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National Real Estate Exam PSI questions with correct answers.
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National Real Estate Exam PSI questions with correct answers.
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National Real Estate Exam PSI questions with correctanswers
The doctrine of laches refers to the _______ of restrictive
covenants/deed restrictions.
-Creation
-Enforcement
-History
-Types Correct Answer-Enforcement
Roberto, a licensee, filled in the blanks on a standard form used in his
brokerage firm. Is this okay?
-No, because he's not an attorney, he shouldn't prepare contracts.
-No, he should have his client complete any forms.
-Yes, licensees can use standard forms originally created or approved by
an attorney.
-Yes, real estate licensees may draft contracts and fill in blanks on
existing contracts. Correct Answer-Yes, licensees can use standard
forms originally created or approved by an attorney.
Derrick was thrilled to find out that the land he purchased includes
several small caves. He's been spelunking for about three years and
looks forward to exploring the caves on weekends. Which real property
right allows him to do so?
,-Disposition
-Enjoyment
-Exclusion
-Possession Correct Answer-Enjoyment
Lawrence is a buyer closing on a home purchase for which he's
obtaining financing. He receives a Loan Estimate from his lender.
What's the purpose of this document?
-To detail the amount Lawrence needs to bring to closing
-To detail the estimated closing costs for Lawrence's loan
-To disclose the interest rates available on this lender's various loan
programs
-To disclose the lender's source of loan funds Correct Answer-To detail
the estimated closing costs for Lawrence's loan
**The Loan Estimate, which the lender must provide within three days
of loan application, provides an estimate of mortgage loan costs.
Claire rents 1,100 square feet of office space in a new professional
building. Her rent payment includes all utilities and property taxes, but
she pays separately for custodial services. What kind of lease does
Claire have?
,-Full-service lease
-Modified gross lease
-Percentage lease
-Triple-net lease Correct Answer-Modified gross lease
**A modified gross lease typically includes all the nets in the base rent,
but not utilities and/or janitorial services.
Marlon and Leah are interested in buying a home in a new homeowner
opportunity area. The 100-year-old row house was renovated and is like
new on the inside. The property taxes decreased by more than $5,000
last year. What's the likely reason for this?
-Introductory rates
-Seller error
-Tax abatement
-Tax reassessment Correct Answer-Tax abatement
**A tax abatement program will lower the property taxes on a given
property for a set amount of time. This is typically in response to some
sort of improvement or rehabilitation, or for some new construction
properties.
Which of the following is an example of price fixing?
, -A brokerage requires all licensees to offer a fair cooperative brokerage
fee.
-Three brokerages agree to purchase office supplies together to obtain a
bulk discount.
-Twelve brokerages discuss compensation of associated independent
contractor licensees.
-Two brokerages determine a standard commission rate. Correct
Answer-Two brokerages determine a standard commission rate.
**Collusion must occur on pricing for the public in order for price fixing
to occur.
Which legislative act prohibits certain types of electronic
communication?
-CAN-SPAM
-NO-SPAM
-SPAM-CAN
-SPAM-JAM Correct Answer-CAN-SPAM
**The Controlling the Assault of Non-Solicited Pornography and
Marketing Act (CAN-SPAM) prohibits junk email and requires an
"unsubscribe" option in any email marketing messages.
Tracy is looking in the MLS and sees a listing marked "REO." Which of
these statements regarding REOs is correct?
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