1
National PSI Broker Exam 2025/2026 | Complete
Exam with 100 Real Questions & 100% Correct
Answers – Real Estate Broker Licensing
A broker is completing a CMA to determine the potential listing price of a seller's
home. Which of the following is NOT part of the final CMA given to the seller?
A)
Highest and best use evaluation
B)
Comparable sales analysis
C)
Adjustments to past sales
D)
Pictures of comparables - (ANSWER)A)
The answer is highest and best use evaluation. An appraiser does a highest and
best use evaluation, which does not appear in a CMA.
Houses in the local area have had an increase in sales price and a decrease in days
on the market. A broker who is attempting to determine the current market value
for a residential listing would get the BEST estimate of value by using
A)
a GRM as the primary consideration to determine value.
, 2
B)
the cost approach with reproduction estimates.
C)
comparables that are no more than six months old.
D)
comparables that are no more than 12 months old. - (ANSWER)C)
The answer is comparables that are no more than six months old. In a changing
market, the more recent the comparables, the more likely they are to reflect
upward or downward price changes.
Rental rates have increased by 2% in the last six months. Which appraisal
principle BEST explains this rate increase?
A)
Principle of substitution
B)
Principle of supply and demand
C)
Principle of contribution
D)
Principle of highest and best use - (ANSWER)B)
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The answer is principle of supply and demand. The principle of supply and
demand states that as fewer properties become available for rent or sale, the
price owners can charge will increase.
The current monthly GRM in a neighborhood is 200, and the annual income is
$24,000. What is the estimated value of a property in this neighborhood?
A)
$200,000
B)
$240,000
C)
$400,000
D)
$4,800,000 - (ANSWER)C)
The answer is $400,000. Monthly GRM × monthly income = value. 200 × 2,000
($24,000 ÷ 12) = $400,000.
The subject property has two baths and one fireplace. The property across the
street sold for $181,000 and has two baths and two fireplaces. The property
behind the subject sold for $175,000 and has two baths and no fireplace. In the
area, baths are worth $5,000 and fireplaces are worth $3,000. What is the subject
property worth?
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A)
$175,000
B)
$177,000
C)
$178,000
D)
$180,000 - (ANSWER)The answer is $178,000
Subject Property Comp 1 $181,000 Comp 2 $175,000
2 baths 2 baths no adjustment 2 baths no adjustment
1 fireplace 2 fireplaces - $3,000 No fireplace + $3,000
Adjusted price $178,000 Adjusted price $178,000
According to federal government lending regulations, a buyer purchasing a home
must have an appraisal for all the following types of financing EXCEPT
A)
FHA.
B)
VA.
National PSI Broker Exam 2025/2026 | Complete
Exam with 100 Real Questions & 100% Correct
Answers – Real Estate Broker Licensing
A broker is completing a CMA to determine the potential listing price of a seller's
home. Which of the following is NOT part of the final CMA given to the seller?
A)
Highest and best use evaluation
B)
Comparable sales analysis
C)
Adjustments to past sales
D)
Pictures of comparables - (ANSWER)A)
The answer is highest and best use evaluation. An appraiser does a highest and
best use evaluation, which does not appear in a CMA.
Houses in the local area have had an increase in sales price and a decrease in days
on the market. A broker who is attempting to determine the current market value
for a residential listing would get the BEST estimate of value by using
A)
a GRM as the primary consideration to determine value.
, 2
B)
the cost approach with reproduction estimates.
C)
comparables that are no more than six months old.
D)
comparables that are no more than 12 months old. - (ANSWER)C)
The answer is comparables that are no more than six months old. In a changing
market, the more recent the comparables, the more likely they are to reflect
upward or downward price changes.
Rental rates have increased by 2% in the last six months. Which appraisal
principle BEST explains this rate increase?
A)
Principle of substitution
B)
Principle of supply and demand
C)
Principle of contribution
D)
Principle of highest and best use - (ANSWER)B)
, 3
The answer is principle of supply and demand. The principle of supply and
demand states that as fewer properties become available for rent or sale, the
price owners can charge will increase.
The current monthly GRM in a neighborhood is 200, and the annual income is
$24,000. What is the estimated value of a property in this neighborhood?
A)
$200,000
B)
$240,000
C)
$400,000
D)
$4,800,000 - (ANSWER)C)
The answer is $400,000. Monthly GRM × monthly income = value. 200 × 2,000
($24,000 ÷ 12) = $400,000.
The subject property has two baths and one fireplace. The property across the
street sold for $181,000 and has two baths and two fireplaces. The property
behind the subject sold for $175,000 and has two baths and no fireplace. In the
area, baths are worth $5,000 and fireplaces are worth $3,000. What is the subject
property worth?
, 4
A)
$175,000
B)
$177,000
C)
$178,000
D)
$180,000 - (ANSWER)The answer is $178,000
Subject Property Comp 1 $181,000 Comp 2 $175,000
2 baths 2 baths no adjustment 2 baths no adjustment
1 fireplace 2 fireplaces - $3,000 No fireplace + $3,000
Adjusted price $178,000 Adjusted price $178,000
According to federal government lending regulations, a buyer purchasing a home
must have an appraisal for all the following types of financing EXCEPT
A)
FHA.
B)
VA.
