1
SOCIAL SCIENCES ECONOMICS PSI REAL ESTATE STATE EXAM (NJ)
UPDATED 2025 ACTUAL EXAM
(TESTING REAL EXAM QUESTIONS AND VERIFIED ANSWERS)
When a land owner C. an involuntary lien
uses his land as
security for a loan,
the
encumbrance created is
called.
If an owner wants to C. Question the seller to any known defects
list a property for sale
"as is," the listing
agent should
According to the A. licensee must hold a timeshare license
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
May a New Jersey C. Yes, if the broker directs the salesperson not to
real estate licensee cooperate
decline to cooperate
with other New Jersey
licensees
,2
A motel is the subject of A. Economic obsolesce
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
An exclusive buyer D. The agreement is voidable until a legal description
representation is provided
agreement does not
include a legal
description of the
property. What is the
result of this
omisison?
,3
Which of the D. Unearned rent collections in advance?
following items
would be prorated at
closing with credit
going to the seller?
Jones and Halstead A. Yes, because Jones can force any other
lice across the street property owner in the subdivision to comply
from each other in a with deed restrictions.
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?
In New Jersey, the The Realty Transfer Fee (RTF)
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:
, 4
What is the greatest The required down payment may be lower
ADVANTAGE of than conventional loans
using FHA financing
when purchasing a
home that the buyer
plans to
occupy?
See an expert-written answer
A broker has a single Seller/ Agent on behalf of the seller
agency relationship
with the seller. Any
REQUIRED property
condition disclosure
would be completed
by the
Which of the C. The seller agrees to sell at a fixed price
following statements within a stipulated time.
is TRUE regarding an
option agreement?
A low loan-to-value C. higher equity in the property.
ratio indicated a
An offer was presented C. This is a negotiation that keeps the original offer
but the seller did not alive.
accept the offer;
instead he suggested
different terms that
would be more
acceptable. Which of
the following is
false?
SOCIAL SCIENCES ECONOMICS PSI REAL ESTATE STATE EXAM (NJ)
UPDATED 2025 ACTUAL EXAM
(TESTING REAL EXAM QUESTIONS AND VERIFIED ANSWERS)
When a land owner C. an involuntary lien
uses his land as
security for a loan,
the
encumbrance created is
called.
If an owner wants to C. Question the seller to any known defects
list a property for sale
"as is," the listing
agent should
According to the A. licensee must hold a timeshare license
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
May a New Jersey C. Yes, if the broker directs the salesperson not to
real estate licensee cooperate
decline to cooperate
with other New Jersey
licensees
,2
A motel is the subject of A. Economic obsolesce
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
An exclusive buyer D. The agreement is voidable until a legal description
representation is provided
agreement does not
include a legal
description of the
property. What is the
result of this
omisison?
,3
Which of the D. Unearned rent collections in advance?
following items
would be prorated at
closing with credit
going to the seller?
Jones and Halstead A. Yes, because Jones can force any other
lice across the street property owner in the subdivision to comply
from each other in a with deed restrictions.
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?
In New Jersey, the The Realty Transfer Fee (RTF)
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:
, 4
What is the greatest The required down payment may be lower
ADVANTAGE of than conventional loans
using FHA financing
when purchasing a
home that the buyer
plans to
occupy?
See an expert-written answer
A broker has a single Seller/ Agent on behalf of the seller
agency relationship
with the seller. Any
REQUIRED property
condition disclosure
would be completed
by the
Which of the C. The seller agrees to sell at a fixed price
following statements within a stipulated time.
is TRUE regarding an
option agreement?
A low loan-to-value C. higher equity in the property.
ratio indicated a
An offer was presented C. This is a negotiation that keeps the original offer
but the seller did not alive.
accept the offer;
instead he suggested
different terms that
would be more
acceptable. Which of
the following is
false?
