PSI National Exam for Real Estate
PSI National Exam for Real
Estate
(Final Exam)
2025/2026
Expert-Verified Questions and
Answers
(With A+ Grades Guarantee)
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, PSI National Exam for Real Estate
A written agreement in which a purchaser agrees to buy a contract
and a seller agrees to sell is called
Antitrust laws prohibit competing brokers from all of the 1. boycotting other brokers in the marketplace.
following 2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost all current owners of real estate fronting on that road
will probably be shared by
State laws differ on whether a buyer is entitled to know a suicide that occurred in the house last year.
about
A lawsuit for inverse condemnation may be brought by a homeowner
When is racial discrimination in the rental of rooms or Under no circumstances
apartments permitted?
The real estate broker who is listing a house for sale the number of square feet in the building
should personally verify
Real property can be converted to personal property by Severance
Prospective buyers made an offer on a property. The Both contracts are valid
seller did NOT accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real
estate agent delivered their acceptance to the seller.
In the interim, the same buyers had found another house
that they liked better and made an offer on it, which was
accepted. Which of the following is TRUE?
Although states make specific laws governing water prior appropriation
rights and the rights in land that borders water, most
states
generally follow one of two basic doctrines regarding
water rights. In many states, the common law doctrine of
riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water
rights are controlled by the state under the doctrine of
The purpose of requiring an earnest money deposit in a provide evidence of the buyer's intention to carry out the contract.
real estate sales contract is to
A buyer is getting a fully amortized loan for $220,000. $409.20.
The bank will give the buyer the loan for 15 years at 5
1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is
the difference between the monthly payments for these
two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.)
A borrower has defaulted on the mortgage. The demand immediate payment of the entire note
mortgage contains an acceleration clause. This permits
the lender to
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, PSI National Exam for Real Estate
The FHA functions MOST like an insurance company
1. They are used to buy down interest rate. discount points
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller.
When land is conveyed to a trustee, the trustee may do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a the owner withdraws the counteroffer before it is accepted.
property. The owner responded with a counteroffer.
While the buyer
was reviewing the counteroffer, the owner received a
better offer. The owner can accept the second offer if
While an agent is showing a listed property, the seller the agreement does not comply with the Statute of Frauds
and the buyer enter into an oral agreement for the
purchase of the home. If a dispute over the terms arises
later, the agreement may be unenforceable because
Earnest money should be deposited into a trust account in a timely manner, according to state laws
A deed restriction is applicable to the activities of all owners, present and future
An easement can be terminated by prescription
Depreciation is calculated based on the cost of the building only
Which of the following approaches MOST reliably Market data
estimates the sales price of a single-family residence?
A seller mentions to his agent that the previous owners Seller
of his property may have dumped hazardous waste on
the site. Under the Comprehensive Environmental
Response, Compensation, and Liability Act (CERCLA),
who is liable for damages from
the dumping prior to the sale of the property?
The escrow officer or closing agent MUST give IRS
information regarding the sales price and seller's social
security number to
A broker supplies the financing for a project to build Agency coupled with an interest
condominiums with the stipulation that he has the
exclusive right to sell the completed condos. Which of
the following BEST describes this relationship?
If you own a building free and clear that is worth $1,150
$115,000 and want an annual return of 12%, what net
income is needed each month?
Usury laws were enacted to protect the borrower
www.stuvia.com
, PSI National Exam for Real Estate
At the time of listing, the seller tells the listing agent they tell potential buyers about the parties
are moving because the neighbor has loud parties every
weekend.
The agent should
When one of the parties to an agreement fails to perform breached
one of its conditions, that contract is deemed to be
Which of the following is NOT a consideration in the Buyer and seller must agree to appraised value
definition of market value?
One common method for controlling the problems allowing a broker to designate separate salespeople within the company as legal
created by conflict of interest in dual representation is representatives of each of the clients.
Ownership of common stock in a corporation gives an interest that is classified as personal property
At the closing on June 15, the buyer is assuming a Debit seller $300; credit buyer $300
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?
Too much leverage may result in negative cash flow
A major reason for buying and owning a condominium a condominium tends to be more affordable
rather than a detached single-family home is that
An adjustable rate loan should include all of the following 1. margin
elements 2. life-of-the-loan cap
3. index
Regulation Z requires that the borrower be fully informed 1. loan fees.
of all of the following 2 .the origination fee.
3. the annual percentage rate
A couple signed a lease on an apartment for a period of No notice is required
1 year. The lease does NOT contain an automatic
renewal clause. The couple plans to move out at the end
of the lease rather than renew it. How much notice
MUST they give to comply with
the lease term?
The relationship in which the agent is placed in the fiduciary
position of trust and confidence to the principal is known
by the term
A couple are moving to a new city. They have decided to Month-to-month lease
rent temporarily before buying a house to see which part
of the city
they would like to live in. What type of lease would BEST
suit the couple's needs?
