PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
PSI EXAM QUESTIONS & ANSWERS
1. what would prevent a seller from providing marketable title
Answer Mechanics lien
2. the seller has required that the buyer must use his title insurance company
and that brokers reduce their portion of the real estate commission, increasing
the sellers net proceeds
Answer This is illegeal according to respa
3. If a license mentions MLS when advertising, the advertisement must in-
clude
Answer the name of the MLS
4. According to the New Jersey Real estate Licensing Laws, which of the
following is a requirement for any advertisement made by a salesperon
Answer Nameof the salesperson firm
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,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
5. A license may use the term "Realtor" or "realtor associate" only if the
licensee is
Answer a member of the national association of realtors
6. Which of the following would automatically be included in the sale of prop-
erty
Answer Plumbing fixtures
7. a seller is offering his property for sale in as is condition. a buyer enters into
a contract with the seller.The buyer
Answer can void the contract due to the sellersfailure to disclose the latent defect
8. Maintains a real estate agency and terminated two salespersons, in this
situation, the broker is required to take all the following steps except
Answer Permitthem to remove original sales and listing contracts from the brokers
office
9. What should buyers insert into the purchase offer to make sure they would
not have to go through with the purchase if they are not met
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,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
Answer contingencies
10. A potential buyer signs a contract with a seller but then decides not to buy.
The seller may sue the potential buyer for specific preformance because the
contract was a
Answer bilateral contract
11. Standard title insurance policy would protect a buyer
Answer When the seller hasforged his ex-wife's signature on the deed
12. Under New Jersey Real Estate commission rules, a licensee's obligationsto
the public include all of the following except
Answer Accepting any reasonable commission offered by a seller in the course of
negotiating a listing agreement
13. When operating in a discloses dual agency relationship, a licensee must
disclose the
Answer Buyer being laid-off after submitting a mortgage application
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,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
14. A land contract is sometimes known as
Answer Installment Contract
15. A 15 year old inherited some property from a grandparent. The 15 year old
put the property for sale and recieved an offer. Can the 15 year old cancel the
agreement to sell property?
Answer Yes the contract is voidable because is a minor
16. "sell now before its too late" is an example of
Answer blockbusting
17. Which of the following types of deeds provides the purchaser of real estatethe
greatest protection of any deed
Answer General warranty deed
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PSI EXAM QUESTIONS & ANSWERS
1. what would prevent a seller from providing marketable title
Answer Mechanics lien
2. the seller has required that the buyer must use his title insurance company
and that brokers reduce their portion of the real estate commission, increasing
the sellers net proceeds
Answer This is illegeal according to respa
3. If a license mentions MLS when advertising, the advertisement must in-
clude
Answer the name of the MLS
4. According to the New Jersey Real estate Licensing Laws, which of the
following is a requirement for any advertisement made by a salesperon
Answer Nameof the salesperson firm
1 of 59 11/18/2024, 3:32
,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
5. A license may use the term "Realtor" or "realtor associate" only if the
licensee is
Answer a member of the national association of realtors
6. Which of the following would automatically be included in the sale of prop-
erty
Answer Plumbing fixtures
7. a seller is offering his property for sale in as is condition. a buyer enters into
a contract with the seller.The buyer
Answer can void the contract due to the sellersfailure to disclose the latent defect
8. Maintains a real estate agency and terminated two salespersons, in this
situation, the broker is required to take all the following steps except
Answer Permitthem to remove original sales and listing contracts from the brokers
office
9. What should buyers insert into the purchase offer to make sure they would
not have to go through with the purchase if they are not met
2 of 59 11/18/2024, 3:32
,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
Answer contingencies
10. A potential buyer signs a contract with a seller but then decides not to buy.
The seller may sue the potential buyer for specific preformance because the
contract was a
Answer bilateral contract
11. Standard title insurance policy would protect a buyer
Answer When the seller hasforged his ex-wife's signature on the deed
12. Under New Jersey Real Estate commission rules, a licensee's obligationsto
the public include all of the following except
Answer Accepting any reasonable commission offered by a seller in the course of
negotiating a listing agreement
13. When operating in a discloses dual agency relationship, a licensee must
disclose the
Answer Buyer being laid-off after submitting a mortgage application
3 of 59 11/18/2024, 3:32
,PSI exam.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20exam
14. A land contract is sometimes known as
Answer Installment Contract
15. A 15 year old inherited some property from a grandparent. The 15 year old
put the property for sale and recieved an offer. Can the 15 year old cancel the
agreement to sell property?
Answer Yes the contract is voidable because is a minor
16. "sell now before its too late" is an example of
Answer blockbusting
17. Which of the following types of deeds provides the purchaser of real estatethe
greatest protection of any deed
Answer General warranty deed
4 of 59 11/18/2024, 3:32
