Exam (elaborations)
PSI National Exam for Real Estate questions with correct answers.
- Course
- Institution
PSI National Exam for Real Estate questions with correct answers.
[Show more]
Content preview
PSI National Exam for Real Estate questions withcorrect answers
A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called Correct Answer-a contract
Antitrust laws prohibit competing brokers from all of the following
Correct Answer-1. boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably
be shared by Correct Answer-all current owners of real estate fronting
on that road
State laws differ on whether a buyer is entitled to know about Correct
Answer-a suicide that occurred in the house last year.
A lawsuit for inverse condemnation may be brought by Correct Answer-
a homeowner
When is racial discrimination in the rental of rooms or apartments
permitted? Correct Answer-Under no circumstances
The real estate broker who is listing a house for sale should personally
verify Correct Answer-the number of square feet in the building
,Real property can be converted to personal property by Correct Answer-
Severance
Prospective buyers made an offer on a property. The seller did NOT
accept, but made a counteroffer. The
prospective buyers signed the counteroffer and the real estate agent
delivered their acceptance to the seller.
In the interim, the same buyers had found another house that they liked
better and made an offer on it, which was accepted. Which of the
following is TRUE? Correct Answer-Both contracts are valid
Although states make specific laws governing water rights and the rights
in land that borders water, most states
generally follow one of two basic doctrines regarding water rights. In
many states, the common law doctrine of riparian and littoral rights
dictates that water rights are automatically conveyed with property. In
others, all water rights are controlled by the state under the doctrine of
Correct Answer-prior appropriation
The purpose of requiring an earnest money deposit in a real estate sales
contract is to Correct Answer-provide evidence of the buyer's intention
to carry out the contract.
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.) Correct
Answer-$409.20.
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
The FHA functions MOST like Correct Answer-an insurance company
1. They are used to buy down interest rate.
2. They are a function of the marketplace.
3. They are paid by either the buyer or the seller. Correct Answer-
discount points
When land is conveyed to a trustee, the trustee may Correct Answer-do
whatever is permitted under the trust agreement
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer
was reviewing the counteroffer, the owner received a better offer. The
owner can accept the second offer if Correct Answer-the owner
withdraws the counteroffer before it is accepted.
, While an agent is showing a listed property, the seller and the buyer
enter into an oral agreement for the purchase of the home. If a dispute
over the terms arises later, the agreement may be unenforceable because
Correct Answer-the agreement does not comply with the Statute of
Frauds
Earnest money should be deposited into a trust account Correct Answer-
in a timely manner, according to state laws
A deed restriction is applicable to the activities of Correct Answer-all
owners, present and future
An easement can be terminated by Correct Answer-prescription
Depreciation is calculated based on the Correct Answer-cost of the
building only
Which of the following approaches MOST reliably estimates the sales
price of a single-family residence? Correct Answer-Market data
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? Correct Answer-Seller
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now