PSI National Real Estate Exam Newest 2025/2026
Complete Questions And Correct Detailed Answers
(Verified Answers) |Brand New Version!!
Seller is selling their property. Their outstanding loan balance is
$240,000. The house has a value of $200,000. Assuming the seller pays
realty fees, closing fees, state fees, the amount left over is only $180,000
to pay off the loan. What statement - ANSWER-Lender may pursue the
seller for a deficiency judgment of $60,000
A seller has received an offer at 80% of list price. Seller counter offers at
90% of list the response, an offer of 98% of list price comes in from
another buyer. The seller wishes to sell to the second buyer. What is
true? - ANSWER-Withdraw the first buyer's counter-offer and then
accept the second offer
A buyer makes an offer on a property that the seller accepts. While
waiting for an inspection, the buyers see another property that they like
even better. They draft an
offer on that property which is accepted by that seller. What statement
about the offers is true? - ANSWER-Both offers are Valid Offers
What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved? - ANSWER-Contingency
,With regard to the Lead Based Paint requirements under federal law,
what is required? - ANSWER-Buyer has a 10 day period to inspect
and/or rescind offer
A real estate committee met and decided to simplify real estate in an area
by having one commission structure at a low rate for all consumers. Is
this legal? - ANSWER-No-this is price fixing
A principal broker can be held responsible for - ANSWER-All real estate
activities of salesperson
A commercial property lost value because a recently constructed
highway directed traffic away from the property. This is an example of -
ANSWER-Economic or external obsolesce
A prospective buyer makes an offer to buy a house. The owner counter-
offers. While the buyers are reviewing the counteroffer, the owner
receives a better offer. The owner can accept the second offer if... -
ANSWER-The owner withdraws the counteroffer before the first buyer
accepts-it
The amount of commission is established - ANSWER-Agreed upon by
seller and broker
,At the closing on June 15, the buyer is assuming a mortgage presently
on the property, on which the monthly interest charge is currently $600.
The seller has made the payment due on June 1. Assuming a VA
mortgage, what is the adjustment made at closing? - ANSWER-Credit
seller $300; debit buyer $300
A couple is moving to a new city. They are renting a house temporarily
before buying a house. What type of lease would best suit their needs? -
ANSWER-Month-to-month lease
Two buyers bought a house with a $178,000 mortgage. The interest rate
is 6 1/2% per annum payable for 30 years. To the nearest dollar, what is
their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION
TABLE.) - ANSWER-$1,125
A homeowner has negotiated with a neighbor to obtain the permanent
right to pass over the northern part of the neighbor's land to gain access
to the river. He
pays the neighbor $9,000 for the right of access and receives a deed.
This is an
easement - ANSWER-Appurtenant
, FHA functions most like - ANSWER-Insurance Company
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - SOLUTION=a contract
Which of these Federal laws regulates the advertisement of a lender's
credit terms (rates, payment, etc.)? - SOLUTION=Regulation Z
Which of the following may be considered prima facie evidence of
discrimination by a broker? - SOLUTION=Failure to display the equal
housing opportunity poster at the broker's place of business
An agency relationship based on a formal agreement between the
parties, either written or
verbal, is - SOLUTION=express agency
An agency relationship based on the actions of the parties is -
SOLUTION=implied agency
An agent has a fiduciary relationship with the - SOLUTION=client or
principle
The type of agency that exists between the real estate agent and his
client is usually - SOLUTION=special agency
Complete Questions And Correct Detailed Answers
(Verified Answers) |Brand New Version!!
Seller is selling their property. Their outstanding loan balance is
$240,000. The house has a value of $200,000. Assuming the seller pays
realty fees, closing fees, state fees, the amount left over is only $180,000
to pay off the loan. What statement - ANSWER-Lender may pursue the
seller for a deficiency judgment of $60,000
A seller has received an offer at 80% of list price. Seller counter offers at
90% of list the response, an offer of 98% of list price comes in from
another buyer. The seller wishes to sell to the second buyer. What is
true? - ANSWER-Withdraw the first buyer's counter-offer and then
accept the second offer
A buyer makes an offer on a property that the seller accepts. While
waiting for an inspection, the buyers see another property that they like
even better. They draft an
offer on that property which is accepted by that seller. What statement
about the offers is true? - ANSWER-Both offers are Valid Offers
What should a buyer include in an offer to purchase that gives them the
ability to financing is not approved? - ANSWER-Contingency
,With regard to the Lead Based Paint requirements under federal law,
what is required? - ANSWER-Buyer has a 10 day period to inspect
and/or rescind offer
A real estate committee met and decided to simplify real estate in an area
by having one commission structure at a low rate for all consumers. Is
this legal? - ANSWER-No-this is price fixing
A principal broker can be held responsible for - ANSWER-All real estate
activities of salesperson
A commercial property lost value because a recently constructed
highway directed traffic away from the property. This is an example of -
ANSWER-Economic or external obsolesce
A prospective buyer makes an offer to buy a house. The owner counter-
offers. While the buyers are reviewing the counteroffer, the owner
receives a better offer. The owner can accept the second offer if... -
ANSWER-The owner withdraws the counteroffer before the first buyer
accepts-it
The amount of commission is established - ANSWER-Agreed upon by
seller and broker
,At the closing on June 15, the buyer is assuming a mortgage presently
on the property, on which the monthly interest charge is currently $600.
The seller has made the payment due on June 1. Assuming a VA
mortgage, what is the adjustment made at closing? - ANSWER-Credit
seller $300; debit buyer $300
A couple is moving to a new city. They are renting a house temporarily
before buying a house. What type of lease would best suit their needs? -
ANSWER-Month-to-month lease
Two buyers bought a house with a $178,000 mortgage. The interest rate
is 6 1/2% per annum payable for 30 years. To the nearest dollar, what is
their monthly principal
and interest payment? (BE SURE TO USE THE AMORTIZATION
TABLE.) - ANSWER-$1,125
A homeowner has negotiated with a neighbor to obtain the permanent
right to pass over the northern part of the neighbor's land to gain access
to the river. He
pays the neighbor $9,000 for the right of access and receives a deed.
This is an
easement - ANSWER-Appurtenant
, FHA functions most like - ANSWER-Insurance Company
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called - SOLUTION=a contract
Which of these Federal laws regulates the advertisement of a lender's
credit terms (rates, payment, etc.)? - SOLUTION=Regulation Z
Which of the following may be considered prima facie evidence of
discrimination by a broker? - SOLUTION=Failure to display the equal
housing opportunity poster at the broker's place of business
An agency relationship based on a formal agreement between the
parties, either written or
verbal, is - SOLUTION=express agency
An agency relationship based on the actions of the parties is -
SOLUTION=implied agency
An agent has a fiduciary relationship with the - SOLUTION=client or
principle
The type of agency that exists between the real estate agent and his
client is usually - SOLUTION=special agency
