PSI Real Estate Salesperson Test Compilation Bundle

How many consecutive years of non-use of water does one lose their water rights in Oregon? correct answer: 5 consecutive years, the right is considered forfeited Who must register the business name? correct answer: Principal Broker, must register the business name with REA-(Real Estate Agency) ...

If an older building cannot be air-conditioned, it is an example of ___________ ? A. Economic obsolescence. B. Functional obsolescence. C. Physical deterioration. D. External deterioration correct answer: B. Functional obsolescence. An appraiser MUST be licensed or certified to handle Fede...

Federal Truth-in-Lending laws are also known as correct answer: Regulation Z A salesperson qualified a minority couple with two children and defined their price range as between $110,000 and $120,000 for the three-bedroom house they wanted. They asked to look at two listings in a nonminority nei...

What is the duration of a home warranty's coverage? 1. the expected life of the purchaser 2. the expected life of the product or system covered 3. as disclosed in the contract that offers the warranty 4. a minimum of 5 years or the duration of the purchaser's ownership, whichever is shorter co...

According to the CAN SPAM Act, every email advertisement for real estate services must do all of the following EXCEPT correct answer: advise the recipient that it will take 180 days to remove the recipient's name from this email list Which disclosure is the most commonly required in a residenti...

A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answer: appurtenant A tenant rented an...

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answer: a contract Antitrust laws prohibit competing brokers from all of the following correct answer: 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competi...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air correct answer: 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. ...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media correct answer: A. In-house notes for showing are not seen by consumers an so do not have to follow state or fe...

During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? correct answer: Probationary period All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while correct ...

what would prevent a seller from providing marketable title correct answer: Mechanics lien the seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commission, increasing the sellers net proceeds correct answer: This is...

Under what condition can confidential info be released? correct answer: The party gives consent to the disclosure in writing. The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail". When is a valid purchase contract created using the post office? correct ans...

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) Adjustments to past sales D) Pictures of comparables correct an...

Water Rights correct answer: The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is correct answer: an agent to the broker and a subagent to the principal. Depreciation ...