National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
1. The doctrine of laches refers to the _______ of restric- Enforcement
tive covenants/deed restrictions.
-Creation
-Enforcement
-History
-Types
2. Roberto, a licensee, filled in the blanks on a stan- Yes, licensees can use stan-
dard form used in his brokerage firm. Is this okay? dard forms originally created
or approved by an attorney.
-No, because he's not an attorney, he shouldn't pre-
pare contracts.
-No, he should have his client complete any forms.
-Yes, licensees can use standard forms originally
created or approved by an attorney.
-Yes, real estate licensees may draft contracts and
fill in blanks on existing contracts.
3. Derrick was thrilled to find out that the land he Enjoyment
purchased includes several small caves. He's been
spelunking for about three years and looks forward
to exploring the caves on weekends. Which real
property right allows him to do so?
-Disposition
-Enjoyment
-Exclusion
-Possession
4. Lawrence is a buyer closing on a home purchase for To detail the estimated clos-
which he's obtaining financing. He receives a Loan ing costs for Lawrence's loan
Estimate from his lender. What's the purpose of this
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
document? **The Loan Estimate, which
the lender must provide with-
-To detail the amount Lawrence needs to bring to in three days of loan applica-
closing tion, provides an estimate of
-To detail the estimated closing costs for Lawrence's mortgage loan costs.
loan
-To disclose the interest rates available on this
lender's various loan programs
-To disclose the lender's source of loan funds
5. Claire rents 1,100 square feet of office space in a Modified gross lease
new professional building. Her rent payment in-
cludes all utilities and property taxes, but she pays **A modified gross lease typ-
separately for custodial services. What kind of lease ically includes all the nets in
does Claire have? the base rent, but not utilities
and/or janitorial services.
-Full-service lease
-Modified gross lease
-Percentage lease
-Triple-net lease
6. Marlon and Leah are interested in buying a Tax abatement
home in a new homeowner opportunity area. The
100-year-old row house was renovated and is like **A tax abatement program
new on the inside. The property taxes decreased by will lower the property taxes
more than $5,000 last year. What's the likely reason on a given property for a set
for this? amount of time. This is typi-
cally in response to some sort
-Introductory rates of improvement or rehabili-
-Seller error tation, or for some new con-
-Tax abatement struction properties.
-Tax reassessment
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
7. Which of the following is an example of price fixing? Two brokerages determine a
standard commission rate.
-A brokerage requires all licensees to offer a fair
cooperative brokerage fee. **Collusion must occur on
-Three brokerages agree to purchase office supplies pricing for the public in order
together to obtain a bulk discount. for price fixing to occur.
-Twelve brokerages discuss compensation of asso-
ciated independent contractor licensees.
-Two brokerages determine a standard commission
rate.
8. Which legislative act prohibits certain types of elec- CAN-SPAM
tronic communication?
**The Controlling the Assault
-CAN-SPAM of Non-Solicited Pornog-
-NO-SPAM raphy and Marketing Act
-SPAM-CAN (CAN-SPAM) prohibits junk
-SPAM-JAM email and requires an "un-
subscribe" option in any
email marketing messages.
9. Tracy is looking in the MLS and sees a listing marked Banks acquire REOs through
"REO." Which of these statements regarding REOs is failed foreclosure sales or
correct? deed in lieu of foreclosure ac-
tions.
-An REO property is one that the lender is trying
to help the owner sell before beginning foreclosure **Failed foreclosure sales
proceedings. and deed in lieu of foreclo-
-Banks acquire REOs through failed foreclosure sure actions result in lenders
sales or deed in lieu of foreclosure actions. taking title to properties
-REOs are properties that the lender has given per- they previously had mortgage
mission to sell for less than the loan amount. loans on. These properties
-REOs refer to investment properties a bank owns.
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
are called real estate owned,
or REOs.
10. Shakira is attending an association meeting when, This conversation sounds like
in a small group breakout, her group begins dis- it might become an antitrust
cussing how to deal with the new kid in town: a real violation
estate firm that charges a flat $500 to list properties,
then lets the sellers fend for themselves. Shakira **This conversation sounds
should leave the discussion because _______. like it could lead to group
boycotting, an antitrust viola-
-She needs to get to work developing this model for tion.
herself
-The group seems bent on creating a tie-in arrange-
ment
-This conversation seems to be turning into a dis-
cussion of market allocation
-This conversation sounds like it might become an
antitrust violation
11. Seller Jason is giving listing agent Rebecca a tour "The presence of spirits stig-
of his house and pointing out all the features, even matizes the property. Many
the spot in the attic where a previous owner's ghost states don't consider this a
likes to come back and visit. Jason asks Rebecca if material fact requiring disclo-
buyers should be told about this. Which response is sure, but this is my first ghost
best? encounter, so I'll check our
laws."
-"All states require sellers to disclose any undesir-
able feature of a house, which includes ghosts."
-"The presence of spirits stigmatizes the proper-
ty. Many states don't consider this a material fact
requiring disclosure, but this is my first ghost en-
counter, so I'll check our laws."
