PSI NJ Real Estate Exam, PSI Practice Test. Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Water Rights The terms "littoral," "riparian," and "appropriative" refer to
A salesperson lists a property with a contract that allows
an agent to the broker and a subagent to the principal.
for subagency and dual agency. The salesperson is
Depreciation is calculated based on the Cost of the building only.
When a property owner uses his home as collateral for a
loan and creates a lien in favor of the lender, title is held mortgagor
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 limi-
for termites 10 years ago, so there are no termites now.
tations has run out.
Before listing the property, the agent should
All of the following are methods to calculate the reproduc-
straight-line method
tion or replacement cost of a building EXCEPT the
The buyer is assuming a mortgage presently on the prop-
erty in the amount of $110,000. What is the adjustment Credit buyer $110,000; debit seller $110,000.
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
real estate sales contract is to contract.
A judgment has been properly recorded. Any subse-
quent purchasers, whether they have actually examined constructive notice
the record or not, have been given
What type of map is MOST useful for describing the ter-
contour map
rain of a very hilly lot?
The Department of Housing and Urban Development es- Require the buyer to acknowledge disclosure of the pres-
timates that most private homes built before 1978 contain ence of any known lead paint.
,PSI NJ Real Estate Exam, PSI Practice Test. Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
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 they
tell potential buyers about the parties. (Any social infor-
are moving because the neighbor has loud parties every
mation expressed to an agent can be shared)
weekend. The agent should
A major reason for buying and owning a condominium
a condominium tends to be more attordable.
rather than a detached single-family home is that
A buyer was negotiating the purchase of a house for
himself. During a conversation with the seller, the seller
agreed to include all kitchen appliances in the sale, and
The buyer may sue the seller for specific performance.
this fact was included in the sales contract. In this sit-
uation, if the seller takes the appliances with him, what
recourse does the buyer have?
A loan which requires the borrower to pay interest only
until the maturity date (or due date), and then to pay the straight (term) loan (AKA term loan)
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*
as an unlicensed whiskey sales operation was forced to
whiskey sales operation).
terminate. The termination was the result of
A broker lists a property, with a listing contract allowing
subagency and dual agency. One of the broker's sales- a subagent of the seller. — (Think - brokerage is the
persons shows the property. The salesperson would be AGENCY, salesperson is working under the agency)
classified as
The relationship in which the agent is placed in the posi-
tion of trust and confidence to the principal is known by fiduciary
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
, PSI NJ Real Estate Exam, PSI Practice Test. Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
The power vested in the government to establish legisla-
tion to preserve order, protect the public health and safety, police power
and promote the general welfare is known as
If a borrower can attord to make 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 $130,000
nearest $100) can this buyer attord? (BE SURE TO USE THE
AMORTIZATION TABLE.)
projects the impact on the environment of a proposed
An Environmental Impact Statement (EIS)
project.
In an exclusive right-to-sell listing, an owner lists the prop-
One
erty for sale with how many brokers?
A prospective buyer made an otter to purchase a property.
The owner responded with a counterotter. While the buy- the owner withdraws the counterotter before it is accept-
er was reviewing the counterotter, the owner received a ed.
better otter. The owner can accept the second otter if
Antitrust laws prohibit competing brokers from all of the receiving compensation from both the buyer and the sell-
following EXCEPT er.
Without checking the facts, a broker 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 otter
misrepresentation
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 buyers an allowance of
$264
$16.95 per square yard to retile the kitchen. If the kitchen
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
Water Rights The terms "littoral," "riparian," and "appropriative" refer to
A salesperson lists a property with a contract that allows
an agent to the broker and a subagent to the principal.
for subagency and dual agency. The salesperson is
Depreciation is calculated based on the Cost of the building only.
When a property owner uses his home as collateral for a
loan and creates a lien in favor of the lender, title is held mortgagor
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 limi-
for termites 10 years ago, so there are no termites now.
tations has run out.
Before listing the property, the agent should
All of the following are methods to calculate the reproduc-
straight-line method
tion or replacement cost of a building EXCEPT the
The buyer is assuming a mortgage presently on the prop-
erty in the amount of $110,000. What is the adjustment Credit buyer $110,000; debit seller $110,000.
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
real estate sales contract is to contract.
A judgment has been properly recorded. Any subse-
quent purchasers, whether they have actually examined constructive notice
the record or not, have been given
What type of map is MOST useful for describing the ter-
contour map
rain of a very hilly lot?
The Department of Housing and Urban Development es- Require the buyer to acknowledge disclosure of the pres-
timates that most private homes built before 1978 contain ence of any known lead paint.
,PSI NJ Real Estate Exam, PSI Practice Test. Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
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 they
tell potential buyers about the parties. (Any social infor-
are moving because the neighbor has loud parties every
mation expressed to an agent can be shared)
weekend. The agent should
A major reason for buying and owning a condominium
a condominium tends to be more attordable.
rather than a detached single-family home is that
A buyer was negotiating the purchase of a house for
himself. During a conversation with the seller, the seller
agreed to include all kitchen appliances in the sale, and
The buyer may sue the seller for specific performance.
this fact was included in the sales contract. In this sit-
uation, if the seller takes the appliances with him, what
recourse does the buyer have?
A loan which requires the borrower to pay interest only
until the maturity date (or due date), and then to pay the straight (term) loan (AKA term loan)
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*
as an unlicensed whiskey sales operation was forced to
whiskey sales operation).
terminate. The termination was the result of
A broker lists a property, with a listing contract allowing
subagency and dual agency. One of the broker's sales- a subagent of the seller. — (Think - brokerage is the
persons shows the property. The salesperson would be AGENCY, salesperson is working under the agency)
classified as
The relationship in which the agent is placed in the posi-
tion of trust and confidence to the principal is known by fiduciary
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
, PSI NJ Real Estate Exam, PSI Practice Test. Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
The power vested in the government to establish legisla-
tion to preserve order, protect the public health and safety, police power
and promote the general welfare is known as
If a borrower can attord to make 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 $130,000
nearest $100) can this buyer attord? (BE SURE TO USE THE
AMORTIZATION TABLE.)
projects the impact on the environment of a proposed
An Environmental Impact Statement (EIS)
project.
In an exclusive right-to-sell listing, an owner lists the prop-
One
erty for sale with how many brokers?
A prospective buyer made an otter to purchase a property.
The owner responded with a counterotter. While the buy- the owner withdraws the counterotter before it is accept-
er was reviewing the counterotter, the owner received a ed.
better otter. The owner can accept the second otter if
Antitrust laws prohibit competing brokers from all of the receiving compensation from both the buyer and the sell-
following EXCEPT er.
Without checking the facts, a broker 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 otter
misrepresentation
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 buyers an allowance of
$264
$16.95 per square yard to retile the kitchen. If the kitchen
