PSI Real Estate Salesperson exam 1 PSI REAL ESTATE SALESPERSON PSI Real Estate Salesperson Exam with complete solutions PSI Real Estate Salesperson Exam Questions with correct Answers PSI National Exam for Real Estate Questions with Verified Answers PSI National Real Estate Salesperson Practice Exa...
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Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - Answer- 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned b...
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Add to cartWhich of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - Answer- 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned b...
A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...
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Add to cartA couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...
Real Estate Recovery Fund - Answer- The Real Estate Recovery Fund was established to provide a means for consumers who have obtained a final judgment in the court, but are unable to collect, a means to collect compensation through the Real Estate Commission. The Real Estate Commission has the aut...
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Add to cartReal Estate Recovery Fund - Answer- The Real Estate Recovery Fund was established to provide a means for consumers who have obtained a final judgment in the court, but are unable to collect, a means to collect compensation through the Real Estate Commission. The Real Estate Commission has the aut...
Eminent Domain - Answer- The ability of the government to acquire real property against the owner for the benefit of the public. Fee Simple - Answer- What is the most complete estate in real property? Puffing - Answer- What is an exaggerated statement. Reconciliation - Answer- What is the p...
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Add to cartEminent Domain - Answer- The ability of the government to acquire real property against the owner for the benefit of the public. Fee Simple - Answer- What is the most complete estate in real property? Puffing - Answer- What is an exaggerated statement. Reconciliation - Answer- What is the p...
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - Answer- a contract Antitrust laws prohibit competing brokers from all of the following - Answer- 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agre...
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Add to cartA written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - Answer- a contract Antitrust laws prohibit competing brokers from all of the following - Answer- 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agre...
A competitive market analysis is MOST often used for - 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. ...
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Add to cartA competitive market analysis is MOST often used for - 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. ...
The law which requires that transfers of real property ownership be in writing is known as the... - Answer- statute of frauds In a VA loan, there must be... - Answer- an approved appraisal When a land contract is entered into... - Answer- the buyer acquires equitable title A 5 bedroom, 1 ba...
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Add to cartThe law which requires that transfers of real property ownership be in writing is known as the... - Answer- statute of frauds In a VA loan, there must be... - Answer- an approved appraisal When a land contract is entered into... - Answer- the buyer acquires equitable title A 5 bedroom, 1 ba...
the original 13 states - Answer- Legal descriptions using the government survey system are NOT generally used in Prior appropriation - Answer- Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrin...
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Add to cartthe original 13 states - Answer- Legal descriptions using the government survey system are NOT generally used in Prior appropriation - Answer- Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrin...
Which of the following would not be considered real property? - Answer- leasehold estate There servient estate in an easement appurtenant is the property: - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true: - Answer- All ecumbrances ...
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Add to cartWhich of the following would not be considered real property? - Answer- leasehold estate There servient estate in an easement appurtenant is the property: - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true: - Answer- All ecumbrances ...
All of the following would be considered real property EXCEPT - Answer- a leasehold estate The servient estate in an easement appurtenant is the property - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true - Answer- All encumbrances a...
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Add to cartAll of the following would be considered real property EXCEPT - Answer- a leasehold estate The servient estate in an easement appurtenant is the property - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true - Answer- All encumbrances a...
Water Rights - Answer- The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - Answer- an agent to the broker and a subagent to the principal. Depreciation is calculated ...
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Add to cartWater Rights - Answer- The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - Answer- an agent to the broker and a subagent to the principal. Depreciation is calculated ...
Fungible - Answer- Replaceable 1031 tax deferred exchange - Answer- Under section 1031 of the Irs code, some or all of the realized gain from the exchange of one property for a like kind of property may be deferred. It is not a tax free event; however, in order to accumulate wealth the payment is...
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Add to cartFungible - Answer- Replaceable 1031 tax deferred exchange - Answer- Under section 1031 of the Irs code, some or all of the realized gain from the exchange of one property for a like kind of property may be deferred. It is not a tax free event; however, in order to accumulate wealth the payment is...
