PSI Exam Questions and Answers 100% Pass

PSI Exam Questions and Answers 100% Pas s what would prevent a seller from providing marketable title - ANSWERMechanics lien the seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commission, increasing the sellers net proceeds - ANSWERThis is illegeal according to respa If a license mentions MLS when advertising, the advertisement must include - ANSWERthe name of the MLS According to the New Jersey Real estate Licensing Laws, which of the following is a requirement for any advertisement made by a salesperon - ANSWERName of the salesperson firm A license may use the term "Realtor" or "realtor associate" only if the licensee is - ANSWERa member of the national association of realtors Which of the following would automatically be included in the sale of property - ANSWERPlumbing fixtures a seller is offering his property for sale in as is condition. a buyer enters into a contract with the seller. The buyer - ANSWERcan void the contract due to the sellers failure to disclose the latent defect Maintains a real estate agency and terminated two salespersons, in this situation, the broker is required to take all the following steps except - ANSWERPermit them to remove original sales and listing contracts from the brokers office What should buyers insert into the purchase offer to make sure they would not have to go through with the purchase if they are not met - ANSWERcontingencies A potential buyer signs a contract with a seller but then decides not to buy. The seller may sue the potential buyer for specific preformance because the contract was a - ANSWERbilateral contract Standard title insurance policy would protect a buyer - ANSWERWhen the seller has forged his ex -wife's signature on the deed Under New Jersey Real Estate commission rules, a licensee's obligations to the public include all of the following except - ANSWERAccepting any reasonable commission offered by a seller in the course of negotiating a listing agreement When operating in a discloses dual agency relationship, a licensee must disclose the - ANSWERBuyer being laid -off after submitting a mortgage application A land contract is sometimes known as - ANSWERInstallment Contract A 15 year old inherited some property from a grandparent. The 15 year old put the property for sale and recieved an offer. Can the 15 year old cancel the agreement to sell property? - ANSWERYes the contract is voidable because is a minor "sell now before its too late" is an example of - ANSWERblockbusting Which of the following types of deeds provides the purchaser of real estate the greatest protection of any deed - ANSWERGeneral warranty deed After making three sales in six weeks to growing families with young children in a neighborhood of mostly retirees, a broker decided to seek additional listings there. He went door to door suggesting that homeowners who enjoyed living in their quiet neighborhood might wish to sell now and move to a different area where there would not be so many noisy children. He listed four homes during this marketing campaign.. .this is an example of - ANSWERBlockbusting because he persuaded them to list because of an influx of a protected class All of the following activities constitute property management for which licensure is required, except - ANSWERmaintenance calls A buyer and seller agreed upon a selling price for a property and both signed a written contract. As part of the contract, they have the right to sell the house within 30 days this is an - ANSWERexecutory contract The seller entered into an exclusive right to sell agreement with terry hill, Ms, hill, presents the seller with an offer to purchase. Which of the following is appropriate - ANSWERThe seller is under no obligation to accept the offer or make a counter offer. What does the mortgage lender most often rely on when deciding how much is safe to lend to a parcel of real estate - ANSWERappraisal report The lead paint addendum that must be presented with the purchase and sale contract for certain older homes will - ANSWERprovide the buyer with the opportunity to waive the right to lead paint inspection It is not illegal to - ANSWERfire a new salesperson who did not achieve specific sales goals When taking a listing to sell a new multi -family residential property, the document that must be presented to the seller is - ANSWERthe attorney general's memorandum When should you be sure that the seller completes a lead based paint and or lead based paint hazard form? - ANSWERwhen the house was built before 1978 The candidate must apply for the license within - ANSWERone year After being given the appraisal and the closing disclosure, what would result in the buyer having the right to an additional 3 days to review the documents - ANSWERthe loan product was changed after depositing the earnest money, the buyer has a right to - ANSWERrescind his offer before acceptance The common area of condominium development is owned by - ANSWERall owners as tenants in common A salesperson has the oppurtunity to list a complex that is 100 % rented. The salesperson can predict the price by using - ANSWERGRM All of the following types of out -of-state real estate marketed in NJ through the NJ Brokers must be registered with the Real Estate Comission - ANSWERExcept office condominiums A condominium complex is exempt from the fair housing requirements regarding familial status if - ANSWERit is intended for at least on person 55 years or older per unit Title insurance has allowed for more accessible loans for buyers - ANSWERbecause it reduces the risk of loss due to title defects option contracts must - ANSWERbe in writing unsold foreclosed property goes to - ANSWERREO what is one way the a lender can reduce the buyers total monthly payment amount so the buyer can afford it? - ANSWERreducing the interest rate by charging extra points A lender may add 1/12th of the estimated cost of the annual property taxes and hazard insurance on the mortgaged property to the loan through a - ANSWERan impound, escrow, or reserve account tax against specific property resulting from a public improvement that benefits that property is known as a - ANSWERspecial assessment. You can furnish contract of sales for one to four family properties provided that a - ANSWERthree day clause is present you can rebate commission if you're a - ANSWERbroker zoning ordinances are set by - ANSWERlocal authorities the clause designed to ensure that a broker will receive a commission if negotiations with a ready, willing and able buyer concluded after the listing agreement has expired is called - ANSWERan extension or "bail" clause Va loans offer - ANSWERthat the lender is safe if the borrower defaults