12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
NATIONAL PSI EXAM
PRACTICE TEST Q AND A
RealvcEstatevclawvcgoverningvcadvertisingvcappliesvctovcallvcofvcthes
evcEXCEPT:vc
A.vcInvchousevcnotesvcforvcshowing
B.vcMultiplevclistingvcservicevc(MLS)
C.vccommunicationsvcwithvcconsumers
D.vcSocialvcMediavc-vcanswer--A.vcIn-
housevcnotesvcforvcshowingvcarevcnotvcseenvcbyvcconsumersvcanvcs
ovcdovcnotvchavevctovcfollowvcstatevcorvcfederalvclaws.
Avccouplevcaccompaniesvcavcpropertyvcinspectorvcduringvcanvcinsp
ectionvcofvcavchousevconvcwhichvctheyvchavevcavccontract.vcThevcins
pectorvcpointsvctovcavcsix-
inchvccrackvcatvcthevccornervcofvcavcdiningvcroomvcwindow.vcThevccra
ckvcisvcanvcexamplevcofvc:vc
A.vcAvcstructuralvcdefectvc
B.vcAvcpatentvcDefectvc
C.vcavclatentvcdefectvc
D.vcanvcenvironmentalvcdefectvc-vcanswer--
B.vcAvcpatentvcdefectvcisvceasilyvcvisiblevcwhenvcinspectingvcavcprop
erty.vc(another)vctermvcforvcmaterial)
Anvceligiblevcveteranvcmadevcanvcoffervcofvc$225,000vctovcpurchase
vcavchomevccontingentvcuponvcobtainingvcavcno-
downvcpaymentvcU.SvcdepartmentvcofvcVeteransvcAffairsvc(VA)vcgu
aranteedvcloan.vcThreevcweeksvcaftervcthevcoffervcwasvcaccepted,vct
hevcVAvcissuedvcavccertificatevcofvcreasonablevcvaluevc(CRV)vcforvct
hevc$222,000vcforvcthevcproperty.vcInvcthisvccase,vcthevcveteranvcma
y:vc
A.vcwithdrawvcfromvcthevcsalevcwithvcavcthree-pointvcpenaltyvc
B.vcwithdrawvcfromvcthevcsalevconvcpaymentvcofvcavccommissionvctov
cthevcseller'svcbrokervc
about:blan 1/
k 14
, 12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
C.vcpurchasevcthevcpropertyvcbyvcmakingvcavc$3,000vccashvcpayme
nt
D.vcseekvcsecondaryvcfundingvcforvcthevc$3,0000vc-vcanswer--
C.vcWhenvcthevcpurchasevcpricevcofvcavcpropertyvcisvcgreatervcthanvc
thevcVA-
issuedvc(CRV),vcthevcveteranvcmayvcpayvcthevcdifferencevcinvccashvc
tovcpurchasevcthevcpropertyvcbecausevcsecondaryvcfinancingvcisvcs
omewhatvcrestrictedvcundervcVAvcregulations.
Generalvcrealvcestatevcpropertyvctaxesvcleviedvcforvcthevcoperationvc
ofvcthevcgovernmentvcarevccalled:vc
A.vcspecialvctaxes
B.vcadvcvaloremvctaxes
C.vcimprovementvctaxesvc
D.vcspecialvcassessmentvctaxesvc-vcanswer--B.
UndervccurrentvcRegulations,vcavcU.S.vcdepartmentvcofvcVeteranvc
Affairsvc(VA)vcloanvcisvcassumablevcif:vc
A.vcThevcVAvcapprovesvcbothvcthevcbuyervcandvcthevcassumptionvca
greementvc
B.vcthevcveteranvcagreesvcnotvctovcrequestvcavcreleasesvcofvcliabilityv
cforvcrepaymentvc
C.vcthevcVAvcapprovesvcthevcbuyervconlyvc
D.vcthevcVAvcapprovesvcthevcassumptionvcofvcthevcagreementvconly
vc-vcanswer--A.vc
forvcVAvcloansvcmadevcaftervcMarchvc1,vc1988vcthevcVAvcmustvcappr
ovevcbothvcthevcbuyervcandvcthevcassumptionvcagreementvcbeforevc
thevcloanvcmayvcbevcassumed.
