PSI Real Estate Salesperson Exam 1 Questions with Verified Solutions (2024), Exams of Nursing

Download PSI Real Estate Salesperson Exam 1 Questions with Verified Solutions (2024) and more Exams Nursing in PDF only on Docsity! PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions Which of the following would NOT be considered Real Property 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - Correct 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 by the tenant 4. that benefits from the easement - Correct Answer ✅2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbrances are liens 2. All liens are encumbrances 3. Restrictions beneficial to the grantee are encumbrances 4. An easement is a physical encumbrance - Correct Answer ✅1. All encumbrances are liens PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions Which of the following is not a specific lien? 1. Mortgage Lien 2. State inheritance tax 3. Real Estate taxes 4. Mechanic's Lien - Correct Answer ✅2. State Inheritance tax You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of 1. variable lease 2. net lease 3. percentage lease 4. gross lease - Correct Answer ✅2. Net lease If a husband and wife own an apartment building and the husband owns an undivided three-fourths interest and the wife owns a one-fourth interest, what type of tenancy exists? PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 2. The life tenant may not commit any acts that would permanently injure the property. 3. There may be a reversionary interest. 4. There may be a remainder interest. - Correct Answer ✅1. During his or her life estate the life tenant is generally answerable to the holder of the future interest. Which of the following is NOT a leasehold estate? 1. An estate for years 2. Periodic estate 3. Time-Share estate 4. Estate from year to year - Correct Answer ✅3. A Time-Share estate You are married and own a house under a form of ownership that prohibits you from selling it without the signature of your spouse. Your form of ownership is LEAST likely to be? 1. in severalty PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 2. a joint tenancy 3. tenancy in common 4. tenancy by the entirety - Correct Answer ✅1. in severalty A state wants to build a publicly owned convention center to attract private development in its largest city. Can the state use eminent domain to acquire the land? 1. No, because private investments aren't allowed. 2. Yes, if just compensation is paid to the owners of the land. 3. No, because eminent domain can only be used for highway expansion. 4. Yes, if the owners hold fee-simple interest in the land. - Correct Answer ✅2. Yes, if just compensation is paid to the owners of the land. Which of the following grants zoning authority to municipal governments? 1. Eminent domain 2. State enabling acts 3. Laches PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 4. Escheat - Correct Answer ✅2. State enabling acts The city in which you live has a zoning ordinance. The basis for the city to have such an ordinance is 1. eminent domain 2. escheat 3. police power 4. riparian right - Correct Answer ✅3. police power Which of the following terms are NOT related? 1. Freehold Estate - fee simple 2. Grantor- person conveying title 3. Leasehold estate - personal property 4. Police Power- deed restriction - Correct Answer ✅4. Police power - deed restriction PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions A claim based on adverse possession of property must NOT be: 1. notorious 2. open 3. hostile 4. secretive - Correct Answer ✅4. secretive A man gives his friend the right to go hunting on his property for just one day. This is an example of 1. a license 2. an easement in gross 3. an easement in appurtenance 4. an easement by prescription - Correct Answer ✅1. a license A person who receives real property by will is called a 1. trustee PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 2. devisee 3. testator 4. hypothecator - Correct Answer ✅2. a devisee Riparian rights would exist in a 1. condominium on a bay 2. house on a bay 3. hotel whose land abuts a large lake 4. cooperative on a river - Correct Answer ✅4. cooperative on a river A developer was able to buy 2 adjoining single family lots for $20,000 each. He combined the lots into one parcel with a value of $90,000. The developers actions reflects the process of 1. accession 2. attachment 3. exchange PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 4. plottage - Correct Answer ✅4. plottage A restaurant opened in a neighborhood and was enjoying substantial profits. Within a year another restaurant was built across the street and resulted in the first restaurant losing in the next year, 30% of its profits. This is an example of the principal of 1. competition 2. conformity 3. highest and best use 4. progression - Correct Answer ✅1. competition A meat packing plant has just been built one block from your house. The strong odors are lowering property values in your neighborhood. The loss in value would be classified as: 1. functional obsolescence 2. physical deterioration 3. the principle of change PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 1. regression 2. competition 3. progression 4. highest and bestuse - Correct Answer ✅3. progression You are preparing a competitive market analysis on a house that you hope to list for sale. Which of the following approaches to value will be used in the development of the estimated value? 1. cost approach 2. gross rent multiplier 3. income approach 4. sale comparison approach - Correct Answer ✅4. sale comparison approach A competitive market analysis reflects the use of the 1. cost approach PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 2. income approach 3. sale comparison approach 4. gross rent multiplier method - Correct Answer ✅3. sale comparison approach Bank A holds the lien on a home in which Bank B already had a lien. The lenders subsequently entered into an agreement in which Bank A moved into a first lien position. This is an example of a (an): 1. hypothetication agreement 2. disintermediation agreement 3. reverse annuity mortgage 4. subordination agreement - Correct Answer ✅4. subordination agreement If the Federal Reserve board raises its discount rate, which of the following is likely to occur? 1. mortgage money will become more available 2. interest rates will stay the same PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 3. mortgage money will become less available 4. interest rates will decline - Correct Answer ✅3. mortgage money will become less available You have a mortgage in which you make the same payment each month for principal and interest, with the principal payment increasing and the interest payment decreasing from month-to-month. This is called a (an): 1. amortized mortgage 2. term mortgage 3. reverse annuity mortgage 4. partially amortized mortgage - Correct Answer ✅1. amortized mortgage Which agency is involved with purchasing government-related loans? 