PSI New Jersey Real Estate Actual Exam 2026 || Most Recent Exam
2026|2027 Actual Complete Real Exam Questions And Correct
Answers (Verified Answers) Already Graded A+ | Guaranteed
Success!! Newest Exam | Just Released!!
Which of the following statements about discount points is FALSE?
1.) They are computed as a percentage of the selling price.
2.) They are used to buy down interest rate.
3.) They are a function of the marketplace.
4.) They are paid by either the buyer or the seller. -ANSWER-They are
computed as a percentage of the selling price.
The PRIMARY purpose of zoning ordinances is to -ANSWER-implement
a local master plan.
How does a creditor who has obtained a judgment get satisfaction
against a debtor who will not pay? -ANSWER-right of execution
The economic characteristics of land are -ANSWER-Scarcity, location,
and durability.
An easement can be terminated by -ANSWER-Merger of titles
,What event would AUTOMATICALLY cancel a listing agreement? -
ANSWER-Property owner's death.
Prospective buyers made an offer on a property. The seller did NOT
accept, but made a counteroffer. The prospective buyers signed the
counteroffer and the real estate agent delivered their acceptance to
the seller. In the interim, the same buyers had found another house
that they liked better and made an offer on it, which was accepted.
Define the contract -ANSWER-Both contracts are valid.
A tenant rented an apartment, signing a 15-month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What
kind of leasehold goes the tenant have? -ANSWER-tenancy at will
Timeshare ownership programs MOST often used in what type of
ownership form? -ANSWER-tenancy in common
Real property can be converted to personal property by -ANSWER-
severance
Two lots of the same size are sold on a street. The lot on the corner
sells for $20,000 more than the lot in the middle of the street. What
characteristic MOST likely explains the price difference? -ANSWER-situs
In every real estate transaction, a legal description of the real estate
MUST appear in the transaction documents. What kind of legal
, description should be used in MOST transactions? -ANSWER-the same
one used in prior transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. What would be MOST likely
be used to obtain permission for this store? -ANSWER-conditional use
permit or zoning variance
An environmental impact statement typically describes the effects of a
proposed project on factors such as -ANSWER-public health and safety
New sidewalks installed only on one particular street will probably be
paid for by -ANSWER-a special assessment
A lawsuit for inverse condemnation may be brought by -ANSWER-the
homeowner
Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of
two basic doctrines regarding water rights. Either riparian and littoral
rights are automatically conveyed with property, or all water rights are
controlled by the state under the doctrine or prior appropriation. The
doctrine of prior appropriation is MOST likely to be followed in states
where -ANSWER-water is scarce
2026|2027 Actual Complete Real Exam Questions And Correct
Answers (Verified Answers) Already Graded A+ | Guaranteed
Success!! Newest Exam | Just Released!!
Which of the following statements about discount points is FALSE?
1.) They are computed as a percentage of the selling price.
2.) They are used to buy down interest rate.
3.) They are a function of the marketplace.
4.) They are paid by either the buyer or the seller. -ANSWER-They are
computed as a percentage of the selling price.
The PRIMARY purpose of zoning ordinances is to -ANSWER-implement
a local master plan.
How does a creditor who has obtained a judgment get satisfaction
against a debtor who will not pay? -ANSWER-right of execution
The economic characteristics of land are -ANSWER-Scarcity, location,
and durability.
An easement can be terminated by -ANSWER-Merger of titles
,What event would AUTOMATICALLY cancel a listing agreement? -
ANSWER-Property owner's death.
Prospective buyers made an offer on a property. The seller did NOT
accept, but made a counteroffer. The prospective buyers signed the
counteroffer and the real estate agent delivered their acceptance to
the seller. In the interim, the same buyers had found another house
that they liked better and made an offer on it, which was accepted.
Define the contract -ANSWER-Both contracts are valid.
A tenant rented an apartment, signing a 15-month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What
kind of leasehold goes the tenant have? -ANSWER-tenancy at will
Timeshare ownership programs MOST often used in what type of
ownership form? -ANSWER-tenancy in common
Real property can be converted to personal property by -ANSWER-
severance
Two lots of the same size are sold on a street. The lot on the corner
sells for $20,000 more than the lot in the middle of the street. What
characteristic MOST likely explains the price difference? -ANSWER-situs
In every real estate transaction, a legal description of the real estate
MUST appear in the transaction documents. What kind of legal
, description should be used in MOST transactions? -ANSWER-the same
one used in prior transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store on a busy
street in an area zoned for residential use. What would be MOST likely
be used to obtain permission for this store? -ANSWER-conditional use
permit or zoning variance
An environmental impact statement typically describes the effects of a
proposed project on factors such as -ANSWER-public health and safety
New sidewalks installed only on one particular street will probably be
paid for by -ANSWER-a special assessment
A lawsuit for inverse condemnation may be brought by -ANSWER-the
homeowner
Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of
two basic doctrines regarding water rights. Either riparian and littoral
rights are automatically conveyed with property, or all water rights are
controlled by the state under the doctrine or prior appropriation. The
doctrine of prior appropriation is MOST likely to be followed in states
where -ANSWER-water is scarce
