Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

National PSI Real Estate Salesperson Exam II: Q&A Study Guide, Exams of Real Estate Management

Florida Memorial UniversityReal Estate Management

A series of questions and answers designed to help individuals prepare for the national psi salesperson exam ii. It covers a range of topics relevant to real estate sales, including deeds, liens, fair housing laws, listing agreements, property valuation, and contract law. The questions are multiple-choice, with detailed explanations provided for the correct answers. This material is useful for students and professionals seeking to enhance their knowledge and skills in real estate transactions and regulations, offering practical insights into key concepts and legal requirements.

Typology: Exams

2024/2025

Available from 06/17/2025

Nurseexpert
Nurseexpert 🇺🇸

4.5

(4)

8.6K documents

1 / 44

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
National PSI Salesperson Exam II Questions
And Answers
A grantor wishes to convey title to a grantee in a deed that creates
the least protection for the grantee. The grantor should give the
grantee a
1. bargain and sale deed.
2. quitclaim deed.
3. general warranty deed.
4. special warranty deed. -
correct answer ✅2. The general warranty and special warranty deed
contain express warranties. A bargain and sale deed has an implied
warranty. A quitclaim deed contains no warranty. page 152
Of the following liens, which generally would be given the highest
priority?
1. A judgment issued last year
2. A mortgage recorded four years ago
3. A special assessment
4. A mechanic's lien for work begun two months ago -
correct answer ✅3. Special assessments and real estate taxes take
priority over all other liens, regardless of the date of recording.
page 24
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c

Partial preview of the text

Download National PSI Real Estate Salesperson Exam II: Q&A Study Guide and more Exams Real Estate Management in PDF only on Docsity!

And Answers

A grantor wishes to convey title to a grantee in a deed that creates the least protection for the grantee. The grantor should give the grantee a

  1. bargain and sale deed.
  2. quitclaim deed.
  3. general warranty deed.
  4. special warranty deed. - correct answer ✅2. The general warranty and special warranty deed contain express warranties. A bargain and sale deed has an implied warranty. A quitclaim deed contains no warranty. page 152 Of the following liens, which generally would be given the highest priority?
  5. A judgment issued last year
  6. A mortgage recorded four years ago
  7. A special assessment
  8. A mechanic's lien for work begun two months ago - correct answer ✅3. Special assessments and real estate taxes take priority over all other liens, regardless of the date of recording. page 24

And Answers

You are showing a property described as being in the "nicest neighborhood in town" when, in fact, other neighborhoods are arguably as nice. A statement such as this is MOST likely to be categorized as

  1. fraud.
  2. puffing.
  3. misrepresentation.
  4. professional negligence. - correct answer ✅2. Your opinion would be an example of puffing. page 168 You are chairperson of the Democratic party in your state, and you also own an eight-unit apartment building you currently rent out. You are taking a rental application from a prospective tenant when she informs you that she works for the Republican party of your state. You inform her that all the apartments have been rented even though you know they have not been rented. Which of the following statements correctly describes this unethical situation?
  5. You have violated Truth-in-Lending.
  6. You have violated the federal fair housing law.
  7. You have exercised your rights as an owner of private property to discriminate.

And Answers

  1. Trees
  2. Buildings
  3. Trade fixtures
  4. Water rights - correct answer ✅3. Trade fixtures are items installed by a tenant for conducting a business. page 30 A sale is to be closed on June 23. Real estate taxes of $3,760 for the current year have not been paid. What is the amount of real estate tax proration to be credited to the buyer? (Use a 30-day month for calculation.)
  5. $1,566.
  6. $1,806.
  7. $1,879.
  8. None of these - correct answer ✅2. $3,760 ÷ 12 months = $313.33 per month $313.33 ÷ 30 days = $10.444 per day $313.33 × 5 months = $1,566. $10.444 × 23 = $240. $1,566.65 + $240.21 = $1,806.86 page 187

And Answers

The giver of an option is called the

  1. vendor.
  2. optionor.
  3. vendee.
  4. optionee. - correct answer ✅2. The giver of an option is the optionor; the buyer is the optionee. The vendor is a seller of realty; the vendee is the purchaser of realty. page 121- Which of the following types of depreciation is generally incurable?
  5. Physical deterioration
  6. Economic or external obsolescence
  7. Functional obsolescence
  8. Physical depreciation - correct answer ✅2. Functional obsolescence and physical deterioration and depreciation may be incurable. Economic obsolescence generally is incurable. page 61 Three investors decided to pool their savings and buy a motel for $330,000. If one invested $90,000 and the second contributed

And Answers

borrower defaults, the lender has the right to declare the entire debt due and payable. The defeasance clause requires the lender to execute a satisfaction of mortgage when the note is fully paid. Equitable redemption refers to the right of borrowers to redeem this interest in their property prior to a public foreclosure sale. page 83 A woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is a(n)

  1. lien.
  2. encumbrance.
  3. license.
  4. encroachment. - correct answer ✅2. The tract of land over which an easement appurtenant runs is the servient tenement; an easement appurtenant is an encumbrance, as are the lien, license, and encroachment. page 23- In an exclusive-right-to-sell listing agreement, how many brokers are involved?
  5. Two
  6. One

And Answers

  1. As many as the owner/lister chooses
  2. As many salespeople as the broker has in his or her office - correct answer ✅2. In an exclusive-right-to-sell listing, there is only one broker. Regardless of who procures a buyer, the exclusive-right- to-sell broker receives a commission, which is then often split with the co-op broker who brought the buyer. page 119 The broker has listed an owner's home. This agreement will be terminated by all of the following EXCEPT
  3. death of the listing salesperson.
  4. death of the owner.
  5. death of the broker.
  6. bankruptcy of the broker. - correct answer ✅1. The listing salesperson is a subagent whose death will not affect the listing contract. page 119 A drunken man signed an offer to purchase. The contract that he signed is
  7. valid.
  8. void.
  9. voidable.

