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PSI REAL ESTATE STATE EXAM ACTUAL EXAM||
ACCURATE AND FREQUENTLY TESTED QUESTIONS
AND 100% CORRECT ANSWERS WITH RATIONALES||
LATEST AND COMPLETE UPDATE WITH EXPERT
VERIFIED SOLUTIONS|| SURE PASS!!
A licensee representing a landlord is concerned when a prospective tenant
mentions that she has recently left her homeland to work as a research consultant
under a grant at a local hospital, and hopes to return to her native country with
valuable knowledge to share when the project ends. What steps, if any, is the
licensee legally able to take in protecting her client's interest? - ANSWER: A.
Under no circumstances may the licensee inquire as to the legal residency status of
the prospective tenant.
Which of the following statements is the BEST example of puffing? - ANSWER:
B. This is the best buy you'll find all year.
A complaint must be filed with HUD within what period of time after a fair
housing violation has occurred? - ANSWER: B. 1 month
Which of the following differentiates a bilateral contract from a unilateral contract?
- ANSWER: B. performance obligations of the parties
A homebuyer received a conventional loan with a down payment of 8% of the
purchase price. In the future, her mortgage payment (PITI) will be reduced
automatically without refinancing when which of the following occurs? -
ANSWER: B. Her equity reaches 22%
A broker who charges or collects an advance fee in excess of $25 for services to be
rendered MUST: - ANSWER: furnish within ninety days of its collection an
accounting of how the money was used
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An owner has a freestanding cabinet that was custom-built to fit an alcove of the
living room. When the owner sells the home, the cabinet will be BEST described
as - ANSWER: Personal property
A contract is terminated if - ANSWER: C. It is impossible for one of the parties to
perform
Deposit monies may NOT be disbursed to the seller in which circumstance -
ANSWER: Upon written request of seller
Buyer write an offer for $325,000 with 20% down payment is accepted. They must
pay 1 1/2 discount points to obtain financing. What amount will they owe for
points? - ANSWER: B. $3,900
A licensee listed a property that had an unfinished garage. The licensee received an
offer subject to the garage being finished. Was a contractual obligation created? -
ANSWER: C. No, because the seller has not accepted the offer
A seller sold his property for $375,000 with the closing on July 1st, in a
jurisdiction where the buyer pays for the day of closing. The seller had a mortgage
balance at the time of closing of $301,000 and had recently paid invoices of $400
for the second quarter's water and electricity, $1,200 for new appliances, and
roofing repairs of $700. Based only on these items, how much will the seller
receive at closing? - ANSWER: "$74,000"
= Sale value-Mortgage balance
= $375,000-$301,000
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If a licensee mentions MLS when advertising in a newspaper, the New Jersey
Licensing Law requires which of the following information to be included? -
ANSWER: A, The listing price of the property.
How is the earnest money deposit usually applied at closing on a settlement
statement? - ANSWER: D. Credit the buyer
A farmer who owns fifty acres of land benefits from a reduced property tax
assessment since the property is qualified farmland covered by the Farmland
Reassessment Act. The property is being sold to a buyer who will use it for non-
qualified purposes. This situation will create liability for: - ANSWER: A. rollback
taxes
When a land owner uses his land as security for a loan, the encumbrance created is
called. - ANSWER: C. an involuntary lien
If an owner wants to list a property for sale "as is," the listing agent should -
ANSWER: C. Question the seller to any known defects
According to the New Jersey Real Estate Time Share Act, if a licensee is selling a
timeshare located within the state of New Jersey, all of the following are true
EXCEPT that the - ANSWER: A. licensee must hold a timeshare license
May a New Jersey real estate licensee decline to cooperate with other New Jersey
licensees - ANSWER: C. Yes, if the broker directs the salesperson not to
cooperate
A motel is the subject of an appraisal and it is determined that rerouting of a
county highway has limited customer access to to the motel. This is an example of
- ANSWER: A. Economic obsolesce
PSI REAL ESTATE STATE EXAM ACTUAL EXAM||
ACCURATE AND FREQUENTLY TESTED QUESTIONS
AND 100% CORRECT ANSWERS WITH RATIONALES||
LATEST AND COMPLETE UPDATE WITH EXPERT
VERIFIED SOLUTIONS|| SURE PASS!!
