National Real Estate Exam (PSI) practice questions
205 free questions with answers and explanations.
- 201.A buyer is interested in purchasing a property that has an existing commercial building. During the due diligence period, an environmental assessment reveals that the property contains a significant amount of asbestos in the insulation and ceiling tiles. Under federal law, which of the following is true regarding asbestos?Land Use Controls and Regulations
- 202.A buyer is interested in a property where a local utility company has the right to maintain power lines across the back of the lot. This right was granted years ago and allows the utility company access for repairs and maintenance. The buyer wants to understand the nature of this right. What type of encumbrance is this?Property Ownership
- 203.A developer is planning a new residential community and wants to ensure that all future homes maintain a consistent architectural style and minimum square footage. To achieve this, the developer records specific limitations on land use that will apply to all current and future property owners within the community. What type of encumbrance is the developer creating?Property Ownership
- 204.A developer is planning a large residential subdivision. The local zoning ordinance specifies a minimum lot size of 10,000 square feet per dwelling unit. If the developer wants to build 50 dwelling units, what is the minimum total land area, in acres, required for the subdivision?Land Use Controls and Regulations
- 205.A tenant's lease for a commercial property expires on August 31st, but they continue to occupy the premises and pay rent, which the landlord accepts. No new agreement has been signed. What type of tenancy is created in this situation?Leasing and Property Management