do?
Answer Encourage the buyer to have an authoritativeparty investigate the algae
growth.
3. All the following are protected classifications except
Answer Homosexuals
4. As licensees usually work as independent contractors, a broker will have a
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1 of 18 11/18/2024, 3:33
,PSI NATIONAL REAL ESTATE QUESTIONS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NATIO
contract
for the independent contractor which (for federal purposes) must outline
Answer -
Statement that FICA (taxes) are the associates responsibility
5. In a rescission agreement
Answer All parties return to original position and earnestmoney is refunded
6. Agent A has been working at Brokerage for 4 years. Agent has listed and sold
many but desires to try industrial office sales.What is the best course ofaction
for houses Agent A?
Answer Move license to an industrial/office
company and train under them
7. A seller is listing their $350,000 house. They state their property tax bill is
$1,110 per year.What should the agent do?
Answer Verify the information with the county
8. A home warranty will typically provide coverage for which of the following
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,PSI NATIONAL REAL ESTATE QUESTIONS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NATIO
Answer Electrical and plumbing systems
9. The local governments have authority to ensure that properties are being
built properly. Under the authority of police power, the government can adapt
and implement
Answer Construction standards
10. A married couple owns a property together as tenancy in entirety. Whichof
the following about selling a property as tenancy in entirety is true?
Answer Bothspouses must sign the conveyance
11. What statement is true about asbestos removal
Answer Encapsulation is the safesttactic
12. An easement is
Answer The right to use another's land
3/6
3 of 18 11/18/2024, 3:33
PSI NATIONAL REAL ESTATE
QUESTIONS & ANSWERS
1. A legal description in land that includes language like "the old oak tree" or
"the big rock" would be
Answer Metes and bounds
2. As a licensee is showing a property contiguous to a lake, the licensee notices
that the lake has a large amount of algae.The buyer wishes to make anoffer.What
should the licensee do?
Answer Encourage the buyer to have an authoritativeparty investigate the algae
growth.
3. All the following are protected classifications except
Answer Homosexuals
4. As licensees usually work as independent contractors, a broker will have a
1/6
1 of 18 11/18/2024, 3:33
,PSI NATIONAL REAL ESTATE QUESTIONS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NATIO
contract
for the independent contractor which (for federal purposes) must outline
Answer -
Statement that FICA (taxes) are the associates responsibility
5. In a rescission agreement
Answer All parties return to original position and earnestmoney is refunded
6. Agent A has been working at Brokerage for 4 years. Agent has listed and sold
many but desires to try industrial office sales.What is the best course ofaction
for houses Agent A?
Answer Move license to an industrial/office
company and train under them
7. A seller is listing their $350,000 house. They state their property tax bill is
$1,110 per year.What should the agent do?
Answer Verify the information with the county
8. A home warranty will typically provide coverage for which of the following
2/6
2 of 18 11/18/2024, 3:33
,PSI NATIONAL REAL ESTATE QUESTIONS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NATIO
Answer Electrical and plumbing systems
9. The local governments have authority to ensure that properties are being
built properly. Under the authority of police power, the government can adapt
and implement
Answer Construction standards
10. A married couple owns a property together as tenancy in entirety. Whichof
the following about selling a property as tenancy in entirety is true?
Answer Bothspouses must sign the conveyance
11. What statement is true about asbestos removal
Answer Encapsulation is the safesttactic
12. An easement is
Answer The right to use another's land
3/6
3 of 18 11/18/2024, 3:33
