PSI Practice Test NJ Real Estate | New Jersey Salesperson License Exam Prep Questions & Answers
When a property owner uses his home as collateral for mortgagor
a loan and creates a lien in favor of the lender, title is
held by the
A competitive market analysis is MOST often used for setting a listing price
A seller tells the listing agent that her home was treated tell the seller not to disclose, because the statute of limitations has run out.
for termites 10 years ago, so there are no termites now.
Before listing the property, the agent should
All of the following are methods to calculate the straight-line method
reproduction or replacement cost of a building EXCEPT
the
The buyer is assuming a mortgage presently on the Credit buyer $110,000; debit seller $110,000.
property in the amount of $110,000. What is the
adjustment made at closing?
If conditions for purchase are included in a deed and Return of the property to the original owner.
these conditions are violated, what is the penalty?
The purpose of requiring an earnest money deposit in a provide evidence of the buyer's intention to carry out the contract.
real estate sales contract is to
A judgment has been properly recorded. Any constructive notice
subsequent purchasers, whether they have actually
examined the record or not, have been given
What type of map is MOST useful for describing the contour map
terrain of a very hilly lot?
The Department of Housing and Urban Development Require the buyer to acknowledge disclosure of the presence of any known
estimates that most private homes built before 1978 lead paint.
contain potentially dangerous levels of lead. Because
of this, some Federal agencies, such as FHA,
At the time of listing, the seller tells the listing agent tell potential buyers about the parties. (Any social information expressed to an
they are moving because the neighbor has loud parties agent can be shared)
every weekend. The agent should
A major reason for buying and owning a condominium a condominium tends to be more affordable.
rather than a detached single-family home is that
, PSI Practice Test NJ Real Estate | New Jersey Salesperson License Exam Prep Questions & Answers
A buyer was negotiating the purchase of a house for The buyer may sue the seller for specific performance.
himself. During a conversation with the seller, the seller
agreed to include all kitchen appliances in the sale, and
this fact was included in the sales contract. In this
situation, if the seller takes the appliances with him,
what recourse does the buyer have?
A loan which requires the borrower to pay interest only straight (term) loan (AKA term loan)
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 property for use Impossibility of performance. - - (Key word: Unlicensed whiskey sales
as an unlicensed whiskey sales operation was forced to operation).
terminate. The termination was the result of
A broker lists a property, with a listing contract allowing a subagent of the seller. — (Think - brokerage is the AGENCY, salesperson is
subagency and dual agency. One of the broker's working under the agency)
salespersons shows the property. The salesperson
would be classified as
The relationship in which the agent is placed in the fiduciary
position of trust and confidence to the principal is
known by the term
An agreement to purchase that has NOT yet closed is an executory contract.
When compiling a competitive market analysis, a broker were located near the property being listed.
would look for comparable properties that
The power vested in the government to establish police power
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 monthly principal and $130,000
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 (EIS) projects the impact on the environment of a proposed project.
In an exclusive right-to-sell listing, an owner lists the One
property for sale with how many brokers?
When a property owner uses his home as collateral for mortgagor
a loan and creates a lien in favor of the lender, title is
held by the
A competitive market analysis is MOST often used for setting a listing price
A seller tells the listing agent that her home was treated tell the seller not to disclose, because the statute of limitations has run out.
for termites 10 years ago, so there are no termites now.
Before listing the property, the agent should
All of the following are methods to calculate the straight-line method
reproduction or replacement cost of a building EXCEPT
the
The buyer is assuming a mortgage presently on the Credit buyer $110,000; debit seller $110,000.
property in the amount of $110,000. What is the
adjustment made at closing?
If conditions for purchase are included in a deed and Return of the property to the original owner.
these conditions are violated, what is the penalty?
The purpose of requiring an earnest money deposit in a provide evidence of the buyer's intention to carry out the contract.
real estate sales contract is to
A judgment has been properly recorded. Any constructive notice
subsequent purchasers, whether they have actually
examined the record or not, have been given
What type of map is MOST useful for describing the contour map
terrain of a very hilly lot?
The Department of Housing and Urban Development Require the buyer to acknowledge disclosure of the presence of any known
estimates that most private homes built before 1978 lead paint.
contain potentially dangerous levels of lead. Because
of this, some Federal agencies, such as FHA,
At the time of listing, the seller tells the listing agent tell potential buyers about the parties. (Any social information expressed to an
they are moving because the neighbor has loud parties agent can be shared)
every weekend. The agent should
A major reason for buying and owning a condominium a condominium tends to be more affordable.
rather than a detached single-family home is that
, PSI Practice Test NJ Real Estate | New Jersey Salesperson License Exam Prep Questions & Answers
A buyer was negotiating the purchase of a house for The buyer may sue the seller for specific performance.
himself. During a conversation with the seller, the seller
agreed to include all kitchen appliances in the sale, and
this fact was included in the sales contract. In this
situation, if the seller takes the appliances with him,
what recourse does the buyer have?
A loan which requires the borrower to pay interest only straight (term) loan (AKA term loan)
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 property for use Impossibility of performance. - - (Key word: Unlicensed whiskey sales
as an unlicensed whiskey sales operation was forced to operation).
terminate. The termination was the result of
A broker lists a property, with a listing contract allowing a subagent of the seller. — (Think - brokerage is the AGENCY, salesperson is
subagency and dual agency. One of the broker's working under the agency)
salespersons shows the property. The salesperson
would be classified as
The relationship in which the agent is placed in the fiduciary
position of trust and confidence to the principal is
known by the term
An agreement to purchase that has NOT yet closed is an executory contract.
When compiling a competitive market analysis, a broker were located near the property being listed.
would look for comparable properties that
The power vested in the government to establish police power
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 monthly principal and $130,000
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 (EIS) projects the impact on the environment of a proposed project.
In an exclusive right-to-sell listing, an owner lists the One
property for sale with how many brokers?
