Real Estate PSI Practice Exam 80 questions with 100% verified answers
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Course
Real Estate
Institution
Real Estate
Real Estate PSI Practice Exam 80 questions with 100% verified answers/Real Estate PSI Practice Exam 80 questions with 100% verified answers /Real Estate PSI Practice Exam 80 questions with 100% verified answers
Real Estate PSI Practice Exam
a. - correct answer When a property owner uses his home as collateral for a loan and creates a
lien in favor of the lender, title is held by the:
a. mortgagor
b. lender
c. mortgagee
d. beneficiary
b. - correct answer 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 cent, what is the
difference between the monthly payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.)
a. $309.20
b. $409.20
c. $550.80
d. None of the above
d. - correct answer The FHA functions MOST like:
a. bank or savings and loan association
b. mortgage company
c. an investment group
d. an insurance company
d. - correct answer Usury laws were enacted to protect the:
a. lender
,Real Estate PSI Practice Exam
b. broker
c. seller
d. borrower
c. - correct answer A judgment has been properly recorded. Any subsequent purchasers,
whether they have actually examined the record or not, have been given:
a. actual notice
b. prescriptive notice
c. constructive notice
d. exculpatory notice
c. - correct answer 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 neighborhood. The salesperson did
not show them the properties because they were priced under $90,000 and had only two small
bedrooms. Did the salesperson act appropriately and why or why not?
a. Yes, because they were overqualified for the homes they had requested to see
b. Yes, because it is the salesperson's job to tailor the properties shown to the needs of the
buyer
c. No, because it is appropriate to show any property for which the buyer is qualified
d. No, because the presence of children requires granting occupancy if they desire it
d. - correct answer Another term for the owner of a property listed with your firm is the:
, Real Estate PSI Practice Exam
a. customer
b. prospect
c. consumer
d. client
a. - correct answer An agency relationship between a property owner and a property manager
is usually created by:
a. management agreement
b. payment of a management fee
c. an exclusive agency agreement
d. an independent contractor agreement
a. - correct answer A seller mentions to his agent that the previous owners of his property may
have dumped hazardous waste on the site. Under the Comprehensive Environmental Response,
Compensation, and Liability Act (CERCLA), who is liable for damages from the dumping prior to
the sale of the property?
a. Seller
b. Agent
c. Company that manufactured the waste
d. Federal government
d. - correct answer A buyer made an offer on a property that was listed at $350,000. She
wanted to put $35,000 down and make payments to the seller, allowing the seller to retain title
until the principal was paid off. The seller accepted, and the buyer became a:
a. grantor
b. grantee
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