National Real Estate Exam PSI: Exam Success ...
Guaranteed with Verified Questions & Detailed
Answer Rationales from Premier Universities
The doctrine of laches refers to the _______ of restrictive covenants/deed restrictions.
-Creation
-Enforcement
-History
-Types - CORRECT ANS- -Enforcement
Roberto, a licensee, filled in the blanks on a standard form used in his brokerage firm. Is
this okay?
-No, because he's not an attorney, he shouldn't prepare contracts.
-No, he should have his client complete any forms.
-Yes, licensees can use standard forms originally created or approved by an attorney.
-Yes, real estate licensees may draft contracts and fill in blanks on existing contracts. -
CORRECT ANS- -Yes, licensees can use standard forms originally created or approved by
an attorney.
Derrick was thrilled to find out that the land he purchased includes several small caves.
He's been spelunking for about three years and looks forward to exploring the caves on
weekends. Which real property right allows him to do so?
-Disposition
-Enjoyment
-Exclusion
Page 1 of 41 2025/2026
,-Possession - CORRECT ANS- -Enjoyment
Lawrence is a buyer closing on a home purchase for which he's obtaining financing. He
receives a Loan Estimate from his lender. What's the purpose of this document?
-To detail the amount Lawrence needs to bring to closing
-To detail the estimated closing costs for Lawrence's loan
-To disclose the interest rates available on this lender's various loan programs
-To disclose the lender's source of loan funds - CORRECT ANS- -To detail the estimated
closing costs for Lawrence's loan
**The Loan Estimate, which the lender must provide within three days of loan application,
provides an estimate of mortgage loan costs.
Claire rents 1,100 square feet of office space in a new professional building. Her rent
payment includes all utilities and property taxes, but she pays separately for custodial
services. What kind of lease does Claire have?
-Full-service lease
-Modified gross lease
-Percentage lease
-Triple-net lease - CORRECT ANS- -Modified gross lease
**A modified gross lease typically includes all the nets in the base rent, but not utilities
and/or janitorial services.
Page 2 of 41 2025/2026
,Marlon and Leah are interested in buying a home in a new homeowner opportunity area.
The 100-year-old row house was renovated and is like new on the inside. The property taxes
decreased by more than $5,000 last year. What's the likely reason for this?
-Introductory rates
-Seller error
-Tax abatement
-Tax reassessment - CORRECT ANS- -Tax abatement
**A tax abatement program will lower the property taxes on a given property for a set
amount of time. This is typically in response to some sort of improvement or rehabilitation,
or for some new construction properties.
Which of the following is an example of price fixing?
-A brokerage requires all licensees to offer a fair cooperative brokerage fee.
-Three brokerages agree to purchase office supplies together to obtain a bulk discount.
-Twelve brokerages discuss compensation of associated independent contractor
licensees.
-Two brokerages determine a standard commission rate. - CORRECT ANS- -Two brokerages
determine a standard commission rate.
**Collusion must occur on pricing for the public in order for price fixing to occur.
Which legislative act prohibits certain types of electronic communication?
-CAN-SPAM
-NO-SPAM
Page 3 of 41 2025/2026
, -SPAM-CAN
-SPAM-JAM - CORRECT ANS- -CAN-SPAM
**The Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM)
prohibits junk email and requires an "unsubscribe" option in any email marketing
messages.
Tracy is looking in the MLS and sees a listing marked "REO." Which of these statements
regarding REOs is correct?
-An REO property is one that the lender is trying to help the owner sell before beginning
foreclosure proceedings.
-Banks acquire REOs through failed foreclosure sales or deed in lieu of foreclosure actions.
-REOs are properties that the lender has given permission to sell for less than the loan
amount.
-REOs refer to investment properties a bank owns. - CORRECT ANS- -Banks acquire REOs
through failed foreclosure sales or deed in lieu of foreclosure actions.
**Failed foreclosure sales and deed in lieu of foreclosure actions result in lenders taking
title to properties they previously had mortgage loans on. These properties are called real
estate owned, or REOs.
Shakira is attending an association meeting when, in a small group breakout, her group
begins discussing how to deal with the new kid in town: a real estate firm that charges a flat
$500 to list properties, then lets the sellers fend for themselves. Shakira should leave the
discussion because _______.
