NJ State PSI
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Instant Download Pdf!!
1. How many square feet in one acre? - Correct Answer: 43,560
2. Buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing? - Correct Answer:
Credit buyer $110,000; debit seller $110,000
3. MOST closed real estate transactions should be reported to the IRS.
REQUIRED information includes seller name(s) and social security
number(s) and - Correct Answer: the sales price
4. Without checking the facts, a broker who is the seller's agent tells a buyer
that the property taxes in a particular neighborhood are among the lowest
in the area. The buyer relies on the broker's statement and makes an offer
on a house in the neighborhood. Before closing, it is determined that the
taxes are actually among the highest in the area. The buyer could seek to
rescind the contract on the basis of - Correct Answer: misrepresentation
5. Which of the following may be considered prima facie evidence of
discrimination by a broker?
, Failure to show property in certain neighborhoods.
Failure to display the equal housing opportunity poster at the broker's place
of business.
Failure to keep appointments with minority customers even though the
broker was unaware of the minority status.
6. Failure of a minority buyer to qualify for a loan arranged by the broker. -
Correct Answer: Failure to display the equal housing opportunity poster at
the broker's place of business.
7. The real estate contract for a specific property for use as an unlicensed
whiskey sales operation was forced to terminate. The termination was the
result of - Correct Answer: impossibility of performance
8. How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay? - Correct Answer: writ of execution
9. The relationship in which the agent is placed in the position of trust and
confidence to the principal is known by the term - Correct Answer:
fiduciary
10.The buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should - Correct Answer: suggest the buyer ask a lawyer to furnish the
wording
11.Which of the following statements about discount points is FALSE?
They are computed as a percentage of the selling price.
They are used to buy down interest rate.
, They are a function of the marketplace.
They are paid by either the buyer or the seller. - Correct Answer: they
are computed as a percentage of the selling price
12.When is flood insurance REQUIRED in order to obtain a loan? - Correct
Answer: When the property is located in a Flood Hazard Zone.
13.A contract has been drawn which obliges the sellers to convey title to their
land to the buyers if the buyers come up with $22,000 on or before
December 31st. This is called - Correct Answer: an option contract
14.A managing broker can be held responsible for - Correct Answer: all real
estate activities of salespersons
15.Prospective buyers made an offer on a property. The seller did NOT accept,
but made a counteroffer. The prospective buyers signed the counteroffer
and the real estate agent delivered their acceptance to the seller. In the
interim, the same buyers had found another house that they liked better
and made an offer on it, which was accepted. Which of the following is
TRUE?
The contract on the first house is not enforceable.
Neither contract is enforceable.
Only the first contract is valid.
Both contracts are valid. - Correct Answer: both contracts are valid
16.A distinguishing characteristic of owning property by land trust is that -
Correct Answer: the identity of the legal owner is kept confidential
, 17.A competitive market analysis is MOST often used for - Correct Answer:
setting a listing price
18.an agreement to purchase that has not yet closed is - Correct Answer:
an executory contract
19.A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - Correct Answer:
demand immediate payment for the entire note
20.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? - Correct Answer: no notice is
required
21.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 - Correct Answer: he is no longer the listing agent
22.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? - Correct Answer: reconciliation
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Instant Download Pdf!!
1. How many square feet in one acre? - Correct Answer: 43,560
2. Buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing? - Correct Answer:
Credit buyer $110,000; debit seller $110,000
3. MOST closed real estate transactions should be reported to the IRS.
REQUIRED information includes seller name(s) and social security
number(s) and - Correct Answer: the sales price
4. Without checking the facts, a broker who is the seller's agent tells a buyer
that the property taxes in a particular neighborhood are among the lowest
in the area. The buyer relies on the broker's statement and makes an offer
on a house in the neighborhood. Before closing, it is determined that the
taxes are actually among the highest in the area. The buyer could seek to
rescind the contract on the basis of - Correct Answer: misrepresentation
5. Which of the following may be considered prima facie evidence of
discrimination by a broker?
, Failure to show property in certain neighborhoods.
Failure to display the equal housing opportunity poster at the broker's place
of business.
Failure to keep appointments with minority customers even though the
broker was unaware of the minority status.
6. Failure of a minority buyer to qualify for a loan arranged by the broker. -
Correct Answer: Failure to display the equal housing opportunity poster at
the broker's place of business.
7. The real estate contract for a specific property for use as an unlicensed
whiskey sales operation was forced to terminate. The termination was the
result of - Correct Answer: impossibility of performance
8. How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay? - Correct Answer: writ of execution
9. The relationship in which the agent is placed in the position of trust and
confidence to the principal is known by the term - Correct Answer:
fiduciary
10.The buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should - Correct Answer: suggest the buyer ask a lawyer to furnish the
wording
11.Which of the following statements about discount points is FALSE?
They are computed as a percentage of the selling price.
They are used to buy down interest rate.
, They are a function of the marketplace.
They are paid by either the buyer or the seller. - Correct Answer: they
are computed as a percentage of the selling price
12.When is flood insurance REQUIRED in order to obtain a loan? - Correct
Answer: When the property is located in a Flood Hazard Zone.
13.A contract has been drawn which obliges the sellers to convey title to their
land to the buyers if the buyers come up with $22,000 on or before
December 31st. This is called - Correct Answer: an option contract
14.A managing broker can be held responsible for - Correct Answer: all real
estate activities of salespersons
15.Prospective buyers made an offer on a property. The seller did NOT accept,
but made a counteroffer. The prospective buyers signed the counteroffer
and the real estate agent delivered their acceptance to the seller. In the
interim, the same buyers had found another house that they liked better
and made an offer on it, which was accepted. Which of the following is
TRUE?
The contract on the first house is not enforceable.
Neither contract is enforceable.
Only the first contract is valid.
Both contracts are valid. - Correct Answer: both contracts are valid
16.A distinguishing characteristic of owning property by land trust is that -
Correct Answer: the identity of the legal owner is kept confidential
, 17.A competitive market analysis is MOST often used for - Correct Answer:
setting a listing price
18.an agreement to purchase that has not yet closed is - Correct Answer:
an executory contract
19.A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to - Correct Answer:
demand immediate payment for the entire note
20.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? - Correct Answer: no notice is
required
21.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 - Correct Answer: he is no longer the listing agent
22.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? - Correct Answer: reconciliation
