He is able to place a $10,000 deposit on the purchase agreement subject to obtaining a change in the zoning or purchase a 90-day option by paying a $10,000 option fee. A buyer wants to buy a parcel of land but only if he can get the zoning changed. The owner must: Approve the ramp after making sure it is constructed according to codes and handicap specifications.
After renting a house to a family of four, the landlord is notified by the tenant that their daughter is now in a wheelchair after having surgery and asks permission to build a ramp at the family's own expense. After noticing the opening of a new group home in a neighborhood, a licensee contacts the surrounding subdivision owners to notify them of that fact, suggesting that they may want to sell their property before it loses value. Disclose all known material facts to a potential buyer. As a special agent of the owner, the salesperson needs written authority to do all of the following except: D. David's architect told him that the house built on the lot must be within 20 feet from the lot line, while the zoning ordinance requires a 30-ft setback. John deeded property to his mother with the stipulation that the mother could own it for as long as she lived and upon her death property will go to charity. When David dies, his share belongs to Susan automatically and without probate court. All of the following is true regarding their ownership except: C. David and Susan purchased real estate as tenants in common. We interview over 500 test-takers per year so our company has a much better knowledge of what questions you will find on your real estate exam.11. The above 5 questions are a sample of what you will see on your real estate exam. The borrower gives a mortgage to the lender. What is the difference between a Mortgagor and a Mortgagee? The grantor gives, sells, or transfers the property to the grantee. What is the difference between a Grantor and A Grantee? Truth in Lending (otherwise known as Regulation Z) is intended to do away with deceptive financing tactics. The primary purpose of Truth in Lending is to: What are the 6 Fiduciary Duties of a Real Estate Agent? What are the four kinds of real estate ownership? For the state portion, do not trust ANY real estate exam prep website as these questions change all the time due to State laws. The real estate exam practice exam questions below are for the national portion. We don’t like the exam material in this one as much but it can still be fantastic review and practice for your real estate test.Īs you guys know, the real estate exam is broken up into a national section and a state section.
Psi exams mi free#
has a free practice test with 41 questions that you can use to practice as well.
Psi exams mi how to#
PSI Real Estate Practice Exam – Once again, this one is not free but if you know how to search google you can find it really easy.
We really think this content is fantastic. For legal purposes, I can not provide a link. Pearson Vue Practice Exam – This one is not free on the link I am providing but if you search the internet you can find it.
It is basically some terminology that you will 100% see on the real estate exam. This link is one of our favorites and we can vouch for the material.ĭ has a small guide which they call a “cheat sheet”. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam.
Psi exams mi pdf#
Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here.
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