National Real Estate Exam Practice (PSI): Tested ...
Strategies, Superior Questions & Expert Solutions
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Sam and Bridget are cousins who jointly own property. They are both named on the deed,
they received title at the same time, they have the right of survivorship, and they each have
equal interest and undivided rights of possession. What type of ownership do they have? -
CORRECT ANS- -Joint tenancy
The fibers of what material are dangerous when inhaled because they can lodge in the
lungs and intestines, causing cancer? - CORRECT ANS- -Asbestos
When prices go down because there are too many homes on the market and too few
buyers, what economic principle is at work? - CORRECT ANS- -Competition
A property is 330 feet long by 100 feet wide. How many square feet is the property? -
CORRECT ANS- -33,000
Charlie represents Sue, a buyer. Charlie is being paid by Claude, the seller, through his
brokerage. What's true about this situation? - CORRECT ANS- -This doesn't change the
agency relationships.
Alexandra sells her house to Clark for $178,000. They negotiate to split the transfer tax,
which has a rate of $0.33 per $100. What do they each pay to cover the transfer tax? -
CORRECT ANS- -293.70
Brandon has a right-to-use timeshare. What can he NOT do with this type of timeshare? -
CORRECT ANS- -Pass the timeshare on to an heir.
Page 1 of 23 2025/2026
,Why does the closing agent review the purchase contract? - CORRECT ANS- -To gather
closing-related information agreed to in the contract
The economic principle of ______ says that when there are two houses in the same
neighborhood with the same size, appeal, and utility, the lower-priced one will tend to sell
first. - CORRECT ANS- -Substitution
Zack represents a seller and receives an offer through another agent. The offer is higher
than the listing price. The property is already listed at a very high price, and no other offers
have been received. Is Zack obligated by his duties to the other party to disclose that the
offer is too high? - CORRECT ANS- -No, his fiduciary duty is to his own client. The buyer's
agent must be responsible for advising on a fair price for the property.
In marketing her new listing, Alice asks the photographer to "touch-up" the photos of the
house so that the old roof and siding look as though they are new. Which statement about
this is true? - CORRECT ANS- -This is deceptive advertising for which both Alice and her
broker may be disciplined.
Danielle's friend, Joanna, is an agent. Danielle is considering listing her property and
shares the details with Joanna. Joanna creates an MLS listing and places a sign in
Danielle's yard. Danielle knows that Joanna will do a good job, so even though she hadn't
actually agreed to let Joanna list the property, she permits her to start scheduling showings.
Which of these is an example of ratification? - CORRECT ANS- -Danielle knows Joanna will
do a good job, so she permits Joanna to start scheduling showings.
Which of the following is a tactic used by a predatory lender? - CORRECT ANS- -
Encouraging debt
When the Sidells moved into their new home in Shady Acres, they were given a copy of a
covenant document that listed restrictions on roofing, siding, fencing, and other visual
components on their property. This type of covenant is likely enforced by what entity? -
CORRECT ANS- -Homeowners' association
Page 2 of 23 2025/2026
, Rohit bought 31 acres of undeveloped and mostly forested land. He is planning a weekend
with friends where they'll camp on the property while scouting good locations to place a
cabin. Which right in the bundle of rights allows Rohit to do the camping weekend on
undeveloped land? - CORRECT ANS- -Possession
When a contract doesn't provide specific dates for when the terms need to be met, what
should the parties assume regarding performance of the contract? - CORRECT ANS- -
Performance must take place within a "reasonable time."
Which one of the following tasks must a licensee perform for seller clients? - CORRECT
ANS- -Inform sellers of their responsibility to make all required property condition
disclosures.
Eva, Stella, and Lynn own a vacation home two blocks from the beach. Sadly, Stella passed
away this winter, and so when summer arrives Eva and Lynn will be sharing the home with
Stella's nephew Drew, to whom Stella willed her share of the property. What type of
ownership is this? - CORRECT ANS- -Tenancy in common
Your buyers step outside to view the backyard of a property they're touring, but then they
can't get the back door closed again. You recognize that this could be a symptom of ____,
and realize that if they are interested in this property, they will want to discuss this issue
with a home inspector. - CORRECT ANS- -A foundation problem
Unauthorized practice of law and acting outside the scope of one's expertise are similar
issues. Which of the following circumstances specifically relates to the unauthorized
practice of law? - CORRECT ANS- -Writing contract addenda or additional provisions that
cover unfamiliar circumstances
Which factor influences property value and addresses questions such as, "What's the
market like?" and "Are there more buyers than sellers, or vice versa?" - CORRECT ANS- -
Demand
Page 3 of 23 2025/2026
Strategies, Superior Questions & Expert Solutions
for Guaranteed Success
Sam and Bridget are cousins who jointly own property. They are both named on the deed,
they received title at the same time, they have the right of survivorship, and they each have
equal interest and undivided rights of possession. What type of ownership do they have? -
CORRECT ANS- -Joint tenancy
The fibers of what material are dangerous when inhaled because they can lodge in the
lungs and intestines, causing cancer? - CORRECT ANS- -Asbestos
When prices go down because there are too many homes on the market and too few
buyers, what economic principle is at work? - CORRECT ANS- -Competition
A property is 330 feet long by 100 feet wide. How many square feet is the property? -
CORRECT ANS- -33,000
Charlie represents Sue, a buyer. Charlie is being paid by Claude, the seller, through his
brokerage. What's true about this situation? - CORRECT ANS- -This doesn't change the
agency relationships.
