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PSI Exam Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What type of listing allows a seller to work with one broker but also avoid paying commission if they find the buyer themselves?✔✔Exclusive agency
What is it called when a buyer gives money to show they’re serious about buying a property?✔✔Earnest money
What type of deed provides the greatest protection to the buyer?✔✔General warranty deed
What is it called when the government takes private property for public use with compensation?✔✔Eminent domain
What happens when someone dies without a will and no heirs?✔✔Escheat 1 / 3
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What term describes a situation where two or more people own property with equal rights and survivorship?✔✔Joint tenancy
What does an appraiser use when comparing similar properties to estimate value?✔✔Sales comparison approach
What right allows a property owner to use water from a river or stream bordering their land?✔✔Riparian rights
What term refers to an item of personal property that has been attached to real estate and is now considered real property?✔✔Fixture
What is the process of a lender taking back property after borrower default?✔✔Foreclosure
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What kind of estate gives someone the most complete form of ownership?✔✔Fee simple absolute
What is the document called that transfers ownership of real estate from one person to another?✔✔Deed
Who does the real estate agent legally represent in a buyer agency agreement?✔✔The buyer
What kind of lien is created voluntarily by a property owner?✔✔Mortgage lien
What is the act of mixing personal funds with client funds called?✔✔Commingling
What must happen for a deed to be valid?✔✔It must be delivered and accepted
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