PSI Real Estate Salesperson Exam (Latest
2023/ 2024) 100% Correct| Questions and
QUESTION
Verified Answers| Graded A
You listed a home that was
... [Show More] subsequently shown by six cooperating outside brokers. How many
seller-agency relationships are involved in this transaction?
Answer:
One
QUESTION
A salesperson listed a home for sale and transferred to another brokerage firm two weeks later.
Which the of the following statements describes the status of the listing?
Answer:
The listing will stay with the former broker
QUESTION
A salesperson presented an offer that was accepted and received an earnest money payment for
$2,000. The salesperson should:
Answer:
give the earnest money to his broker
QUESTION
You are working as a buyer's broker for a client. Which of the following would NOT describe
your role as a buyer's broker?
Answer:
You should show the buyer properties only in which your commission is protected.
QUESTION
According to the law of agency, a real estate broker does NOT owe the principal the duty of:
Answer:
offering legal advice
QUESTION
A broker acting as the agent of a seller:
Answer:
must report all offers to the principal unless instructed otherwise.
QUESTION
A broker listed a residential property under a valid written listing agreement. After the sale was
completed, the owner refused to pay the broker's fee. Which of the following can the broker do?
Answer:
She can take the seller to court and sue for the commission.
QUESTION
Commissions and fees paid by the seller to listing agency are determined by:
Answer:
Negotiations between the seller and the listing licensee.
QUESTION
A listing broker is MOST likely to have earned a commission from a principal when which of
the following events occur?
Answer:
A "ready, willing, and able buyer" signs a non contingent or cash offer that meets the terms of
the listing contract.
QUESTION
A broker listed an owner's home and later received an offer from another licensee that met all of
the listing terms and conditions. After considering the offer, the owner informed the broker that
the owner no longer wish to sell, and asked to be released from the listing agreement
immediately. Which of the following is a TRUE statement about the broker's position in this
situation?
Answer:
The broker may succeed in collecting an earned commission from the owner.
QUESTION
On July 1 an owner and salesperson entered into a six-month exclusive-right-to-sell agreement
for a residential property. On July 15 the owner rejected a low offer and fired the listing agent.
On august 1 there was a house fire that required extensive kitchen repairs. On September 12 the
owner entered into another exclusive-right-to-sell agreement with a different agency. On January
1 the property was still unsold. On which date the first listing agreement MOST likely to
terminate and why?
Answer:
September 12, because the breached the first listing agreement by signing a second.
QUESTION
An option, prior to being exercised, is an example of:
Answer:
a unilateral contract
QUESTION
Which of the following is the similarity between the exclusive-right-to-sell listing and exclusiveagency
listing?
Answer:
Both give the responsibility of representing the seller to just one broker.
QUESTION
A buyer has entered into an agency agreement with more than one buyer's agent but only owes [Show Less]