PSI Study Guide 2026

A bridge loan is short-term financing that allows a borrower to purchase a new property before their current property is sold.

Each point equals 1% of the loan amount; 2 points × 1% × $300,000 = $6,000.

In an exclusive agency listing, the seller grants one broker the exclusive right to sell the property, but the seller retains the right to find a buyer themselves without owing a commission to the broker. If the seller finds the buyer, as in this scenario, no commission is paid. This differs from an exclusive right to sell listing, where the broker earns a commission regardless of who finds the buyer.

PSI generally requires candidates to reschedule at least 24-48 hours before the appointment to avoid losing the examination fee; exact windows vary by program.

A 'time is of the essence' clause makes strict compliance with deadlines a material term, so missing the deadline constitutes a material breach allowing the other party to terminate.

Candidates should immediately alert the proctor to any technical issues so the problem is documented and the exam time can be appropriately managed.