-She needs to get to work developing this model for herself
-The group seems bent on creating a tie-in arrangement
Page 4 of 41 2025/2026
Guaranteed with Verified Questions & Detailed
Answer Rationales from Premier Universities
The doctrine of laches refers to the _______ of restrictive covenants/deed restrictions.
-Creation
-Enforcement
-History
-Types - CORRECT ANS- -Enforcement
Roberto, a licensee, filled in the blanks on a standard form used in his brokerage firm. Is
this okay?
-No, because he's not an attorney, he shouldn't prepare contracts.
-No, he should have his client complete any forms.
-Yes, licensees can use standard forms originally created or approved by an attorney.
-Yes, real estate licensees may draft contracts and fill in blanks on existing contracts. -
CORRECT ANS- -Yes, licensees can use standard forms originally created or approved by
an attorney.
Derrick was thrilled to find out that the land he purchased includes several small caves.
He's been spelunking for about three years and looks forward to exploring the caves on
weekends. Which real property right allows him to do so?
-Disposition
-Enjoyment
-Exclusion
Page 1 of 41 2025/2026
,-Possession - CORRECT ANS- -Enjoyment
Lawrence is a buyer closing on a home purchase for which he's obtaining financing. He
receives a Loan Estimate from his lender. What's the purpose of this document?
-To detail the amount Lawrence needs to bring to closing
-To detail the estimated closing costs for Lawrence's loan
-To disclose the interest rates available on this lender's various loan programs
-To disclose the lender's source of loan funds - CORRECT ANS- -To detail the estimated
closing costs for Lawrence's loan
**The Loan Estimate, which the lender must provide within three days of loan application,
provides an estimate of mortgage loan costs.
Claire rents 1,100 square feet of office space in a new professional building. Her rent
payment includes all utilities and property taxes, but she pays separately for custodial
services. What kind of lease does Claire have?
-Full-service lease
-Modified gross lease
-Percentage lease
-Triple-net lease - CORRECT ANS- -Modified gross lease
**A modified gross lease typically includes all the nets in the base rent, but not utilities
and/or janitorial services.
Page 2 of 41 2025/2026
,Marlon and Leah are interested in buying a home in a new homeowner opportunity area.
The 100-year-old row house was renovated and is like new on the inside. The property taxes
decreased by more than $5,000 last year. What's the likely reason for this?
-Introductory rates
-Seller error
-Tax abatement
-Tax reassessment - CORRECT ANS- -Tax abatement
**A tax abatement program will lower the property taxes on a given property for a set
amount of time. This is typically in response to some sort of improvement or rehabilitation,
or for some new construction properties.
Which of the following is an example of price fixing?
-A brokerage requires all licensees to offer a fair cooperative brokerage fee.
-Three brokerages agree to purchase office supplies together to obtain a bulk discount.
-Twelve brokerages discuss compensation of associated independent contractor
licensees.
-Two brokerages determine a standard commission rate. - CORRECT ANS- -Two brokerages
determine a standard commission rate.
**Collusion must occur on pricing for the public in order for price fixing to occur.
Which legislative act prohibits certain types of electronic communication?
-CAN-SPAM
-NO-SPAM
Page 3 of 41 2025/2026
, -SPAM-CAN
-SPAM-JAM - CORRECT ANS- -CAN-SPAM
**The Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM)
prohibits junk email and requires an "unsubscribe" option in any email marketing
messages.
Tracy is looking in the MLS and sees a listing marked "REO." Which of these statements
regarding REOs is correct?
-An REO property is one that the lender is trying to help the owner sell before beginning
foreclosure proceedings.
-Banks acquire REOs through failed foreclosure sales or deed in lieu of foreclosure actions.
-REOs are properties that the lender has given permission to sell for less than the loan
amount.
-REOs refer to investment properties a bank owns. - CORRECT ANS- -Banks acquire REOs
through failed foreclosure sales or deed in lieu of foreclosure actions.
**Failed foreclosure sales and deed in lieu of foreclosure actions result in lenders taking
title to properties they previously had mortgage loans on. These properties are called real
estate owned, or REOs.
Shakira is attending an association meeting when, in a small group breakout, her group
begins discussing how to deal with the new kid in town: a real estate firm that charges a flat
$500 to list properties, then lets the sellers fend for themselves. Shakira should leave the
discussion because _______.
-She needs to get to work developing this model for herself
-The group seems bent on creating a tie-in arrangement
Page 4 of 41 2025/2026
