PSI Exam Test Prep Questions Latest Update 2025-2026 Exam 80 Questions with 100% Verified Correct Answers Guaranteed A+
A borrower has defaulted on the mortgage. The mortgage contains an acceleration
clause. This permits the lender to - CORRECT ANSWER: demand immediate payment
of the entire note.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when - CORRECT ANSWER: the
seller accepts the offer.
A broker has signed a listing contract for the sale of a home. Which of the following could make this contract voidable? - CORRECT ANSWER: The seller is heavily under the influence of alcohol at the time of signing
A broker, acting as agent for the seller, presents an offer to buy from the broker's former college roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns down the offer. When presenting the offer, the broker should -
CORRECT ANSWER: tell the seller that the buyer will pay more.
A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest dollar, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.) - CORRECT ANSWER: $407
A buyer was negotiating the purchase of a house for himself. During a conversation with the seller, the seller agreed to include all kitchen appliances in the sale, and this fact was included in the sales contract. In this situation, if the seller takes the appliances
with him, what recourse does the buyer have? - CORRECT ANSWER: The buyer may
sue the seller for specific performance.
A charge of violation of Federal Fair Housing laws can be heard by an administrative law judge within the Department of Housing and Urban Development (HUD) or by a 1 / 2
Federal district court judge in Federal court. The advantage of a Federal court hearing
to the complaining party is that - CORRECT ANSWER: there is no dollar limit on
damages paid.
A commercial property lost value because a recently constructed highway moved traffic
away from the property. This is an example of - CORRECT ANSWER: economic or
external obsolescence.
A competitive market analysis is MOST often used fo - CORRECT ANSWER: setting a
listing price.
A competitive market analysis takes into consideration - CORRECT ANSWER: square
footage of the subject property.
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 -
CORRECT ANSWER: an option contract.
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. - CORRECT ANSWER: $225.00
A deed restriction is applicable to the activities of - CORRECT ANSWER: all owners, present and future
A formal appraisal will ALWAYS be REQUIRED when the - CORRECT ANSWER: lender
wants to sell the mortgage to the secondary market.
A gross lease can be best defined as one where the tenant pays, as a part of the rent, -
CORRECT ANSWER: no operating expenses of the leased space.
A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor
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