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MISSISSIPI REAL ESTATE PSI EXAM/MISSISSIPI
PRACTICE EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 500 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine or prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where - ANSWER-water is scarce
When more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined? - ANSWER- Reconciliation
When preparing a market data estimate of value, which of the following categories of adjustment is essential? - ANSWER-1.the date of sale of the comparables
- the amount of square footage 1 / 4
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- the location of the property
If all other factors are equal, in which location is a parking lot likely to bring the highest sales - ANSWER-business district zoned for a six-story office building
Parcels A, B, and C are located side by side and owned by three different owners. A is worth $20,000, B is worth $27,000, and C is worth $16,000 for a total of $63,000. A developer believes that if all three can be purchased, the larger parcel would be worth $85,000. By assembling these under one owner they would be worth $22,000 more than their individual values. This demonstrates which principle of value? - ANSWER-plottage
A loan which requires the borrower to pay interest only until the maturity date (or due date), and then pay the entire principal on the maturity date, is called a - ANSWER-term loan
The real estate licensee who accepts an undisclosed fee for referring a buyer to a specific title company may be in violation of - ANSWER-RESPA
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Which of the following events would AUTOMATICALLY cancel a listing agreement? - ANSWER-property owners death
Another term for the owner of a property listed with your firm is the - ANSWER-client
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 31. This is called - ANSWER- an option contract
An agreement to purchase that has NOT yet closed is - ANSWER-an executory contract
An amount of money, agreed to in writing by buyer and seller, that will serve as full compensation if one party does not live up to a sales contract is called - ANSWER-liquidated damages
For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income? - ANSWER-Mortgage loan interest, local property taxes, mortgage loan origination fees
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When someone has living heirs but dies without leaving a will, the estate is distributed according to the - ANSWER-statue of descent
The Civil Rights Act of 1866 prohibits any type of discrimination based on - ANSWER-race
An agent shows a home to a couple and mentions that it has a lovely fireplace in the living room. After buying the home, the buyers and agent discover that the brick fireplace is just a decorative fireplace and is not "wood burning." Which of the following would BEST protect the agent from financial loss? - ANSWER-E&O coverage
The sellers have agreed to give the buyers an allowance of $16.95 per square yard to retile the kitchen. If the kitchen is 10 feet x 14 feet, how much will it cost the sellers (to the nearest dollar)? - ANSWER-$264
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 - ANSWER-$225.00
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