Practice Test NJ State Exam, psi pdf questions
Actual Exam 2026-2027\Latest Update with
Verified Answers Graded A+\Actual final prep
Exam
no notice is required
A couple signed a lease on an apartment for a period of 1 year. The
lease does NOT contain an automatic renewal clause. The couple
plans to move out at the end of the lease rather than renew it.
How much notice MUST they give to
comply with the lease term?
he is no longer the listing agent
The day after a broker's listing on a house expired, it was listed with
another
broker and offered in the MLS. Several days later, a third licensee called
the first broker and asked for the key to show the home. The broker
should inform the
caller that
reconciliation
When more than one approach to value is applied to a property and
different indications of value are produced, how should the final
estimate of value be determined?
,an insurance company
The FHA functions MOST like
696
A buyer wants to purchase a home for $60,000. The lender appraises
the home for $58,000 and offers to finance it with an 80% loan-to-
value loan, charging a loan origination fee of 1.5 points. How much
will the buyer's loan origination fee be?
e&o Coverage
An agent shows a home to a couple and mentions that it has a lovely
fireplace in the living room. After buying the home, the buyers and
agent discover that the brick fireplace is just a decorative fireplace
and is not "wood burning." Which of the following would BEST
protect the agent from financial loss?
the amount of commission is negotiable
During the listing presentation, the seller questions the amount of
commission to be paid and is told
under no circumstances
When is racial discrimination in the rental of rooms or apartments
permitted?
,140,000
A realty company received an $8,400 commission for the sale of a
house. The broker's commission was 6% of the sales price. What was
the sales price of the house?
all owners, present and future
A deed restriction is applicable to the activities of
an agent to the broker and subagent to the principal
A salesperson lists a property with a contract that allows for subagency
and dual agency. The salesperson is
the number of SF in the building
The real estate broker who is listing a house for sale should personally
verify
, 409.20
A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%.
To the nearest cent, what is the difference between the monthly
payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.)
situs
Two lots of the same size are sold on a street. The lot on the corner sells
for
$20,000 more than the lot in the middle of the street. Which of the
following characteristics MOST likely explains the price difference?
straight-line method
All of the following are methods to calculate the reproduction or
replacement cost of a building EXCEPT the
1.
quantity survey
method. 2.
unit-in-place
method. 3.
square foot
method.
4.
straight-line method.
Actual Exam 2026-2027\Latest Update with
Verified Answers Graded A+\Actual final prep
Exam
no notice is required
A couple signed a lease on an apartment for a period of 1 year. The
lease does NOT contain an automatic renewal clause. The couple
plans to move out at the end of the lease rather than renew it.
How much notice MUST they give to
comply with the lease term?
he is no longer the listing agent
The day after a broker's listing on a house expired, it was listed with
another
broker and offered in the MLS. Several days later, a third licensee called
the first broker and asked for the key to show the home. The broker
should inform the
caller that
reconciliation
When more than one approach to value is applied to a property and
different indications of value are produced, how should the final
estimate of value be determined?
,an insurance company
The FHA functions MOST like
696
A buyer wants to purchase a home for $60,000. The lender appraises
the home for $58,000 and offers to finance it with an 80% loan-to-
value loan, charging a loan origination fee of 1.5 points. How much
will the buyer's loan origination fee be?
e&o Coverage
An agent shows a home to a couple and mentions that it has a lovely
fireplace in the living room. After buying the home, the buyers and
agent discover that the brick fireplace is just a decorative fireplace
and is not "wood burning." Which of the following would BEST
protect the agent from financial loss?
the amount of commission is negotiable
During the listing presentation, the seller questions the amount of
commission to be paid and is told
under no circumstances
When is racial discrimination in the rental of rooms or apartments
permitted?
,140,000
A realty company received an $8,400 commission for the sale of a
house. The broker's commission was 6% of the sales price. What was
the sales price of the house?
all owners, present and future
A deed restriction is applicable to the activities of
an agent to the broker and subagent to the principal
A salesperson lists a property with a contract that allows for subagency
and dual agency. The salesperson is
the number of SF in the building
The real estate broker who is listing a house for sale should personally
verify
, 409.20
A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%.
To the nearest cent, what is the difference between the monthly
payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.)
situs
Two lots of the same size are sold on a street. The lot on the corner sells
for
$20,000 more than the lot in the middle of the street. Which of the
following characteristics MOST likely explains the price difference?
straight-line method
All of the following are methods to calculate the reproduction or
replacement cost of a building EXCEPT the
1.
quantity survey
method. 2.
unit-in-place
method. 3.
square foot
method.
4.
straight-line method.
