National PSI 50 EXAM PRACTICE TEST QUESTIONS AND ANSWERS

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media - ️️A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crack is an example of : A. A structural defect B. A patent Defect C. a latent defect D. an environmental defect - ️️B. A patent defect is easily visible when inspecting a property. (another) term for material) An eligible veteran made an offer of $225,000 to purchase a home contingent upon obtaining a no-down payment U.S department of Veterans Affairs (VA) guaranteed loan. Three weeks after the offer was accepted, the VA issued a certificate of reasonable value (CRV) for the $222,000 for the property. In this case, the veteran may: A. withdraw from the sale with a three-point penalty B. withdraw from the sale on payment of a commission to the seller's broker C. purchase the property by making a $3,000 cash payment D. seek secondary funding for the $3,0000 - ️️C. When the purchase price of a property is greater than the VA-issued (CRV), the veteran may pay the difference in cash to purchase the property because secondary financing is somewhat restricted under VA regulations.