PSI National Real Estate Salesperson Practice Exam Questions and Correct Answers & Latest Updated
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Course
PSI REAL ESTATE
Institution
PSI REAL ESTATE
A competitive market analysis is MOST often used for
o :## 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. ...
PSI National Real Estate Salesperson Practice
Exam Questions and Correct Answers & Latest
Updated
A competitive market analysis is MOST often used for
o :## 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
o :## anticipation.
A commercial property lost value because a recently constructed highway moved traffic
away from the property. This is an example of
o :## 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
o :## 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
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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o :## a competitive market analysis to determine the property's value.
If all other factors are equal, in which location is a parking lot likely to bring the highest sales
price?
o :## 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
o :## 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
o :## 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?
o :## 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.
The FHA functions MOST like
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
, 3|Page: 2024/2025 Grade A+
o :## an insurance company.
Federal Truth-in-Lending laws are also known as
o :## Regulation Z.
Which of these Federal laws regulates the advertisement of a lender's credit terms (rates,
payment, etc.)?
o :## Regulation Z.
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to
o :## 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
o :## 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
o :## a mechanic's lien.
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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