PSI Practice Test Practice Questions and Answers (100% Pass)
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Course
PSI
Institution
PSI
PSI Practice Test Practice Questions and Answers (100% Pass)
An exception to title insurance coverage is
1. forged documents.
2. defects found in public newspapers.
3. incorrect records of marital status.
4. defects that clearly appear in the title search. - Answer️️ -defects that clearly
...
A landowner wishes to build a neighborhood grocery store on a busy street in an
area zoned for residential use. Which of the following would MOST likely be used
to obtain permission for this store?
1. Deed amendment.
2. Approval of surrounding property owners.
3. Inclusionary zoning.
4. Conditional use permit or zoning variance. - Answer✔️✔️-4. Conditional use
permit or zoning variance.
A salesperson lists a property with a contract that allows for subagency and dual
agency. The salesperson is
1. an independent contractor to the broker and an agent to the principal.
2. an agent to the broker and a subagent to the principal.
3. a subagent to the broker and an agent to the principal.
Earnest money should be deposited into a trust account
1. in a timely manner, according to state laws.
2. upon removal of all contingencies.
3. at the broker's discretion.
4. according to MLS rules. - Answer✔️✔️-in a timely manner, according to state
laws.
Even after an offer has been accepted and is binding, the buyer and seller may still
choose to sign mutual release papers rather than proceed to closing. Which of the
following circumstances would NOT give either party a justifiable reason to insist
on a mutual release?
1. The buyer finds a better property for better terms.
2. A title defect that will take months to clear is discovered.
3. A basement fire causes damage that requires extensive repairs.
4
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