TEST BANK PSI NATIONAL EXAM FOR REAL ESTATE ACTUAL EXAM
2024 LATEST UPDATE DETAILED QUESTIONS CORRECTLY ANSWERED
ALREADY GRADED A+….
A couple
... [Show More] signed a lease on an apartment for a period of 1 year. The lease does NOT
contain an automatic renewal clause. The couple plans to move out at the end of the
lease rather than renew it. How much notice MUST they give to comply with
the lease term? - ANSWER- No notice is required
The relationship in which the agent is placed in the position of trust and confidence to
the principal is known by the term - ANSWER- fiduciary
A couple are moving to a new city. They have decided to rent temporarily before buying
a house to see which part of the city
they would like to live in. What type of lease would BEST suit the couple's needs? -
ANSWER- Month-to-month lease
A broker says, while showing a rural property, "This property has the world's purest well
water." This would be an example of - ANSWER- an expression of opinion, or puffing,
which could lead to misrepresentation
A contract has been drawn which obliges the sellers to convey title to their land to the
buyers if the buyers come up with
$22,000 on or before December 31st. This is called - ANSWER- an option contract
Errors and Omissions insurance covers the broker for - ANSWER- unintentional
misrepresentations
The land description T3N, R4W Principal Meridian refers to what method of property
description? - ANSWER- Rectangular survey.
All of the following are methods to calculate the reproduction or replacement cost of a
building EXCEPT - ANSWER- straight-line method
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is
called - ANSWER- a contract
Antitrust laws prohibit competing brokers from all of the following - ANSWER- 1.
boycotting other brokers in the marketplace.
2. dividing the market to restrict competition.
3. agreeing to set sales commissions and management rates.
When a sewer line is installed down a rural road, the cost will probably be shared by -
ANSWER- all current owners of real estate fronting on that road [Show Less]