PSI NATIONAL REAL ESTATE SALESPERSON PRACTICE EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS

PSI NATIONAL REAL ESTATE
SALESPERSON PRACTICE EXAM
QUESTIONS AND CORRECT VERIFIED
ANSWERS
AA2competitiveA2marketA2analysisA2isA2MOSTA2oftenA2usedA2forA2-A2Ans--
settingA2aA2listingA2price.

AA2coupleA2ownsA2anA2olderA2homeA2inA2aA2neighborhoodA2thatA2isA2becomingA2aA2comm
ercialA2area.A2BecauseA2ofA2theA2changeA2inA2theA2useA2ofA2theA2land,A2theA2coupleA2canA2
expectA2theA2valueA2ofA2theirA2parcelA2toA2increaseA2atA2someA2futureA2time.A2ThisA2isA2anA
2exampleA2ofA2theA2principleA2ofA2-A2Ans--anticipation.


AA2commercialA2propertyA2lostA2valueA2becauseA2aA2recentlyA2constructedA2highwayA2mo
vedA2trafficA2awayA2fromA2theA2property.A2ThisA2isA2anA2exampleA2ofA2-A2Ans--
economicA2orA2externalA2obsolescence.

AccordingA2toA2theA2principleA2ofA2progression,A2aA2three-bedroom,A2one-
storyA2homeA2isA2MOSTA2likelyA2toA2bringA2theA2highestA2salesA2priceA2ifA2locatedA2inA2aA2n
eighborhoodA2inA2whichA2-A2Ans--mostA2homesA2areA2largerA2thanA2theA2saleA2home.

AA2prospectiveA2sellerA2asksA2aA2salespersonA2toA2recommendA2aA2listingA2priceA2forA2aA2
property.A2TheA2salespersonA2shouldA2suggestA2-A2Ans--
aA2competitiveA2marketA2analysisA2toA2determineA2theA2property'sA2value.

IfA2allA2otherA2factorsA2areA2equal,A2inA2whichA2locationA2isA2aA2parkingA2lotA2likelyA2toA2brin
gA2theA2highestA2salesA2price?A2-A2Ans--
BusinessA2districtA2zonedA2forA2aA2sixA2storyA2officeA2building.

WhenA2theA2sellersA2areA2lendingA2partA2ofA2theA2purchaseA2price,A2theyA2mayA2secureA2th
eA2debtA2eitherA2withA2aA2deedA2ofA2trustA2orA2aA2mortgage.A2ForA2theA2seller,A2oneA2benefi
tA2ofA2theA2deedA2ofA2trustA2isA2thatA2-A2Ans--
foreclosureA2isA2usuallyA2simplerA2andA2faster.

EvenA2ifA2aA2loanA2applicant'sA2currentA2incomeA2seemsA2adequateA2toA2qualifyA2forA2aA2c
ertainA2loan,A2theA2EqualA2CreditA2OpportunityA2ActA2allowsA2aA2lenderA2toA2refuseA2theA2l
oanA2asA2aA2highA2riskA2ifA2theA2applicant'sA2mainA2sourceA2ofA2incomeA2isA2-A2Ans--
commissionA2sales.

AA2brokerA2andA2theA2buyersA2heA2representsA2areA2anxiouslyA2awaitingA2theA2closingA2on
A2theirA2newA2home.A2TheA2closingA2isA2scheduledA2inA24A2days.A2TheA2buyersA2informA2th
eA2brokerA2thatA2theyA2justA2receivedA2revisedA2LoanA2EstimateA2andA2ClosingA2Disclosur
eA2formsA2fromA2theA2lender,A2indicatingA2theA2AnnualA2PercentageA2RateA2onA2theirA2loan

, A2hasA2increasedA2byA20.3%.A2BasedA2onA2theA2TILA-
RESPAA2IntegratedA2DisclosureA2rule,A2whatA2actionA2shouldA2theA2brokerA2takeA2inA2thisA
2situation?A2-A2Ans--
ConfirmA2withA2theA2seller'sA2broker,A2theA2lenderA2andA2theA2closingA2entityA2thatA2theA2cl
osingA2mustA2beA2delayedA2toA2allowA2forA2aA2newA2seven-
dayA2waitingA2periodA2becauseA2ofA2theA2interestA2rateA2revision.

TheA2FHAA2functionsA2MOSTA2likeA2-A2Ans--anA2insuranceA2company.

FederalA2Truth-in-LendingA2lawsA2areA2alsoA2knownA2asA2-A2Ans--RegulationA2Z.

WhichA2ofA2theseA2FederalA2lawsA2regulatesA2theA2advertisementA2ofA2aA2lender'sA2creditA
2termsA2(rates,A2payment,A2etc.)?A2-A2Ans--RegulationA2Z.


AA2borrowerA2hasA2defaultedA2onA2theA2mortgage.A2TheA2mortgageA2containsA2anA2accele
rationA2clause.A2ThisA2permitsA2theA2lenderA2toA2-A2Ans--
demandA2immediateA2paymentA2ofA2theA2entireA2note.

AccordingA2toA2theA2Truth-in-
LendingA2Act,A2ifA2anyA2"triggerA2terms"A2areA2usedA2inA2anA2ad,A2allA2ofA2theA2followingA2di
sclosuresA2MUSTA2appearA2inA2theA2adA2EXCEPTA2theA2-A2Ans--
prepaymentA2penaltiesA2andA2rebates.

AnA2ownerA2hiredA2aA2constructionA2companyA2toA2buildA2aA2swimmingA2poolA2atA2aA2newA
2home.A2TheA2ownerA2failedA2toA2payA2theA2billA2onceA2theA2workA2wasA2completedA2andA2
theA2constructionA2companyA2filedA2aA2lienA2toA2obtainA2paymentA2ofA2theA2debt.A2TheA2en
cumbranceA2createdA2isA2calledA2-A2Ans--aA2mechanic'sA2lien.

ThreeA2peopleA2buyA2aA2houseA2asA2tenantsA2inA2common.A2Subsequently,A2twoA2ofA2theA
2ownersA2wantA2toA2sell,A2butA2theA2thirdA2discouragesA2eachA2potentialA2purchaser.A2The
A2twoA2ownersA2whoA2wishA2toA2sellA2theA2houseA2canA2-A2Ans--
fileA2anA2actionA2forA2partitionA2againstA2theA2thirdA2owner.

AA2legalA2easementA2canA2beA2createdA2byA2anyA2ofA2theA2followingA2EXCEPTA2-A2Ans--
mergerA2ofA2theA2titles.

InA2theA2saleA2ofA2property,A2thereA2isA2oftenA2confusionA2overA2whetherA2anA2itemA2isA2aA2
fixtureA2orA2personalA2property.A2WhatA2isA2theA2bestA2wayA2toA2avoidA2thisA2confusion?A2-
A2Ans--SpecifyA2questionableA2itemsA2ofA2propertyA2inA2theA2writtenA2salesA2contract.


AA2judgmentA2hasA2beenA2properlyA2recorded.A2AnyA2subsequentA2purchasers,A2whetherA
2theyA2haveA2actuallyA2examinedA2theA2recordA2orA2not,A2haveA2beenA2givenA2-A2Ans--
constructiveA2notice.

LegalA2descriptionsA2usingA2theA2governmentA2surveyA2systemA2areA2NOTA2generallyA2us
edA2inA2-A2Ans--theA2originalA213A2states.