PSI
PSI EXAM TEST PREP QUESTIONS
WITH CORRECT VERIFIED ANSWERS
LATEST UPDATE (2024/2025)
GUARANTEED PASS
1. A .borrower .has .defaulted .on .the .mortgage. .The .mortgage .contains
. an .acceleration .clause. .This .permits .the .lender .to .- .ANS .✅demand
. immediate .payment .of .the .entire .note.
2. according .to .the .Truth-in-Lending .Act, .if .any ."trigger .terms" .are
. used .in .an .ad, .all .of .the .following .disclosures .MUST .appear .in .the .ad
. EXCEPT .the .- .ANS .✅prepayment .penalties .and .rebates.
3. Federal .Truth-in-Lending .laws .are .also .known .as .- .ANS .✅Regulation
. Z
4. Which .of .the .following .consumers .would .be .able .to .derive .the .most
. benefit .from .a .reverse .mortgage? .- .ANS .✅A .couple .in .their .late .60?s
. who .need .to .tap .their .home .equity .to .help .cover .their .expenses .but .do
. not .want .to .sell .their .house.
5. The .FHA .functions .MOST .like .- .ANS .✅an .insurance .company.
1
psi exam test prep
, PSI
6. Which .of .the .following .real .estate .contracts .is .a .service .contract? .-
. ANS .✅a .listing .agreement
7. A .salesperson .lists .a .property .with .a .contract .that .allows .for
. subagency .and .dual .agency. .The .salesperson .is .- .ANS .✅an .agent .to
. the .broker .and .a .subagent .to .the .principal.
8. The .day .after .a .broker's .listing .on .a .house .expired, .it .was .listed
. with .another .broker .and .offered .in .the .MLS. .Several .days .later, .a
. third .licensee .called .the .first .broker .and .asked .for .the .key .to .show
. the .home. .The .broker .should .inform .the .caller .that .- .ANS .✅he .is .no
. longer .the .listing .agent.
9. When .a .principal .authorizes .an .agent .to .perform .a .particular .act .or
. transaction, .it .is .an .example .of .a .- .ANS .✅special .agency.
10. A .realty .firm .has .just .entered .into .an .agreement .to .represent
. a .home .builder .in .the .sale .of .a .new .subdivision. .The .firm .has
. located .several .potential .buyers .and .five .homes .have .been .sold .to
. purchasers .that .the .firm's .agents .have .contacted. .The .realty .firm
. has .an .agency .relationship .with .- .ANS .✅the .builder.
11. A .broker, .acting .as .agent .for .the .seller, .presents .an .offer .to
. buy .from .the .broker's .former .college .roommate. .The .broker .knows
. that .the .buyer .will .increase .the .amount .of .the .offer .if .the .seller
2
psi exam test prep
PSI EXAM TEST PREP QUESTIONS
WITH CORRECT VERIFIED ANSWERS
LATEST UPDATE (2024/2025)
GUARANTEED PASS
1. A .borrower .has .defaulted .on .the .mortgage. .The .mortgage .contains
. an .acceleration .clause. .This .permits .the .lender .to .- .ANS .✅demand
. immediate .payment .of .the .entire .note.
2. according .to .the .Truth-in-Lending .Act, .if .any ."trigger .terms" .are
. used .in .an .ad, .all .of .the .following .disclosures .MUST .appear .in .the .ad
. EXCEPT .the .- .ANS .✅prepayment .penalties .and .rebates.
3. Federal .Truth-in-Lending .laws .are .also .known .as .- .ANS .✅Regulation
. Z
4. Which .of .the .following .consumers .would .be .able .to .derive .the .most
. benefit .from .a .reverse .mortgage? .- .ANS .✅A .couple .in .their .late .60?s
. who .need .to .tap .their .home .equity .to .help .cover .their .expenses .but .do
. not .want .to .sell .their .house.
5. The .FHA .functions .MOST .like .- .ANS .✅an .insurance .company.
1
psi exam test prep
, PSI
6. Which .of .the .following .real .estate .contracts .is .a .service .contract? .-
. ANS .✅a .listing .agreement
7. A .salesperson .lists .a .property .with .a .contract .that .allows .for
. subagency .and .dual .agency. .The .salesperson .is .- .ANS .✅an .agent .to
. the .broker .and .a .subagent .to .the .principal.
8. The .day .after .a .broker's .listing .on .a .house .expired, .it .was .listed
. with .another .broker .and .offered .in .the .MLS. .Several .days .later, .a
. third .licensee .called .the .first .broker .and .asked .for .the .key .to .show
. the .home. .The .broker .should .inform .the .caller .that .- .ANS .✅he .is .no
. longer .the .listing .agent.
9. When .a .principal .authorizes .an .agent .to .perform .a .particular .act .or
. transaction, .it .is .an .example .of .a .- .ANS .✅special .agency.
10. A .realty .firm .has .just .entered .into .an .agreement .to .represent
. a .home .builder .in .the .sale .of .a .new .subdivision. .The .firm .has
. located .several .potential .buyers .and .five .homes .have .been .sold .to
. purchasers .that .the .firm's .agents .have .contacted. .The .realty .firm
. has .an .agency .relationship .with .- .ANS .✅the .builder.
11. A .broker, .acting .as .agent .for .the .seller, .presents .an .offer .to
. buy .from .the .broker's .former .college .roommate. .The .broker .knows
. that .the .buyer .will .increase .the .amount .of .the .offer .if .the .seller
2
psi exam test prep
