PSI Exam Accommodations or Out-Of-State Testing Requests

EXAM ACCOMMODATIONS OR OUT-OF-STATE TESTING REQUEST All examination centers are equipped to provide access in accordance with the Americans with Disabilities Act (ADA) of 1990. Applicants with disabilities or those who would otherwise have difficulty taking the examination should request for alternative arrangements by clicking HERE. Requirements for exam accommodation requests:You are required to submit…

PSI Kentucky Real Estate Commission Pre-License Schools and Codes

KENTUCKY REAL ESTATE COMMISSION PLEASE USE THE SCHOOL CODE WHERE YOU RECEIVED THE MAJORITY OF YOUR PRE-LICENSE TRAINING Accredited Colleges and Universities 1803 Ashland Community College1818 Maysville 1824 Big Sandy Community College1819 Morehead State University 1816 Bluegrass Community and Technical College1820 Murray State University 1831 Bowling Green Community College of1822 Owensboro Community College 1807 Elizabethtown…

PSI Description of Examinations

Examination Summary (Section, Points, Time Allowed to Take Exam) Sales Associate Examination General Portion 80 Points (150 Minutes); State Portion 50 Points (90 Minutes); Both 130 Points (240 Minutes) Broker Examination General Portion 80 Points (150 Minutes); State Portion 50 Points (90 Minutes); Both 125 Points (240 Minutes) The salesperson and broker examination is divided…

PSI General Portion Content Outline – Property Ownership

I. Property ownership (Salesperson 8%; Broker 10%) A. Real versus personal property; conveyances B. Land characteristics and legal descriptions Types of legal descriptions; Metes and bounds, Lot and block, government survey Measuring structures Livable, rentable, and usable area Land Measurement Mineral, air, and water rights C. Encumbrances and effects on property ownership Liens Easements and…

PSI General Portion Content Outline – Valuation and Market Analysis

III. Valuation and market analysis (Salesperson 7%; Broker 7%) A. Appraisals Purpose and use of appraisals for valuation General steps in appraisal process Situations requiring appraisal by certified appraiser B. Estimating Value Effect of economic principles and property characteristics Sales or market comparison approach Cost approach Income analysis approach C. Competitive/Comparative Market Analysis Selecting comparables…

PSI General Portion Content Outline – Financing

IV. Financing (Salesperson 10%; Broker 8%) A. Basic concepts and terminology Points LTV PMI Interest PITI Financing instruments (mortgage, promissory note, etc.) B. Types of loans Conventional loans FHA Insured loans VA guaranteed loans USDA/rural loan programs Amortized loans Adjustable-rate mortgage loans Bridge loans Owner financing (installment and land contract/contract for deed) C. Financing and…

PSI General Portion Content Outline – General Principles of Agency

V. General principles of agency (Salesperson 13%; Broker 11%) A. Agency and non-agency relationships Types of agents and agencies Other brokerage relationships (non-agents) a) Transactional b) Facilitators B. Agent’s duties to clients Fiduciary responsibilities Traditional agency duties (COALD) Powers of attorney and other delegation of authority C. Creation of agency and non-agency agreements; disclosure of…

PSI General Portion Content Outline – Land Use Controls and Regulations

II. Land use controls and regulations (Salesperson 5%; Broker 5%) A. Government rights in land Property taxes and special assessments Eminent domain, condemnation, escheat B. Government controls Zoning and master plans Building codes Regulation of special land types a) Flood zones b) Wet lands Regulation of environmental hazards a) Types of hazards b) Abatement and…

PSI General Portion Content Outline – Property Disclosures

VI. Property disclosures (Salesperson 6%; Broker 7%) A. Property condition Property condition that may warrant inspections and surveys Proposed uses or changes in uses that should trigger inquiry about public or private land use controls B. Environmental issues requiring disclosure C. Government disclosure requirements (LEAD) D. Material facts and defect disclosure