PSI NJ Real Estate Exam,136 PSI Practice Test Questions And Answers

Water Rights - ️️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 - ️️an agent to the broker and a subagent to the principal. 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 by the - ️️mortgagor A competitive market analysis is MOST often used for - ️️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 - ️️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 - ️️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? - ️️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? - ️️Return of the property to the original owner.