Duringvcthevcperiodvcofvctimevcaftervcavcrealvcestatevcsalesvccontract
vcisvcsigned,vcbutvcbeforevctitlevcactuallyvcpasses,vcthevcstatusvcofvcth
evccontractvcis:
A.vcexecutoryvc
B.vcvoidable
C.vcexecuted
D.vcunilateralvc-vcanswer--A.vc
about:blan 2/
k 14
vcPM sentialsvcforvcC…
NATIONAL PSI EXAM
PRACTICE TEST Q AND A
RealvcEstatevclawvcgoverningvcadvertisingvcappliesvctovcallvcofvcthes
evcEXCEPT:vc
A.vcInvchousevcnotesvcforvcshowing
B.vcMultiplevclistingvcservicevc(MLS)
C.vccommunicationsvcwithvcconsumers
D.vcSocialvcMediavc-vcanswer--A.vcIn-
housevcnotesvcforvcshowingvcarevcnotvcseenvcbyvcconsumersvcanvcs
ovcdovcnotvchavevctovcfollowvcstatevcorvcfederalvclaws.
Avccouplevcaccompaniesvcavcpropertyvcinspectorvcduringvcanvcinsp
ectionvcofvcavchousevconvcwhichvctheyvchavevcavccontract.vcThevcins
pectorvcpointsvctovcavcsix-
inchvccrackvcatvcthevccornervcofvcavcdiningvcroomvcwindow.vcThevccra
ckvcisvcanvcexamplevcofvc:vc
A.vcAvcstructuralvcdefectvc
B.vcAvcpatentvcDefectvc
C.vcavclatentvcdefectvc
D.vcanvcenvironmentalvcdefectvc-vcanswer--
B.vcAvcpatentvcdefectvcisvceasilyvcvisiblevcwhenvcinspectingvcavcprop
erty.vc(another)vctermvcforvcmaterial)
Anvceligiblevcveteranvcmadevcanvcoffervcofvc$225,000vctovcpurchase
vcavchomevccontingentvcuponvcobtainingvcavcno-
downvcpaymentvcU.SvcdepartmentvcofvcVeteransvcAffairsvc(VA)vcgu
aranteedvcloan.vcThreevcweeksvcaftervcthevcoffervcwasvcaccepted,vct
hevcVAvcissuedvcavccertificatevcofvcreasonablevcvaluevc(CRV)vcforvct
hevc$222,000vcforvcthevcproperty.vcInvcthisvccase,vcthevcveteranvcma
y:vc
A.vcwithdrawvcfromvcthevcsalevcwithvcavcthree-pointvcpenaltyvc
B.vcwithdrawvcfromvcthevcsalevconvcpaymentvcofvcavccommissionvctov
cthevcseller'svcbrokervc
about:blan 1/
k 14
, 12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
C.vcpurchasevcthevcpropertyvcbyvcmakingvcavc$3,000vccashvcpayme
nt
D.vcseekvcsecondaryvcfundingvcforvcthevc$3,0000vc-vcanswer--
C.vcWhenvcthevcpurchasevcpricevcofvcavcpropertyvcisvcgreatervcthanvc
thevcVA-
issuedvc(CRV),vcthevcveteranvcmayvcpayvcthevcdifferencevcinvccashvc
tovcpurchasevcthevcpropertyvcbecausevcsecondaryvcfinancingvcisvcs
omewhatvcrestrictedvcundervcVAvcregulations.
Generalvcrealvcestatevcpropertyvctaxesvcleviedvcforvcthevcoperationvc
ofvcthevcgovernmentvcarevccalled:vc
A.vcspecialvctaxes
B.vcadvcvaloremvctaxes
C.vcimprovementvctaxesvc
D.vcspecialvcassessmentvctaxesvc-vcanswer--B.
UndervccurrentvcRegulations,vcavcU.S.vcdepartmentvcofvcVeteranvc
Affairsvc(VA)vcloanvcisvcassumablevcif:vc
A.vcThevcVAvcapprovesvcbothvcthevcbuyervcandvcthevcassumptionvca
greementvc
B.vcthevcveteranvcagreesvcnotvctovcrequestvcavcreleasesvcofvcliabilityv
cforvcrepaymentvc
C.vcthevcVAvcapprovesvcthevcbuyervconlyvc
D.vcthevcVAvcapprovesvcthevcassumptionvcofvcthevcagreementvconly
vc-vcanswer--A.vc
forvcVAvcloansvcmadevcaftervcMarchvc1,vc1988vcthevcVAvcmustvcappr
ovevcbothvcthevcbuyervcandvcthevcassumptionvcagreementvcbeforevc
thevcloanvcmayvcbevcassumed.
Duringvcthevcperiodvcofvctimevcaftervcavcrealvcestatevcsalesvccontract
vcisvcsigned,vcbutvcbeforevctitlevcactuallyvcpasses,vcthevcstatusvcofvcth
evccontractvcis:
A.vcexecutoryvc
B.vcvoidable
C.vcexecuted
D.vcunilateralvc-vcanswer--A.vc
about:blan 2/
k 14
