PSI NATIONAL REAL ESTATE EXAM 2024 EXAM QUESTIONS WITH 100% ACCURATE ANSWERS || ALREADY GRADED A+ || NEWEST VERSION
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PSI National Real Estate
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PSI National Real Estate
PSI NATIONAL REAL ESTATE
EXAM 2024 EXAM QUESTIONS WITH
100% ACCURATE ANSWERS ||
ALREADY GRADED A+ || NEWEST
VERSION!!!
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all
of the following disclosures MUST appear in the ad EXCEPT the
1. cash price or amou...
PSI NATIONAL REAL ESTATE
EXAM 2024 EXAM QUESTIONS WITH
100% ACCURATE ANSWERS ||
ALREADY GRADED A+ || NEWEST
VERSION!!!
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all
of the following disclosures MUST appear in the ad EXCEPT the
1. cash price or amount of the loan.
2. amount of down payment required.
3. number, amount, and frequency of payments.
4. prepayment penalties and rebates. - ANSWER ✔ 4
A contract for the sale of a home has been signed by both parties. This contract
will remain executory until:
1. acceptance of the buyer's offer is delivered to the buyer.
2. the transaction has closed.
3. all contingencies have been met.
4. the buyer takes possession. - ANSWER ✔ 2
Antitrust laws prohibit competing brokers from all of the following EXCEPT
1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
4. receiving compensation from both the buyer and the seller. - ANSWER ✔ 4
The day after a broker's listing on a house expired, it was listed with another
broker and offered in the MLS. Several days later, a third licensee called the first
broker and asked for the key to show the home. The broker should inform the
caller that
1. he is no longer the listing agent.
2. he will set up an appointment for showing the home.
,3. he will leave the key under the door mat.
4. the house is currently off the market. - ANSWER ✔ 1
A lawsuit for inverse condemnation may be brought by
1. the police.
2. the city.
3. a homeowner.
4. the zoning board. - ANSWER ✔ 3
Alex, 14, and Kent, 17, inherited a piece of property. The next year, Kent deeded
the whole property to Alex, who immediately put it on the market. An adult buyer
made a written offer which was accepted by Alex. Which of the following is
TRUE?
1. Kent must also sign the contract and any deed.
2. The signature of Alex's guardian is required.
3. The buyer cannot legally compel Alex to sell.
4. Both buyer and seller are bound by the contract. - ANSWER ✔ 3
A charge of violation of Federal Fair Housing laws can be heard by an
administrative law judge within the Department of Housing and Urban
Development (HUD) or by a Federal district court judge in Federal court. The
advantage of a Federal court hearing to the complaining party is that
1. the case will be more thoroughly reviewed.
2. there is no dollar limit on damages paid.
3. only a district court judge can order that the property be sold to the complaining
party.
4. only a district court judge can order jail time for the guilty party. - ANSWER ✔
2
In an exclusive right-to-sell listing, an owner lists the property for sale with how
many brokers?
1. One.
2. Two.
3. Three.
4. Any number. - ANSWER ✔ 1
An agency relationship between a property owner and a property manager is
usually created by
1. a management agreement.
,2. payment of a management fee.
3. an exclusive agency agreement.
4. an independent contractor agreement. - ANSWER ✔ 1
A company agrees to lease a property to be used as a gambling casino. State laws
prohibit gambling. This particular contract would be legally defined as
1. void.
2. voidable.
3. valid.
4. unenforceable. - ANSWER ✔ 1
Failure of a real estate agent to comply with Fair Housing practices is punishable
by
1. license revocation only.
2. criminal prosecution only.
3. license revocation and criminal prosecution.
4. probation. - ANSWER ✔ 3
If the terms of a contract indicate that Party A will be obliged to perform her part
of the contract only if Party B chooses to take a certain action, then the contract is
a:
1. unilateral contract in which only Party B has made a promise to perform.
2. unilateral contract in which only Party A has made a promise to perform.
3. bilateral contract which both parties are obliged to perform.
4. void contract. - ANSWER ✔ 2
Even after an offer has been accepted and is binding, the buyer and seller may still
choose to sign mutual release papers rather than proceed to closing. Which of the
following circumstances would NOT give either party a justifiable reason to insist
on a mutual release?
1. The buyer finds a better property for better terms.
2. A title defect that will take months to clear is discovered.
3. A basement fire causes damage that requires extensive repairs.
4. The buyer is unable to obtain financing that meets the terms of the contract's
financing contingency. - ANSWER ✔ 1
The FHA functions MOST like
1. a bank or savings and loan association.
2. a mortgage company.
, 3. an investment group.
4. an insurance company. - ANSWER ✔ 4
The sellers want to accept a purchase offer, but only if the price is raised by
$5,000. What should they give the prospective buyer?
1. Counteroffer.
2. Novation.
3. New listing contract.
4. Contingency. - ANSWER ✔ 1
A broker represents a group of investors who purchase single family residences
when they can be found at very low prices. Their offers are typically made with
$500 deposits and cash closings within 7 days of acceptance of the offers. When
the last property closed, the investors suggested the broker keep the deposit money
to be used for their next purchase, as yet not identified. What must the broker do
with these deposit funds?
1. Return them to the purchasers.
2. Deposit them in his escrow account.
3. Deposit them in his rental trust account.
4. Hold them in his personal account until needed. - ANSWER ✔ 1
A buyer is getting a fully amortized loan for $220,000. The bank will give the
buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest
dollar, what is the difference between the monthly payments for these two loans?
(BE SURE TO USE THE AMORTIZATION TABLE.)
1. $141
2. $407
3. $526
4. $548 - ANSWER ✔ 2
In helping a buyer to select a lender, if the buyer believes he has good credit and
his income is documentable as a salary and by tax returns, the licensee might
recommend a mortgage banker, instead of a mortgage broker, for all of the
following reasons EXCEPT:
1. closing costs may be lower.
2. loan originator has knowledge of the underwriter's policies.
3. more variety of loan programs available.
4. originator and lender are part of same company. - ANSWER ✔ 3
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