PSI info

60-HOUR ONLINE INTERACTIVE COURSE

EXAMINATION INFORMATION

The PSI salesperson exam contains 80 one-point, multiple-choice questions. Ample time is allowed to complete the test.

The exam has two parts. The first part is an 80-question national test that measures your understanding of real estate practices and principles common throughout the country.

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The second part of each exam (30 questions) is the state test. These questions focus on real estate regulations and practices and state statutes that are unique to that state. More information on the content of this part of the exam can be obtained from your real estate commission and the PSI candidate bulletin for the state.

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Each answer has the same value—no penalty is imposed for wrong answers. This means that it will benefit you to answer all the questions on the exam as best you can.

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Examinees must pass both the national section and the state section of the test with a grade of at least 70%. . 

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All PSI exams are administered via computer. Candidates may fill out the special accommodation form if they are in need of a paper examination. However, they need to attach a letter from a professional stating the reason for this request.

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For further examination information, you may visit the PSI website at www.psiexams.com.

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PSI Test Specifications for Salespeople

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In the national portion of the real estate licensing examination for salespersons, PSI has defined its testing priorities and outline as follows:

• Property Ownership (8%, approximately 6-7 questions) covers real versus personal property, conveyances, land characteristics and legal descriptions, encumbrances and effects on property ownership, and types of ownership.

• Land-Use Controls and Regulations (5%, approximately 4 questions) covers government rights in land, government controls, and private controls.

• Valuation and Market Analysis (7%, approximately 5-6 questions) covers appraisals, estimate value, and competitive/comparative market analysis.

• Financing (10%, approximately 8 questions) covers basic concepts and terminology, types of loans, and financing and lending.

• Agency (13%, approximately 10-11 questions) covers agency and nonagency relationships, agent’s duties to clients, creation of agency and nonagency agreements, disclosure of conflict of interest, responsibilities of agent to customers and third parties (including disclosure, honesty, integrity, and accounting for money) and termination of agency.

• Disclosures (6%, approximately 4-5 questions) covers property condition, environmental issues requiring disclosure, government disclosure requirements (LEAD), and material facts and defect disclosure.

• Contracts (17%, approximately 13-14 questions) covers general knowledge of contract law, contract clauses (including amendments and addenda), offers/purchase agreements, and counteroffers/multiple offers.

• Leasing and Property Management (3%, approximately 2-3 questions) covers basic concepts/duties of property management, lease agreements, landlord and tenant rights and obligations, property managers’ fiduciary responsibilities, ADA and fair housing compliance in property management.

• Transfer of Title (8%, approximately 6-7 questions) covers title insurance, deeds, escrow or closing, tax aspects of transferring title to real property, special processes, and warranties.

• Practice of Real Estate (13%, approximately 10-11 questions) covers trust/escrow accounts, federal fair housing laws and the ADA, advertising and technology, licensee and responsibilities, and antitrust laws.

• Real Estate Calculations (10%, approximately 8 questions) covers basic math concepts, calculations for transactions, and calculations for valuation.