The CE Shop National Exam (PSI) PART 1
Questions And Answers
Addendum -
correct answer ✅When Dashiell received the purchase offer for his
bungalow, he was surprised to see a page added to the contract
requesting that an attorney review the contract. What is Dashiell
looking at?
Place a lien on the property
Unpaid taxes become a lien on real estate. -
correct answer ✅What might the government do if property
owners fail to pay taxes on their property?
Ajit may be liable if he operates in a state that requires licensees to
make a reasonable effort to discover adverse material facts.
Licensees must follow state laws regarding disclosure of all material
facts, but typically there's no distinction between disclosure of
material facts or adverse material facts. Ajit may be liable even if
the seller didn't disclose the fact, depending on state law. -
correct answer ✅A former client has filed a formal complaint
against Ajit, claiming he failed to properly disclose a material fact
that the seller didn't disclose. Which of these statements about
Ajit's liability is true?
,The CE Shop National Exam (PSI) PART 1
Questions And Answers
1,425
Only finished above-ground space should be counted in Bonnie's
MLS listing. That means the square footage of the upper floor plus
the main floor (minus the unfinished laundry area). Bonnie should
report 1,425 square feet (450 + 1,200 - 225). -
correct answer ✅Bonnie is calculating the square footage of a
listing. The upper level of the home is 450 square feet. The main
floor is 1,200 square feet, including an unfinished laundry area
that's 225 square feet. The 1,200-square-foot basement is finished.
Bonnie's MLS system disregards below-grade square footage. What
square footage will Bonnie mention in her MLS listing and
marketing materials?
Indestructibility
Indestructibility is the physical characteristic that states that while
improvements may deteriorate, land can't be destroyed. -
correct answer ✅Sander and Ginny bought an old industrial site
and plan to get grant money to put an environmental education
center on the site. There are a few structures on the property, but
they are in disrepair, and it will likely be less expensive to tear them
, The CE Shop National Exam (PSI) PART 1
Questions And Answers
down and build new than to rehabilitate them. However, the new
owners are sure that they've made a great investment because the
land is in great shape. This reflects which physical characteristic of
real property?
$367,687.80
To find the total amount paid back, multiply the monthly payment
($2,042.71) by the total number of payments (180 = 12
payments/year x 15 years). The total paid back is $367,687.80. -
correct answer ✅A buyer with a 15-year, $250,000 loan at a 5.5%
interest rate has a monthly principal and interest payment totaling
$2,042.71. What's the total amount the borrower will pay back over
the life of the loan?
lower initial interest rate -
correct answer ✅What attracts borrowers to adjustable rate
mortgages?
98,000
Questions And Answers
Addendum -
correct answer ✅When Dashiell received the purchase offer for his
bungalow, he was surprised to see a page added to the contract
requesting that an attorney review the contract. What is Dashiell
looking at?
Place a lien on the property
Unpaid taxes become a lien on real estate. -
correct answer ✅What might the government do if property
owners fail to pay taxes on their property?
Ajit may be liable if he operates in a state that requires licensees to
make a reasonable effort to discover adverse material facts.
Licensees must follow state laws regarding disclosure of all material
facts, but typically there's no distinction between disclosure of
material facts or adverse material facts. Ajit may be liable even if
the seller didn't disclose the fact, depending on state law. -
correct answer ✅A former client has filed a formal complaint
against Ajit, claiming he failed to properly disclose a material fact
that the seller didn't disclose. Which of these statements about
Ajit's liability is true?
,The CE Shop National Exam (PSI) PART 1
Questions And Answers
1,425
Only finished above-ground space should be counted in Bonnie's
MLS listing. That means the square footage of the upper floor plus
the main floor (minus the unfinished laundry area). Bonnie should
report 1,425 square feet (450 + 1,200 - 225). -
correct answer ✅Bonnie is calculating the square footage of a
listing. The upper level of the home is 450 square feet. The main
floor is 1,200 square feet, including an unfinished laundry area
that's 225 square feet. The 1,200-square-foot basement is finished.
Bonnie's MLS system disregards below-grade square footage. What
square footage will Bonnie mention in her MLS listing and
marketing materials?
Indestructibility
Indestructibility is the physical characteristic that states that while
improvements may deteriorate, land can't be destroyed. -
correct answer ✅Sander and Ginny bought an old industrial site
and plan to get grant money to put an environmental education
center on the site. There are a few structures on the property, but
they are in disrepair, and it will likely be less expensive to tear them
, The CE Shop National Exam (PSI) PART 1
Questions And Answers
down and build new than to rehabilitate them. However, the new
owners are sure that they've made a great investment because the
land is in great shape. This reflects which physical characteristic of
real property?
$367,687.80
To find the total amount paid back, multiply the monthly payment
($2,042.71) by the total number of payments (180 = 12
payments/year x 15 years). The total paid back is $367,687.80. -
correct answer ✅A buyer with a 15-year, $250,000 loan at a 5.5%
interest rate has a monthly principal and interest payment totaling
$2,042.71. What's the total amount the borrower will pay back over
the life of the loan?
lower initial interest rate -
correct answer ✅What attracts borrowers to adjustable rate
mortgages?
98,000
