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PSI NATIONAL EXAM FOR REAL ESTATE EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT ANSWERS|GRADED A+
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PSI NATIONAL EXAM FOR REAL ESTATE EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT ANSWERS|GRADED A+
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PSI NATIONAL EXAM FOR REAL ESTATE EXAM LATEST2024 ACTUAL QUESTIONS AND CORRECT
ANSWERS|GRADED A+
The real estate broker who is listing a house for sale should
personally verify - ANSWER-the number of square feet in the
building
Real property can be converted to personal property by -
ANSWER-Severance
Prospective buyers made an offer on a property. The seller
did NOT accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real
estate agent delivered their acceptance to the seller.
In the interim, the same buyers had found another house
that they liked better and made an offer on it, which was
accepted. Which of the following is TRUE? - ANSWER-Both
contracts are valid
Although states make specific laws governing water rights
and the rights in land that borders water, most states
,generally follow one of two basic doctrines regarding water
rights. In many states, the common law doctrine of riparian
and littoral rights dictates that water rights are automatically
conveyed with property. In others, all water rights are
controlled by the state under the doctrine of - ANSWER-prior
appropriation
A written agreement in which a purchaser agrees to buy and
a seller agrees to sell is called - ANSWER-a contract
Antitrust laws prohibit competing brokers from all of the
following - ANSWER-1. boycotting other brokers in the
marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will
probably be shared by - ANSWER-all current owners of real
estate fronting on that road
State laws differ on whether a buyer is entitled to know about
- ANSWER-a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by -
ANSWER-a homeowner
,When is racial discrimination in the rental of rooms or
apartments permitted? - ANSWER-Under no circumstances
The purpose of requiring an earnest money deposit in a real
estate sales contract is to - ANSWER-provide evidence of the
buyer's intention to carry out the contract.
A buyer is getting a fully amortized loan for $220,000. The
bank will give the buyer the loan for 15 years at 5 1/2%
or for 30 years at 6 1/2%. To the nearest cent, what is the
difference between the monthly payments for these two
loans?
(BE SURE TO USE THE AMORTIZATION TABLE.) - ANSWER-
$409.20.
A borrower has defaulted on the mortgage. The mortgage
contains an acceleration clause. This permits the lender to -
ANSWER-demand immediate payment of the entire note
The FHA functions MOST like - ANSWER-an insurance
company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
, 3. They are paid by either the buyer or the seller. - ANSWER-
discount points
When land is conveyed to a trustee, the trustee may -
ANSWER-do whatever is permitted under the trust
agreement
A prospective buyer made an offer to purchase a property.
The owner responded with a counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better
offer. The owner can accept the second offer if - ANSWER-the
owner withdraws the counteroffer before it is accepted.
While an agent is showing a listed property, the seller and the
buyer enter into an oral agreement for the purchase of the
home. If a dispute over the terms arises later, the agreement
may be unenforceable because - ANSWER-the agreement
does not comply with the Statute of Frauds
Earnest money should be deposited into a trust account -
ANSWER-in a timely manner, according to state laws
A deed restriction is applicable to the activities of - ANSWER-
all owners, present and future
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