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PSI National real estate questions with correct answer1.
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PSI National real estate questions with correct answer1.
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PSI National real estate questions with correctanswers
Martha was able to go to the closing and sign the paperwork to sell her
mother's property while her mother was in the hospital. How could this
be possible?
1. Martha may have been named an executor of her mother's will.
2. Her mother may have had a power of attorney drawn up making
Martha her attorney in fact.
3. Martha and her mother may own the property as joint tenants, so that
Martha may sign as owner
4. Martha's mother's surgeon recommended that this be permitted to
alleviate her mother's stress and regarding this pending transaction
Correct Answer-2. Her mother may have had a power of attorney drawn
up making Martha her attorney in fact.
Janet is the property for a 20 unit building. What steps would she take
when asked to prorate the rent if a new tenant wants to move in on the
8th day of the month in June?
1. subtract 8 days from 365 to come up with the prorated rent per day
2. Divide the monthly rent by 30 days and multiply that number by 22
3. calculate the 22 day rental amount and add a prorated utility fee
4. advise the tenant that the first available move-in date is July 1 Correct
Answer-2. Divide the monthly rent by 30 days and multiply that number
by 22
,In a jurisdiction where the common law of agency governs real estate
activities, a broker has entered a single agency relationship with the
buyer. The broker has put together a list of properties but it was based
off how much commission he can make on this sale. What fiduciary duty
did the broker violate?
1. confidentiality
2. loyalty
3. disclosure
4. caution Correct Answer-2. loyalty
Why was asbestos often used as a construction material?
1. waterproof
2. fireproof
3. indestructible
4. cheap Correct Answer-2. fireproof
An owner signed a contract to sell an apartment building. Just before
closing, the owner informed the buyers that she had changed her mind
and would NOT sell the property. A lawsuit filed by the buyers would
be for:
1. specific performance
2. lis pendens
3. quiet title action
4. a deficiency judgement Correct Answer-1. specific performance
, The broker has noticed that a great number of people who are buying in
the neighborhood where his listing is located speak Russian. He also
noticed a Russian grocery store right by the neighborhood that was
attractive. He decides to stop the advertising the property and started
adverting the property on two different Russian internet sites. This is:
1. Acceptable because it is not print media
2. Unacceptable due to its discriminatory nature
3. Acceptable if the advertisement includes no preferential language
4. The only appropriate way to market property in this neighborhood
Correct Answer-3. Acceptable if the advertisement includes no
preferential language
Market price is:
1. What the property sells for
2. The most probable price
3. The same as market value
4. The same as cost when used Correct Answer-1. What the property
sells for
The most listing contracts, a broker who has brought a ready, willing,
and able buyer to a seller who agrees to the terms of a sales contract:
1. earns a commission at that point
2. earns a commission even if the contingencies in the contract have not
been met.
3. does not earn commission unless the sale closes
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