Download PSI REAL ESTATE 2024-2025 Exam prep questions with correct solutions Qs Amy obtained a and more Exams Nursing in PDF only on Docsity!
PSI REAL ESTATE 2024-2025 Exam prep
questions with correct solutions
Qs Amy obtained a title commitment on a property that she just purchased. That transaction has closed. Who will NOT receive a title policy? - n Ans✔ Amy's Grantor Qs What is a broker-in-charge not responsible for? - n Ans✔ renewing the licenses of the agents in the brokerage Qs Does the brokerage have a trust account? - n Ans✔ Yes Qs Oliver owns land right next to a stream of water that passes across Oliver's vast land. However, Oliver does not use the water and just lets the water flow its natural course. Paulo is a cattle farmer that lives five miles away from the stream but travels to the stream to collect water so that Paulo may water his cattle. Under a prior appropriation jurisdiction, who has rights in the water? - n Ans✔ Paulo
Qs In a certain year, there are more homes for sale than there are people looking to purchase them. What is this an example of? - n Ans✔ Buyer's Market Qs Who determines the property tax amount? - n Ans✔ Assessor Qs Zoey is buying a property. Zoey's annual income is $350,000. Subsequently, a lender determines that Zoey is able to qualify for payments that constitute 20% of Zoey's income. What is the value of the monthly payment? - n Ans✔ $5,833. Qs Which scenario is considered dual agency? - n Ans✔ BIC Gary of Brokerage A represents a buyer who then uses BIC Gary to list the same house within a year Qs What is the name of the document that shows the final allocation of amounts to each party? - n
Qs Listing agent Lucia has a listing that is under contract. Which word describes her relationship with selling agent Sally? - n Ans✔ Cooperative Qs Diana's grandparent became deceased. Subsequently, Diana acquired the grandparent's primary residence under the probated will. What did Diana recieve? - n Ans✔ Devise Qs What is another term used for a leasehold? - n Ans✔ Lease Qs How can a borrower get the property back from the lender before a foreclosure sale happens? - n Ans✔ The borrower can pay the loan in full, with interest. Qs A property sold for $200,000. The selling agent earned a 3% commission and has a 60/ split with the agent's sponsoring brokerage (with the brokerage receiving the 40%). What amount will the brokerage receive? - n Ans✔
Qs Which of the following is not a type of concurrent ownership? - n Ans✔ Landlord and tenant Qs Recently a buyer purchased a new home construction from a builder. The sales contract did not contain any additional warranties, and the buyers did not have an opportunity to inspect the property. Subsequently a defect in the back door was discovered. What is likely the best claim for the buyer to bring against the builder? - n Ans✔ Breach of warranty claim Qs Tristan is a holdover tenant in Victor's property. Victor recently evicted Tristan from the property. What obligation was discharged upon the eviction? - n Ans✔ Pay rent to Victor Qs Which statement is an example of steering? - n Ans✔ "I think you and your family will be more comfortable on the second floor with the rest of the families" Qs
Qs In a listing agreement, the agent and the principal have duties to one another. Which of the following scenarios shows that the principal has respect for these duties? - n Ans✔ The seller quickly accepts a last-minute showing request even though they must get their dog and two children into the car to leave the house in under 15 minutes. Qs Who is not required to be licensed as a real estate agent? - n Ans✔ Someone reselling a personal mobile home Qs Which of the following is considered a material matter and would require disclosure by a licensee? - n Ans✔ An environmental issue Qs Which of the following is a statue that directly regulates the conveyance of land? - n Ans✔ Statue of frauds Qs What is an entity's brand, reputation, or notoriety called? - n Ans✔ Goodwill
Qs With what type of institution do mortgage brokers originate loans? - n Ans✔ Multiple institutions Qs Which statements about commissions earned by a licensee in a real estate transaction is true? - n Ans✔ These commissions are determined by agreement between the licensee and the client Qs As a disabled person, Esther is a protected under fair housing laws. Fyodor is renting an older property with an available unit on the second floor. The property has stairs that lead up to the unit. Esther is unable to use the stairs and may need an elevator, but this would be very costly to Fyodor. If Fyodor rents to Esther, would Fyodor be required to install an elevator? - n Ans✔ No Qs What is the term used to describe the conclusion of a real estate transaction? - n Ans✔ Closing Qs
