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Module 1

🔴 PSI Outline

2019

Unit 1

🎯PSI Exam Content Outline

Module 2

Updates

2019

Unit 1

✅NEW💚 Extra Questions Copy

2019-

Unit 1

📌Property Ownership (Salesperson 8%; Broker 10%)

Unit 2

Real Versus Personal Property; Conveyances

Unit 3

Land Characteristics and Legal Descriptions

Unit 4

Living Area

Unit 5

Measuring Structures

Unit 6

Rentable and Usable Area

Unit 7

Mineral, Air, and Water Rights

Unit 8

Encumbrances and Effects on Property Ownership

Unit 9

Types of Ownership

Unit 10

Property Ownership Quiz

Government rights in land
1. Property taxes and special assessments
2. Eminent domain, condemnation, escheat
Government controls
1. Zoning and master plans
2. Building codes
3. Regulation of special land types
  1. Flood zones
  2. Wet lands
4. Regulation of environmental hazards
  1. Types of hazards
  2. Abatement and mitigation
  3. Restrictions on contaminated property
5. Private controls

Deed conditions or restrictions
Covenants, conditions, and restrictions (CC&Rs)
Homeowners association regulations

Unit 1

📌Land Use Controls and Regulations (Salesperson 5%; Broker 5%)

Unit 2

Government Rights in Land

Unit 3

Government Controls on Land

Unit 4

Private Controls

Appraisals
1. Purpose and use of appraisals for valuation
2. General steps in appraisal process
3. Situations requiring appraisal by certified appraiser
Estimating Value
1. Effect of economic principles and property characteristics
2. Sales or market comparison approach
3. Cost approach
4. Income analysis approach
Competitive/Comparative Market Analysis
1. Selecting comparables
2. Adjusting comparables

Unit 1

📌Valuation and Market Analysis (Salesperson 7%; Broker 7%)

Unit 2

Appraisals

Unit 3

Estimating Value

Unit 4

Competitive (Comparative) Market Analysis

Basic concepts and terminology
1. Points
2. LTV
3. PMI
4. Interest
5. PITI
6. Financing instruments (mortgage, promissory note, )
Types of loans
1. Conventional loans
2. FHA Insured loans
3. VA guaranteed loans
4. USDA/rural loan programs
5. Amortized loans
6. Adjustable-rate mortgage loans
7. Bridge loans
8. Owner financing (installment and land contract/contract for deed)
Financing and lending
1. Lending process application through closing
2. Financing and credit laws and rules
  1. Truth in lending
  2. RESPA
  3. Equal Credit Opportunity
  4. CFPB/TRID rules on financing and risky loan features
3. Underwriting
  1. Debt ratios
  2. Credit scoring

Unit 1

📌Financing (Salesperson 10%; Broker 8%)

Unit 2

Basic Concepts and Terminology

Unit 3

Types of Loans

Unit 4

Financing and Lending

Agency and non-agency relationships
1. Types of agents and agencies
2. Other brokerage relationships (non- agents)
  1. Transactional
  2. Facilitators
3. Agent’s duties to clients
  1. Fiduciary responsibilities
  2. Traditional agency duties (COALD)
  3. Powers of attorney and other delegation of authority
4. Creation of agency and non-agency agreements; disclosure of conflict of interest
  1. Agency and agency agreements
    1. Key elements of different types of listing contracts
    2. Key elements of buyer brokerage/tenant representation contracts
  2. Disclosure when acting as principal or other conflict of interest
5. Responsibilities of agent to customers and third parties, including disclosure, honesty, integrity, accounting for money
6. Termination of agency
  1. Expiration
  2. Completion/performance
  3. Termination by force of law
  4. Destruction of property/death of principal
  5. Mutual agreement

Unit 1

📌General Principles of Agency (Salesperson 13%; Broker 11%)

Unit 2

Intoduction to the Brokerage

Unit 3

Agency and non-agency relationships

Unit 4

Creation of Agency and Non-agency Agreements; Disclosure of Conflict of Interest

Unit 5

Termination of Agency

Property condition
1. Property condition that may warrant inspections and surveys
2. Proposed uses or changes in uses that should trigger inquiry about public or private land use controls
Environmental issues requiring disclosure
Government disclosure requirements (LEAD)
Material facts and defect disclosure

Unit 1

📌Property Disclosures (Salesperson 6%; Broker 7%)

Unit 2

Property Condition

Unit 3

Environmental Issues Requiring Disclosure

Unit 4

Government Disclosure Requirements (LEAD)

Unit 5

Material Facts and Defect Disclosure

General knowledge of contract law
1. Requirements for validity
2. Factors affecting enforceability of contracts
3. Void, voidable, unenforceable contracts
4. Rights and obligations of parties to a contract
5. Executory and executed contracts
6. Notice, delivery and acceptance of contracts
7. Breach of contract and remedies for breach
8. Termination, rescission and cancellation of contracts
9. Electronic signature and paperless transactions
10. Bilateral vs. unilateral contracts (option agreements)
Contract Clauses, including amendments and addenda
Offers/purchase agreements
1. General requirements
2. When offer becomes binding
3. Contingencies
4. Time is of the essence
Counteroffers/multiple offers
1. Counteroffers

