PSI NJ Real Estate Exam 2026 Questions
and Answers
The terms "littoral," "riparian," and "appropriative" refer to... - Correct answer-
water rights
A salesperson lists a property with a contract that allows for subagency and dual
agency. The salesperson is - Correct answer-an agent to the broker and a subagent
to the principal.
Depreciation is calculated based on the - Correct answer-Cost of the building only.
When a property owner uses his home as collateral for a loan and creates a lien in
favor of the lender, title is held by the - Correct answer-mortgagor
A competitive market analysis is MOST often used for - Correct answer-setting a
listing price
A seller tells the listing agent that her home was treated for termites 10 years ago,
so there are no termites now. Before listing the property, the agent should - Correct
answer-tell the seller not to disclose, because the statute of limitations has run out.
©COPYRIGHT 2025 ALL RIGHTS RESERVED 1
, All of the following are methods to calculate the reproduction or replacement cost
of a building EXCEPT the - Correct answer-straight-line method
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing? - Correct answer-Credit buyer
$110,000; debit seller $110,000.
If conditions for purchase are included in a deed and these conditions are violated,
what is the penalty? - Correct answer-Return of the property to the original owner.
The purpose of requiring an earnest money deposit in a real estate sales contract is
to - Correct answer-provide evidence of the buyer's intention to carry out the
contract.
A judgment has been properly recorded. Any subsequent purchasers, whether they
have actually examined the record or not, have been given - Correct answer-
constructive notice
What type of map is MOST useful for describing the terrain of a very hilly lot? -
Correct answer-contour map
The Department of Housing and Urban Development estimates that most private
homes built before 1978 contain potentially dangerous levels of lead. Because of
©COPYRIGHT 2025 ALL RIGHTS RESERVED 2
and Answers
The terms "littoral," "riparian," and "appropriative" refer to... - Correct answer-
water rights
A salesperson lists a property with a contract that allows for subagency and dual
agency. The salesperson is - Correct answer-an agent to the broker and a subagent
to the principal.
Depreciation is calculated based on the - Correct answer-Cost of the building only.
When a property owner uses his home as collateral for a loan and creates a lien in
favor of the lender, title is held by the - Correct answer-mortgagor
A competitive market analysis is MOST often used for - Correct answer-setting a
listing price
A seller tells the listing agent that her home was treated for termites 10 years ago,
so there are no termites now. Before listing the property, the agent should - Correct
answer-tell the seller not to disclose, because the statute of limitations has run out.
©COPYRIGHT 2025 ALL RIGHTS RESERVED 1
, All of the following are methods to calculate the reproduction or replacement cost
of a building EXCEPT the - Correct answer-straight-line method
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing? - Correct answer-Credit buyer
$110,000; debit seller $110,000.
If conditions for purchase are included in a deed and these conditions are violated,
what is the penalty? - Correct answer-Return of the property to the original owner.
The purpose of requiring an earnest money deposit in a real estate sales contract is
to - Correct answer-provide evidence of the buyer's intention to carry out the
contract.
A judgment has been properly recorded. Any subsequent purchasers, whether they
have actually examined the record or not, have been given - Correct answer-
constructive notice
What type of map is MOST useful for describing the terrain of a very hilly lot? -
Correct answer-contour map
The Department of Housing and Urban Development estimates that most private
homes built before 1978 contain potentially dangerous levels of lead. Because of
©COPYRIGHT 2025 ALL RIGHTS RESERVED 2