A licensee representing a landlord is concerned when a prospective tenant
mentions that she has recently left her homeland to work as a research consultant
under a grant at a local hospital, and hopes to return to her native country with
valuable knowledge to share when the project ends. What steps, if any, is the
licensee legally able to take in protecting her client's interest? - ANSWER: A.
Under no circumstances may the licensee inquire as to the legal residency status of
the prospective tenant.
Which of the following statements is the BEST example of puffing? - ANSWER:
B. This is the best buy you'll find all year.
A complaint must be filed with HUD within what period of time after a fair
housing violation has occurred? - ANSWER: B. 1 month
Which of the following differentiates a bilateral contract from a unilateral contract?
- ANSWER: B. performance obligations of the parties
A homebuyer received a conventional loan with a down payment of 8% of the
purchase price. In the future, her mortgage payment (PITI) will be reduced
automatically without refinancing when which of the following occurs? -
ANSWER: B. Her equity reaches 22%
A broker who charges or collects an advance fee in excess of $25 for services to be
rendered MUST: - ANSWER: furnish within ninety days of its collection an
accounting of how the money was used
,2|Page
An owner has a freestanding cabinet that was custom-built to fit an alcove of the
living room. When the owner sells the home, the cabinet will be BEST described
as - ANSWER: Personal property
A contract is terminated if - ANSWER: C. It is impossible for one of the parties to
perform
Deposit monies may NOT be disbursed to the seller in which circumstance -
ANSWER: Upon written request of seller
Buyer write an offer for $325,000 with 20% down payment is accepted. They must
pay 1 1/2 discount points to obtain financing. What amount will they owe for
points? - ANSWER: B. $3,900
A licensee listed a property that had an unfinished garage. The licensee received an
offer subject to the garage being finished. Was a contractual obligation created? -
ANSWER: C. No, because the seller has not accepted the offer
A seller sold his property for $375,000 with the closing on July 1st, in a
jurisdiction where the buyer pays for the day of closing. The seller had a mortgage
balance at the time of closing of $301,000 and had recently paid invoices of $400
for the second quarter's water and electricity, $1,200 for new appliances, and
roofing repairs of $700. Based only on these items, how much will the seller
receive at closing? - ANSWER: "$74,000"
= Sale value-Mortgage balance
= $375,000-$301,000
, 3|Page
If a licensee mentions MLS when advertising in a newspaper, the New Jersey
Licensing Law requires which of the following information to be included? -
ANSWER: A, The listing price of the property.
How is the earnest money deposit usually applied at closing on a settlement
statement? - ANSWER: D. Credit the buyer
A farmer who owns fifty acres of land benefits from a reduced property tax
assessment since the property is qualified farmland covered by the Farmland
Reassessment Act. The property is being sold to a buyer who will use it for non-
qualified purposes. This situation will create liability for: - ANSWER: A. rollback
taxes
When a land owner uses his land as security for a loan, the encumbrance created is
called. - ANSWER: C. an involuntary lien
If an owner wants to list a property for sale "as is," the listing agent should -
ANSWER: C. Question the seller to any known defects
According to the New Jersey Real Estate Time Share Act, if a licensee is selling a
timeshare located within the state of New Jersey, all of the following are true
EXCEPT that the - ANSWER: A. licensee must hold a timeshare license
May a New Jersey real estate licensee decline to cooperate with other New Jersey
licensees - ANSWER: C. Yes, if the broker directs the salesperson not to
cooperate
A motel is the subject of an appraisal and it is determined that rerouting of a
county highway has limited customer access to to the motel. This is an example of
- ANSWER: A. Economic obsolesce
