NJ PSI Exam Practice Questions 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!!
A real estate licensee has a buyer agency agreement.
customer
What is the seller in this situation?
An optionor and an optionee make a contract for an option
He must exercise his option under the terms of the option
on a commercial piece of property. If the optionee decides
contract
to exercise his option, when must he perform?
When can a landlord evict a disabled blind or disabled
If the tenant has loud parties and makes too much noise.
tenant from the premises?
Broker Carr, with ABC Real Estate Company, listed the There is not a relationship between the parties. Broker
property with a seller. Broker Smith, with XYZ Real Estate Carr represents the Seller and Broker Smith represents the
Company, called Broker Carr, and disclosed that he was a buyer
Buyer Agent. Broker Smith wrote a contract with a buyer
for the sale of the property. What, if any, is the relationship Dual agency is illegal if not properly disclosed.
between the buyer's broker, the seller, and the listing When you see dual agency make sure "disclosed" is in
broker? front of it.
A buyer bought a property without telling the seller of his
intended purpose for the property. The contract contains
no contingency clause and it is a properly executed con-
enforceable
tract. After the closing, the buyer is unable to obtain the
zoning he needs for his commercial project. What is the
contract at this stage?
The seller and the buyer finally agreed to a purchase price
of $203,500 with the closing to occur on June 15, 2011.
The taxes for the years 2011 in the amount of $2,500 have
not been paid by the seller (Taxes are paid in arrears).
$1,130.14 debit the seller and credit the buyer
How much would the tax proration amount to, and how
would it appear on the final settlement statement. Base
your answer on a 365 day year, and the buyer is respon-
sible for the day of settlement.
, NJ PSI Exam Practice Questions 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!!
A seller listed his home for six months on February 26. June 15th
On April 29, a buyer made an otter on the property. The
listing broker presented the otter to the seller on April 30.
Listing terminates the day closing takes place.
The seller accepted the otter on May 1, with the closing
to occur on June 15. Assuming the closing took place on Written otters to our sellers within 24 hours! Otter on April
June 15, when did the listing expire? 30th and accepted May 1st.
The sellers listed their property for six months on February
$7,245. Debit the seller
26 for $104,500. They agreed to pay the listing broker
a 7% commission at closing on the agreed sale price. A
buyer made an otter on the property on March 29 for
$102,000. The seller countered the otter on April 1 at
$103,500, and the buyer accepted the counter otter with Sold for: $103,500
the closing to occur on June 15. How much commission Commission is: 0.07%
did the seller owe the listing broker, and how would it
$7,245
appear on the settlement statement?
The finance charges recorded on the Truth in Lending
Recording fees and title insurance premiums
statements would include all of the following EXCEPT:
A mortgage broker arranges loans between borrowers and investors
$51,000
On a $50,000 loan the borrower is required to pay two
points. How much does the borrower have to pay the
Points is considered percent so $50,000 x 0.02= 1,000
lender?
50,000 + 1,000
When the amortized payment of a mortgage remains con- balloon payment
stant over the period of the loan but leaves an outstanding
balance to be paid at the end, this payment is called (Big bag of money)
Which of the following is true of a second mortgage? It is usually issued at a higher rate of interest.
Usury MOST nearly means:
Frequently Tested Questions With ELABORATED 100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
A real estate licensee has a buyer agency agreement.
customer
What is the seller in this situation?
An optionor and an optionee make a contract for an option
He must exercise his option under the terms of the option
on a commercial piece of property. If the optionee decides
contract
to exercise his option, when must he perform?
When can a landlord evict a disabled blind or disabled
If the tenant has loud parties and makes too much noise.
tenant from the premises?
Broker Carr, with ABC Real Estate Company, listed the There is not a relationship between the parties. Broker
property with a seller. Broker Smith, with XYZ Real Estate Carr represents the Seller and Broker Smith represents the
Company, called Broker Carr, and disclosed that he was a buyer
Buyer Agent. Broker Smith wrote a contract with a buyer
for the sale of the property. What, if any, is the relationship Dual agency is illegal if not properly disclosed.
between the buyer's broker, the seller, and the listing When you see dual agency make sure "disclosed" is in
broker? front of it.
A buyer bought a property without telling the seller of his
intended purpose for the property. The contract contains
no contingency clause and it is a properly executed con-
enforceable
tract. After the closing, the buyer is unable to obtain the
zoning he needs for his commercial project. What is the
contract at this stage?
The seller and the buyer finally agreed to a purchase price
of $203,500 with the closing to occur on June 15, 2011.
The taxes for the years 2011 in the amount of $2,500 have
not been paid by the seller (Taxes are paid in arrears).
$1,130.14 debit the seller and credit the buyer
How much would the tax proration amount to, and how
would it appear on the final settlement statement. Base
your answer on a 365 day year, and the buyer is respon-
sible for the day of settlement.
, NJ PSI Exam Practice Questions 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!!
A seller listed his home for six months on February 26. June 15th
On April 29, a buyer made an otter on the property. The
listing broker presented the otter to the seller on April 30.
Listing terminates the day closing takes place.
The seller accepted the otter on May 1, with the closing
to occur on June 15. Assuming the closing took place on Written otters to our sellers within 24 hours! Otter on April
June 15, when did the listing expire? 30th and accepted May 1st.
The sellers listed their property for six months on February
$7,245. Debit the seller
26 for $104,500. They agreed to pay the listing broker
a 7% commission at closing on the agreed sale price. A
buyer made an otter on the property on March 29 for
$102,000. The seller countered the otter on April 1 at
$103,500, and the buyer accepted the counter otter with Sold for: $103,500
the closing to occur on June 15. How much commission Commission is: 0.07%
did the seller owe the listing broker, and how would it
$7,245
appear on the settlement statement?
The finance charges recorded on the Truth in Lending
Recording fees and title insurance premiums
statements would include all of the following EXCEPT:
A mortgage broker arranges loans between borrowers and investors
$51,000
On a $50,000 loan the borrower is required to pay two
points. How much does the borrower have to pay the
Points is considered percent so $50,000 x 0.02= 1,000
lender?
50,000 + 1,000
When the amortized payment of a mortgage remains con- balloon payment
stant over the period of the loan but leaves an outstanding
balance to be paid at the end, this payment is called (Big bag of money)
Which of the following is true of a second mortgage? It is usually issued at a higher rate of interest.
Usury MOST nearly means:
