PSI Salesperson Real Estate Practice Exam Version 2 (2023/ 2024 Update) | Questions and Verified Answers|100% Correct
PSI Salesperson Real Estate Practice Exam
Version 2 (2023/ 2024 Update) | Questions
and Verified Answers|100% Correct
Q: Even if a loan applicant’s current income seems adequate to qualify for a certain loan, the
Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the applicant’s
main source of income is
Answer:
commission sales.
Q: According to the Truth-in-Lending Act, if any “trigger terms” are used in an ad, all of the
following disclosures MUST appear in the ad EXCEPT the
Answer:
prepayment penalties and rebates.
Q: Federal Truth-in-Lending laws are also known as
Answer:
Regulation Z.
Q: When a home is purchased using an ARM, the monthly loan payment on the mortgage will
Answer:
vary over the life of the loan depending on fluctuations in the interest rate to which the loan is
referenced.
Q: Which of these Federal laws regulates the advertisement of a lender’s credit terms (rates,
payment, etc.)?
Answer:
Regulation Z.
Q: When the sellers are lending part of the purchase price, they may secure the debt either with
a deed of trust or a mortgage. For the seller, one benefit of the deed of trust is that
Answer:
foreclosure is usually simpler and faster.
Q: A broker and the buyers he represents are anxiously awaiting the closing on their new home.
The closing is scheduled in 4 days. The buyers inform the broker that they just received revised
Loan Estimate and Closing Disclosure forms from the lender, indicating the Annual Percentage
Rate on their loan has increased by 0.3%. Based on the TILA-RESPA Integrated Disclosure rule,
what action should the broker take in this situation?
Answer:
Confirm with the seller’s broker, the lender and the closing entity that the closing must be
delayed to allow for a new seven-day waiting period because of the interest rate revision.
Q: A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to
Answer:
demand immediate payment of the entire note.
Q: Under the common law of agency, licensees owe the broker with whom they are associated
all of the following duties EXCEPT
Answer:
indemnification.
Q: A realty firm has just entered into an agreement to represent a home builder in the sale of a
new subdivision. The firm has located several potential buyers and five homes have been sold to
purchasers that the firm’s agents have contacted. The realty firm has an agency relationship with
Answer:
the builder.
Q: A broker, acting as agent for the seller, presents an offer to buy from the broker’s former
college roommate. The broker knows that the buyer will increase the amount of the offer if the
seller turns down the offer. When presenting the offer, the broker should
Answer:
tell the seller that the buyer will pay more.
Q: The day after a broker’s listing on a house expired, it was listed with another broker and
offered in the MLS. Several days later, a third licensee called the first broker and asked for the
key to show the home. The broker should inform the caller that
Answer:
he is no longer the listing agent.
Q: A real estate salesperson is representing only the buyer in a transaction. Which of the
following actions would be a violation of the salesperson’s agency duties to the client?
Answer:
disclosing the highest price the buyer is willing to pay.
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