PSI NATIONAL REAL ESTATE ONLINE PRACTICE EXAM LATEST
2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
Ned is a listing agent who has learned of a material fact related to the
transaction. To whom and when must he disclose this information? - ANSWER-
To all parties as soon as possible
The Swansons left the family property to their son, Jason, with the stipulation
that he does not build on it. The type of estate Jason holds is ______. -
ANSWER-Fee simple defeasible
What is a township? - ANSWER-A 36-square-mile square formed in the use of
the rectangular government survey system
Home inspector Murray is explaining to first-time buyers what he looks for
during a home inspection. What is his primary goal? - ANSWER-Document
health and safety issues that may affect both the cost and enjoyment of the
home.
Frontage (or front foot) refers to what? - ANSWER-A property's boundary line
that's adjacent to a road or waterway
Helen is purchasing a home for $150,000 and provides a $2,500 earnest money
check to the seller. She's financing the transaction, and her closing costs and
,down payment total $4,800. How much should Helen bring to the closing? -
ANSWER-$2,300
Marsha's title insurance policy was issued on closing day, June 18. The policy
lists the standard exclusions as well as requirements for the company to issue
the policy, such as paying off existing recorded liens. Which of these will NOT
be addressed in the schedule of exceptions? - ANSWER-The local cable
company's easement through the property for underground wiring. Marsha
disclosed this to the title company.
Which type of antitrust violation occurs when real estate firms agree to divide
their market so they don't compete with one another? - ANSWER-Market
allocation
Eric owes $115,000 on his lakefront home, which he's selling for $350,000. He's
spent $73,000 in major renovations, and he wants to take that expense into
consideration when he calculates how much he'll actually pocket at closing.
What number does he come up with? - ANSWER-$162,000 ( ($350,000 -
$115,000=$235,000) ($235,000 - $73,000=$162,000))
Marvin knows that three-bedroom properties with two bathrooms sell quickest
in his market. In an ad for a new listing, he wrote, "Bonus room could easily be
a third bedroom." Marla and Tom visit the property with their agent, and Tom,
a construction supervisor, notes that the bonus room couldn't be easily
converted to a bedroom because it's too small, it has no egress and no heat
source, and it can only be accessed by walking through a bathroom. Is Marvin
guilty of misrepresentation? - ANSWER-Yes, because he should have known
there would be major issues converting that room to a bedroom.
Jean is a licensee for At Home Realty. She chooses her own schedule, sets her
own sales goals, and is compensated based on commission. She must complete
three training courses each quarter and the required number of CE hours to
maintain her license. She must belong to the local REALTORS® association. The
,firm doesn't pay for employment taxes for Jean. She receives no insurance or
other benefits. Which of these factors might cause the IRS to classify Jean as an
employee instead of an IC? - ANSWER-She must take three training classes
through the firm.
Robert, who's 17 years old, signed a contract to purchase Stan's house. Stan
didn't realize Robert was underage until Robert's mother figured out what was
happening and called Robert's agent. Because Robert is a minor, the contract is
voidable by whom? - ANSWER-Robert
A _______ is a piece of real estate owned by multiple unrelated individuals
who, in addition to their ownership rights, each hold the right to occupy the
dwelling unit based on the specific terms of a timeshare agreement, usually in
one- to two-week intervals during the year. - ANSWER-Timeshare estate
Which of these areas would be included in the livable area calculation? -
ANSWER-A pool house connected to the house by a hallway
Sondrine's beach cottage has a right of way that allows nearby residents to get
to the beach. What is the primary difference between a right of way and an
easement? - ANSWER-A right of way provides a pass-through, but not a right to
use the property.
Which of these circumstances does NOT require agent disclosure? - ANSWER-
Marty is representing Dwayne in both the sale of his current home and the
purchase of his new home.
How many parties does a deed of trust involve? - ANSWER-Three: borrower,
lender, and trustee
, Tristan refused to let Marla list his property on the MLS, even though Marla
told him that more exposure to the property would generate more potential
buyers. Which two fiduciary duties are at odds in this situation? - ANSWER-
Reasonable skill and care and obedience
Reuben purchased a property from a seller who gave him a general warranty
deed. What's true of Reuben's deed to this property? - ANSWER-The deed
provides the greatest protection available from a grantor to a grantee.
Carly's closing on an REO property was suddenly delayed due to an internal
audit. What does this mean? - ANSWER-The lender has requested a title audit
to ensure that the foreclosure was properly handled.
Local authorities lack police power over which of the following? - ANSWER-
Federal government construction projects
How does title insurance affect the lender? - ANSWER-It protects the lender
from loss due to defective titles.
Anita is a new buyer. Luckily, ______ will help her before the sale and can
reimburse her after the sale if a title issue arises. - ANSWER-Her title insurance
Jorge accepted a seller's offer of insurable title. The transaction hasn't reached
closing, and a previously unknown title defect has been revealed. What
happens now? - ANSWER-The seller may not be required to attempt to clear
the defect before closing.
The Walton family got a great deal on their new home. They bought it for
$101,295, and it appraised at $187,000. Using an assessment ratio of 25%,
what is the assessed value of their new home? - ANSWER-$46,750