Alexandra sells her house to Clark for $178,000. They negotiate to split the transfer tax,
which has a rate of $0.33 per $100. What do they each pay to cover the transfer tax? -
CORRECT ANS- -293.70
Brandon has a right-to-use timeshare. What can he NOT do with this type of timeshare? -
CORRECT ANS- -Pass the timeshare on to an heir.
Page 1 of 23 2025/2026
,Why does the closing agent review the purchase contract? - CORRECT ANS- -To gather
closing-related information agreed to in the contract
The economic principle of ______ says that when there are two houses in the same
neighborhood with the same size, appeal, and utility, the lower-priced one will tend to sell
first. - CORRECT ANS- -Substitution
Zack represents a seller and receives an offer through another agent. The offer is higher
than the listing price. The property is already listed at a very high price, and no other offers
have been received. Is Zack obligated by his duties to the other party to disclose that the
offer is too high? - CORRECT ANS- -No, his fiduciary duty is to his own client. The buyer's
agent must be responsible for advising on a fair price for the property.
In marketing her new listing, Alice asks the photographer to "touch-up" the photos of the
house so that the old roof and siding look as though they are new. Which statement about
this is true? - CORRECT ANS- -This is deceptive advertising for which both Alice and her
broker may be disciplined.
Danielle's friend, Joanna, is an agent. Danielle is considering listing her property and
shares the details with Joanna. Joanna creates an MLS listing and places a sign in
Danielle's yard. Danielle knows that Joanna will do a good job, so even though she hadn't
actually agreed to let Joanna list the property, she permits her to start scheduling showings.
Which of these is an example of ratification? - CORRECT ANS- -Danielle knows Joanna will
do a good job, so she permits Joanna to start scheduling showings.
Which of the following is a tactic used by a predatory lender? - CORRECT ANS- -
Encouraging debt
When the Sidells moved into their new home in Shady Acres, they were given a copy of a
covenant document that listed restrictions on roofing, siding, fencing, and other visual
components on their property. This type of covenant is likely enforced by what entity? -
CORRECT ANS- -Homeowners' association
Page 2 of 23 2025/2026
, Rohit bought 31 acres of undeveloped and mostly forested land. He is planning a weekend
with friends where they'll camp on the property while scouting good locations to place a
cabin. Which right in the bundle of rights allows Rohit to do the camping weekend on
undeveloped land? - CORRECT ANS- -Possession
When a contract doesn't provide specific dates for when the terms need to be met, what
should the parties assume regarding performance of the contract? - CORRECT ANS- -
Performance must take place within a "reasonable time."
Which one of the following tasks must a licensee perform for seller clients? - CORRECT
ANS- -Inform sellers of their responsibility to make all required property condition
disclosures.
Eva, Stella, and Lynn own a vacation home two blocks from the beach. Sadly, Stella passed
away this winter, and so when summer arrives Eva and Lynn will be sharing the home with
Stella's nephew Drew, to whom Stella willed her share of the property. What type of
ownership is this? - CORRECT ANS- -Tenancy in common
Your buyers step outside to view the backyard of a property they're touring, but then they
can't get the back door closed again. You recognize that this could be a symptom of ____,
and realize that if they are interested in this property, they will want to discuss this issue
with a home inspector. - CORRECT ANS- -A foundation problem
Unauthorized practice of law and acting outside the scope of one's expertise are similar
issues. Which of the following circumstances specifically relates to the unauthorized
practice of law? - CORRECT ANS- -Writing contract addenda or additional provisions that
cover unfamiliar circumstances
Which factor influences property value and addresses questions such as, "What's the
market like?" and "Are there more buyers than sellers, or vice versa?" - CORRECT ANS- -
Demand
Page 3 of 23 2025/2026
