PSI questions with 100% correct answers (updated 2024)

PSI questions with 100% correct answers (updated 2024) Answer : Mortgage lien - Answer️️ -When a land owner uses his land as security for a loan, the encumbrances created is called ? Answer : Question the seller to any known defects - Answer️️ -If an owner wants to list a property for sale "as is" the listing agent should Answer : Licensee must hold a timeshare license - Answer️️ -According to the New Jersey real estate timeshare act, if a licensee is selling a timeshare located within the state of New Jersey all of the following are true EXCEPT that the ? Answer : yes, if the broker directs the salesperson not to cooperate - Answer️️ - Can a New Jersey real estate licensee decline to cooperate with other New Jersey licensees? Answer: Economic Obsolesce - Answer️️ -A motel is the subject of an appraisal and it is determined that rerouting of a county highway has limited customer access to the motel this is an example of? Answer: the agreement is voidable until a legal description is provided - Answer️️ -An exclusive buyer representation agreement does not include a legal description of the property. what is the result of this omission ? Answer: yes, because Jones can force any other property owner in the subdivision to comply with deed restrictions. - Answer️️ -Jones and Halstead live across the street from each other in a subdivision in which homeowners are prohibited by deed restriction from keeping large animals on their property. Jones discovers that ©PREP4EXAMS2024/2025 REAL EXAMS DUMP Wednesday, August 7, 2024 9: 33 PM 2 Halstead is keeping a Shetland pony in the backyard. Can Jones take action to enforce the deed restriction ? Answer: Realty Transfer Fee ( RTF) - Answer️️ -In New Jersey, the fee which must be paid when fee simple title to a parcel of real state passes for a consideration from one party to another is the? Answer: The required down payment may be lower than conventional loans. - Answer️️ -What is the greatest advantage of using FHA financing when purchasing a home that the buyer plans to occupy? Answer: Broker - Answer️️ -A broker has a single agency relationship with the seller. Any required property condition disclosure would be completed by the ? Answer : The seller agrees to sell at a fixed price within a stipulated time - Answer️️ -Which of the following statements is true regarding an option agreement? Answer: higher equity in the property - Answer️️ -A low loan- to - value ratio indicated a ? Answer: This is a negotiation that keeps the original offer alive - Answer️️ -An offer was presented but the seller did not except the offer , instead he suggested different terms that would be more acceptable, which of the following is false? Answer: Void - Answer️️ -A buyer contracted to purchase a vacant lot for $350,000 cash with no contingencies the buyer intends to build a professional office complex on the property. However the buyer did not advise the seller of this intent. Prior to closing the buyer learns that local zoning will not allow an office complex. The buyers contract may be considered? ©PREP4EXAMS2024/2025 REAL EXAMS DUMP Wednesday, August 7, 2024 9: 33 PM 3 Answer: Under no circumstances may the licensee inquire as to the legal residency status of the prospective tenant. - Answer️️ -A licensee representing a landlord is concerned when a prospective tenant mentions that she has recently left her homeland to work as a research consultant under a grant at a local hospital in hopes to return to her native country with valuable knowledge to share when the project ends. What steps if any is a Licensee legally able to take in protecting her clients interest? Answer: This is the Best Buy you'll find all year. - Answer️️ -Which of the following statements is the best example of puffing? Answer: 1 month - Answer️️ -A complaint must be filed with HUD within what period of time after the fair housing violation has occurred? Answer: Performance obligations of the parties - Answer️️ -Which of the following differentiates a bilateral contract from a unilateral contract ? Answer: Broker must give account of how the money is being spent within 90 days - Answer️️ -A broker who charges or collects an advance fee in excess of $25 for services to be rendered MUST ? Answer: Personal Property - Answer️️ -An owner has a freestanding cabinet that was custom built to fit an alcove of the living room. When the owner sells the home, the cabinet will be BEST described as ? Answer: it is impossible for one of the parties to perform - Answer️️ -A contract is terminated if ? Answer: upon written request of seller - Answer️️ -Deposit monies may NOT be disbursed to the seller in which circumstance ? ©PREP4EXAMS2024/2025 REAL EXAMS DUMP Wednesday, August 7, 2024 9: 33 PM 4 Answer : 3,900 - Answer️️ -A buyer writes an offer for 325,000 with 20% down payment is accepted. They must pay 1 1/2 discount points to obtain financing. What amount will they owe for points? Answer : No, because the seller has not accepted the offer - Answer️️ -A licensee listed a property that had an unfinished garage. The licensee received an offer subject to the garage being finished. Was a contractual obligation created ? Answer: The listing price of the property - Answer️️ -If a licensee mentions MLS when advertising in a newspaper, the New Jersey licensing Law requires which of the following information to be included? Answer : credit the buyer - Answer️️ -How is the earnest m