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National PSI BUNDLED EXAMS PRACTICE TEST EXAM 2024 WITH 100% CORRECT ANSWERS
National PSI EXAM PRACTICE TEST EXAM 2024 WITH 100% CORRECT ANSWERS PSI REAL ESTATE SALESPERSON PRACTICE EXAM 2024 WITH 100% CORRECT ANSWERS
[Show more]National PSI EXAM PRACTICE TEST EXAM 2024 WITH 100% CORRECT ANSWERS PSI REAL ESTATE SALESPERSON PRACTICE EXAM 2024 WITH 100% CORRECT ANSWERS
[Show more]What are the categories of real property? correct answersResidential, Agricultural and Industrial 
 
The point at which supply and demand are balanced is known as? correct answersEquilibrium 
 
The Phrase "bundle of legal rights" is properly included in? correct answersThe definition of real prope...
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Add to cartWhat are the categories of real property? correct answersResidential, Agricultural and Industrial 
 
The point at which supply and demand are balanced is known as? correct answersEquilibrium 
 
The Phrase "bundle of legal rights" is properly included in? correct answersThe definition of real prope...
Active Status correct answersLegally engaging in acts of real estate. 
 
Brokerage Agreement correct answersA written agreement establishing the brokerage relationship between a client and a licensee which must state whether the licensee will represent the client as an agent or as an independent con...
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Add to cartActive Status correct answersLegally engaging in acts of real estate. 
 
Brokerage Agreement correct answersA written agreement establishing the brokerage relationship between a client and a licensee which must state whether the licensee will represent the client as an agent or as an independent con...
Government rights in land 
1 
2 
3 
4 correct answers1. Police Power 
2. Eminent Domain 
3. Property Taxes 
4. Escheat 
 
police power correct answersEnacts and Enforces laws governing land use - public control of land ( Eg. zoning, building codes, etc) 
 
eminant domain correct answersPower of a go...
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Add to cartGovernment rights in land 
1 
2 
3 
4 correct answers1. Police Power 
2. Eminent Domain 
3. Property Taxes 
4. Escheat 
 
police power correct answersEnacts and Enforces laws governing land use - public control of land ( Eg. zoning, building codes, etc) 
 
eminant domain correct answersPower of a go...
All of the above correct answersIn Virginia, what action is prohibited in an advertisement for real estate? 
Select one: 
A. Failing to get a client's written consent to advertise his property 
B. Failing to identify the type of services offered in a general property description 
C. Advertising tha...
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Add to cartAll of the above correct answersIn Virginia, what action is prohibited in an advertisement for real estate? 
Select one: 
A. Failing to get a client's written consent to advertise his property 
B. Failing to identify the type of services offered in a general property description 
C. Advertising tha...
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answersa contract 
 
Antitrust laws prohibit competing brokers from all of the following correct answers1. boycotting other brokers in the marketplace. 
2. dividing the market to restrict competition...
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Add to cartA written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answersa contract 
 
Antitrust laws prohibit competing brokers from all of the following correct answers1. boycotting other brokers in the marketplace. 
2. dividing the market to restrict competition...
What is the purpose of chapter 21 in the Virginia code? 
-to summarize property and conveyance regulations 
-to codify laws regarding Virginia deeds and covenants 
-to present license requirements, brokerage relationships and real estate board authorizations 
-to articulate the Virginia residential ...
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Add to cartWhat is the purpose of chapter 21 in the Virginia code? 
-to summarize property and conveyance regulations 
-to codify laws regarding Virginia deeds and covenants 
-to present license requirements, brokerage relationships and real estate board authorizations 
-to articulate the Virginia residential ...
What's is skin? correct answersOrgan 
 
What's the different name for stratum corneum? correct answershorny layer 
 
Where elastin and collagen located? correct answersDermis loyer 
 
What's the main function of the lymph? correct answerscarries waste 
 
Nerve that affect face? correct answersCra...
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Add to cartWhat's is skin? correct answersOrgan 
 
