PSI Real Estate Exam Prep 2024-25 with questions and correct answers

PSI Real Estate Exam Prep 2024-25 with
questions and correct answers
What..is..it..called..when..a..borrower..attempts..to..sell..a..property..without..paying..off..the..loa
n?..-..- correct answers ..-..Alienation


Vincent..and..Wendy..are..married..and..are..buying..a..property...Their..combined..annual..inco
me..is..$60,000...Subsequently,..a..lender..determines..that..Vincent..and..Wendy..qualify..for..p
ayments..that..constitute..23%..of..their..income...What..is..the..value..of..the..monthly..payment
s?..-..- correct answers ..-..$1,150.00


Global..Company..X..wants..to..purchase..several..large..tracts..of..adjacent..properties..but..doe
s..not..want..to..reveal..interest..in..the..land..until..the..deals..are..done...Global..Company..X..co
ntracts..with..an..agent,..Alice,..to..act..the..principal..in..the..transactions...In..this..scenario,..w
hich..term..best..describes..Alice's..role?..-..- correct answers ..-..Undisclosed..principal


Which..of..the..following..is..not..personal..property?..-..- correct answers ..-..Fixture


Russell..owns..land..right..next..to..a..stream..of..water..that..passes..across..Russell's..vast..land
...However,..Russell..does..not..use..the..water..and..just..lets..the..water..flow..its..natural..cours
e...Summer..is..a..cattle..farmer..that..lives..five..miles..away..down-
stream..and..travels..to..the..stream..to..collect..water..so..that..summer..may..water..her..cattle...
One..day,..Russell..decides..that..he's..going..to..divert..the..stream..so..that..he..may..grow..a..gar
den...Under..a..riparian..jurisdiction,..may..Russell..do..this?..-..- correct answers ..-..No


A..building..that..is..valued..at..$120,000..is..being..depreciated..over..27.5..years...After..17..year
s,..how..much..will..the..building..have..depreciated?..-..- correct answers ..-..$74,181.88


Wendy..lives..in..a..constructed..home..that..was..built..ten..years..ago..and..was..purchased..fro
m..a..builder...The..written..sales..contract..did..not..state..any..additional..warranties..regardin

, g..the..property...Does..the..home..have..a..warranty..of..fitness?..-..- correct answers ..-
..No,..because..the..home..was..built..ten..years..ago.




Betsy..is..selling..their..grandmother's..house..to..Christopher..because..Betsy's..grandmother..
has..since..moved..to..Bota..Raton...The..house..was..built..in..1963,..but..Betsy's..grandmother..d
id..not..own..the..property..until..1982,..after..Betsy's..grandfather..was..deceased...What..must..
be..given..to..Christopher..during..the..escrow..phase?..-..- correct answers ..-..EPA..lead-
based..paint..pamphlet



What..is..the..one..major..difference..between..lien..theory..states?..-..- correct answers ..-
..The..deed..does..not..remain..with..the..buyer..in..title..theory..states.




Which..document..shows..the..chain..of..title..of..a..property?..-..- correct answers ..-
..Abstract




Dillion,..a..non-
licensed..professional,..discovers..an..open..source..of..asbestos..in..their..commercial..property...
Which..of..the..following..actions..should..Dillion..immediately..take?..-..- correct answers
..-..Encapsulation




Which..type..of..loan..requires..PMI..until..the..borrower..has..20%..equity..in..the..property?..-..-
correct answers ..-..Insured..conventional..loan


Recently..a..homeowner's..house..suffered..damage..in..a..grease..fire...What..offers..coverage..fo
r..this..type..of..property..damage?..-..- correct answers ..-..Home..insurance


A..developer..recently..developed..land..and..homes..to..be..sold..on..the..market...In..the..covena
nts..they..recorded..into..record,..they..stated..that..the..homes..may..be..used..only..as..single-
family..homes...Is..this..a..lawful..exercise..of..private..regulation..on..land?..-..- correct
answers ..-..Yes