PSI National Exam for Real Estate / STUDY GUIDE
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS
Terms in this set (544)
A written agreement in a contract
which a purchaser agrees to
buy and a seller agrees to sell
is called
Antitrust laws prohibit 1. boycotting other brokers in the marketplace.
competing brokers from all 2. dividing the market to restrict competition.
of the following
3. agreeing to set sales commissions and managementrates.
When a sewer line is all current owners of real estate fronting on that road
installed down a rural
road, the cost will
probably be shared by
State laws differ on whether a suicide that occurred in the house last year.
a buyer is entitled to know
about
A lawsuit for inverse a homeowner
condemnation may be
brought by
Under no circumstances
When is racial discrimination
in the rental of rooms or
apartments permitted?
,The real estate broker who is the number of square feet in the building
listing a house for sale
should personally verify
Real property can be Severance
converted to personal
property by
Both contracts are valid
Prospective buyers made an
offer on a property. The seller
did NOT accept, but made a
counteroffer. The prospective
buyers signed the
counteroffer and the real
estate agent delivered their
acceptance to the seller. In
the interim, the same buyers
had found another house
that they liked better and
made an offer on it, which
was accepted.
Which of the following is
TRUE?
,Although states make prior appropriation
specific laws governing
water rights and the rights in
land that borders water,
most states generally follow
one of two basic doctrines
regarding water rights. In
many states, the common
law doctrine of riparian and
littoral rights dictates that
water rights are
automatically conveyed with
property. In others, all water
rights are controlled by the
state under the doctrine of
The purpose of requiring an provide evidence of the buyer's intention to carry out the
earnest money deposit in a contract.
real estate sales contract is to
A buyer is getting a fully $409.20.
amortized loan for $220,000.
The bank will give the buyer
the loan for
15 years at 5 1/2% or for 30
years at 6 1/2%. To the
nearest cent, what is the
difference between the
monthly payments for these
two loans? (BE SURE TO USE
THE
AMORTIZATION TABLE.)
, A borrower has defaulted demand immediate payment of the entire note
on the mortgage. The
mortgage contains an
acceleration clause. This
permits the lender to
The FHA functions MOST like an insurance company
1. They are used to discount points
buydown interest rate.
2. They are a function
ofthe marketplace.
3. They are paid by
eitherthe buyer or the seller.
When land is conveyed to a do whatever is permitted under the trust agreement
trustee, the trustee may
the owner withdraws the counteroffer before it is accepted.
A prospective buyer made an
offer to purchase a property.
The owner responded with a
counteroffer. While the buyer
was reviewing the
counteroffer, the owner
received a better offer. The
owner can accept the second
offer if
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS
Terms in this set (544)
A written agreement in a contract
which a purchaser agrees to
buy and a seller agrees to sell
is called
Antitrust laws prohibit 1. boycotting other brokers in the marketplace.
competing brokers from all 2. dividing the market to restrict competition.
of the following
3. agreeing to set sales commissions and managementrates.
When a sewer line is all current owners of real estate fronting on that road
installed down a rural
road, the cost will
probably be shared by
State laws differ on whether a suicide that occurred in the house last year.
a buyer is entitled to know
about
A lawsuit for inverse a homeowner
condemnation may be
brought by
Under no circumstances
When is racial discrimination
in the rental of rooms or
apartments permitted?
,The real estate broker who is the number of square feet in the building
listing a house for sale
should personally verify
Real property can be Severance
converted to personal
property by
Both contracts are valid
Prospective buyers made an
offer on a property. The seller
did NOT accept, but made a
counteroffer. The prospective
buyers signed the
counteroffer and the real
estate agent delivered their
acceptance to the seller. In
the interim, the same buyers
had found another house
that they liked better and
made an offer on it, which
was accepted.
Which of the following is
TRUE?
,Although states make prior appropriation
specific laws governing
water rights and the rights in
land that borders water,
most states generally follow
one of two basic doctrines
regarding water rights. In
many states, the common
law doctrine of riparian and
littoral rights dictates that
water rights are
automatically conveyed with
property. In others, all water
rights are controlled by the
state under the doctrine of
The purpose of requiring an provide evidence of the buyer's intention to carry out the
earnest money deposit in a contract.
real estate sales contract is to
A buyer is getting a fully $409.20.
amortized loan for $220,000.
The bank will give the buyer
the loan for
15 years at 5 1/2% or for 30
years at 6 1/2%. To the
nearest cent, what is the
difference between the
monthly payments for these
two loans? (BE SURE TO USE
THE
AMORTIZATION TABLE.)
, A borrower has defaulted demand immediate payment of the entire note
on the mortgage. The
mortgage contains an
acceleration clause. This
permits the lender to
The FHA functions MOST like an insurance company
1. They are used to discount points
buydown interest rate.
2. They are a function
ofthe marketplace.
3. They are paid by
eitherthe buyer or the seller.
When land is conveyed to a do whatever is permitted under the trust agreement
trustee, the trustee may
the owner withdraws the counteroffer before it is accepted.
A prospective buyer made an
offer to purchase a property.
The owner responded with a
counteroffer. While the buyer
was reviewing the
counteroffer, the owner
received a better offer. The
owner can accept the second
offer if
