PSI Salesperson Real Estate Exam (2023/ 2024 Update) 100% Correct| Questions and Verified Answers| Grade A
PSI Salesperson Real Estate Exam (2023/
2024 Update) 100% Correct| Questions and
Verified Answers| Grade A
Q: Your neighbor has given you revocable permission to go hunting on his farm. You have a(n)
Answer:
- license.
Q: A claim based on adverse possession of property must NOT be
Answer: - secretive.
Q: A man gives his friend the right to go hunting on his property for just one day. This is an
example of
Answer: - a license.
Q: A person who receives real property by will is called a
Answer: - devisee.
Q: Riparian rights would exist in a
Answer:
- cooperative on a river.
Q: A developer was able to buy two adjoining single-family lots for $20,000 each. He
combined the lots into one parcel with a value of $90,000. The developer’s action reflects the
process of
Answer: - plottage.
Q: A restaurant opened in a neighborhood and was enjoying substantial profits. Within a year
another restaurant was built across the street and resulted in the first restaurant losing, in the next
year, 30 percent of its profits. This is an example of the principle of
Answer: - competition.
Q: A meatpacking plant has just been built one block from your house. The strong odors are
lowering property values in your neighborhood. The loss in value would be classified as
Answer: - external obsolescence.
Q: In the appraisal of a public building, an appraiser would use the
Answer: - cost approach.
Q: A four-bedroom house with one bathroom would be an example of
Answer:
- functional obsolescence.
Q: Which of the following is NOT a stage in the appraisal process?
Answer: - Analyze the tax consequences of the property owner
Q: An appraiser uses the cost approach in appraising a home. The appraiser should NOT use
which of the following types of information?
Answer: - Depreciation of land
Q: A house that is the least expensive in its neighborhood has nevertheless grown significantly
in value over the years because of an increasing number of larger, more expensive houses being
built nearby. This growth in value is an example of the principle of
Answer: - progression
Q: You are Preparing a competitive market analysis on a house that you hope to list for sale.
Which of the following approaches to value will be used in the development of the estimated
value?
Answer: - Sales comparison approach
Q: A competitive market analysis reflects the use of the
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