Affiliate Broker TN National Exam Practice PSI Flashcards

Affiliate Broker TN National Exam Practice (PSI) Flashcards

• Three days ago, there was a severe thunderstorm in

Shirley's town. Today, there's still a large puddle of water on her property, but it doesn't appear the neighboring properties have any puddles. This could indicate a(n) ______ problem.· Drainage

• Ken, Barbie, and Skipper owned a property as a joint

tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?· Barbie owns two-thirds, and Midge owns one-third.

• The Crows gave their son, Gibson, the family property,

so long as he doesn't join his friend's rock band. If he joins the band, the property goes back to them. What type of estate is this?· Fee simple determinable

• What type of estate involves a piece of real estate that's

owned by multiple unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year?· Timeshare

• The Shores are in the process of buying a beautiful

3,000-square-foot home from the Bishops. They've completed all the required paperwork on their loan application. Mary's analyzing the package to determine their ability to repay the loan. She examines the property's value, the property type, and the loan-to-value ratio, among other things. Her recommendation is that the Shores' loan application be approved. What is Mary's role?· The underwriter

• If a property's income value is $200,000 and it's earning

a net operating income of $40,000, what is the cap rate?

· 20%

• Your client, Eric, is interested in purchasing an industrial

property to start a new business. You've recommended that soil, air, and water testing be done, but Eric is on a tight budget and doesn't feel these tests are necessary.What should you do?· Keep records of your recommendations and a written response from Eric.

• Donald and Martina decided to purchase a newly built

home, and their agent, Ed, recommended that they get a professional home inspection done. The couple tells Ed that they thought inspections were only for older homes.How should Ed respond to that?· Ed should remind them that every dwelling, no matter the age or size, should have a home inspection.

• Debra's listing agent, Raj, just called to tell her that he'd

received an offer on her house and an earnest money check for $4,500. "I'm on my way over to go through the offer with you. I think you'll like it!" Debra's excited, and she

knows exactly what she wants to spend that $4,500 on.What's wrong with Debra's thought process?· The earnest money doesn't belong to Debra. It will be held in an escrow account.

• Which of the following statements about the fiduciary

duty of disclosure is true?· It's owed to the licensee's clients only.

• Which of these regarding the impact of the Brownfields

Law is true?· The Smiths have discovered chemical contamination on the property deed to them by their late parents. The Brownfields Law may provide funds to help them clean up the site.

• Datums and benchmarks are used for ______. · Measuring elevations
• Which real property ownership right protects the owner

from harassment or interference?· Enjoyment

• Alison and Brent are financing their house purchase of

$232,500 with an FHA loan. Their credit score qualifies them for the minimum down payment. What do they need to put down?

· $8,137.50

• When real estate licensee Brian discovered that real

estate licensee Arnold was using a "Choose Your Neighbor" letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS®?· A charge of agreeing to discriminate by limiting access to the property

• The property management ______ cements the

relationship between the property manager and the owner.· Agreement

• If a buyer makes an offer that the seller finds lacking,

which of the following actions is the seller most likely to take?· Respond with a written counter-offer.

• Shari's clients want her to post that there are "no

showings on weekends" on the MLS. Shari knows that will significantly cut down on their market exposure. Her duty of reasonable skill and care is in conflict with her duty of

______.

· Obedience

• A borrower has a 30-year, $500,000 loan with an interest

rate of 6.25%. His monthly principal and interest payment is $3,078.59. What's the total amount of interest he'll pay over the course of the loan?

· $608,292.40

• Dean and Michael have an oral contract. Dean said he

would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent?· Consideration

• Jeffersontown has a zoning ordinance that requires all

properties in a designated historic district to have brick or wood plank facades. No aluminum, cement board, or vinyl siding is allowed. What type of zoning is this?· Aesthetic zoning

• An 800-square-foot rectangular building sells for

$75,000. What's the cost per square foot?

· $93.75

• Kelly is closing on the house she's purchasing on

Wednesday. Which of these statements is true?· The lender must provide the Closing Disclosure by Friday of the week before closing.

• Georgina is an escrow agent who's holding funds for

several transactions. Which of these statements about how

she'll disburse these funds is true?· If the transaction doesn't close, Georgina will disburse the earnest money as instructed by the parties or according to