FREE PSI Knowledge Exam Questions and Answers

Question 1

Rents in MOST market areas are based on:

Accepted Answer

supply and demand factors

Answer

a tenant's union

Answer

the local apartment owner's association

Answer

department of housing (HUD)

Question 2

A contract that gives another the right to hold real property but not title is:

Accepted Answer

a lease

Answer

a quitclaim deed

Answer

a bill of sale

Answer

a dedication

Question 3

The rent for a building with nine units is as follows: Three apartments will cost you $550, three apartments will cost you $600, and three apartments will cost you $650. There are 4% empty rooms, $2,400 in extra income, and $5,000 in annual costs. How much should the buyer pay for this property if the capitalization rate is 9%?

Accepted Answer

$661,244

Answer

$717,866

Answer

$773,422

Answer

$698,534

Question 4

Property managers need to know and understand a lot of different things. When a manager thinks about asbestos, radon, and urea formaldehyde, they should know that all three are:

Accepted Answer

classified as environmental hazards

Answer

produced a result of the natural decay of organic substances

Answer

classified as hazardous substances.

Answer

produced as a result of the natural decay of radioactive substances

Question 5

When a buyer gives a seller a purchase-money mortgage and the seller take it back:

Accepted Answer

the terms and conditions of the mortgage must be set forth in writing

Answer

the terms and conditions of the mortgage are included in the borrowers first mortgage

Answer

the seller and the buyer may enter into an enforceable oral agreement

Answer

the seller agrees to collect the buyer's payments directly from the lender

Question 6

When a seller returns a buyer's purchase money mortgage:

Accepted Answer

the terms and conditions of the mortgage must be set forth in writing

Answer

the seller and the buyer may enter into an enforceable oral agreement

Answer

the seller agrees to collect the buyer's payments directly from the lender

Answer

the terms and conditions of the mortgage are included in the borrowers first mortgage

Question 7

A developer gives permission to a local power company to put in transmission lines. This right demonstrates _______.

Accepted Answer

conditional use permit

Answer

easement by prescription

Answer

license

Answer

easement in gross

Question 8

When a person has full control over a piece of land, they are said to:

Accepted Answer

a fee simple estate

Answer

a defeasible fee estate

Answer

a life estate

Answer

a leasehold estate

Question 9

All of these are important parts of a contract, except:

Accepted Answer

competent grantor

Answer

offer and acceptance

Answer

lawful objection

Answer

consideration

Question 10

Carbon Monoxide (CO) is NOT the following:	Carbon Monoxide (CO) is NOT the following:

Accepted Answer

easy to detect by smell

Answer

quickly absorbed in the body

Answer

a natural result of combustion

Answer

a result of incomplete combustion