1. Fannie Mae 2. Ginnie Mae 3. Freddie Mac 4. The "Fed" - Correct Answer ✅2. Ginnie Mae PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions regulation Z in the Truth-In-Lending Act provides which of the following penalties for licensees who willfully fail to comply with its advertising guidelines for real estate financing? 1. Fines only 2. License revocation 3. Fines and/or imprisonment 4. None; all violations of regulation Z are referred to state licensing agencies - Correct Answer ✅3. Fines and/or imprisonment Salesperson A for Broker B has listed a home. Salesperson C for Broker D is acting as a buyer's agent and trying to sell the same home to his buyer. Saleperson C is primarily responsible to: 1. His own buyer 2. Salesperson A 3. Broker B 4. Broker D - Correct Answer ✅4. Broker D PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions In MOST states, the listing boker has a fiduciary relationship with 1. the customer 2. the listing salesperson 3. the client 4. the buyer - Correct Answer ✅3. the client A Broker was employed by an owner to sell her home. Which of the following statements does NOT correctly describe the broker's relationship to the owner? 1. The Broker has become the sellers agent 2. the Broker owes fiduciary duty to the seller 3. the Broker is a special agent 4. the broker is a general agent - Correct Answer ✅4. the Broker is a general agent PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions You are a licensee holding an open house on one of your listings. An old friend see the sign and stops in, and ultimately asks you to write up an offer to purchase. At this point, without any discussion about agency, which of the following statements about agency is correct? 1. Your friend is your customer 2. Your position as seller's agent prohibits you from writing the offer 3. The request automatically creates an express dual agency relationship. 4. The relationship with your friend presents an irreconcilable conflict of interest - Correct Answer ✅1. Your friend is your customer You listed a home that was subsequently shown by six cooperating outside brokers. How many seller-agency relationships are involved in this transaction? 1. One 2. Six 3. Seven 4. None of the above - Correct Answer ✅1. One PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 4. offering legal advice - Correct Answer ✅4. offering legal advice A broker acting as the agent of a seller: 1. can agree to change in the listing price without the principals approval 2. may share her commission with the salesperson of another broker 3. must report all offers to the principal unless instructed otherwise 4. must maintain as confidential all information the orincipalsays not to disclose - Correct Answer ✅3. must report all offers to the principal unless instructed otherwise A broker listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the brokers fee. Which of the following can the broker do? 1. She can take the seller to court and sue for the commission 2. She is entitled to a lien on the seller's property for the amount of the commission 3. She can go to court and stop the transaction until she is paid PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 4. She can collect the commission from the buyer - Correct Answer ✅1. She can take the seller to court and sue for the commission Commissions and fees paid by the seller to the listing agency are determined by: 1. standards promulgated by the local board of realtors 2. negotiations between the seller and the listing license 3. applying and prevailing customary fees charged in that area 4. and industry index computed monthly from multiple-listing service data - Correct Answer ✅2. negotiations between the seller and the listing license A listing broker is MOST likely to have earned a commission from a principal when which of the following events occur? 1. An offer to purchase has been presented to the client 2. title has been transferred to the buyer. 3. the seller accepts and signs and offer to purchase PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 4. A "ready, willing and able" buyer signs a non-contingent or cash offer that meets the terms of the listing contract - Correct Answer ✅4. A "ready, willing and able" buyer signs a non-contingent or cash offer that meets the terms of the listing contract A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell, and asked to be released from the listing agreement immediately. Which of the following is TRUE statement about the brokers position in this situation? 1. The broker must release the owner without obligation 2. The broker must tell the owner that the offeror may sue for specific performance 3. The broker may succeed in collecting an earned commission from the owner. 4. The broker may keep the earnest money that accompanied the offer as liquidated damages. - Correct Answer ✅3. The broker may succeed in collecting an earned commission from the owner. PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions You wrote an offer on a house for $214,000. The seller gave you a counteroffer for $218,000. The seller may withdraw the counteroffer any time 1. within 72 hours after acceptance 2. prior to the buyer's acceptance 3. prior to removal of all contingencies in the offer 4. prior to closing - Correct Answer ✅2. prior to the buyers acceptance You signed a lease for one year and you took possession of an apartment. When the lease expired, you continued to live in the apartment without the owner's consent. Your tenancy would be considered to be a (an): 1. estate for years 2. estate from year to year 3. tenancy at will 4. tenancy in sufference - Correct Answer ✅4. tenancy in sufference PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions A commercial lease that allows rent to be increased or decreased periodically based on changes in economic indicators is a (an): 1. graduated lease 2. gross lease 3. percentage lease 4. index lease - Correct Answer ✅4. index lease In theory, which of the following types of deeds gives a property buyer the MOST protection against problems that may arise with the title? 1. Quitclaim 2. Bargain and Sale 3. Special Warranty 4. General Warranty - Correct Answer ✅4. General Warranty You have entered into an installment land contract for the sale of your home. Which of the following is NOT correct? PSI Real Estate Salesperson exam 1 Questions with Verified Solutions (2024) 68 Questions 1. The buyer is the vendee 2. The buyer will take possession when the contract is signed by both parties, if the contract so provides. 3. The buyer will hold legal title during the term of the contract 4. The buyer will hold equitable title during the term of the contract? - Correct Answer ✅3. The buyer will hold legal title during the term of the contract Personal property is generally conveyed by a 1. bill of sale 2. certificate of title 3. quitclaim deed 4. trust deed - Correct Answer ✅1. bill of sale The movement of land caused by an earthquake would be an example of 1. accretion 2. avulsion