PSI REAL ESTATE SALESPERSON PRACTICE EXAM Flashcards

PSI REAL ESTATE SALESPERSON PRACTICE EXAM Flashcards A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is1. an independent contractor to the broker and an agent to the principal.2. an agent to the broker and a subagent to the principal.3. a subagent to the broker and an agent to the principal.4. an agent to the broker and an agent to the principal.an agent to the broker and a subagent to the principal.The buyer wants to make the purchase offer contingent on a complex mortgage arrangement. The buyer's agent who is drawing up the contract should1. include the provision for the mortgage as the buyer requests.2. suggest the buyer ask a lawyer to furnish the wording.3. consult the supervising broker for advice.4. refer the matter to the seller's agent.suggest the buyer ask a lawyer to furnish the wording.To what party or parties does the broker owe the fiduciary duty of care?1. the seller2. both the buyer and the seller3.the party or parties employing the broker4. the party or parties paying the commission the party or parties employing the broker A competitive market analysis is MOST often used for1.estate tax purposes.2. setting a listing price.3. divorce proceedings.4. property tax assessment.setting a listing price.A couple bought a rental house for $195,000. Its assessed value was $180,000. If the tax rate is $1.50 per $100 of assessed value, what is the monthly contribution the lender will REQUIRE for taxes? Round to the nearest cent.1.

$225.002. $162.503. $150.004. $112.50

$225.00

Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather than proceed to closing. Which of the following circumstances would NOT give either party a justifiable reason to insist on a mutual release?1. The buyer finds a better property for better terms.2. A title defect that will take months to clear is discovered.3. A basement fire causes damage that requires extensive repairs.4. The buyer is unable to obtain financing that meets the terms of the contract's financing contingency.The buyer finds a better property for better terms.Which restrictive covenant would be considered illegal?1. A covenant that is more restrictive than local zoning ordinances.2. A restriction that is time-limited and expires after a stated period.3. A covenant that restricts the type of building that may be constructed.4. A covenant that

restricts selected parcels within a defined subdivision.A covenant that restricts selected parcels within a defined subdivision.When a principal authorizes an agent to perform a particular act or transaction, it is an example of a1.universal agency.2. special agency.3. general agency.4.

common agency.special agency When compiling a competitive market analysis, a broker would look for comparable properties that1. were sold for

all cash.2. had been extensively advertised.3. were offered by owner with no broker.4. were located near the property being listed.were located near the property being listed.