PSI Exam State Real Estate Questions Michigan.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Exam%20
PSI Exam State Real Estate Questions
Michigan Correct Answers
1. According to the CAN SPAM Act, every email advertisement for real estate
services must do all of the following EXCEPT
Answer advise the recipient that it will take180 days to remove the recipient's name
from this email list
2. A complaint must be filed w/ HUD within what period of time after a fair
housing violation has occurred?
Answer 1 year
3. A MAJOR difference between freehold and nonfreehold estates is that all
nonfreehold estates
Answer are estates for a fixed term
4. A couple applied for a loan to finance the purchase of a new home. What
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,PSI Exam State Real Estate Questions Michigan.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Exam%20
Federal Act was created to ensure that they have knowledge of all closing
costs?
Answer Real Estate Settlement Procedures Act
5. A low loan-to-value ratio indicates a
Answer higher equity in the property
6. Negative amortization is
Answer an increase in mortgage debt that occurs when themonthly payments is
not large enough to cover the interest due
7. During a broker meeting, a broker states that a competitor is NOT charging
enough commission. The other brokers should
Answer remove themselves from the meeting
8. In 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
Answer Researchsays it's,
"earns a commission at that point"
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,PSI Exam State Real Estate Questions Michigan.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20Exam%20
but I believe it's,
"after transaction has closed"
- both are options on the test –
9. Which of the following statements in an advertisement would be an exampleof
non-discriminatory language under HUD's Fair Housing Advertising Guide-
lines?
Answer Female seeking female roommate
10. Which of the following is NOT example of a fixture
Answer Cast iron garden bench
11. What should buyers insert into their purchase offer to make sure they
would NOT have to go through with the purchase if they CANNOT obtain the
necessary financing?
Answer contingency
12. Which of the following approaches would allow you to estimate value if you
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