Affiliate Broker Tennessee (TN PSI) National Practice Exam

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• In a joint tenancy, if Skipper sells her interest to Midge before Ken's passing, how is the property interest divided after Ken's death?
• What does the "T" in PITI stand for?
• What is a common consequence of improperly disclosed property issues?
• Which term best describes the risk that an underwriter assesses when evaluating a mortgage?
• A buyer is purchasing a property for $400,000 with an 80% loan-to-value ratio. If the lender charges a 1% loan origination fee, how much is the fee?
• Why is Simon's attorney arguing against an absolute net lease?
• Under which circumstance would a client and agent likely agree to terminate a listing?
• Which term describes the price a property is worth to its owner based on current enjoyment?
• Which economic principle pertains to the interaction of supply and demand?
• What potential issue could arise if the dirt around a house slopes toward the structure?
• In which situation would an oral agreement become enforceable?
• To whom is the fiduciary duty of disclosure owed?
• A subject to clause in a deed may address which of the following issues?
• What type of agreement is a commission agreement between a broker and a property owner?
• Which zoning issue should Emma research before purchasing a property for an in-home daycare?
• Which of the following is NOT considered a group boycott?
• Which of the following is considered personal property?
• What is the seller's most likely response if a buyer's offer is deemed lacking?
• Which statement represents a required element in a deed?
• Which account should a property manager use to pay for routine maintenance of an apartment unit?
• What factors should be considered regarding property title during a purchase?
• A rundown home affecting property values demonstrates which economic principle?
• What does it mean if Ashish is offered insurable, but not marketable, title?
• When is a Closing Disclosure provided to a buyer?
• What type of lien is created by a mortgage against a property?
• What violation is Frances guilty of by depositing an earnest money check into her personal account?
• Which statement would NOT trigger full disclosure under TILA according to Jerome's ad?
• When negotiating the purchase of a property subject to a lease, what term is critical for the client to understand?
• Which of these statements is TRUE regarding truth in advertising violation penalties?
• When Moira has delivered a counter-offer to potential buyers, by when must they respond?
• In the absence of specific dates in a contract, what does it imply about the performance of the contract?
• A loss in value caused by an undesirable influence offsite is referred to as what type of depreciation?
• What is the total amount of interest paid on a 30-year, $500,000 loan at a 6.25% interest rate?
• When faced with questions outside your expertise, what is the advised course of action?
• Who should be referred to for specific advice about income taxes?
• Why might the announcement of a new UPS air hub nearby affect property interest?
• What does the scenario of a tenant moving out due to unresolved plumbing issues and mold growth describe?
• What legal action have the Johnsons accused the town of after losing their liquor license?
• What type of police power permits cities to designate specific land uses?
• Which of the following is considered an example of a universal agent?
• When a tenant faces issues that seriously impair their living conditions, this is often addressed as what type of eviction?
• When Jennifer sells her rental property to Eliot, what must she do regarding the tenants?
• What must a broker do if a client asks him to perform an action that is against the law?
• What happens if an earnest money deposit is not delivered on time?
• In an oral contract, what does Michael's vinyl album collection represent in the agreement with Dean?
• Which of the following best describes "value in use"?
• What is the primary role of an appraiser in the real estate process?
• What does the term "fee simple determinable" signify in real estate?
• What economic principle states that as supply increases, prices tend to decrease?
• What type of interest does the school have on the land given by Joe under specific conditions?
• How should a broker respond to a client’s request that could harm their market exposure?
• SARA is an amendment to which environmental act that addresses hazardous waste?
• What should Ed tell Donald and Martina regarding home inspections?
• If a property has significant puddles while neighboring properties do not, this could indicate a(n) ______ problem.
• What type of estate involves multiple unrelated individuals each holding the right to occupy a dwelling unit at intervals throughout the year?
• What is the amount required for Alison and Brent's FHA loan down payment of $232,500?
• Which type of agent is considered an escrow officer?
• What is the primary goal of a home inspector conducting an inspection for first-time buyers?
• What is the main concern when a broker commingles client funds with personal funds?
• What type of agreement is rescission considered to be in the context of contract cancellation?
• What is the significance of the loan-to-value ratio in mortgage lending?
• What does a "fee simple determinable" ownership specify?
• In real estate transactions, what does the term 'earnest money' refer to?
• The type of estate Jason holds, according to the condition set by his parents, is known as ______.
• Where is Township 1 located in a drawing of a section of land?
• Why might a brokerage conduct regular training on client data security?
• What is the main function of a home inspector?
• What zoning type focuses on the aesthetic appearance of properties in a designated area?
• What charge could real estate licensee Brian bring against Arnold for using a "Choose Your Neighbor" letter without proper marketing efforts?
• Why is it important to document your recommendations to a client?
• What is a true statement regarding FHA loans for individuals with a previous bankruptcy?
• What is the purpose of the property management agreement?
• If Nico purchases a home for $625,000 with an earnest money deposit of 8%, how much money should he bring to closing if his closing costs are 5% of the purchase price?
• What is true regarding the security of client information?
• What technique does appraiser Niles use to establish property values by comparing to others?
• What are the two categories of comparison when evaluating comparables to a subject property in the market comparison approach?
• In the situation where Leo didn’t mention the property’s square footage, which statement accurately represents his level of misrepresentation?
• What can expired listings indicate to a real estate professional regarding property pricing?
• What is the total area in square feet of a property that is 330 feet long and 100 feet wide?
• What does Leonard's choice to pay points up front to reduce his interest rate exemplify?
• In property management, what document outlines the responsibilities and expectations between the property owner and manager?
• What does the economic principle of substitution imply?
• What is the best approach for appraising newly constructed energy-efficient houses?
• Datums and benchmarks are primarily used for what purpose?
• Which option best describes a bilateral agreement in real estate?
• What aspect of the Victorian home might make it uninsurable, according to Prakesh and Jean's agent?
• What is typically included in an act of conveyance in real estate transactions?
• What effect does recording a deed have on property ownership?
• When interest rates are high, what is the likely impact on buyers?
• How does an insurance company typically determine the replacement value of a home?
• What is the primary role of an appraiser when determining property value?
• If Shari's clients request "no showings on weekends," what obligation conflicts with her duty of reasonable skill and care?
• What typically must a real estate agent disclose when they know of a material condition affecting a property?
• What action must Melisa take to clear up the title of her house that still shows in her mother’s name?
• What is the effect on prices when there are fewer properties on the market due to scarcity?
• As an escrow agent, what is true about how Georgina will handle disbursement of funds if the transaction doesn’t close?
• When representing the seller, what obligation do you have toward the buyer?
• When calculating the square footage for an MLS listing, what figure should Bonnie use?
• Which factors does the underwriter consider when reviewing a mortgage loan application?