Multiple offers

Unit 1

📌Contracts (Salesperson 17%; Broker 18%)

Unit 2

General Knowledge of Contract Law

Unit 3

Offers/Purchase Agreements

Unit 4

Counteroffers/Multiple Offers

Basic concepts/duties of property management
Lease Agreements
1. Types of leases, e.g., percentage, gross, net, ground
2. Key elements and provisions of lease agreements
Landlord and tenant rights and obligations
Property manager’s fiduciary responsibilities
ADA and Fair Housing compliance in property management
Setting rents and lease rates (BROKER ONLY)

II. Transfer of Title (Salesperson 8%; Broker 7%)

Title Insurance
1. What is insured against
2. Title searches, title abstracts, chain of title
3. Marketable vs insurable title
4. Potential title problems and resolution
5. Cloud on title, suit to quiet title (BROKER ONLY)
Deeds
1. Purpose of deed, when title passes
2. Types of deeds and when used
3. Essential elements of deeds
4. Importance of recording
Escrow or closing; tax aspects of transferring title to real property
1. Responsibilities of escrow agent
2. Prorated items
3. Closing statements/TRID disclosures
4. Estimating closing costs
5. Property and income taxes
Special processes
1. Foreclosure
2. Short sale
Warranties
1. Purpose of home or construction warranty programs
2. Scope of home or construction warranty programs

Unit 1

📌Leasing and Property Management (Salesperson 3%; Broker 5%)

Unit 2

Basic Concepts/Duties of Property Management

Unit 3

Lease Agreements

Unit 4

Landlord and Tenant Rights and Obligations

Unit 5

Property Manager’s Fiduciary Responsibilities

Unit 6

ADA and Fair Housing Compliance in Property Management

Unit 7

Setting Rents and Lease Rates (BROKER ONLY)

Title Insurance
1. What is insured against
2. Title searches, title abstracts, chain of title
3. Marketable vs insurable title
4. Potential title problems and resolution
5. Cloud on title, suit to quiet title (BROKER ONLY)
Deeds
1. Purpose of deed, when title passes
2. Types of deeds and when used
3. Essential elements of deeds
4. Importance of recording
Escrow or closing; tax aspects of transferring title to real property
1. Responsibilities of escrow agent
2. Prorated items
3. Closing statements/TRID disclosures
4. Estimating closing costs
5. Property and income taxes
Special processes
1. Foreclosure
2. Short sale
Warranties
1. Purpose of home or construction warranty programs
2. Scope of home or construction warranty programs

Unit 1

📌Transfer of Title (Salesperson 8%; Broker 7%)

Unit 2

Title Insurance

Unit 3

Deeds

Unit 4

Escrow or Closing; Tax Aspects of Transferring Title to Real Property

Unit 5

Special Processes

Unit 6

Warranties

Unit 7

Your Home: Settlement Costs and Helpful Information

Trust/escrow accounts
1. Purpose and definition of trust accounts, including monies held in trust accounts
2. Responsibility for trust monies, including commingling/conversion
Federal fair housing laws and the ADA
1. Protected classes
2. Prohibited conduct (red-lining, blockbusting, steering)
3. Americans with Disabilities (ADA)
4. Exemptions
Advertising and technology
1. Advertising practices
  1. Truth in advertising
  2. Fair housing issues in advertising
2. Use of technology
  1. Requirements for confidential information
  2. Do-Not-Call List
3. Licensee and responsibilities
  1. Employee
  2. Independent Contractor
  3. Due diligence for real estate transactions
  4. Supervisory responsibilities (BROKER ONLY)
    1. Licensees
    2. Unlicensed personnel
  5. Antitrust laws
    1. Antitrust laws and purpose
    2. Antitrust violations in real estate

Unit 1

📌Practice of Real Estate (Salesperson 13%; Broker 14%)

Unit 2

Trust/Escrow Accounts

Unit 3

Federal Fair Housing Laws and the ADA

Unit 4

Advertising and Technology

Unit 5

FAIR HOUSING ADVERTISING

Unit 6

Licensee and Responsibilities

Unit 7

Supervisory Responsibilities (BROKER ONLY)

Unit 8

Antitrust Laws

Basic math concepts
1. Loan-to-value ratios
2. Discount points
3. Equity
4. Down payment/amount to be financed
Calculations for transactions
1. Property tax calculations
2. Prorations
3. Commission and commission splits
4. Seller’s proceeds of sale
5. Buyer funds needed at closing
6. Transfer fee/conveyance tax/revenue stamps
7. PITI (Principal, Interest, Taxes and Insurance) payments
Calculations for valuation, rate of return

(BROKER ONLY)

Net operating income
Depreciation
Capitalization rate
Gross Rent and gross income multipliers

Unit 1

📌Real Estate Calculations (Salesperson 10%; Broker 8%)

Unit 2

Basic Math Concepts

Unit 3

Calculations for Transactions

Unit 4

Calculations for Valuation, Rate of Return (BROKER ONLY)

Module 14

🔴 Flashcards

Quizlet

Unit 1

Flashcards

Unit 2

Chapter One Flashcards

Module 15

🔴 Definitions

Important

Unit 1

Definitions

Module 16

🔴 Acknowledgements

My Heroes

Unit 1

Thank you

🎯PSI Exam Content Outline

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