PSI QUESTIONS WITH 100% CORRECT
ANSWERS (UPDATED 2025)
Answer : Mortgage lien - ANSWER-When a land owner uses his land as security for a loan, the
encumbrances created is called ?
Answer : Question the seller to any known defects - ANSWER-If an owner wants to list a
property for sale "as is" the listing agent should
Answer : Licensee must hold a timeshare license - ANSWER-According to the New Jersey real
estate timeshare 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 : yes, if the broker directs the salesperson not to cooperate - ANSWER-Can a New Jersey
real estate licensee decline to cooperate with other New Jersey licensees?
Answer: Economic Obsolesce - ANSWER-A motel is the subject of an appraisal and it is
determined that rerouting of a county highway has limited customer access to the motel this is
an example of?
Answer: the agreement is voidable until a legal description is provided - ANSWER-An exclusive
buyer representation agreement does not include a legal description of the property. what is
the result of this omission ?
Answer: yes, because Jones can force any other property owner in the subdivision to comply
with deed restrictions. - ANSWER-Jones and Halstead live 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 ?
Answer: Realty Transfer Fee ( RTF) - ANSWER-In New Jersey, the fee which must be paid when
fee simple title to a parcel of real state passes for a consideration from one party to another is
the?
Answer: The required down payment may be lower than conventional loans. - ANSWER-What is
the greatest advantage of using FHA financing when purchasing a home that the buyer plans to
occupy?
Answer: Broker - ANSWER-A broker has a single agency relationship with the seller. Any required
property condition disclosure would be completed by the ?
Answer : The seller agrees to sell at a fixed price within a stipulated time - ANSWER-Which of
the following statements is true regarding an option agreement?
Answer: higher equity in the property - ANSWER-A low loan- to - value ratio indicated a ?
Answer: This is a negotiation that keeps the original offer alive - ANSWER-An offer was
presented but the seller did not except the offer , instead he suggested different terms that
would be more acceptable, which of the following is false?
Answer: Void - ANSWER-A buyer contracted to purchase a vacant lot for $350,000 cash with no
contingencies the buyer intends to build a professional office complex on the property. However
the buyer did not advise the seller of this intent. Prior to closing the buyer learns that local
zoning will not allow an office complex. The buyers contract may be considered?
, Answer: Under no circumstances may the licensee inquire as to the legal residency status of the
prospective tenant. - ANSWER-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 in hopes to return to her native country with
valuable knowledge to share when the project ends. What steps if any is a Licensee legally able
to take in protecting her clients interest?
Answer: This is the Best Buy you'll find all year. - ANSWER-Which of the following statements is
the best example of puffing?
Answer: 1 month - ANSWER-A complaint must be filed with HUD within what period of time
after the fair housing violation has occurred?
Answer: Performance obligations of the parties - ANSWER-Which of the following differentiates
a bilateral contract from a unilateral contract ?
Answer: Broker must give account of how the money is being spent within 90 days - ANSWER-A
broker who charges or collects an advance fee in excess of $25 for services to be rendered
MUST ?
Answer: Personal Property - ANSWER-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: it is impossible for one of the parties to perform - ANSWER-A contract is terminated if ?
Answer: upon written request of seller - ANSWER-Deposit monies may NOT be disbursed to the
seller in which circumstance ?
ANSWERS (UPDATED 2025)
Answer : Mortgage lien - ANSWER-When a land owner uses his land as security for a loan, the
encumbrances created is called ?
Answer : Question the seller to any known defects - ANSWER-If an owner wants to list a
property for sale "as is" the listing agent should
Answer : Licensee must hold a timeshare license - ANSWER-According to the New Jersey real
estate timeshare 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 : yes, if the broker directs the salesperson not to cooperate - ANSWER-Can a New Jersey
real estate licensee decline to cooperate with other New Jersey licensees?
Answer: Economic Obsolesce - ANSWER-A motel is the subject of an appraisal and it is
determined that rerouting of a county highway has limited customer access to the motel this is
an example of?
Answer: the agreement is voidable until a legal description is provided - ANSWER-An exclusive
buyer representation agreement does not include a legal description of the property. what is
the result of this omission ?
Answer: yes, because Jones can force any other property owner in the subdivision to comply
with deed restrictions. - ANSWER-Jones and Halstead live 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 ?
Answer: Realty Transfer Fee ( RTF) - ANSWER-In New Jersey, the fee which must be paid when
fee simple title to a parcel of real state passes for a consideration from one party to another is
the?
Answer: The required down payment may be lower than conventional loans. - ANSWER-What is
the greatest advantage of using FHA financing when purchasing a home that the buyer plans to
occupy?
Answer: Broker - ANSWER-A broker has a single agency relationship with the seller. Any required
property condition disclosure would be completed by the ?
Answer : The seller agrees to sell at a fixed price within a stipulated time - ANSWER-Which of
the following statements is true regarding an option agreement?
Answer: higher equity in the property - ANSWER-A low loan- to - value ratio indicated a ?
Answer: This is a negotiation that keeps the original offer alive - ANSWER-An offer was
presented but the seller did not except the offer , instead he suggested different terms that
would be more acceptable, which of the following is false?
Answer: Void - ANSWER-A buyer contracted to purchase a vacant lot for $350,000 cash with no
contingencies the buyer intends to build a professional office complex on the property. However
the buyer did not advise the seller of this intent. Prior to closing the buyer learns that local
zoning will not allow an office complex. The buyers contract may be considered?
, Answer: Under no circumstances may the licensee inquire as to the legal residency status of the
prospective tenant. - ANSWER-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 in hopes to return to her native country with
valuable knowledge to share when the project ends. What steps if any is a Licensee legally able
to take in protecting her clients interest?
Answer: This is the Best Buy you'll find all year. - ANSWER-Which of the following statements is
the best example of puffing?
Answer: 1 month - ANSWER-A complaint must be filed with HUD within what period of time
after the fair housing violation has occurred?
Answer: Performance obligations of the parties - ANSWER-Which of the following differentiates
a bilateral contract from a unilateral contract ?
Answer: Broker must give account of how the money is being spent within 90 days - ANSWER-A
broker who charges or collects an advance fee in excess of $25 for services to be rendered
MUST ?
Answer: Personal Property - ANSWER-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: it is impossible for one of the parties to perform - ANSWER-A contract is terminated if ?
Answer: upon written request of seller - ANSWER-Deposit monies may NOT be disbursed to the
seller in which circumstance ?