Qs Which category of water is a stream? - n Ans✔ Watercourse Qs A building that is valued at $510000 isbeing depreciated over 39 years. After 10 years, how much will the building have depreciated? - n Ans✔ $130,769. Qs What is generally the cause of an eviction? - n Ans✔ A failure to perform under the lease agreement Qs A broker discovers there is a broken stove in the kitchen. Must they disclose this? - n Ans✔ Yes, because it is a material fact. Qs Mason and nicole are in a lease agreement. Recently Mason excluded Nicole, the tenant, from the leased property. Which of the following words described what occured? - n Ans✔ Physical eviction
Qs A lot has a frontage of 35' and a depth of 60'. What is the area of the lot? - n Ans✔ 2100 sq ft Qs Which of the following is a defense against performance, and renders an obligation discharged? - n Ans✔ Death Qs Evelyn and Fran are in a lease agreement; Evelyn is the tenant and Fran is the landlord. Evelyn pays a flat fee for a leased premises and pays for utilities and property taxes. What type of lease is this? - n Ans✔ Net Lease Qs What is a physical measurement of property boundaries? - n Ans✔ A survey Qs What is not considered in evaluating comps in the sales comparison approach? - n Ans✔ Sales price that the current owner paid for the property
-In an orally spoken -In a contract implied by the circumstances Qs A buyer purchases a house for $170,000 and it measures 40'x40'. What is the price per square foot of the house? - n Ans✔ $106. Qs What determines the quality of materials that may be used in a building that is located within a commercially zoned area? - n Ans✔ Building codes Qs Clyde owns a building that has three units, and Clyde occupies one of the units. Subsequently, Clyde discriminates against a prospective tenant who is a member of a protected class. May Clyde do so? - n Ans✔ Yes, because the building contains four units or less and Clyde resides in one of the units Qs While giving a tour to a prospective buyer, the broker says, "You will not find a better house than this; it's the only one with a pool!" However, there are multiple properties with pools available in the neighborhood. Which term best describes the broker's statement? - n Ans✔ Misrepresentation
Qs A potential home buyer was discriminated against based on their membership in a protected class. The home buyer was not given information about loans. What body of law was violated in this discrimination? - n Ans✔ Fair lending laws Qs A property manager has found a tenant for a new property, and this property manager collects the security deposit upon signing the lease. What does the property manager do with the money? - n Ans✔ They deposit the entire amount into a trust account to be held until termination of the lease Qs If a buyer wanted to cancel a purchase contract because the party was unable to obtain financing, which type of clause would the buyer want in the contract? - n Ans✔ Contingency agency Qs Buyer Robert wants to pay agent Archie a retainer fee to work with him exclusively until a property is under contract. What does buyer Robert do? - n Ans✔ He writes a check made out to agent Archie's brokerage Qs
single-family homes for families without children. Is this lawful exercise of private regulation on land? - n Ans✔ No Qs Stella and Toby contract for the sale of Stella's land to Toby, but then, when Toby says they will dig up the pool in the backyard after closing, Stella decides to refuse to sell. Based on the facts provided, what is Toby's proper remedy? - n Ans✔ Specific performance Qs A physician would like to open an office in a renovated home near the town center. Which approach to value will they ask their agent to use to help them determine which property is the best investment? - n Ans✔ Income approach Qs Which of the following is another term for a gross lease? - n Ans✔ Fixed lease Qs Recently, Kirk rented a condo to Liam. Liam required installation of a modification to accommodate a disability, and kirk allowed the installation for Liam's accommodation inside the unit. Additionally, kirk required that Liam would be responsible for restoring the interior of the unit. Which of the following would Liam be responsible for restoring? - n
Ans✔ Holes in the wall Qs A buyer has entered a purchase agreement for the sale of a home and farmland. Which of the following will not be conveyed to the buyer? - n Ans✔ Furniture in the home Qs Alexia is Brody's realtor. Brody is selling Brody's home, but Brody does not know what to sell it for. What type of report or document should Alexia conduct to help Brody determine the value of the home in the current market? - n Ans✔ Comparative market analysis Qs Orville and Paul enter into an agreement to raise money for a foundation by selling other people's personal items that Orville and Paul find in said people's homes without consent. Which type of contract have Orville and Paul created? - n Ans✔ There is no contract Qs Which statement does not describe a mortgage? - n Ans✔ It is the money that is lent in exchange for promise of future repayment
