PSI NATIONAL REAL ESTATE QUESTIONS & Accurate answers. 100% Verified. Rated A+

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PSI NATIONAL REAL ESTATE QUESTIONS & Accurate answers. 100% Verified. Rated A+ A legal description in land that includes language like "the old oak tree" or "the big rock" would be - ✔✔-Mete... s 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 should the licensee do? -✔✔-Encourage the buyer to have an authoritative party investigate the algae growth. All the following are protected classifications except -✔✔-Homosexuals As licensees usually work as independent contractors, a broker will have a contract for the independent contractor which (for federal purposes) must outline -✔✔-Statement that FICA (taxes) are the associates responsibility In a rescission agreement: -✔✔-All parties return to original position and earnest money is refunded Agent A has been working at Brokerage for 4 years. Agent has listed and sold many but desires to try industrial office sales. What is the best course of action for houses Agent A? -✔✔-Move license to an industrial/office company and train under them A seller is listing their $350,000 house. They state their property tax bill is $1,110 per year. What should the agent do? -✔✔-Verify the information with the county A home warranty will typically provide coverage for which of the following: -✔✔-Electrical and plumbing systems The local governments have authority to ensure that properties are being built properly. Under the authority of police power, the government can adapt and implement: -✔✔-Construction standards A married couple owns a property together as tenancy in entirety. Which of the following about selling a property as tenancy in entirety is true? -✔✔-Both spouses must sign the conveyance What statement is true about asbestos removal -✔✔-Encapsulation is the safest tactic An easement is -✔✔-The right to use another's land The amount to list a property is best determined by: -✔✔-Competitive Market Analysis (CMA) Interest on a security deposit Starts: -✔✔-The month the Property Manager receives the security deposit Racial discrimination is allowed: -✔✔-NEVER An agent goes door knocking in a subdivision. As part of his presentation, he makes mention of the fact that many families with children are moving into the area and that house prices are rising. He then recommends the owner should sell because he has a nice quiet subdivision of older, mature families that are quiet. Is this discrimination -✔✔-Yes- he is blockbusting by playing on the fears of consumers of protected class. The purpose of an Agency Disclosure is: -✔✔-To inform the consumer of their representation choices The purpose of Regulation Z is: -✔✔-Disclose loan costs interest rates on credit cards, loans, car loans, etc. are established by: -✔✔-Usury The ways to terminate an Agency Agreement include all except: -✔✔-Unilateral cancellatio Title Insurance covers all matters that are: -✔✔-Itemized on the title report A purchaser in the secondary mortgage market is -✔✔-Federal National Mortgage Association While performing an analysis of value for listing a house, all of the following would be included in the Market Data Approach except: -✔✔-Capitalization A developer of a subdivision does not want "clotheslines" to be installed in the houses in the subdivision. A way for the developer to have control to limit and fine people who want to install clotheslines would be: -✔✔-Covenant Seller is selling their property. Their outstanding loan balance is $240,000. The house has a value of $200,000. Assuming the seller pays realty fees, closing fees, state fees, the amount left over is only $180,000 to pay off the loan. What statement -✔✔-Lender may pursue the seller for a deficiency judgment of $60,000 A seller has received an offer at 80% of list price. Seller counter offers at 90% of list the response, an offer of 98% of list price comes in from another buyer. The seller wishes to sell to the second buyer. What is true? -✔✔-Withdraw the first buyer's counter-offer and then accept the second offer A buyer makes an offer on a property that the seller accepts. While waiting for an inspection, the buyers see another property that they like even better. They draft an offer on that property which is accepted by that seller. What statement about the offers is true? - ✔✔-Both offers are Valid Offers What should a buyer include in an offer to purchase that gives them the ability to financing is not approved? -✔✔-Contingency With regard to the Lead Based Paint requirements under federal law, what is required? -✔✔-Buyer has a 10 day period to inspect and/or rescind offer A real estate committee met and decided to simplify real estate in an area by having one commission structure at a low rate for all consumers. Is this legal? -✔✔-No-this is price fixing A principal broker can be held responsible for -✔✔-All real estate activities of salesperson A commercial property lost value because a recently constructed highway directed traffic away from the property. This is an example of -✔✔-Economic or external obsolesce A prospective buyer makes an offer to buy a house. The owner counter-offers. While the buyers are reviewing the counteroffer, the owner receives a better offer. The owner can accept the second offer if... -✔✔-The owner withdraws the counteroffer before the first buyer accepts-it The amount of commission is established -✔✔-Agreed upon by seller and broker At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing? -✔✔-Credit seller $300; debit buyer $300 A couple is moving to a new city. They are renting a house temporarily before buying a house. What type of lease would best suit their needs? -✔✔-Month-to-month lease Two buyers bought a house with a $178,000 mortgage. The interest rate is 6 1/2% per annum payable for 30 years. To the nearest dollar, what is their monthly principal and interest payment? (BE SURE TO USE THE AMORTIZATION TABLE.) -✔✔-$1,125 A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement -✔✔-Appurtenant FHA functions most like -✔✔-Insurance Company At the time of listing, the seller tells the listing agent they are moving because the neighbor has loud parties every weekend. The agent should -✔✔-Tell potential buyers An appraisal method that uses adjustments to recent sales to estimate value is the - ✔✔-sales comparison approach A lender who forecloses on a property and sells it later for less than what was owed has the right to obtain a(n) -✔✔-deficiency judgment What is the payment difference on a loan amount of $220,000 with a 15 year, 5.5% interest versus a 30 year at 6.5% (use amortization chart) -✔✔-$407 A buyer and seller have a contract which states the buyer can buy the property for $120,000 and close the sale before 12/31/2014. What type of contract exists? -✔✔-Option A buyer wants to have a home business in a residential neighborhood. The broker should advise the buyer to -✔✔-Check to see whether zoning will allow the business use. Which of the following is a disadvantage to owning real estate? -✔✔-Liquidity A broker lists a property and begins marketing it. The seller sells the property to a neighbor and pays the broker a full commission, What type of listing agreement was signed?" -✔✔-Exclusive Right to sell A potential buyer was turned down for a mortgage loan because of the high crime rate where the property is located. This is an example of -✔✔-Redlining [Show More]

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