Real Estate Salesperson Exam (PSI)
Real Estate Salesperson Exam (PSI) is a trademark of its owner, which is not affiliated with and does not endorse Test Treasure Publication or TTP Prep.
Real Estate Salesperson Exam (PSI) is a trademark of its owner, which is not affiliated with and does not endorse Test Treasure Publication or TTP Prep.
10 sample questions for the Real Estate Salesperson Exam (PSI), with the correct answer and an explanation for each. No account needed. Try each one before you open the answer.
Sections covered on the exam: Property Ownership, Land Use Controls and Regulations, Valuation and Market Analysis, Real Estate Calculations, Financing, General Principles of Agency, Contracts, Property Condition and Disclosures, Legality, Transfer of Title, Practice of Real Estate.
Question 1 · Property Ownership
Answer: B. A mobile home permanently affixed to land
Real property includes land and anything permanently attached to it. A mobile home that is permanently affixed becomes part of the real estate. Items that are movable or easily removed remain personal property.
Question 2 · Valuation and Market Analysis
When ready, I will continue with Practice Test 1 – Section 3: Valuation and Market Analysis (Questions 21–30).
Answer: C. Establishing value for a mortgage loan
Lenders require a formal appraisal to estimate market value and protect their financial interest before approving a mortgage loan.
Question 3 · General Principles of Agency
When ready, I will continue with Practice Test 1 – Section 5: General Principles of Agency (Questions 41–50).
Answer: B. One party represents another in business dealings
Agency is a legal relationship in which an agent represents a principal in dealings with third parties.
Question 4 · Contracts
When ready, I will continue with Practice Test 1 – Section 7: Contracts (Questions 61–70).
Answer: B. Consideration
Consideration is something of value exchanged between parties and is required for a valid, enforceable contract. Written form and notarization are not always required.
Question 5 · Property Ownership
When ready, I will continue with Practice Test 1 – Section 9: Practice of Real Estate (Questions 81–90).
Answer: C. Reasonable care
Reasonable care requires licensees to act competently and honestly while protecting the interests of all parties involved.
Question 6 · Property Ownership
Answer: B. A wall-mounted bathroom mirror
Fixtures are items permanently attached to real property. A wall-mounted bathroom mirror is typically intended to remain with the property.
Question 7 · Valuation and Market Analysis
When ready, I will continue with Practice Test 2 – Section 3: Valuation and Market Analysis (Questions 121–130).
Answer: C. Financed with a mortgage loan
Lenders require an appraisal to determine market value and reduce lending risk before approving a mortgage loan.
Question 8 · General Principles of Agency
When ready, I will continue with Practice Test 2 – Section 5: General Principles of Agency (Questions 141–150).
Answer: B. Represent a principal in transactions
Agency allows an agent to represent and act on behalf of a principal in dealings with third parties.
Question 9 · Contracts
When ready, I will continue with Practice Test 2 – Section 7: Contracts (Questions 161–170).
Answer: B. Legal purpose
A valid contract must have a legal purpose. Contracts formed for illegal purposes are void and unenforceable.
Question 10 · Practice of Real Estate
When ready, I will continue with Practice Test 2 – Section 9: Practice of Real Estate (Questions 181–190).
Answer: B. Referring buyers for a fee
Receiving compensation for referring buyers or sellers typically requires an active real estate license.
TTP Prep has 200 Real Estate practice questions with explanations, timed and mock-exam modes, 687 flashcards, interactive lessons, a printable cheat sheet and a readiness score. Start free, no card needed.
More free questions: browse every exam.