Tennessee PSI Real Estate Practice Exam

Question 1

A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?

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Question 2

In a jurisdiction where the common law of agency governs real estate activities, a broker has a single agency relationship with the seller only. The seller needs to be out of the home quickly due to job relocation. The broker CANNOT tell the buyer that information because of which fiduciary duty?

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Question 3

A couple is buying their first home and they are unsure as to the integrity of construction. How should their buyer's agent advise them?

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Question 4

A buyer wants to purchase a home for $400,000 with a 15% down payment. The lender charges 2.5 points. How much money does the buyer need up front to make the purchase?

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Question 5

A buyer contracted to buy a couple's home. When moving in after closing, the buyer noticed that the stereo speakers that were attached to the ceiling had been removed and large holes were left opening into the attic. Which of the following best describes this situation?

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