A broker says, while showing a rural property, "This an expression of opinion, or puffing, which could lead to misrepresentation
property has the world's purest well water." This would
be an example of
www.stuvia.com
PSI National Exam for Real
Estate
(Final Exam)
2025/2026
Expert-Verified Questions and
Answers
(With A+ Grades Guarantee)
www.stuvia.com
, PSI National Exam for Real Estate
A written agreement in which a purchaser agrees to buy a contract
and a seller agrees to sell is called
Antitrust laws prohibit competing brokers from all of the 1. boycotting other brokers in the marketplace.
following 2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost all current owners of real estate fronting on that road
will probably be shared by
State laws differ on whether a buyer is entitled to know a suicide that occurred in the house last year.
about
A lawsuit for inverse condemnation may be brought by a homeowner
When is racial discrimination in the rental of rooms or Under no circumstances
apartments permitted?
The real estate broker who is listing a house for sale the number of square feet in the building
should personally verify
Real property can be converted to personal property by Severance
Prospective buyers made an offer on a property. The Both contracts are valid
seller did NOT accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real
estate agent delivered their acceptance to the seller.
In the interim, the same buyers had found another house
that they liked better and made an offer on it, which was
accepted. Which of the following is TRUE?
Although states make specific laws governing water prior appropriation
rights and the rights in land that borders water, most
states
generally follow one of two basic doctrines regarding
water rights. In many states, the common law doctrine of
riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water
rights are controlled by the state under the doctrine of
The purpose of requiring an earnest money deposit in a provide evidence of the buyer's intention to carry out the contract.
real estate sales contract is to
A buyer is getting a fully amortized loan for $220,000. $409.20.
The bank will give the buyer the loan for 15 years at 5
1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is
the difference between the monthly payments for these
two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.)
A borrower has defaulted on the mortgage. The demand immediate payment of the entire note
mortgage contains an acceleration clause. This permits
the lender to
www.stuvia.com
, PSI National Exam for Real Estate
The FHA functions MOST like an insurance company
1. They are used to buy down interest rate. discount points
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller.
When land is conveyed to a trustee, the trustee may do whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a the owner withdraws the counteroffer before it is accepted.
property. The owner responded with a counteroffer.
While the buyer
was reviewing the counteroffer, the owner received a
better offer. The owner can accept the second offer if
While an agent is showing a listed property, the seller the agreement does not comply with the Statute of Frauds
and the buyer enter into an oral agreement for the
purchase of the home. If a dispute over the terms arises
later, the agreement may be unenforceable because
Earnest money should be deposited into a trust account in a timely manner, according to state laws
A deed restriction is applicable to the activities of all owners, present and future
An easement can be terminated by prescription
Depreciation is calculated based on the cost of the building only
Which of the following approaches MOST reliably Market data
estimates the sales price of a single-family residence?
A seller mentions to his agent that the previous owners Seller
of his property may have dumped hazardous waste on
the site. Under the Comprehensive Environmental
Response, Compensation, and Liability Act (CERCLA),
who is liable for damages from
the dumping prior to the sale of the property?
The escrow officer or closing agent MUST give IRS
information regarding the sales price and seller's social
security number to
A broker supplies the financing for a project to build Agency coupled with an interest
condominiums with the stipulation that he has the
exclusive right to sell the completed condos. Which of
the following BEST describes this relationship?
If you own a building free and clear that is worth $1,150
$115,000 and want an annual return of 12%, what net
income is needed each month?
Usury laws were enacted to protect the borrower
www.stuvia.com
, PSI National Exam for Real Estate
At the time of listing, the seller tells the listing agent they tell potential buyers about the parties
are moving because the neighbor has loud parties every
weekend.
The agent should
When one of the parties to an agreement fails to perform breached
one of its conditions, that contract is deemed to be
Which of the following is NOT a consideration in the Buyer and seller must agree to appraised value
definition of market value?
One common method for controlling the problems allowing a broker to designate separate salespeople within the company as legal
created by conflict of interest in dual representation is representatives of each of the clients.
Ownership of common stock in a corporation gives an interest that is classified as personal property
At the closing on June 15, the buyer is assuming a Debit seller $300; credit buyer $300
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?
Too much leverage may result in negative cash flow
A major reason for buying and owning a condominium a condominium tends to be more affordable
rather than a detached single-family home is that
An adjustable rate loan should include all of the following 1. margin
elements 2. life-of-the-loan cap
3. index
Regulation Z requires that the borrower be fully informed 1. loan fees.
of all of the following 2 .the origination fee.
3. the annual percentage rate
A couple signed a lease on an apartment for a period of No notice is required
1 year. The lease does NOT contain an automatic
renewal clause. The couple plans to move out at the end
of the lease rather than renew it. How much notice
MUST they give to comply with
the lease term?
The relationship in which the agent is placed in the fiduciary
position of trust and confidence to the principal is known
by the term
A couple are moving to a new city. They have decided to Month-to-month lease
rent temporarily before buying a house to see which part
of the city
they would like to live in. What type of lease would BEST
suit the couple's needs?
A broker says, while showing a rural property, "This an expression of opinion, or puffing, which could lead to misrepresentation
property has the world's purest well water." This would
be an example of
www.stuvia.com
