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National Real Estate PSI Exam Prep questions with correct answers
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National Real Estate PSI Exam Prep questions with correct answers
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National Real Estate PSI Exam Prep questions withcorrect answers
According to federal government lending regulations, a buyer
purchasing a home must have an appraisal for all the following types of
financing EXCEPT
A.) FHA
B.) VA
C.) Loan sold to FNMA
D.) Seller carry Correct Answer-D.) Seller carry
Legal agreements may be valid, void, or voidable, depending on whether
they contain all the required essential elements of a contract. All of the
following would make a contract voidable EXCEPT
A.) It isn't in writing
B.) A minor has signed the document
C.) The buyer is under duress
D.) The broker misrepresented the property Correct Answer-A.) It isn't
in writing
All of the following are common law requirements for a valid listing
agreement EXCEPT
A.) A definite termination date
,B.) Specific performance remedies should one of the parties default
C.) A negotiable commission clause
D.) Be an expressed written agreement in order to enforce the
commission clause Correct Answer-B.) Specific performance remedies
should one of the parties default
A minor has inherited a large old house from her father. The minor sells
it to her aunt. Is this purchase contract valid?
A.) Yes, It is valid and enforceable
B.) No, it is void
C.) No, It is voidable by the minor
D.) No, It is unenforceable by the minor Correct Answer-C.) No, It is
voidable by the minor
A buyer has requested that the seller give him a six-month opportunity
to purchase the seller's property for $400,000 with 10% down. The
buyer has agreed to give the seller $4,000 to hold the offer open for the
next six months, with the seller keeping the $4,000 if the buyer decides
not to purchase. The contract is
A.) An open listing agreement
B.) An option agreement
C.) An implied sales agreement with both parties bound
D.) A bilateral agreement with both the buyer and seller bound because
there was a payment Correct Answer-B.) An option agreement
,A broker is completing a CMA to determine the potential listing price of
a seller's home. Which of the following is NOT part of the final CMA
given to the seller?
A.) Highest and best use evaluation
B.) Comparable sales analysis
C.) Adjustment to past sales
D.) Picture of comparables Correct Answer-A.) Highest and best use
evaluation
Houses in the local area have had an increase in sales price and a
decrease in days on the market. A broker who is attempting to determine
the current market value for a residential listing would get the BEST
estimate of value by using?
A.) A GRM as the primary consideration to determine value
B.) The cost approach with reproduction estimates
C.) Comparables that are no more than six months old
D.) Comparables that are no more than 12 months old Correct Answer-
C.) Comparables that are no more than six months old
Rental rates have increased by 2% in the last six months. Which
appraisal principle BEST explains this rate increase?
, A.) Principle of substitution
B.) Principle of supply and demand
C.) Principle of contribution
D.) Principle of highest and best use Correct Answer-B.) Principle of
supply and demand
The current monthly GRM in a neighborhood is 200, and the annual
income is $24,000. What is the estimated value of a property in this
neighborhood?
A.) $200,000
B.) $240,000
C.) $400,000
D.) $4,800,000 Correct Answer-C.) $400,000
The subject property has two baths and one fire place. The property
across the street sold for $181,000 and has two baths and two fireplaces.
The property behind the subject sold for $175,000 and has two baths and
no fireplace. In the area, baths are worth $5,000 and fireplaces are worth
$3,000. what is the subject property worth?
A.) $175,000
B.) $177,000
C.) $178,000
D.) $180,000 Correct Answer-C.) $178,000
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