PSI Real Estate State Exam (NJ)
Updated
C. an involuntary lien - CORRECT ANSWER-When a land owner uses his land as
security for a loan, the encumbrance created is called.
C. Question the seller to any known defects - CORRECT ANSWER-If an owner wants
to list a property for sale "as is," the listing agent should
A. licensee must hold a timeshare license - CORRECT ANSWER-According to the New
Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within
the state of New Jersey, all of the following are true EXCEPT that the
C. Yes, if the broker directs the salesperson not to cooperate - CORRECT ANSWER-
May a New Jersey real estate licensee decline to cooperate with other New Jersey
licensees
A. Economic obsolesce - CORRECT ANSWER-A motel is the subject of an appraisal
and it is determined that rerouting of a county highway has limited customer access to
to the motel. This is an example of
D. The agreement is voidable until a legal description is provided - CORRECT
ANSWER-An exclusive buyer representation agreement does not include a legal
description of the property. What is the result of this omisison?
D. Unearned rent collections in advance? - CORRECT ANSWER-Which of the following
items would be prorated at closing with credit going to the seller?
A. Yes, because Jones can force any other property owner in the subdivision to comply
with deed restrictions. - CORRECT ANSWER-Jones and Halstead lice 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 Halstead is keeping
a Shetland pony in the backyard. Can Jones take action to enforce the deed restriction?
The Realty Transfer Fee (RTF) - CORRECT ANSWER-In New Jersey, the fee which
Must be paid when fee simple title to a parcel of real estate passes for a consideration
from one party to another is the:
The required down payment may be lower than conventional loans - CORRECT
ANSWER-What is the greatest ADVANTAGE of using FHA financing when purchasing
a home that the buyer plans to occupy?
Seller/ Agent on behalf of the seller - CORRECT ANSWER-A broker has a single
agency relationship with the seller. Any REQUIRED property condition disclosure would
be completed by the
C. The seller agrees to sell at a fixed price within a stipulated time. - CORRECT
ANSWER-Which of the following statements is TRUE regarding an option agreement?
C. higher equity in the property. - CORRECT ANSWER-A low loan-to-value ratio
indicated a
C. This is a negotiation that keeps the original offer alive. - CORRECT ANSWER-An
offer was presented but the seller did not accept the offer; instead he suggested
different terms that would be more acceptable. Which of the following is false?
Void - CORRECT ANSWER-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 buyer's contract
may be considered.
A. Under no circumstances may the licensee inquire as to the legal residency status of
the prospective tenant. - CORRECT ANSWER-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, and hopes to return to
her native country with valuable knowledge to share when the project ends. What steps,
if any, is the licensee legally able to take in protecting her client's interest?
B. This is the best buy you'll find all year. - CORRECT ANSWER-Which of the following
statements is the BEST example of puffing?
B. 1 month - CORRECT ANSWER-A complaint must be filed with HUD within what
period of time after a fair housing violation has occurred?
B. performance obligations of the parties - CORRECT ANSWER-Which of the following
differentiates a bilateral contract from a unilateral contract?
Updated
C. an involuntary lien - CORRECT ANSWER-When a land owner uses his land as
security for a loan, the encumbrance created is called.
C. Question the seller to any known defects - CORRECT ANSWER-If an owner wants
to list a property for sale "as is," the listing agent should
A. licensee must hold a timeshare license - CORRECT ANSWER-According to the New
Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within
the state of New Jersey, all of the following are true EXCEPT that the
C. Yes, if the broker directs the salesperson not to cooperate - CORRECT ANSWER-
May a New Jersey real estate licensee decline to cooperate with other New Jersey
licensees
A. Economic obsolesce - CORRECT ANSWER-A motel is the subject of an appraisal
and it is determined that rerouting of a county highway has limited customer access to
to the motel. This is an example of
D. The agreement is voidable until a legal description is provided - CORRECT
ANSWER-An exclusive buyer representation agreement does not include a legal
description of the property. What is the result of this omisison?
D. Unearned rent collections in advance? - CORRECT ANSWER-Which of the following
items would be prorated at closing with credit going to the seller?
A. Yes, because Jones can force any other property owner in the subdivision to comply
with deed restrictions. - CORRECT ANSWER-Jones and Halstead lice 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 Halstead is keeping
a Shetland pony in the backyard. Can Jones take action to enforce the deed restriction?
The Realty Transfer Fee (RTF) - CORRECT ANSWER-In New Jersey, the fee which
Must be paid when fee simple title to a parcel of real estate passes for a consideration
from one party to another is the:
The required down payment may be lower than conventional loans - CORRECT
ANSWER-What is the greatest ADVANTAGE of using FHA financing when purchasing
a home that the buyer plans to occupy?
Seller/ Agent on behalf of the seller - CORRECT ANSWER-A broker has a single
agency relationship with the seller. Any REQUIRED property condition disclosure would
be completed by the
C. The seller agrees to sell at a fixed price within a stipulated time. - CORRECT
ANSWER-Which of the following statements is TRUE regarding an option agreement?
C. higher equity in the property. - CORRECT ANSWER-A low loan-to-value ratio
indicated a
C. This is a negotiation that keeps the original offer alive. - CORRECT ANSWER-An
offer was presented but the seller did not accept the offer; instead he suggested
different terms that would be more acceptable. Which of the following is false?
Void - CORRECT ANSWER-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 buyer's contract
may be considered.
A. Under no circumstances may the licensee inquire as to the legal residency status of
the prospective tenant. - CORRECT ANSWER-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, and hopes to return to
her native country with valuable knowledge to share when the project ends. What steps,
if any, is the licensee legally able to take in protecting her client's interest?
B. This is the best buy you'll find all year. - CORRECT ANSWER-Which of the following
statements is the BEST example of puffing?
B. 1 month - CORRECT ANSWER-A complaint must be filed with HUD within what
period of time after a fair housing violation has occurred?
B. performance obligations of the parties - CORRECT ANSWER-Which of the following
differentiates a bilateral contract from a unilateral contract?