Study online at https://quizlet.com/_90jegk
1. The doctrine of laches refers to the _______ of restric- Enforcement
tive covenants/deed restrictions.
-Creation
-Enforcement
-History
-Types
2. Roberto, a licensee, filled in the blanks on a stan- Yes, licensees can use stan-
dard form used in his brokerage firm. Is this okay? dard forms originally created
or approved by an attorney.
-No, because he's not an attorney, he shouldn't pre-
pare contracts.
-No, he should have his client complete any forms.
-Yes, licensees can use standard forms originally
created or approved by an attorney.
-Yes, real estate licensees may draft contracts and
fill in blanks on existing contracts.
3. Derrick was thrilled to find out that the land he Enjoyment
purchased includes several small caves. He's been
spelunking for about three years and looks forward
to exploring the caves on weekends. Which real
property right allows him to do so?
-Disposition
-Enjoyment
-Exclusion
-Possession
4. Lawrence is a buyer closing on a home purchase for To detail the estimated clos-
which he's obtaining financing. He receives a Loan ing costs for Lawrence's loan
Estimate from his lender. What's the purpose of this
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
document? **The Loan Estimate, which
the lender must provide with-
-To detail the amount Lawrence needs to bring to in three days of loan applica-
closing tion, provides an estimate of
-To detail the estimated closing costs for Lawrence's mortgage loan costs.
loan
-To disclose the interest rates available on this
lender's various loan programs
-To disclose the lender's source of loan funds
5. Claire rents 1,100 square feet of office space in a Modified gross lease
new professional building. Her rent payment in-
cludes all utilities and property taxes, but she pays **A modified gross lease typ-
separately for custodial services. What kind of lease ically includes all the nets in
does Claire have? the base rent, but not utilities
and/or janitorial services.
-Full-service lease
-Modified gross lease
-Percentage lease
-Triple-net lease
6. Marlon and Leah are interested in buying a Tax abatement
home in a new homeowner opportunity area. The
100-year-old row house was renovated and is like **A tax abatement program
new on the inside. The property taxes decreased by will lower the property taxes
more than $5,000 last year. What's the likely reason on a given property for a set
for this? amount of time. This is typi-
cally in response to some sort
-Introductory rates of improvement or rehabili-
-Seller error tation, or for some new con-
-Tax abatement struction properties.
-Tax reassessment
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
7. Which of the following is an example of price fixing? Two brokerages determine a
standard commission rate.
-A brokerage requires all licensees to offer a fair
cooperative brokerage fee. **Collusion must occur on
-Three brokerages agree to purchase office supplies pricing for the public in order
together to obtain a bulk discount. for price fixing to occur.
-Twelve brokerages discuss compensation of asso-
ciated independent contractor licensees.
-Two brokerages determine a standard commission
rate.
8. Which legislative act prohibits certain types of elec- CAN-SPAM
tronic communication?
**The Controlling the Assault
-CAN-SPAM of Non-Solicited Pornog-
-NO-SPAM raphy and Marketing Act
-SPAM-CAN (CAN-SPAM) prohibits junk
-SPAM-JAM email and requires an "un-
subscribe" option in any
email marketing messages.
9. Tracy is looking in the MLS and sees a listing marked Banks acquire REOs through
"REO." Which of these statements regarding REOs is failed foreclosure sales or
correct? deed in lieu of foreclosure ac-
tions.
-An REO property is one that the lender is trying
to help the owner sell before beginning foreclosure **Failed foreclosure sales
proceedings. and deed in lieu of foreclo-
-Banks acquire REOs through failed foreclosure sure actions result in lenders
sales or deed in lieu of foreclosure actions. taking title to properties
-REOs are properties that the lender has given per- they previously had mortgage
mission to sell for less than the loan amount. loans on. These properties
-REOs refer to investment properties a bank owns.
, National Real Estate Exam PSI
Study online at https://quizlet.com/_90jegk
are called real estate owned,
or REOs.
10. Shakira is attending an association meeting when, This conversation sounds like
in a small group breakout, her group begins dis- it might become an antitrust
cussing how to deal with the new kid in town: a real violation
estate firm that charges a flat $500 to list properties,
then lets the sellers fend for themselves. Shakira **This conversation sounds
should leave the discussion because _______. like it could lead to group
boycotting, an antitrust viola-
-She needs to get to work developing this model for tion.
herself
-The group seems bent on creating a tie-in arrange-
ment
-This conversation seems to be turning into a dis-
cussion of market allocation
-This conversation sounds like it might become an
antitrust violation
11. Seller Jason is giving listing agent Rebecca a tour "The presence of spirits stig-
of his house and pointing out all the features, even matizes the property. Many
the spot in the attic where a previous owner's ghost states don't consider this a
likes to come back and visit. Jason asks Rebecca if material fact requiring disclo-
buyers should be told about this. Which response is sure, but this is my first ghost
best? encounter, so I'll check our
laws."
-"All states require sellers to disclose any undesir-
able feature of a house, which includes ghosts."
-"The presence of spirits stigmatizes the proper-
ty. Many states don't consider this a material fact
requiring disclosure, but this is my first ghost en-
counter, so I'll check our laws."
