PSI Practice Exam - National Real Estate Salesperson Premium

PSI Practice Exam - National Real Estate Salesperson Premium

Practice Test Testing ---> TEST : 5 Flashcards

Trust accounts hold:funds not belonging to the firm

Nonmaterial information that would damage the bargaining

position can be disclosed to the buyer:

only with the seller's written permission All of the following are essential elements of a deed

EXCEPT:

signature by the grantee

When a sales contract is signed, the earnest money is:not legally necessary

As a listing agent, what obligations do you owe to an unrepresented buyer?Honesty and fairness Which of the following ads is in compliance with the advertising laws?Great home. Perfect for entertaining. Bring your pickiest buyers. ABC Realty 363-525-0000 The phrase "time is of the essence" is most likely to be

found in a(n):

sales contract

Exclusive listing contracts are all of the following EXCEPT:unilateral

The loan document tat creates the promise to repay money

borrowed from a lender is called a:

promissory note Fraud may result when a licenseeintentionally provides false information or withholds material information A buyer paid an owner $2,000 as an option fee for an option containing this clause "Option to be for 60 days from June 1st. Upon exercise of the option, the holder is to purchase within 30 days thereafter for all cash consideration. Option may be assigned" On July 10th, the buyer sold and assigned his option for $1,000. On July 28, the new holder indicated to the owner that he would purchase on August 15. The owner claimed the option void.

The option was:

valid, and the assignee can purchase on August 15 When a mortgage is used in a real estate transaction, the

evidence of the principal obligation is the:

note Ginnie Mae activities include all of the following EXCEPT financing new subdivisions ABC realty has a listed property for the price of $90,000. A buyer has instructed her agent to submit a written offer of $75,000. The buyer's agent refuses to submit the offer, which he felt was too low and a waste of his time. All of the

following are true EXCEPT:

agent's are only required to submit offers they believe will be accepted The last requirement in the process of offer and

acceptance that creates the executory contract is:

communication of acceptance A multiple listing may properly be defined as a listing

agreement in which:

a broker with an exclusive listing has a contractual obligation to distribute the listing among certain other brokers

All of the following would allow the state to take over

ownership of a property EXCEPT:

the owner fails to pay taxes on time

The listing price of the property is known as: market value

The general rule is that a buyer may NOT withdraw his

offer:

after proper notification of the seller's acceptance of the offer The absence of which of the following would render an earnest money contract unenforceable?Legal purpose A broker's listing contract in the form of a letter addressed by the owner to the broker provides that the broker will be paid a commission if within 30 days the real estate is sold

for $30,000 "by you, by me, or by anyone else. " This:

creates an exclusive right to sell listing Involuntary alienation of an estate means ownership of estates may be transferred by operation of law.A seller signs a contract allowing the buyer to buy the seller's home for $63,200 anytime between the date of the contract and the following February 8. The seller also agrees not to sell her home to anyone else until after

February 8. This contract is called a(n):

option Mortgage bankers typically:originate a large number of loan transactions and then sell these mortgages at a discount to large investors in the secondary market.The owner of a condominium and the lessee of an apartment have many things in common, but their legal relationship with the property is different. With respect to

their similarities, both parties hold a(n):

estate in real property In a home sale, the seller promises to sell and the buyer

promises to buy. This is known as:

consideration