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Summary PSI National Real Estate Salesperson Practice Exam questions and answers
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PSI National Real Estate Salesperson Practice Exam questions and answers
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PSI National Real Estate SalespersonPractice Exam questions and answers
A competitive market analysis is MOST often used for - correct answer ✅setting a
listing price.
A couple owns an older home in a neighborhood that is becoming a commercial
area. Because of the change in the use of the land, the couple can expect the
value of their parcel to increase at some future time. This is an example of the
principle of - correct answer ✅anticipation.
A commercial property lost value because a recently constructed highway moved
traffic away from the property. This is an example of - correct answer ✅economic
or external obsolescence.
According to the principle of progression, a three-bedroom, one-story home is
MOST likely to bring the highest sales price if located in a neighborhood in which -
correct answer ✅most homes are larger than the sale home.
A prospective seller asks a salesperson to recommend a listing price for a
property. The salesperson should suggest - correct answer ✅a competitive
market analysis to determine the property's value.
,PSI National Real Estate Salesperson
Practice Exam questions and answers
If all other factors are equal, in which location is a parking lot likely to bring the
highest sales price? - correct answer ✅Business district zoned for a six story
office building.
When the sellers are lending part of the purchase price, they may secure the debt
either with a deed of trust or a mortgage. For the seller, one benefit of the deed
of trust is that - correct answer ✅foreclosure is usually simpler and faster.
Even if a loan applicant's current income seems adequate to qualify for a certain
loan, the Equal Credit Opportunity Act allows a lender to refuse the loan as a high
risk if the applicant's main source of income is - correct answer ✅commission
sales.
A broker and the buyers he represents are anxiously awaiting the closing on their
new home. The closing is scheduled in 4 days. The buyers inform the broker that
they just received revised Loan Estimate and Closing Disclosure forms from the
lender, indicating the Annual Percentage Rate on their loan has increased by 0.3%.
Based on the TILA-RESPA Integrated Disclosure rule, what action should the broker
take in this situation? - correct answer ✅Confirm with the seller's broker, the
lender and the closing entity that the closing must be delayed to allow for a new
seven-day waiting period because of the interest rate revision.
, PSI National Real Estate Salesperson
Practice Exam questions and answers
The FHA functions MOST like - correct answer ✅an insurance company.
Federal Truth-in-Lending laws are also known as - correct answer ✅Regulation Z.
Which of these Federal laws regulates the advertisement of a lender's credit
terms (rates, payment, etc.)? - correct answer ✅Regulation Z.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - correct answer ✅demand
immediate payment of the entire note.
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 - correct answer
✅prepayment penalties and rebates.
An owner hired a construction company to build a swimming pool at a new home.
The owner failed to pay the bill once the work was completed and the
construction company filed a lien to obtain payment of the debt. The
encumbrance created is called - correct answer ✅a mechanic's lien.
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