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PSI Real Estate Sales Exam Questions
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PSI Real Estate Sales Exam Questions
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1. After John Rawlings bought his apartment, he started receiving his own property tax bills. This indicates that he has bought into a
2. Simon Burke took out a $125,000 loan to buy his home. Five years later he sold the house to Richard DeSantos, and the lender agreed that Richard could take the remaining mortgage debt along with the house. Simon will have the most protection if Richard
3. The typical relationship between broker and salesperson for tax purposes is known as
4. The manager who sets rental rates should take into consideration the
5. Fred Darcy, a bachelor, sells his longtime home. How much capital gain can he realize without owing any federal income tax?
6. The Smiths offer to buy the Browns' house for $125,000, with the closing scheduled for June 15. The Browns sign a written acceptance, with the provision that the closing is to be on June 16. At this point, which of the following can occur?
7. The buyer gives the owner a $5,000 payment and a written agreement stating that, on July 1 of the following year, the buyer will purchase the property for $150,000 cash or the owner may keep the money. This transaction is known as
8. In a real estate transaction, both the seller's agent and the buyer's agent are legally required to put whose interest first?
9. If a foreclosure sale fails to bring enough to pay off a lien, the lender may in most cases seek a
10. Tax credits are a direct offset against taxes due rather than deductions against income. Credits are usually applied in all of the following types of real estate EXCEPT
11. In order to be enforceable, a real estate contract must be
12. The Real Estate Settlement Procedures Act (RESPA) requires lenders to
13. Tenancy by the entirety is a special form of ownership available only to
14. Which of the following is included in an agent's responsibilities to the party the agent is NOT representing?
15. Nancy Tomsic's tenants all had several months remaining on their leases when she sold her six-unit apartment building to Chuck Dwight. Tenants in this situation typically
16. The Real Estate Settlement Procedures Act (RESPA) applies to
17. In order to appraise property valued over $1,000,000, the person performing the appraisal would need to be
18. No one seems to own the vacant lot next to Henry's house, so he has used it for a garden for many years now. He may have a good chance of going to court and obtaining ownership by
19. 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?
20. Simon Hersch, a salesperson associated with broker Bob King, lists a house for sale for $120,000, with 6% commission due at closing. Three weeks later the owner accepts an offer for $115,000, brought in by Simon. Bob's practice is that 45% of commissions go to the office and the rest to the salesperson. How much will Simon make on the sale?
21. All the salespersons in Al's brokerage firm work as independent contractors. Their office most likely provides them with which of the following?
22. The acronym that represents the elements of value is
23. A real estate listing is usually an example of
24. In an agency relationship, the client is also known as the
25. An owner is planning to build on newly purchased property. Zoning laws state that no improvement may exceed 50 feet in height, a restrictive covenant limits improvements to 45 feet in height, and the deed restriction states the maximum height to be 30 feet. What is the tallest building the owner can legally construct?

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