NJ PSI EXAM Questions and Answers
1. The NJ REC regulation to terminate membership call multiple
listing service when
.
a) Suggest uniform commission rates among all member broker
b) Lobbies against legislation that the licensee personally favors
c)Charges or dues that the licensee feels are excessive
d) Advocates rules practices and or standard to witch the license he
does not agree
ANS A
2. When must a listing broker provide a copy of the fully executed
written listing agreement?
.
a) Upon execution of the listing agreement to all parties
b)Within three days upon execution of the listing agreement by
registered mail return receipt requested
c)Within five business days of execution of a listing agreement
d) At the time of presentation of a written offer
ANS A
3. If there is a cloud on the title to a property the best means of
,eliminating it is to
a) Quiet transfer of the property
b) A suit to quiet title
c)Waiting seven years for the issue to expire
d) Transferring the property with a general warranty deed
ANS B
4. The broker has noticed that a great number of people who are
buying in the neighborhood where his listing is located speak
Russian he also noted that an attractive feature is the large
Russian grocery store. He decides to stop advertising in the city
newspaper instead advertises the property and two different Russian
Internet sites this is?
a) This is acceptable because it's not print media
b) Unacceptable due to its discriminatory nature
c)Acceptable if it includes no preferential language for purchaser
d) The only proper way to advertise property in this neighborhood
ANS C
5. A tax assessor determined that a commercial building with a 3.5%
mortgage has a market value of $400,000. If the assed value is 60%
of the market value and the tax rate is 63.18 mils what is the
annual tax?
.
,.
a) $5,305.50
b) $8,837.50
c)$15,162.20
d) $25,250
ANS C
6. When a licensee takes a listing to sell a new multi-family
residential property the document that must be provided to the
owner from the licensee?
.
A. Attorney general memorandum on discrimination
B. A lead base paint Disclosure form
C. A copy of the truth and renting law
D.A list of all the municipalities in the multiple-listing system to which
licensee belongs
ANS A
7. Bill pays his property tax bill of $980 for the calendar year he
signed a purchase and sales contract on June 28th and closes the
sale on July 15th. The contract states that the seller is responsible
for the expenses on the day of closing. What is the amount of
prepaid tax that is due back to Bill at closing assuming a 360 day
, year?
a) $449.17
b) $484.56
c)$495.44
d) $530.83
ANS A
8. Which of the following are most likely to be addressed by building
codes?
A. Deed restrictions
B. Construction standards
C. Permissible use of structures
D. Restrictive covenants
ANS B
9. A broker who charges or collects an advanced fee in excess of $25
for services to be rendered must?
a) Deduct the amount collected from the commission or settlement
b) Give the principal receipts from all expenditures
c)Furnished within 90 days an accounting of how money the was used
d) Retain the difference between of how the money was collected
and the amount spent
ANS C
1. The NJ REC regulation to terminate membership call multiple
listing service when
.
a) Suggest uniform commission rates among all member broker
b) Lobbies against legislation that the licensee personally favors
c)Charges or dues that the licensee feels are excessive
d) Advocates rules practices and or standard to witch the license he
does not agree
ANS A
2. When must a listing broker provide a copy of the fully executed
written listing agreement?
.
a) Upon execution of the listing agreement to all parties
b)Within three days upon execution of the listing agreement by
registered mail return receipt requested
c)Within five business days of execution of a listing agreement
d) At the time of presentation of a written offer
ANS A
3. If there is a cloud on the title to a property the best means of
,eliminating it is to
a) Quiet transfer of the property
b) A suit to quiet title
c)Waiting seven years for the issue to expire
d) Transferring the property with a general warranty deed
ANS B
4. The broker has noticed that a great number of people who are
buying in the neighborhood where his listing is located speak
Russian he also noted that an attractive feature is the large
Russian grocery store. He decides to stop advertising in the city
newspaper instead advertises the property and two different Russian
Internet sites this is?
a) This is acceptable because it's not print media
b) Unacceptable due to its discriminatory nature
c)Acceptable if it includes no preferential language for purchaser
d) The only proper way to advertise property in this neighborhood
ANS C
5. A tax assessor determined that a commercial building with a 3.5%
mortgage has a market value of $400,000. If the assed value is 60%
of the market value and the tax rate is 63.18 mils what is the
annual tax?
.
,.
a) $5,305.50
b) $8,837.50
c)$15,162.20
d) $25,250
ANS C
6. When a licensee takes a listing to sell a new multi-family
residential property the document that must be provided to the
owner from the licensee?
.
A. Attorney general memorandum on discrimination
B. A lead base paint Disclosure form
C. A copy of the truth and renting law
D.A list of all the municipalities in the multiple-listing system to which
licensee belongs
ANS A
7. Bill pays his property tax bill of $980 for the calendar year he
signed a purchase and sales contract on June 28th and closes the
sale on July 15th. The contract states that the seller is responsible
for the expenses on the day of closing. What is the amount of
prepaid tax that is due back to Bill at closing assuming a 360 day
, year?
a) $449.17
b) $484.56
c)$495.44
d) $530.83
ANS A
8. Which of the following are most likely to be addressed by building
codes?
A. Deed restrictions
B. Construction standards
C. Permissible use of structures
D. Restrictive covenants
ANS B
9. A broker who charges or collects an advanced fee in excess of $25
for services to be rendered must?
a) Deduct the amount collected from the commission or settlement
b) Give the principal receipts from all expenditures
c)Furnished within 90 days an accounting of how money the was used
d) Retain the difference between of how the money was collected
and the amount spent
ANS C
