PSI NJ Real Estate Exam, PSI Practice Test: Questions & Answers: Latest Updated Solution

In an exclusive right-to-sell listing, an owner lists the property for sale with how many brokers? (Ans- One A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if (Ans- the owner withdraws the counteroffer before it is accepted. Antitrust laws prohibit competing brokers from all of the following EXCEPT (Ans- receiving compensation from both the buyer and the seller. Without checking the facts, a broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. Before closing, it is determined that the taxes are actually among the highest in the area. The buyer could seek to rescind the contract on the basis of (Ans- misrepresentationThe sellers have agreed to give the buyers an allowance of $16.95 per square yard to retile the kitchen. If the kitchen is 10 feet x 14 feet, how much will it cost the sellers (to the nearest dollar)? (Ans- $264 Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? (Ans- the first sold