PSI REAL ESTATE STATE EXAM (NJ)
QUESTIONS AND ANSWERS |LATEST 2025-2026
UPDATE | 100 % GUARANTEED PASS
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. - Answer-
Void
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? - Answer-A. Under no circumstances may the
licensee inquire as to the legal residency status of the prospective tenant.
Which of the following statements is the BEST example of puffing? -
Answer-B. This is the best buy you'll find all year.
A complaint must be filed with HUD within what period of time after a
fair housing violation has occurred? - Answer-B. 1 month
Which of the following differentiates a bilateral contract from a
unilateral contract? - Answer-B. performance obligations of the parties
, A homebuyer received a conventional loan with a down payment of 8%
of the purchase price. In the future, her mortgage payment (PITI) will be
reduced automatically without refinancing when which of the following
occurs? - Answer-B. Her equity reaches 22%
A broker who charges or collects an advance fee in excess of $25 for
services to be rendered MUST: - Answer-furnish within ninety days of
its collection an accounting of how the money was used
An owner has a freestanding cabinet that was custom-built to fit an
alcove of the living room. When the owner sells the home, the cabinet
will be BEST described as - Answer-Personal property
A contract is terminated if - Answer-C. It is impossible for one of the
parties to perform
Deposit monies may NOT be disbursed to the seller in which
circumstance - Answer-Upon written request of seller
Buyer write an offer for $325,000 with 20% down payment is accepted.
They must pay 1 1/2 discount points to obtain financing. What amount
will they owe for points? - Answer-B. $3,900
A licensee listed a property that had an unfinished garage. The licensee
received an offer subject to the garage being finished. Was a contractual
, obligation created? - Answer-C. No, because the seller has not accepted
the offer
A seller sold his property for $375,000 with the closing on July 1st, in a
jurisdiction where the buyer pays for the day of closing. The seller had a
mortgage balance at the time of closing of $301,000 and had recently
paid invoices of $400 for the second quarter's water and electricity,
$1,200 for new appliances, and roofing repairs of $700. Based only on
these items, how much will the seller receive at closing? - Answer-
"$74,000"
= Sale value-Mortgage balance
= $375,000-$301,000
If a licensee mentions MLS when advertising in a newspaper, the New
Jersey Licensing Law requires which of the following information to be
included? - Answer-A, The listing price of the property.
How is the earnest money deposit usually applied at closing on a
settlement statement? - Answer-D. Credit the buyer
A farmer who owns fifty acres of land benefits from a reduced property
tax assessment since the property is qualified farmland covered by the
Farmland Reassessment Act. The property is being sold to a buyer who
will use it for non-qualified purposes. This situation will create liability
for: - Answer-A. rollback taxes
QUESTIONS AND ANSWERS |LATEST 2025-2026
UPDATE | 100 % GUARANTEED PASS
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. - Answer-
Void
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? - Answer-A. Under no circumstances may the
licensee inquire as to the legal residency status of the prospective tenant.
Which of the following statements is the BEST example of puffing? -
Answer-B. This is the best buy you'll find all year.
A complaint must be filed with HUD within what period of time after a
fair housing violation has occurred? - Answer-B. 1 month
Which of the following differentiates a bilateral contract from a
unilateral contract? - Answer-B. performance obligations of the parties
, A homebuyer received a conventional loan with a down payment of 8%
of the purchase price. In the future, her mortgage payment (PITI) will be
reduced automatically without refinancing when which of the following
occurs? - Answer-B. Her equity reaches 22%
A broker who charges or collects an advance fee in excess of $25 for
services to be rendered MUST: - Answer-furnish within ninety days of
its collection an accounting of how the money was used
An owner has a freestanding cabinet that was custom-built to fit an
alcove of the living room. When the owner sells the home, the cabinet
will be BEST described as - Answer-Personal property
A contract is terminated if - Answer-C. It is impossible for one of the
parties to perform
Deposit monies may NOT be disbursed to the seller in which
circumstance - Answer-Upon written request of seller
Buyer write an offer for $325,000 with 20% down payment is accepted.
They must pay 1 1/2 discount points to obtain financing. What amount
will they owe for points? - Answer-B. $3,900
A licensee listed a property that had an unfinished garage. The licensee
received an offer subject to the garage being finished. Was a contractual
, obligation created? - Answer-C. No, because the seller has not accepted
the offer
A seller sold his property for $375,000 with the closing on July 1st, in a
jurisdiction where the buyer pays for the day of closing. The seller had a
mortgage balance at the time of closing of $301,000 and had recently
paid invoices of $400 for the second quarter's water and electricity,
$1,200 for new appliances, and roofing repairs of $700. Based only on
these items, how much will the seller receive at closing? - Answer-
"$74,000"
= Sale value-Mortgage balance
= $375,000-$301,000
If a licensee mentions MLS when advertising in a newspaper, the New
Jersey Licensing Law requires which of the following information to be
included? - Answer-A, The listing price of the property.
How is the earnest money deposit usually applied at closing on a
settlement statement? - Answer-D. Credit the buyer
A farmer who owns fifty acres of land benefits from a reduced property
tax assessment since the property is qualified farmland covered by the
Farmland Reassessment Act. The property is being sold to a buyer who
will use it for non-qualified purposes. This situation will create liability
for: - Answer-A. rollback taxes
