PSI Real Estate State Exam (NJ) Updated 2023/2024

PSI Real Estate State Exam (NJ) Updated C. an involuntary lien - correct answer When a land owner uses his land as security for a loan, the encumbrance created is called. C. Question the seller to any known defects - correct answer If an owner wants to list a property for sale "as is," the listing agent should A. licensee must hold a timeshare license - correct answer 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 C. Yes, if the broker directs the salesperson not to cooperate - correct answer May a New Jersey real estate licensee decline to cooperate with other New Jersey licensees A. Economic obsolesce - correct answer 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 D. The agreement is voidable until a legal description is provided - correct answer An exclusive buyer representation agreement does not include a legal description of the property. What is the result of this omisison? D. Unearned rent collections in advance? - correct answer Which of the following items would be prorated at closing with credit going to the seller? A. Yes, because Jones can force any other property owner in the subdivision to comply with deed restrictions. - correct answer Jones and Halstead lice across the street from each other in a subdivision in which homeowners are prohibited by deed restriction from keeping large animals on their property. Jones discovers that Halstead is keeping a Shetland pony in the backyard. Can Jones take action to enforce the deed restriction?