PSI NJ Real Estate Exam, PSI Practice Test Bank 2026-
2027 | FINANCIAL MANAGEMENT MIDTERM | ALL
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED
A+ | PROFESSOR VERIFIED
Water Rights The terms "littoral," "riparian," and "appropriative" refer to
A salesperson lists a property with a an agent to the broker and a subagent to the principal.
contract that allows for subagency
and dual agency. The salesperson is
Depreciation is calculated based on Cost of the building only.
the
When a property owner uses his mortgagor
home as collateral for a loan and
creates a lien in favor of the lender,
title is held by the
A loan which requires the borrower straight (term) loan (AKA term loan)
to pay interest only until the maturity
date (or due date), and then to pay
the entire principal on the maturity
date, is called a
The real estate contract for a specific Impossibility of performance. - - (Key word: Unlicensed
property for use as an unlicensed whiskey sales operation).
whiskey sales operation was forced
to
terminate. The termination was the
result of
A broker lists a property, with a listing a subagent of the seller. — (Think - brokerage is
contract allowing subagency and dual the AGENCY, salesperson is working under the
agency. One of the broker's agency)
salespersons shows the property. The
salesperson would be classified as
The relationship in which the agent fiduciary
,comparable properties that
The power vested in the government to police power
establish
legislation to preserve order, protect
the public health
and safety, and promote the general
welfare is known as
If a borrower can afford to make $130,000
monthly principal and interest
payments of $1,000 and the lender will
make a
30-year loan at 8-1/2%, how large a
loan (rounded to the nearest $100)
can this buyer afford? (BE SURE TO
USE
THE AMORTIZATION TABLE.)
An Environmental Impact Statement projects the impact on the environment of a proposed
(EIS) project.
In an exclusive right-to-sell listing, an One
owner lists the property for sale with
how many brokers?
A prospective buyer made an offer to the owner withdraws the counteroffer before it is
purchase a accepted.
property. The owner responded with a
counteroffer.
While the buyer was reviewing the
counteroffer, the
owner received a better offer. The
owner can accept the second offer if
Antitrust laws prohibit competing receiving compensation from both the buyer and the
brokers from all of the following seller.
EXCEPT
, Without checking the facts, a broker misrepresentation
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
The sellers have agreed to give the $264
buyers an allowance of $16.95 per
square yard to retile the kitchen. If
the
kitchen is 10 feet x 14 feet, how much
will it cost the sellers (to the nearest
dollar)?
Three identical homes in a the first sold
neighborhood were listed at the same
time in a market where demand was
constant.
According to the law of supply and
demand, which would have sold for
the lowest price?
Which of the following is the first Identify and remedy the cause of the problems.
action to take when mold problems
are found?
A borrower has defaulted on the demand immediate payment of the entire note.
mortgage. The
mortgage contains an acceleration
clause. This permits the lender to
A buyer is getting a fully amortized loan $409.20
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
2027 | FINANCIAL MANAGEMENT MIDTERM | ALL
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED
A+ | PROFESSOR VERIFIED
Water Rights The terms "littoral," "riparian," and "appropriative" refer to
A salesperson lists a property with a an agent to the broker and a subagent to the principal.
contract that allows for subagency
and dual agency. The salesperson is
Depreciation is calculated based on Cost of the building only.
the
When a property owner uses his mortgagor
home as collateral for a loan and
creates a lien in favor of the lender,
title is held by the
A loan which requires the borrower straight (term) loan (AKA term loan)
to pay interest only until the maturity
date (or due date), and then to pay
the entire principal on the maturity
date, is called a
The real estate contract for a specific Impossibility of performance. - - (Key word: Unlicensed
property for use as an unlicensed whiskey sales operation).
whiskey sales operation was forced
to
terminate. The termination was the
result of
A broker lists a property, with a listing a subagent of the seller. — (Think - brokerage is
contract allowing subagency and dual the AGENCY, salesperson is working under the
agency. One of the broker's agency)
salespersons shows the property. The
salesperson would be classified as
The relationship in which the agent fiduciary
,comparable properties that
The power vested in the government to police power
establish
legislation to preserve order, protect
the public health
and safety, and promote the general
welfare is known as
If a borrower can afford to make $130,000
monthly principal and interest
payments of $1,000 and the lender will
make a
30-year loan at 8-1/2%, how large a
loan (rounded to the nearest $100)
can this buyer afford? (BE SURE TO
USE
THE AMORTIZATION TABLE.)
An Environmental Impact Statement projects the impact on the environment of a proposed
(EIS) project.
In an exclusive right-to-sell listing, an One
owner lists the property for sale with
how many brokers?
A prospective buyer made an offer to the owner withdraws the counteroffer before it is
purchase a accepted.
property. The owner responded with a
counteroffer.
While the buyer was reviewing the
counteroffer, the
owner received a better offer. The
owner can accept the second offer if
Antitrust laws prohibit competing receiving compensation from both the buyer and the
brokers from all of the following seller.
EXCEPT
, Without checking the facts, a broker misrepresentation
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
The sellers have agreed to give the $264
buyers an allowance of $16.95 per
square yard to retile the kitchen. If
the
kitchen is 10 feet x 14 feet, how much
will it cost the sellers (to the nearest
dollar)?
Three identical homes in a the first sold
neighborhood were listed at the same
time in a market where demand was
constant.
According to the law of supply and
demand, which would have sold for
the lowest price?
Which of the following is the first Identify and remedy the cause of the problems.
action to take when mold problems
are found?
A borrower has defaulted on the demand immediate payment of the entire note.
mortgage. The
mortgage contains an acceleration
clause. This permits the lender to
A buyer is getting a fully amortized loan $409.20
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
