National PSI EXAM PRACTICE TEST
Questions And Answers 100% Pass
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 - answer✔A. In-house notes for showing are not seen by consumers an so do
not have to follow state or federal laws.
A couple accompanies a property inspector during an inspection of a house on which they have a
contract. The inspector points to a six-inch crack at the corner of a dining room window. The
crack is an example of :
A. A structural defect
B. A patent Defect
C. a latent defect
D. an environmental defect - answer✔B. A patent defect is easily visible when inspecting a
property. (another) term for material)
An eligible veteran made an offer of $225,000 to purchase a home contingent upon obtaining a
no-down payment U.S department of Veterans Affairs (VA) guaranteed loan. Three weeks after
the offer was accepted, the VA issued a certificate of reasonable value (CRV) for the $222,000
for the property. In this case, the veteran may:
A. withdraw from the sale with a three-point penalty
B. withdraw from the sale on payment of a commission to the seller's broker
C. purchase the property by making a $3,000 cash payment
D. seek secondary funding for the $3,0000 - answer✔C. When the purchase price of a property is
greater than the VA-issued (CRV), the veteran may pay the difference in cash to purchase the
property because secondary financing is somewhat restricted under VA regulations.
General real estate property taxes levied for the operation of the government are called:
A. special taxes
B. ad valorem taxes
C. improvement taxes
D. special assessment taxes - answer✔B.
Under current Regulations, a U.S. department of Veteran Affairs (VA) loan is assumable if:
A. The VA approves both the buyer and the assumption agreement
B. the veteran agrees not to request a releases of liability for repayment
C. the VA approves the buyer only
D. the VA approves the assumption of the agreement only - answer✔A.
for VA loans made after March 1, 1988 the VA must approve both the buyer and the assumption
agreement before the loan may be assumed.
During the period of time after a real estate sales contract is signed, but before title actually
passes, the status of the contract is:
A. executory
B. voidable
C. executed
D. unilateral - answer✔A.
A contract is in executory status when its terms of agreement have not yet been carried out.
If there is a discrepancy between a residential lot size quoted in a listing contract and the actual
lot size, the actual lot size that will prevail in a sales transaction will be found in :
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