PSI National real estate - often missed
questions with verified solutions
Martha was able to go to the closing and sign the paperwork to sell
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
her mother's property while her mother was in the hospital. How could
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
this be possible?
||! ||! ||!
1. Martha may have been named an executor of her mother's will.
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
2. Her mother may have had a power of attorney drawn up making
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Martha her attorney in fact.||! ||! ||! ||!
3. Martha and her mother may own the property as joint tenants, so
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
that Martha may sign as owner
||! ||! ||! ||! ||!
4. Martha's mother's surgeon recommended that this be permitted to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
alleviate her mother's stress and regarding this pending transaction -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔2. Her mother may have had a power of attorney
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
drawn up making Martha her attorney in fact.
||! ||! ||! ||! ||! ||! ||!
Janet is the property for a 20 unit building. What steps would she take
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
when asked to prorate the rent if a new tenant wants to move in on
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the 8th day of the month in June?
||! ||! ||! ||! ||! ||! ||! ||!
1. subtract 8 days from 365 to come up with the prorated rent per
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
day
2. Divide the monthly rent by 30 days and multiply that number by 22
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
3. calculate the 22 day rental amount and add a prorated utility fee
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
4. advise the tenant that the first available move-in date is July 1 -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔2. Divide the monthly rent by 30 days and multiply
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
that number by 22
||! ||! ||!
,In a jurisdiction where the common law of agency governs real estate
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
activities, a broker has entered a single agency relationship with the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
buyer. The broker has put together a list of properties but it was based
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
off how much commission he can make on this sale. What fiduciary
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
duty did the broker violate?
||! ||! ||! ||!
1. confidentiality
||!
2. loyalty
||!
3. disclosure
||!
4. caution - correct answer ✔2. loyalty
||! ||! ||! ||! ||! ||!
Why was asbestos often used as a construction material?
||! ||! ||! ||! ||! ||! ||! ||!
1. waterproof
||!
2. fireproof
||!
3. indestructible
||!
4. cheap - correct answer ✔2. fireproof
||! ||! ||! ||! ||! ||!
An owner signed a contract to sell an apartment building. Just before
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
closing, the owner informed the buyers that she had changed her mind
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and would NOT sell the property. A lawsuit filed by the buyers would
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
be for:||!
1. specific performance
||! ||!
2. lis pendens
||! ||!
3. quiet title action
||! ||! ||!
4. a deficiency judgement - correct answer ✔1. specific performance
||! ||! ||! ||! ||! ||! ||! ||! ||!
, The broker has noticed that a great number of people who are buying
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
in the neighborhood where his listing is located speak Russian. He also
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
noticed a Russian grocery store right by the neighborhood that was
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
attractive. He decides to stop the advertising the property and started
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
adverting the property on two different Russian internet sites. This is:
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
1. Acceptable because it is not print media
||! ||! ||! ||! ||! ||! ||!
2. Unacceptable due to its discriminatory nature
||! ||! ||! ||! ||! ||!
3. Acceptable if the advertisement includes no preferential language
||! ||! ||! ||! ||! ||! ||! ||!
4. The only appropriate way to market property in this neighborhood -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔3. Acceptable if the advertisement includes no
||! ||! ||! ||! ||! ||! ||! ||! ||!
preferential language ||!
Market price is:||! ||!
1. What the property sells for
||! ||! ||! ||! ||!
2. The most probable price
||! ||! ||! ||!
3. The same as market value
||! ||! ||! ||! ||!
4. The same as cost when used - correct answer ✔1. What the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
property sells for ||! ||!
The most listing contracts, a broker who has brought a ready, willing,
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and able buyer to a seller who agrees to the terms of a sales contract:
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
1. earns a commission at that point
||! ||! ||! ||! ||! ||!
2. earns a commission even if the contingencies in the contract have
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
not been met.
||! ||!
3. does not earn commission unless the sale closes
||! ||! ||! ||! ||! ||! ||! ||!
