PSI Real Estate 2024-2025 Exam with
correct answers
What is it called when a borrower attempts to sell a property without
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paying off the loan? - correct answer ✔Alienation
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Vincent and Wendy are married and are buying a property. Their
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combined annual income is $60,000. Subsequently, a lender determines
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that Vincent and Wendy qualify for payments that constitute 23% of
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their income. What is the value of the monthly payments? - correct
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answer ✔$1,150.00 ||!
Global Company X wants to purchase several large tracts of adjacent
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properties but does not want to reveal interest in the land until the
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deals are done. Global Company X contracts with an agent, Alice, to act
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the principal in the transactions. In this scenario, which term best
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describes Alice's role? - correct answer ✔Undisclosed principal
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Which of the following is not personal property? - correct answer
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✔Fixture
Russell owns land right next to a stream of water that passes across
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Russell's vast land. However, Russell does not use the water and just
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lets the water flow its natural course. Summer is a cattle farmer that
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lives five miles away down-stream and travels to the stream to collect
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water so that summer may water her cattle. One day, Russell decides
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that he's going to divert the stream so that he may grow a garden.
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Under a riparian jurisdiction, may Russell do this? - correct answer ✔No
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, A building that is valued at $120,000 is being depreciated over 27.5
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years. After 17 years, how much will the building have depreciated? -
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correct answer ✔$74,181.88 ||! ||!
Wendy lives in a constructed home that was built ten years ago and
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was purchased from a builder. The written sales contract did not state
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any additional warranties regarding the property. Does the home have a
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warranty of fitness? - correct answer ✔No, because the home was
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built ten years ago.
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Betsy is selling their grandmother's house to Christopher because Betsy's
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grandmother has since moved to Bota Raton. The house was built in
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1963, but Betsy's grandmother did not own the property until 1982,
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after Betsy's grandfather was deceased. What must be given to
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Christopher during the escrow phase? - correct answer ✔EPA lead-based
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paint pamphlet
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What is the one major difference between lien theory states? - correct
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answer ✔The deed does not remain with the buyer in title theory
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states.
Which document shows the chain of title of a property? - correct
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answer ✔Abstract ||!
Dillion, a non-licensed professional, discovers an open source of asbestos
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in their commercial property. Which of the following actions should
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Dillion immediately take? - correct answer ✔Encapsulation
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correct answers
What is it called when a borrower attempts to sell a property without
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
paying off the loan? - correct answer ✔Alienation
||! ||! ||! ||! ||! ||! ||!
Vincent and Wendy are married and are buying a property. Their
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
combined annual income is $60,000. Subsequently, a lender determines
||! ||! ||! ||! ||! ||! ||! ||! ||!
that Vincent and Wendy qualify for payments that constitute 23% of
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
their income. What is the value of the monthly payments? - correct
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
answer ✔$1,150.00 ||!
Global Company X wants to purchase several large tracts of adjacent
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
properties but does not want to reveal interest in the land until the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
deals are done. Global Company X contracts with an agent, Alice, to act
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the principal in the transactions. In this scenario, which term best
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
describes Alice's role? - correct answer ✔Undisclosed principal
||! ||! ||! ||! ||! ||! ||!
Which of the following is not personal property? - correct answer
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
✔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 course. 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 garden.
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Under a riparian jurisdiction, may Russell do this? - correct answer ✔No
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
, A building that is valued at $120,000 is being depreciated over 27.5
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
years. After 17 years, how much will the building have depreciated? -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔$74,181.88 ||! ||!
Wendy lives in a constructed home that was built ten years ago and
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
was purchased from a builder. The written sales contract did not state
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
any additional warranties regarding the property. Does the home have a
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
warranty of fitness? - correct answer ✔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 did not own the property until 1982,
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
after Betsy's grandfather was deceased. What must be given to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Christopher during the escrow phase? - correct answer ✔EPA lead-based
||! ||! ||! ||! ||! ||! ||! ||! ||!
paint pamphlet
||! ||!
What is the one major difference between lien theory states? - correct
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
answer ✔The deed does not remain with the buyer in title theory
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
states.
Which document shows the chain of title of a property? - correct
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
answer ✔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 answer ✔Encapsulation
||! ||! ||! ||! ||! ||!
