Psi National Real Estate Exam Practice Test 1 Questions & Answers 2023/2024

A four-bedroom house with one bathroom would be an example of {Ans: functional obsolescence}You listed a home that was subsequently shown by six cooperating outside brokers. How many seller-agency relationships are involved in this transaction {Ans: One}An appraiser uses the cost approach in appraising a home. The appraiser should NOT use which of the following types of information {Ans: Depreciation of land}Riparian rights would exist in a {Ans: cooperative on a river}You have entered into an installment land contract for the sale of your home. Which of the following statements is FALSE {Ans: The buyer will hold legal title during the term of the contract}A broker was employed by an owner, as an agent to sell her home. All of the following statements correctly describe the broker's relationship to the owner EXCEPT {Ans: the broker is the general agent}If the Federal Reserve Board raises its discount rate, which of the following is likely to occur? {Ans: Mortgage money will become less available}You are working as a buyer's broker for a client. All of the following would describe your role as a buyer's broker EXCEPT {Ans: You should show the buyer properties only