PSI Exam Questions and Answers 100% Pass
A license may use the term "Realtor" or "realtor associate" only if the licensee is -
ANSWER -a member of the national association of realtors
Which of the following would automatically be included in the sale of property -
ANSWER -Plumbing fixtures
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
sellers failure to disclose the latent defect
Maintains a real estate agency and terminated two salespersons, in this situation,
the broker is required to take all the following steps except - ANSWER -Permit
them to remove original sales and listing contracts from the brokers office
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 - ANSWER -
contingencies
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
Standard title insurance policy would protect a buyer - ANSWER -When the
seller has forged his ex-wife's signature on the deed
Under New Jersey Real Estate commission rules, a licensee's obligations to 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
When operating in a discloses dual agency relationship, a licensee must disclose
the - ANSWER -Buyer being laid-off after submitting a mortgage application
,A land contract is sometimes known as - ANSWER -Installment Contract
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
"sell now before its too late" is an example of - ANSWER -blockbusting
Which of the following types of deeds provides the purchaser of real estate the
greatest protection of any deed - ANSWER -General warranty deed
After making three sales in six weeks to growing families with young children in a
neighborhood of mostly retirees, a broker decided to seek additional listings there.
He went door to door suggesting that homeowners who enjoyed living in their
quiet neighborhood might wish to sell now and move to a different area where
there would not be so many noisy children. He listed four homes during this
marketing campaign.. .this is an example of - ANSWER -Blockbusting because he
persuaded them to list because of an influx of a protected class
All of the following activities constitute property management for which licensure
is required, except - ANSWER -maintenance calls
A buyer and seller agreed upon a selling price for a property and both signed a
written contract. As part of the contract, they have the right to sell the house within
30 days this is an - ANSWER -executory contract
The seller entered into an exclusive right to sell agreement with terry hill, Ms, hill,
presents the seller with an offer to purchase. Which of the following is appropriate
- ANSWER -The seller is under no obligation to accept the offer or make a
counter offer.
What does the mortgage lender most often rely on when deciding how much is
safe to lend to a parcel of real estate - ANSWER -appraisal report
, The lead paint addendum that must be presented with the purchase and sale
contract for certain older homes will - ANSWER -provide the buyer with the
opportunity to waive the right to lead paint inspection
It is not illegal to - ANSWER -fire a new salesperson who did not achieve
specific sales goals
When taking a listing to sell a new multi-family residential property, the document
that must be presented to the seller is - ANSWER -the attorney general's
memorandum
When should you be sure that the seller completes a lead based paint and or lead
based paint hazard form? - ANSWER -when the house was built before 1978
The candidate must apply for the license within - ANSWER -one year
After being given the appraisal and the closing disclosure, what would result in the
buyer having the right to an additional 3 days to review the documents -
ANSWER -the loan product was changed
after depositing the earnest money, the buyer has a right to - ANSWER -rescind
his offer before acceptance
The common area of condominium development is owned by - ANSWER -all
owners as tenants in common
A salesperson has the oppurtunity to list a complex that is 100 % rented. The
salesperson can predict the price by using - ANSWER -GRM
All of the following types of out-of-state real estate marketed in NJ through the NJ
Brokers must be registered with the Real Estate Comission - ANSWER -Except
office condominiums
A license may use the term "Realtor" or "realtor associate" only if the licensee is -
ANSWER -a member of the national association of realtors
Which of the following would automatically be included in the sale of property -
ANSWER -Plumbing fixtures
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
sellers failure to disclose the latent defect
Maintains a real estate agency and terminated two salespersons, in this situation,
the broker is required to take all the following steps except - ANSWER -Permit
them to remove original sales and listing contracts from the brokers office
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 - ANSWER -
contingencies
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
Standard title insurance policy would protect a buyer - ANSWER -When the
seller has forged his ex-wife's signature on the deed
Under New Jersey Real Estate commission rules, a licensee's obligations to 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
When operating in a discloses dual agency relationship, a licensee must disclose
the - ANSWER -Buyer being laid-off after submitting a mortgage application
,A land contract is sometimes known as - ANSWER -Installment Contract
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
"sell now before its too late" is an example of - ANSWER -blockbusting
Which of the following types of deeds provides the purchaser of real estate the
greatest protection of any deed - ANSWER -General warranty deed
After making three sales in six weeks to growing families with young children in a
neighborhood of mostly retirees, a broker decided to seek additional listings there.
He went door to door suggesting that homeowners who enjoyed living in their
quiet neighborhood might wish to sell now and move to a different area where
there would not be so many noisy children. He listed four homes during this
marketing campaign.. .this is an example of - ANSWER -Blockbusting because he
persuaded them to list because of an influx of a protected class
All of the following activities constitute property management for which licensure
is required, except - ANSWER -maintenance calls
A buyer and seller agreed upon a selling price for a property and both signed a
written contract. As part of the contract, they have the right to sell the house within
30 days this is an - ANSWER -executory contract
The seller entered into an exclusive right to sell agreement with terry hill, Ms, hill,
presents the seller with an offer to purchase. Which of the following is appropriate
- ANSWER -The seller is under no obligation to accept the offer or make a
counter offer.
What does the mortgage lender most often rely on when deciding how much is
safe to lend to a parcel of real estate - ANSWER -appraisal report
, The lead paint addendum that must be presented with the purchase and sale
contract for certain older homes will - ANSWER -provide the buyer with the
opportunity to waive the right to lead paint inspection
It is not illegal to - ANSWER -fire a new salesperson who did not achieve
specific sales goals
When taking a listing to sell a new multi-family residential property, the document
that must be presented to the seller is - ANSWER -the attorney general's
memorandum
When should you be sure that the seller completes a lead based paint and or lead
based paint hazard form? - ANSWER -when the house was built before 1978
The candidate must apply for the license within - ANSWER -one year
After being given the appraisal and the closing disclosure, what would result in the
buyer having the right to an additional 3 days to review the documents -
ANSWER -the loan product was changed
after depositing the earnest money, the buyer has a right to - ANSWER -rescind
his offer before acceptance
The common area of condominium development is owned by - ANSWER -all
owners as tenants in common
A salesperson has the oppurtunity to list a complex that is 100 % rented. The
salesperson can predict the price by using - ANSWER -GRM
All of the following types of out-of-state real estate marketed in NJ through the NJ
Brokers must be registered with the Real Estate Comission - ANSWER -Except
office condominiums
