PSI Louisiana Real Estate Exam
Detrich has just obtained a secured loan from his local bank. What would Detrich have had in
order to back up the secured loan?
A. A car
B. A home
C. Collateral
D. Good credit - ANS-C. Collateral
This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a
home loan, after the loan officer has made inquiries about debt, income, and savings:
A. Acceptance
B. Inquiries
C. Qualification
D. Pre-Qualification - ANS-D. Pre-Qualification
A judgment by the court ordering the sale of property is known as:
A. A writ of execution
B. A writ of judgment
C. A notice of declaration
D. A habendum clause - ANS-A. A writ of execution
Which of these instruments does NOT contain the interest rate, loan amount, term of the loan,
and monthly payments?
A. None of these
B. Mortgage
C. Lease
D. Deed - ANS-A. None of these
In Louisiana, in the sale of commercial properties, this is not required:
A. Seller property disclosure forms
B. A commission to be paid to any agent of a broker after the sale
C. None of these
D. A commission to be paid to the broker after the sale - ANS-A. Seller property disclosure
forms
When Jackie checks her payment statements for her mortgage, she notices that there is an
amount of the principal that has not yet been repaid. This amount is called the:
A. Delinquent principle
B. None of these
C. Outstanding debt
D. Remaining balance - ANS-D. Remaining balance
, If a person would not pay more for a property than the price of a reasonably close alternative,
they are most likely describing:
A. Comparison
B. Substitution
C. Fairness
D. Confirmation - ANS-B. Substitution
A special type of appraisal used for property tax purposes is called:
A. An appraisement
B. An assessment
C. A survey
D. An estimate - ANS-B. An assessment
Which of these would have the most percentage of their funds invested in real estate
mortgages?
A. Life insurance companies
B. Commercial banks
C. Mutual savings banks
D. Savings and loan associations - ANS-D. Savings and loan associations
If another offer is introduced to an agent on the sale of a home, the agent:
A. Must notify the prospective buyer that there is another offer already in place
B. Should wait to have a response from the seller on the first offer
C. Must submit the offer to the seller immediately
D. None of these - ANS-C. Must submit the offer to the seller immediately
A fiduciary who holds or controls property for the benefit of another is called a(n):
A. Trustee
B. Property manager
C. Trustor
D. Autocrat - ANS-A. Trustee
How does the FHA insure loans?
A. Mutual mortgage insurance
B. Title insurance
C. Default claims insurance
D. Homeowners insurance - ANS-A. Mutual mortgage insurance
A loan in which a person will pay approximately a quarter percent higher than a loan in which
there is one "point" is called:
A. A no point loan
B. None of these
C. A three point loan
Detrich has just obtained a secured loan from his local bank. What would Detrich have had in
order to back up the secured loan?
A. A car
B. A home
C. Collateral
D. Good credit - ANS-C. Collateral
This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a
home loan, after the loan officer has made inquiries about debt, income, and savings:
A. Acceptance
B. Inquiries
C. Qualification
D. Pre-Qualification - ANS-D. Pre-Qualification
A judgment by the court ordering the sale of property is known as:
A. A writ of execution
B. A writ of judgment
C. A notice of declaration
D. A habendum clause - ANS-A. A writ of execution
Which of these instruments does NOT contain the interest rate, loan amount, term of the loan,
and monthly payments?
A. None of these
B. Mortgage
C. Lease
D. Deed - ANS-A. None of these
In Louisiana, in the sale of commercial properties, this is not required:
A. Seller property disclosure forms
B. A commission to be paid to any agent of a broker after the sale
C. None of these
D. A commission to be paid to the broker after the sale - ANS-A. Seller property disclosure
forms
When Jackie checks her payment statements for her mortgage, she notices that there is an
amount of the principal that has not yet been repaid. This amount is called the:
A. Delinquent principle
B. None of these
C. Outstanding debt
D. Remaining balance - ANS-D. Remaining balance
, If a person would not pay more for a property than the price of a reasonably close alternative,
they are most likely describing:
A. Comparison
B. Substitution
C. Fairness
D. Confirmation - ANS-B. Substitution
A special type of appraisal used for property tax purposes is called:
A. An appraisement
B. An assessment
C. A survey
D. An estimate - ANS-B. An assessment
Which of these would have the most percentage of their funds invested in real estate
mortgages?
A. Life insurance companies
B. Commercial banks
C. Mutual savings banks
D. Savings and loan associations - ANS-D. Savings and loan associations
If another offer is introduced to an agent on the sale of a home, the agent:
A. Must notify the prospective buyer that there is another offer already in place
B. Should wait to have a response from the seller on the first offer
C. Must submit the offer to the seller immediately
D. None of these - ANS-C. Must submit the offer to the seller immediately
A fiduciary who holds or controls property for the benefit of another is called a(n):
A. Trustee
B. Property manager
C. Trustor
D. Autocrat - ANS-A. Trustee
How does the FHA insure loans?
A. Mutual mortgage insurance
B. Title insurance
C. Default claims insurance
D. Homeowners insurance - ANS-A. Mutual mortgage insurance
A loan in which a person will pay approximately a quarter percent higher than a loan in which
there is one "point" is called:
A. A no point loan
B. None of these
C. A three point loan
