PSI Maryland Practice Exam (National Real Estate Salesperson) 80 Q&A/ .
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PSI Maryland
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PSI Maryland
PSI Maryland Practice Exam (National Real Estate Salesperson) 80 Q&A/ . Terms like:
Under the common law of agency, licensees owe the broker with whom they are associated all of the following duties EXCEPT _________?
A. Loyalty.
B. Competence.
C. Indemnification.
D. Full disclosure. - Answe...
PSI Maryland Practice Exam (National Real Estate
Salesperson) 80 Q&A/ 2024-2025.
Under the common law of agency, licensees owe the broker with whom they are associated all of the
following duties EXCEPT _________?
A. Loyalty.
B. Competence.
C. Indemnification.
D. Full disclosure. - Answer: C. Indemnification.
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 - Answer: B. Functional obsolescence.
Page 1 of 23
,An appraiser MUST be licensed or certified to handle Federally related work on residential property
valued at more than ___________?
A. $100,000.
B. $250,000.
C. $500,000.
D. $1,000,000. - Answer: B. $250,000.
The main difference between tenancy in common and joint tenancy is that with tenancy in common,
when a co-owner dies, _____________
A. His undivided interest passes to his heirs.
B. The last surviving owner holds title in severalty.
C. His undivided interest passes to the surviving co-owners.
D. The principle of the right to survivorship determines the rights of the surviving co-owners. - Answer:
A. His undivided interest passes to his heirs.
A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points.
How much money does the buyer need up front to make the purchase?
A. $2,720
B. $24,000
C. $24,408
D. $26,720 - Answer: D. $26,720
The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the
adjustment made at closing?
A. Credit buyer $110,000; debit seller $110,000.
B. Credit seller $110,000; debit buyer $110,000.
C. Credit buyer $110,000; no adjustment to seller.
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, D. Credit seller $110,000; no adjustment to buyer. - Answer: A. Credit buyer $110,000; debit seller
$110,000.
A mentally disabled person who has been declared incompetent by a judge wishes to enter into a
contract. Under what conditions can such a person do so?
A. The person must obtain prior written approval by a licensed psychiatrist or psychologist.
B. The person must be capable of understanding the transaction.
C. The person appointed by the court to act for the disabled person must contract on his or her behalf.
D. The person may enter a contract under any conditions, because the law prohibits discrimination
against persons with disabilities. - Answer: C. The person appointed by the court to act for the disabled
person must contract on his or her behalf.
Even if a loan applicant's current income seems adequate to qualify for a certain loan, the Equal Credit
Opportunity Act allows a lender to refuse the loan as a high risk if the applicant's main source of income
is ___________?
A. Alimony.
B. Commission sales.
C. Pension fund.
D. Child support payments. - Answer: B. Commission sales.
A broker and the buyers he represents are anxiously awaiting the closing on their new home. The closing
is scheduled in 4 days. The buyers inform the broker that they just received revised Loan Estimate and
Closing Disclosure forms from the lender, indicating the Annual Percentage Rate on their loan has
increased by 0.3%. Based on the TILA-RESPA Integrated Disclosure rule, what action should the broker
take in this situation?
A. Assist the buyers in calculating the new loan payments and ask them if they want to proceed with the
closing as scheduled.
B. Advise the buyers to file a legal action against the lender for violation of predatory lending practices
under the Real Estate Settlement Procedures Act.
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