What's the different name for stratum corneum? correct answershorny layer 
 
Where elastin and collagen located? correct answersDermis loyer 
 
What's the main function of the lymph? correct answerscarries waste 
 
Nerve that affect face? correct answersCra...
What is the purpose of Chapter 21 in the Virginia code? correct answersTo present license requirements brokerage relationships and Real Estate Board authorizations 
 
Delaney is licensed under a real estate firm and legally performs real estate activities for an average of at least 40 hours a week. ...
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Add to cartWhat is the purpose of Chapter 21 in the Virginia code? correct answersTo present license requirements brokerage relationships and Real Estate Board authorizations 
 
Delaney is licensed under a real estate firm and legally performs real estate activities for an average of at least 40 hours a week. ...
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. 
 
 
...
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Add to cartReal 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. 
 
 
...
If there is in effect at the date of the foreclosure sale a real estate purchase contract to buy the property foreclosed upon and the real estate purchase contract provides that the earnest money deposit held in escrow by a firm or sole proprietorship shall be paid to a principal to the contract in ...
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Add to cartIf there is in effect at the date of the foreclosure sale a real estate purchase contract to buy the property foreclosed upon and the real estate purchase contract provides that the earnest money deposit held in escrow by a firm or sole proprietorship shall be paid to a principal to the contract in ...
Purpose of Virginia real estate law 
Protect public interest 
 
 
 
Actively engaged in the application for a broker's license 
40 hours per week
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Add to cartPurpose of Virginia real estate law 
Protect public interest 
 
 
 
Actively engaged in the application for a broker's license 
40 hours per week
Real estate taxes that are paid in advanced are prorated on the closing statement as. 
a. no entry to buyer; a credit to seller. 
b. no entry to buyer; a debit to seller. 
c. a credit to buyer; a debit to seller. 
d. a debit to buyer; a credit to seller. 
a debit to the buyer; credit to the seller 
...
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Add to cartReal estate taxes that are paid in advanced are prorated on the closing statement as. 
a. no entry to buyer; a credit to seller. 
b. no entry to buyer; a debit to seller. 
c. a credit to buyer; a debit to seller. 
d. a debit to buyer; a credit to seller. 
a debit to the buyer; credit to the seller 
...
what happens to Lease transactions: security deposits. Any security deposit held by a firm or sole proprietorship? correct answersshall be placed in an escrow account by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to the transa...
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Add to cartwhat happens to Lease transactions: security deposits. Any security deposit held by a firm or sole proprietorship? correct answersshall be placed in an escrow account by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to the transa...
a contract of sale states that the earnest money deposit is to be placed in an interest-bearing account with any interest earned to be given to the buyer. This is: correct answersokay, because the buyer and the seller have agreed to this 
 
If a buyer's earnest money check is returned for insuffici...
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Add to carta contract of sale states that the earnest money deposit is to be placed in an interest-bearing account with any interest earned to be given to the buyer. This is: correct answersokay, because the buyer and the seller have agreed to this 
 
If a buyer's earnest money check is returned for insuffici...
Loan Point correct answers1% is 1 point. 1% of loan amount 
 
Loan Origination Fee correct answerscompensation for processing a new Mortage loan 
 
discount points correct answershelps permanently reduce loans interest 
 
buydown correct answersinterest pre-payment at closing to temporarily reduce i...
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Add to cartLoan Point correct answers1% is 1 point. 1% of loan amount 
 
Loan Origination Fee correct answerscompensation for processing a new Mortage loan 
 
discount points correct answershelps permanently reduce loans interest 
 
buydown correct answersinterest pre-payment at closing to temporarily reduce i...
A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answersappurtenant 
 
A tenant rented an a...
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Add to cartA homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answersappurtenant 
 
A tenant rented an a...
A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 
 
1. an exclusive agency listing. 
2. an exclusive right to sell listing. 
3. a net listing. 
4. an a...
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Add to cartA couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 
 
1. an exclusive agency listing. 
2. an exclusive right to sell listing. 
3. a net listing. 
4. an a...
assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: 
 
liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defa...
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Add to cartassignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: 
 
liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defa...
VA- Earnest money must be deposited into the brokers escrow account within how many days of ratification of the contract? correct answers5 days 
 
The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some ...
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Add to cartVA- Earnest money must be deposited into the brokers escrow account within how many days of ratification of the contract? correct answers5 days 
 
The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some ...
Water Rights correct answersThe terms "littoral," "riparian," and "appropriative" refer to 
 
A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is correct answersan agent to the broker and a subagent to the principal. 
 
