PSI NJ Real Estate Exam, PSI Practice Test| 136 QUESTIONS| WITH COMPLETE SOLUTIONS

Water Rights correct answer: The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is correct answer: an agent to the broker and a subagent to the principal. Depreciation is calculated based on the correct answer: 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 by the correct answer: mortgagor A competitive market analysis is MOST often used for correct answer: setting a listing price A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should correct answer: tell the seller not to disclose, because the statute of limitations has run out. All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT the correct answer: straight-line method The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing? correct answer: Credit buyer $110,000; debit seller $110,000. If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? correct answer: R