A Seller's Real Property Disclosure document is required for all the following properties, EXCEPT a(n): a) For Sale by Owner b) New Home c) Resale d) Home that has been inspected by a certified home inspector - Answer- b (New Home) A Nevada licensee must give the Duties Owed by a Nevada lice...
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Add to cartA Seller's Real Property Disclosure document is required for all the following properties, EXCEPT a(n): a) For Sale by Owner b) New Home c) Resale d) Home that has been inspected by a certified home inspector - Answer- b (New Home) A Nevada licensee must give the Duties Owed by a Nevada lice...
After the collection of the advance fee, when should it be itemized and accounted for? - Answer- 3 months What must one have in order to collect an advance fee? - Answer- A real estate license. How many days for broker to refund buyers on land purchase? - Answer- 15 day Public offerings mus...
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Add to cartAfter the collection of the advance fee, when should it be itemized and accounted for? - Answer- 3 months What must one have in order to collect an advance fee? - Answer- A real estate license. How many days for broker to refund buyers on land purchase? - Answer- 15 day Public offerings mus...
Severance - Answer- the performance of turning real property into personal property What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? - Answer- the undivided interest passes to his heirs A tenant rented an apartment...
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Add to cartSeverance - Answer- the performance of turning real property into personal property What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? - Answer- the undivided interest passes to his heirs A tenant rented an apartment...
Which of the following would NOT be considered real property? - Answer- 2 A leasehold estate The servient estate in an easement appurtenant is the property - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true? - Answer- 2 All encumbran...
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Add to cartWhich of the following would NOT be considered real property? - Answer- 2 A leasehold estate The servient estate in an easement appurtenant is the property - Answer- on which the easement is placed Which of the following statements concerning encumbrances is NOT true? - Answer- 2 All encumbran...
The ownership of property by one person only is known as - Answer- severalty If a non married group buy a house together but want one to become a full owner after death, the deed must state that they are - Answer- JTWROS Widowed sisters are buying a home together. To ensure that if one dies he...
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Add to cartThe ownership of property by one person only is known as - Answer- severalty If a non married group buy a house together but want one to become a full owner after death, the deed must state that they are - Answer- JTWROS Widowed sisters are buying a home together. To ensure that if one dies he...
A legal description in land that includes language like "the old oak tree" or "the big rock" would be - Answer- Metes and bounds As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. What sh...
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Add to cartA legal description in land that includes language like "the old oak tree" or "the big rock" would be - Answer- Metes and bounds As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. The buyer wishes to make an offer. What sh...
Usury MOST nearly means - Answer- A: illegal interest. Each state sets its own ceiling for the maximum interest rate lenders may charge. Rates above that ceiling are considered ________ and ______. No reputable lender exceeds those rates and those that make a practice of it are commonly known as ...
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Add to cartUsury MOST nearly means - Answer- A: illegal interest. Each state sets its own ceiling for the maximum interest rate lenders may charge. Rates above that ceiling are considered ________ and ______. No reputable lender exceeds those rates and those that make a practice of it are commonly known as ...
MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and - Answer- the sale price 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 ...
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Add to cartMOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and - Answer- the sale price 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 ...
Designated Agent - Answer- A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - Answer- What approach does an appraiser take primarily...
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Add to cartDesignated Agent - Answer- A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - Answer- What approach does an appraiser take primarily...
A lender will make an 80% loan-to-value loan on a property that is appraised for $72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment, how much more (if any) will he need in order to make the down payment required under the terms of this loan? - Answer- He needs an additi...
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Add to cartA lender will make an 80% loan-to-value loan on a property that is appraised for $72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment, how much more (if any) will he need in order to make the down payment required under the terms of this loan? - Answer- He needs an additi...
A broker is completing a CMA to determine the potential listing price of a seller's home. Which of the following is NOT part of the final CMA given to the seller? A) Highest and best use evaluation B) Comparable sales analysis C) Adjustments to past sales D) Pictures of comparables - Answer- ...
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Add to cartA broker is completing a CMA to determine the potential listing price of a seller's home. Which of the following is NOT part of the final CMA given to the seller? A) Highest and best use evaluation B) Comparable sales analysis C) Adjustments to past sales D) Pictures of comparables - Answer- ...
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