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PSI Real Estate Sales Exam Questions
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PSI Real Estate Sales Exam Questions
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25 Questions

1. The buyer of a cooperative apartment receives shares in the cooperative and a
2. Steering, prohibited by fair housing laws, is the practice of
3. Rita Morgan has $86,576 left on her 8.5% mortgage. Her monthly payment is set at $852.56 for principal and interest (she pays her own taxes and insurance). How much of her next payment will go to reduce the principal?
4. A customer goes into a restaurant and orders dinner. At the end of the meal, is the customer legally obligated to pay the check?
5. In an agency relationship, the client is also known as the
6. Brokers are responsible by law or regulation for the actions of subagents. Clients are liable for errors made by brokers or subagents by
7. The most profitable way in which a particular property can be utilized is known as its
8. The remaining balance on Shari Larson's mortgage is $185,500. The interest rate is 8.5% and the monthly payment is $1,426.50. About how much of her monthly payment will be applied to principal?
9. John Fitzpatrick holds $800 in security deposits from the six tenants in his apartment building when he sells the building to Helen Baker. The tenants can expect a return of their security deposits from
10. The homebuyer, borrowing money to complete the purchase, signs a number of documents at the closing. Which of the following creates the debt?
11. The Flynns have lost their jobs, fallen behind on mortgage payments, and are about to lose their home to foreclosure proceedings, which have already started. At the last minute, Bob Flynn's father agrees to give them all the money they owe plus legal costs. The Flynns can stop the foreclosure using their
12. An abstract of title contains
13. If a foreclosure sale fails to bring enough to pay off a lien, the lender may in most cases seek a
14. The manager who sets rental rates should take into consideration the
15. At closing, the lending institution may ask the buyer to
16. The Owens are buying a $100,000 house with 5% down and an FHA mortgage for the rest. They must pay an upfront MIP of 2.5% in addition to other closing costs that amount to $1,000. How much money will they need at the closing?
17. Which of the following approaches would an appraiser most likely use to appraise a church?
18. A shoe store in the Town Mall pays a base rent each month plus additional rent based on the amount of business it does. It is operating under a
19. A licensee appearing to represent both parties in the transaction, while actually being agent to only one, is at risk of being
20. The term walk-through" refers to"
21. The Webers own three pieces of real estate: their house, a lakeside cottage, and a tract of woodland. Which of the following expenses may be deducted for all three properties on the Webers' income tax return?
22. The Real Estate Settlement Procedures Act (RESPA) requires lenders to
23. In return for a $100,000 loan, Julia Lawrence gave her bank both a mortgage and a
24. Which of the following would best be handled by a property manager of commercial property?
25. Which of the following is NOT necessary in order for a property to have value?

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