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PSI National Exam for Real Estate Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the legal process of verifying a will?✔✔Probate
What kind of tenancy exists when two or more people hold title with the right of survivorship?✔✔Joint tenancy
What type of lien takes priority over all others, regardless of recording date?✔✔Property tax lien
What is the term for the increase in land due to natural soil deposits?✔✔Accretion
What is a legally enforceable agreement between two or more parties called?✔✔Contract 1 / 4
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Who does the listing agent represent in a traditional real estate transaction?✔✔The seller
What is the main purpose of a home inspection?✔✔To evaluate the condition of the property
What is the term for the person giving property in a deed?✔✔Grantor
What kind of property ownership includes an automatic right of survivorship without probate?✔✔Joint tenancy
Who holds the legal title in a deed of trust?✔✔Trustee
What is the name of the document that transfers real property ownership?✔✔Deed 2 / 4
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What does "time is of the essence" mean in a contract?✔✔Deadlines are legally binding
What type of depreciation is caused by outdated design?✔✔Functional obsolescence
What is the name of the person who receives property in a will?✔✔Devisee
What is the term for a licensee who represents both buyer and seller with consent?✔✔Dual agent
What kind of estate has a specific beginning and ending date?✔✔Estate for years
What is the purpose of a title search?✔✔To find defects in title 3 / 4
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What is the main function of a deed restriction?✔✔Limit the use of the property
What is the document called that outlines a borrower’s promise to repay a loan?✔✔Promissory note
Who typically pays for the title insurance in a transaction?✔✔The buyer (varies by agreement or region)
What type of agency is created when a seller signs a listing agreement?✔✔Express agency
What is the act of mixing client funds with personal funds?✔✔Commingling
What is the unauthorized practice of law by a real estate licensee?✔✔Giving legal advice
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