4. does not earn commission if the buyer and seller agree to rescind
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the contract - correct answer ✔3. does not earn commission unless the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sale closes
||!
questions with verified solutions
Martha was able to go to the closing and sign the paperwork to sell
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
her mother's property while her mother was in the hospital. How could
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
this be possible?
||! ||! ||!
1. Martha may have been named an executor of her mother's will.
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
2. Her mother may have had a power of attorney drawn up making
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
Martha her attorney in fact.||! ||! ||! ||!
3. Martha and her mother may own the property as joint tenants, so
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
that Martha may sign as owner
||! ||! ||! ||! ||!
4. Martha's mother's surgeon recommended that this be permitted to
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
alleviate her mother's stress and regarding this pending transaction -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔2. Her mother may have had a power of attorney
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
drawn up making Martha her attorney in fact.
||! ||! ||! ||! ||! ||! ||!
Janet is the property for a 20 unit building. What steps would she take
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
when asked to prorate the rent if a new tenant wants to move in on
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the 8th day of the month in June?
||! ||! ||! ||! ||! ||! ||! ||!
1. subtract 8 days from 365 to come up with the prorated rent per
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
day
2. Divide the monthly rent by 30 days and multiply that number by 22
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
3. calculate the 22 day rental amount and add a prorated utility fee
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
4. advise the tenant that the first available move-in date is July 1 -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔2. Divide the monthly rent by 30 days and multiply
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
that number by 22
||! ||! ||!
,In a jurisdiction where the common law of agency governs real estate
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
activities, a broker has entered a single agency relationship with the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
buyer. The broker has put together a list of properties but it was based
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
off how much commission he can make on this sale. What fiduciary
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
duty did the broker violate?
||! ||! ||! ||!
1. confidentiality
||!
2. loyalty
||!
3. disclosure
||!
4. caution - correct answer ✔2. loyalty
||! ||! ||! ||! ||! ||!
Why was asbestos often used as a construction material?
||! ||! ||! ||! ||! ||! ||! ||!
1. waterproof
||!
2. fireproof
||!
3. indestructible
||!
4. cheap - correct answer ✔2. fireproof
||! ||! ||! ||! ||! ||!
An owner signed a contract to sell an apartment building. Just before
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
closing, the owner informed the buyers that she had changed her mind
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and would NOT sell the property. A lawsuit filed by the buyers would
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
be for:||!
1. specific performance
||! ||!
2. lis pendens
||! ||!
3. quiet title action
||! ||! ||!
4. a deficiency judgement - correct answer ✔1. specific performance
||! ||! ||! ||! ||! ||! ||! ||! ||!
, The broker has noticed that a great number of people who are buying
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
in the neighborhood where his listing is located speak Russian. He also
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
noticed a Russian grocery store right by the neighborhood that was
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
attractive. He decides to stop the advertising the property and started
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
adverting the property on two different Russian internet sites. This is:
||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
1. Acceptable because it is not print media
||! ||! ||! ||! ||! ||! ||!
2. Unacceptable due to its discriminatory nature
||! ||! ||! ||! ||! ||!
3. Acceptable if the advertisement includes no preferential language
||! ||! ||! ||! ||! ||! ||! ||!
4. The only appropriate way to market property in this neighborhood -
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
correct answer ✔3. Acceptable if the advertisement includes no
||! ||! ||! ||! ||! ||! ||! ||! ||!
preferential language ||!
Market price is:||! ||!
1. What the property sells for
||! ||! ||! ||! ||!
2. The most probable price
||! ||! ||! ||!
3. The same as market value
||! ||! ||! ||! ||!
4. The same as cost when used - correct answer ✔1. What the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
property sells for ||! ||!
The most listing contracts, a broker who has brought a ready, willing,
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
and able buyer to a seller who agrees to the terms of a sales contract:
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
1. earns a commission at that point
||! ||! ||! ||! ||! ||!
2. earns a commission even if the contingencies in the contract have
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
not been met.
||! ||!
3. does not earn commission unless the sale closes
||! ||! ||! ||! ||! ||! ||! ||!
4. does not earn commission if the buyer and seller agree to rescind
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
the contract - correct answer ✔3. does not earn commission unless the
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
sale closes
||!