Depreciation is c...
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Add to cartWater Rights correct answersThe terms "littoral," "riparian," and "appropriative" refer to 
 
A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is correct answersan agent to the broker and a subagent to the principal. 
 
Depreciation is c...
Real Property correct answersLand and everything permanently attached to it 
 
Personal Property correct answerspossessions such as jewelry, furniture, and boats 
 
Conveyance (Deed) correct answersEvery instrument, in writing, except a will, by which any estate or interest in real property is creat...
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Add to cartReal Property correct answersLand and everything permanently attached to it 
 
Personal Property correct answerspossessions such as jewelry, furniture, and boats 
 
Conveyance (Deed) correct answersEvery instrument, in writing, except a will, by which any estate or interest in real property is creat...
When a land contract is entered into; correct answersThe buyer acquires equitable title 
 
Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: correct answersCan only conclude the...
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Add to cartWhen a land contract is entered into; correct answersThe buyer acquires equitable title 
 
Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: correct answersCan only conclude the...
Chain of Title correct answersThe historical records of all owners and encumbrances of a specific parcel of real estate is known as 
 
Property Disclosure Force correct answersBefore making an offer on a property, the buyer should have received and read 
 
Usury Laws correct answersLaws that determi...
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Add to cartChain of Title correct answersThe historical records of all owners and encumbrances of a specific parcel of real estate is known as 
 
Property Disclosure Force correct answersBefore making an offer on a property, the buyer should have received and read 
 
Usury Laws correct answersLaws that determi...
a. correct answersWhen a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the: 
 
a. mortgagor 
b. lender 
c. mortgagee 
d. beneficiary 
 
b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give th...
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Add to carta. correct answersWhen a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the: 
 
a. mortgagor 
b. lender 
c. mortgagee 
d. beneficiary 
 
b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give th...
VREB Stands For correct answersVirginia Real Estate Board 
 
Title 54.1, Chapter 21 of the Code of Virginia Defines correct answersthe composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duti...
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Add to cartVREB Stands For correct answersVirginia Real Estate Board 
 
Title 54.1, Chapter 21 of the Code of Virginia Defines correct answersthe composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duti...
Bilateral correct answersWhat is a type of contract in which two parties are legally bound to act? 
 
Functional Obsolence correct answersWhat is one kind of real property depreciation caused by poor design? 
 
Grantee correct answersWhat is the name of the party who aquires the title to real proper...
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Add to cartBilateral correct answersWhat is a type of contract in which two parties are legally bound to act? 
 
Functional Obsolence correct answersWhat is one kind of real property depreciation caused by poor design? 
 
Grantee correct answersWhat is the name of the party who aquires the title to real proper...
acceleration clause correct answersA provision in a written mortgage, note, bond, or conditional sales contract that in the even of default, the whole amount of the principal and the interest may be declared due and payable at once. 
 
accession correct answersTitle to improvements or additions to r...
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Add to cartacceleration clause correct answersA provision in a written mortgage, note, bond, or conditional sales contract that in the even of default, the whole amount of the principal and the interest may be declared due and payable at once. 
 
accession correct answersTitle to improvements or additions to r...
A legal description in land that includes language like "the old oak tree" or "the big rock" would be correct answersMetes and bounds 
 
As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. Wh...
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Add to cartA legal description in land that includes language like "the old oak tree" or "the big rock" would be correct answersMetes and bounds 
 
As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. Wh...
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