PSI Exam-Questions with Correct Answers/ Verified/ 100% Pass
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Course
Psi
Institution
Psi
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? -️️the owner withdraws the counteroffer before it is
accepted.
A bu...
PSI Exam-Questions with Correct Answers/ Verified/ 100% Pass
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? - ✔️✔️the owner withdraws the counteroffer before it is
accepted.
A buyer was negotiating the purchase of a house for himself. During a conversation with the seller,
the seller agreed to include all kitchen appliances in the sale, and this fact was included in the sales
contract. In this situation, if the seller takes the appliances with him, what recourse does the buyer
have? - ✔️✔️The buyer may sue the seller for specific performance.
If an older building cannot be air-conditioned, it is an example of? - ✔️✔️functional obsolescence.
Three people buy a house as tenants in common. Subsequently, two of the owners want to sell, but
the third discourages each potential purchaser. The two owners who wish to sell the house can? -
✔️✔️file an action for partition against the third owner.
A minority couple come to a salesperson looking for a house. The salesperson has some properties
for which the couple qualify but avoids showing or mentioning these listings. Instead, the
salesperson shows only properties in low-priced and integrated neighborhoods. This practice is
known as - ✔️✔️steering.
In the sale of property, there is often confusion over whether an item is a fixture or personal
property. What is the best way to avoid this confusion? - ✔️✔️Specify questionable items of
property in the written sales contract
In MOST states, foreclosed property is sold through? - ✔️✔️public auction.
When a principal authorizes an agent to perform a particular act or transaction, it is an example of
a? - ✔️✔️special agency.
Which restrictive covenant would be considered illegal? - ✔️✔️A covenant that restricts selected
parcels within a defined subdivision.
A gross lease can be best defined as one where the tenant pays, as a part of the rent? - ✔️✔️no
operating expenses of the leased space
, A salesperson in a branch office is sued for damages by a buyer after the salesperson misrepresents
a property. Who has the ultimate responsibility for the salesperson's actions? - ✔️✔️the
supervising broker
When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies
involving inspections or approval by a third party should? - ✔️✔️have short deadlines.
Ordinances that specify construction standards are? - ✔️✔️building codes.
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 -
✔️✔️an exclusive agency listing.
The FHA functions MOST like - ✔️✔️an insurance company.
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 dollar, what is the difference between the
monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE.) - ✔️✔️$407
A broker has signed a listing contract for the sale of a home. Which of the following could make this
contract voidable? - ✔️✔️The seller is heavily under the influence of alcohol at the time of signing.
A real estate salesperson is representing only the buyer in a transaction. Which of the following
actions would be a violation of the salesperson's agency duties to the client? - ✔️✔️disclosing the
highest price the buyer is willing to pay
For Federal income tax purposes, which of the following are costs of homeownership that may be
deducted from gross income? - ✔️✔️Mortgage loan interest, local property taxes, mortgage loan
origination fees.
Unrepresented buyers ask the licensee who listed the home whether they should order a property
inspection as a part of their due diligence for the purchase of the home. Which of the following
would be the most appropriate way for the listing agent to respond? - ✔️✔️If you feel it is in your
best interest, please do so.
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