And Answers

$24.45 × 16.666 square yards = $407.48 page 184 All of the following agency relationships could be used to describe a cooperating broker in a real estate transaction EXCEPT

  1. a subagent.
  2. an exclusive buyer's broker.
  3. a selling broker.
  4. a non-exclusive buyer's broker. - correct answer ✅1. The listing broker would be the only agent of the seller, and none of the cooperating brokers could legally represent the seller, because the offering of subagency to outside brokers is against public policy. page 119 An appraiser is trying to determine the value of an income property by capitalizing the income stream. Which of the following factors will the appraiser use?
  5. Mortgage interest
  6. Net income
  7. Replacement cost

And Answers

  1. Income taxes - correct answer ✅2. The net income in an operating statement does not reflect interest and taxes. page 61 A partial release clause generally is found in a
  2. construction mortgage.
  3. package mortgage.
  4. blanket mortgage.
  5. wraparound mortgage. - correct answer ✅3. A blanket mortgage covers more than one property or lot; it is typically used to finance the development of a subdivision. page 83 All of the following scenarios would be considered discriminatory under federal fair housing laws EXCEPT
  6. a man owns and lives in his four-unit apartment building, and he refuses to rent to families with children.
  7. a landlord charges higher security deposits to tenants with children.
  8. a landlord places all families in selected buildings in his apartment complex.

And Answers

  1. None of these - correct answer ✅1. $115,900 × 8% (0.08) = $9,272 annual increase in value $115,900 + $9,272 = $125,172 current market value page 182 An enforceable contract may contain any of the following as consideration EXCEPT
  2. money.
  3. love.
  4. affection.
  5. duress. - correct answer ✅4. A valid contract must be based on good and valuable consideration. If duress is involved, however, there would not be a meeting of the minds; the contract would thus not be valid. page 117 You have just given an option to buy your restaurant to a friend. Which of the following statements is NOT correct?
  6. Your friend is the optionee.
  7. You are the optionor.
  8. Your friend is obligated to buy your restaurant.

And Answers

  1. Your friend may pay a fee of some kind for the option right. - correct answer ✅3. The optionee (prospective buyer) pays for the option right but assumes no obligation to make any other payments until she decides whether or not to exercise her option right. page 121- A broker listed a home under the condition that the owner receive $210,000 from the sale, with the broker being able to sell the property for as much as possible and keep the difference as the commission. This unethical, if not illegal, agreement is an example of
  2. an exclusive-agency listing.
  3. an exclusive-right-to-sell listing.
  4. a net listing.
  5. an option listing. - correct answer ✅3. The other listings would include a commission agreed on in advance in terms of a percentage dollar amount. page 122 A broker was offered a listing by homeowners who stated that they would not sell to a minority. The broker should

And Answers

A home is valued at $103,000. Property in this city is assessed at 80% of its value, and the local tax rate is $3.60 per $100. What is the amount of the owner's monthly taxes?

  1. $247.
  2. $
  3. $2,966.
  4. None of these - correct answer ✅1. $103,000 × 80% (0.80) = $82,400 assessed value Divide by 100, because the tax rate is stated per $100. $82,400 ÷ 100 = $824. $824 × $3.60 = $2,966.40, annual tax $2,966.40 ÷ 12 = $247.20 page 184 Which person would NOT be protected under the familial status definition according to the federal fair housing law?
  5. A 19-year-old girl living with her mother
  6. A 17-year-old boy living with his father
  7. A 14-year-old girl living with a person who is seeking legal custody of her

And Answers

  1. A 21-year old woman who is pregnant - correct answer ✅1. Under certain circumstances, the familial status category protects individuals who have not reached the age of 18. page 164 You are working as a salesperson for a broker and have just sold a home. You will receive your share of the commission on the sale from
  2. the cooperating broker.
  3. the seller.
  4. your broker.
  5. the buyer. - correct answer ✅3. A salesperson can only receive compensation from the broker for whom she works. page 171 You have been given oral permission to park in a friend's driveway while attending a football game. Their permission is a(n)
  6. easement appurtenant.
  7. encroachment.
  8. license.

And Answers

Which of the following categories represents the first one to be protected by federal law against discrimination in housing?

  1. Familial status
  2. Sex
  3. Race
  4. Sexual orientation - correct answer ✅3. Race became a protected class in 1968; sex in
  5. Sexual orientation is not a protected class under federal fair housing laws. page 164 Using a mortgage factor of $7.69, what is the monthly payment for a $170,000 loan at 8.5% for 30 years?
  6. $1,247.
  7. $1,276.
  8. $1,307.
  9. $1,337.90 - correct answer ✅3. $170,000 ÷ 1,000 = 170 × 7.69 = $1,307.30 page 191 Using the information in question 34 above, what is the total interest paid over the life of the loan?

And Answers

  1. None of these - correct answer ✅2. $1,307.30 × 360 months = $470, Total principal and interest -170,000. Amount of loan $300, Total interest paid over life of the loan page 191 The requirement that a lender use the settlement statement form for certain government-related loans is a requirement of
  2. IRS regulations.
  3. RESPA.
  4. Truth-in-Lending.
  5. Federal Housing Administration (FHA) regulations. - correct answer ✅2. The other choices do not deal with a closing form. page 154 All of the following would be considered a lien except a(n)
  6. encroachment.
  7. judgment.