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PSI National Real Estate Salesperson Practice Exam questions with correct answers
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PSI National Real Estate Salesperson Practice Exam questions with correct answers
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PSI National Real Estate Salesperson Practice Examquestions with correct answers
A competitive market analysis is MOST often used for Correct Answer-
setting a listing price.
A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of Correct Answer-anticipation.
A commercial property lost value because a recently constructed
highway moved traffic away from the property. This is an example of
Correct Answer-economic or external obsolescence.
According to the principle of progression, a three-bedroom, one-story
home is MOST likely to bring the highest sales price if located in a
neighborhood in which Correct Answer-most homes are larger than the
sale home.
A prospective seller asks a salesperson to recommend a listing price for
a property. The salesperson should suggest Correct Answer-a
competitive market analysis to determine the property's value.
If all other factors are equal, in which location is a parking lot likely to
bring the highest sales price? Correct Answer-Business district zoned for
a six story office building.
,When the sellers are lending part of the purchase price, they may secure
the debt either with a deed of trust or a mortgage. For the seller, one
benefit of the deed of trust is that Correct Answer-foreclosure is usually
simpler and faster.
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 Correct
Answer-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? Correct Answer-Confirm with the seller's broker,
the lender and the closing entity that the closing must be delayed to
allow for a new seven-day waiting period because of the interest rate
revision.
The FHA functions MOST like Correct Answer-an insurance company.
Federal Truth-in-Lending laws are also known as Correct Answer-
Regulation Z.
Which of these Federal laws regulates the advertisement of a lender's
credit terms (rates, payment, etc.)? Correct Answer-Regulation Z.
, A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to Correct Answer-demand
immediate payment of the entire note.
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 Correct Answer-prepayment penalties and rebates.
An owner hired a construction company to build a swimming pool at a
new home. The owner failed to pay the bill once the work was
completed and the construction company filed a lien to obtain payment
of the debt. The encumbrance created is called Correct Answer-a
mechanic's lien.
Three people buy a house as tenants in common. Subsequently, two of
the owners want to sell, but the third discourages each potential
purchaser. The two owners who wish to sell the house can Correct
Answer-file an action for partition against the third owner.
A legal easement can be created by any of the following EXCEPT
Correct Answer-merger of the titles.
In the sale of property, there is often confusion over whether an item is a
fixture or personal property. What is the best way to avoid this
confusion? Correct Answer-Specify questionable items of property in
the written sales contract.
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