Written by students who passed Immediately available after payment Read online or as PDF Wrong document? Swap it for free 4.6 TrustPilot
logo-home
Document preview thumbnail
Preview 4 out of 57 pages
Exam (elaborations)

PSI NATIONAL EXAM FOR REAL ESTATE Q AND A

Document preview thumbnail
Preview 4 out of 57 pages

PSI NATIONAL EXAM FOR REAL ESTATE Q AND A

Content preview

12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…

PSI NATIONAL EXAM FOR
REAL ESTATE Q AND A


Avcwrittenvcagreementvcinvcwhichvcavcpurchaservcagreesvctovcbuyvca
ndvcavcsellervcagreesvctovcsellvcisvccalledvc-vcanswer--avccontract

Antitrustvclawsvcprohibitvccompetingvcbrokersvcfromvcallvcofvcthevcfol
lowingvc-vcanswer--
1.vcboycottingvcothervcbrokersvcinvcthevcmarketplace.
2.vcdividingvcthevcmarketvctovcrestrictvccompetition.
3.vcagreeingvctovcsetvcsalesvccommissionsvcandvcmanagementvcrat
es.

Whenvcavcsewervclinevcisvcinstalledvcdownvcavcruralvcroad,vcthevccost
vcwillvcprobablyvcbevcsharedvcbyvc-vcanswer--

allvccurrentvcownersvcofvcrealvcestatevcfrontingvconvcthatvcroad

Statevclawsvcdiffervconvcwhethervcavcbuyervcisvcentitledvctovcknowvca
boutvc-vcanswer--
avcsuicidevcthatvcoccurredvcinvcthevchousevclastvcyear.

Avclawsuitvcforvcinversevccondemnationvcmayvcbevcbroughtvcbyvc-
vcanswer--avchomeowner



Whenvcisvcracialvcdiscriminationvcinvcthevcrentalvcofvcroomsvcorvcapa
rtmentsvcpermitted?vc-vcanswer--Undervcnovccircumstances

Thevcrealvcestatevcbrokervcwhovcisvclistingvcavchousevcforvcsalevcsho
uldvcpersonallyvcverifyvc-vcanswer--
thevcnumbervcofvcsquarevcfeetvcinvcthevcbuilding

Realvcpropertyvccanvcbevcconvertedvctovcpersonalvcpropertyvcbyvc-
vcanswer--Severance

about:blan 1/
k 57

,12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…

Prospectivevcbuyersvcmadevcanvcoffervconvcavcproperty.vcThevcselle
rvcdidvcNOTvcaccept,vcbutvcmadevcavccounteroffer.vcThe
vcprospectivevcbuyersvcsignedvcthevccounteroffervcandvcthevcrealvce

statevcagentvcdeliveredvctheirvcacceptancevctovcthevcseller.
vcInvcthevcinterim,vcthevcsamevcbuyersvchadvcfoundvcanothervchouse

vcthatvctheyvclikedvcbettervcandvcmadevcanvcoffervconvcit,vcwhichvcwas

vcaccepted.vcWhichvcofvcthevcfollowingvcisvcTRUE?vc-vcanswer--

Bothvccontractsvcarevcvalid

Althoughvcstatesvcmakevcspecificvclawsvcgoverningvcwatervcrightsvc
andvcthevcrightsvcinvclandvcthatvcbordersvcwater,vcmostvcstatesvc
generallyvcfollowvconevcofvctwovcbasicvcdoctrinesvcregardingvcwater
vcrights.vcInvcmanyvcstates,vcthevccommonvclawvcdoctrinevcofvcriparia

nvcandvclittoralvcrightsvcdictatesvcthatvcwatervcrightsvcarevcautomatic
allyvcconveyedvcwithvcproperty.vcInvcothers,vcallvcwatervcrightsvcarevc
controlledvcbyvcthevcstatevcundervcthevcdoctrinevcofvc-vcanswer--
priorvcappropriation

Thevcpurposevcofvcrequiringvcanvcearnestvcmoneyvcdepositvcinvcavcr
ealvcestatevcsalesvccontractvcisvctovc-vcanswer--
providevcevidencevcofvcthevcbuyer'svcintentionvctovccarryvcoutvcthevcc
ontract.

Avcbuyervcisvcgettingvcavcfullyvcamortizedvcloanvcforvc$220,000.vcThe
vcbankvcwillvcgivevcthevcbuyervcthevcloanvcforvc15vcyearsvcatvc5vc1/2%v
c

orvcforvc30vcyearsvcatvc6vc1/2%.vcTovcthevcnearestvccent,vcwhatvcisvcth
evcdifferencevcbetweenvcthevcmonthlyvcpaymentsvcforvcthesevctwovcl
oans?
vc(BEvcSUREvcTOvcUSEvcTHEvcAMORTIZATION vcTABLE.)vc-

vcanswer--$409.20.



