3 hour final Exam ( MI sales person PSI exam).pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/3%20hour%20fin
3 Hour Final Exam (MI Sales Person PSI Exam)
Questions & Answers
1. 1. A veteran buying a home from a for sale by owner and financing it with a
VA loan can do all of the following except
Answer Immediately rent the home after closing to make the monthly payments
2. 2. After Charlie's death, his will indicates that all of his real property must
go to charity what can Charlie's wife do?
Answer Nothing
3. 3. Two Brokers decide to go broke 60/40 in favor of the listing broker, and
each broker split 50 Dash 50 with his sales person. How much will the listing
sales person make if the house is sold for $134,500 & commission rate is 6%?
Answer $2,421
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,3 hour final Exam ( MI sales person PSI exam).pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/3%20hour%20fin
4. 4. The real estate board, appointed by the governor and consisting of nine
voting members, has authority to decide on all of the following except
Answer Waiving continuing education requirements for an individual who proves to
be very compe- tent.
5. 5. Property is appraised for $158,000 and tax rate is 33 mills. How much tax is
due?
Answer 2,607
6. 6. A shape six miles by six miles square that results from intersection of
range lines and township lines is called a
Answer Township
7. 7. A parcel of land measuring 485 ft by 1,210 ft sold for $122,000. Calculate
the approximate price per acre.
Answer 9,056
8. 8. The following is an example of functional obsolescence?
Answer Outdated plumb- ing.
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,3 hour final Exam ( MI sales person PSI exam).pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/3%20hour%20fin
9. 9. An agent's exaggerated opinion of property features is known as
Answer Puffing
10. 10. After purchasing a home, the Johnson's purchased a dishwasher and
installed it into the kitchen cabinets. This item has now become
Answer A fixture
11. 11. David and Susan purchased real estate as tenants in common. All of the
following is true regarding their ownership except
Answer C.When David dies, his share belongs to Susan automatically and without
probate court.
12. 12. John deeded property to his mother with the stipulation that the mother
could own it for as long as she lived and upon her death property will go to
charity. This is an example of
Answer C. life estate.
13. 13. David's architect told him that the house built on the lot must be within
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