Avcborrowervchasvcdefaultedvconvcthevcmortgage.vcThevcmortgagevc
containsvcanvcaccelerationvcclause.vcThisvcpermitsvcthevclendervctov
c-vcanswer--demandvcimmediatevcpaymentvcofvcthevcentirevcnote



ThevcFHAvcfunctionsvcMOSTvclikevc-vcanswer--
anvcinsurancevccompany
about:blan 2/
k 57

,12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…

1.vcTheyvcarevcusedvctovcbuyvcdownvcinterestvcrate.
2.vcTheyvcarevcavcfunctionvcofvcthevcmarketplace.
3.vcTheyvcarevcpaidvcbyvceithervcthevcbuyervcorvcthevcseller.vc-
vcanswer--discountvcpoints



Whenvclandvcisvcconveyedvctovcavctrustee,vcthevctrusteevcmayvc-
vcanswer--

dovcwhatevervcisvcpermittedvcundervcthevctrustvcagreement

Avcprospectivevcbuyervcmadevcanvcoffervctovcpurchasevcavcproperty.
vcThevcownervcrespondedvcwithvcavccounteroffer.vcWhilevcthevcbuye

rvc
wasvcreviewingvcthevccounteroffer,vcthevcownervcreceivedvcavcbette
rvcoffer.vcThevcownervccanvcacceptvcthevcsecondvcoffervcifvc-
vcanswer--

thevcownervcwithdrawsvcthevccounteroffervcbeforevcitvcisvcaccepted.

Whilevcanvcagentvcisvcshowingvcavclistedvcproperty,vcthevcsellervcand
vcthevcbuyervcentervcintovcanvcoralvcagreementvcforvcthevcpurchasevc

ofvcthevchome.vcIfvcavcdisputevcovervcthevctermsvcarisesvclater,vcthevc
agreementvcmayvcbevcunenforceablevcbecausevc-vcanswer--
thevcagreementvcdoesvcnotvccomplyvcwithvcthevcStatutevcofvcFrauds

Earnestvcmoneyvcshouldvcbevcdepositedvcintovcavctrustvcaccountvc-
vcanswer--invcavctimelyvcmanner,vcaccordingvctovcstatevclaws



Avcdeedvcrestrictionvcisvcapplicablevctovcthevcactivitiesvcofvc-
vcanswer--allvcowners,vcpresentvcandvcfuture



Anvceasementvccanvcbevcterminatedvcbyvc-vcanswer--prescription

Depreciationvcisvccalculatedvcbasedvconvcthevc-vcanswer--
costvcofvcthevcbuildingvconly

WhichvcofvcthevcfollowingvcapproachesvcMOSTvcreliablyvcestimate
svcthevcsalesvcpricevcofvcavcsingle-familyvcresidence?vc-vcanswer--
Marketvcdata

about:blan 3/
k 57

, 12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
Avcsellervcmentionsvctovchisvcagentvcthatvcthevcpreviousvcownersvcofv
chisvcpropertyvcmayvchavevcdumpedvchazardousvcwastevconvcthevcs

ite.vcUndervcthevcComprehensivevcEnvironmentalvcResponse,vcC
ompensation,vcandvcLiabilityvcActvc(CERCLA),vcwhovcisvcliablevcforv
cdamagesvcfrom

vcthevcdumpingvcpriorvctovcthevcsalevcofvcthevcproperty?vc-vcanswer--

Seller

ThevcescrowvcofficervcorvcclosingvcagentvcMUSTvcgivevcinformation
vcregardingvcthevcsalesvcpricevcandvcseller'svcsocialvcsecurityvcnumb

ervctovc-vcanswer--IRS

Avcbrokervcsuppliesvcthevcfinancingvcforvcavcprojectvctovcbuildvccond
ominiumsvcwithvcthevcstipulationvcthatvchevchasvcthevcexclusivevcrig
htvctovcsellvcthevccompletedvccondos.vcWhichvcofvcthevcfollowingvcB
ESTvcdescribesvcthisvcrelationship?vc-vcanswer--
Agencyvccoupledvcwithvcanvcinterest

Ifvcyouvcownvcavcbuildingvcfreevcandvcclearvcthatvcisvcworthvc$115,00
0vcandvcwantvcanvcannualvcreturnvcofvc12%,vcwhatvcnetvcincomevcisvc
neededvceachvcmonth?vc-vcanswer--$1,150

Usuryvclawsvcwerevcenactedvctovcprotectvcthevc-vcanswer--borrower

Atvcthevctimevcofvclisting,vcthevcsellervctellsvcthevclistingvcagentvctheyvc
arevcmovingvcbecausevcthevcneighborvchasvcloudvcpartiesvceveryvc
weekend.
vcThevcagentvcshouldvc-vcanswer--

tellvcpotentialvcbuyersvcaboutvcthevcparties

Whenvconevcofvcthevcpartiesvctovcanvcagreementvcfailsvctovcperformvc
onevcofvcitsvcconditions,vcthatvccontractvcisvcdeemedvctovcbevc-
vcanswer--breached



WhichvcofvcthevcfollowingvcisvcNOTvcavcconsiderationvcinvcthevcdefini
tionvcofvcmarketvcvalue?vc-vcanswer--
Buyervcandvcsellervcmustvcagreevctovcappraisedvcvalue


about:blan 4/
k 57

Document information

Uploaded on
September 15, 2025
Number of pages
57
Written in
2025/2026
Type
Exam (elaborations)
Contains
Questions & answers
$15.99

Wrong document? Swap it for free Within 14 days of purchase and before downloading, you can choose a different document. You can simply spend the amount again.
Written by students who passed
Immediately available after payment
Read online or as PDF

Seller avatar
Reputation scores are based on the amount of documents a seller has sold for a fee and the reviews they have received for those documents. There are three levels: Bronze, Silver and Gold. The better the reputation, the more your can rely on the quality of the sellers work.
Sold
24
Followers
2
Items
3436
Last sold
5 days ago


Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their tests and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can instantly pick a different document that better fits what you're looking for.

Pay as you like, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

Student with book image

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Working on your references?

Create accurate citations in APA, MLA and Harvard with our free citation generator.

Working on your references?

Frequently asked questions