PSI NJ REAL ESTATE Test Bank Newest 2025/2026 With Complete 200 Questions And Correct Answers |Already Graded A+||Brand New Version

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PSI NJ REAL ESTATE
Test Bank Newest 2025/2026 With
Complete 200 Questions And Correct
Answers |Already Graded A+||Brand
New Version!|


The terms "littoral," "riparian," and "appropriative" refer to... -
c c c c c c c c



..........ANSWER.......water rights
c c




A salesperson lists a property with a contract that allows for subagenc
c c c c c c c c c c c



y and dual agency. The salesperson is -
c c c c c c c



..........ANSWER.......an agent to the broker and a subagent to the princip
c c c c c c c c c c c



al.


Depreciation is calculated based on the -
c c c c c c



..........ANSWER.......Cost of the building only.
c c c c c




When a property owner uses his home as collateral for a loan and creat
c c c c c c c c c c c c c



es a lien in favor of the lender, title is held by the -
c c c c c c c c c c c c c



..........ANSWER.......mortgagor
c

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A competitive market analysis is MOST often used for -
c c c c c c c c c



..........ANSWER.......setting a listing price
c c c c




A seller tells the listing agent that her home was treated for termites 1
c c c c c c c c c c c c c



0 years ago, so there are no termites now. Before listing the property, t
c c c c c c c c c c c c c



he agent should -
c c c



..........ANSWER.......tell the seller not to disclose, because the statute of li
c c c c c c c c c c c



mitations has run out. c c c




All of the following are methods to calculate the reproduction or repla
c c c c c c c c c c c



cement cost of a building EXCEPT the - ..........ANSWER.......straight-
c c c c c c c c



line method c




The buyer is assuming a mortgage presently on the property in the am
c c c c c c c c c c c c



ount of $110,000. What is the adjustment made at closing? -
c c c c c c c c c c



..........ANSWER.......Credit buyer $110,000; debit seller $110,000.
c c c c c c




If conditions for purchase are included in a deed and these conditions
c c c c c c c c c c c c



are violated, what is the penalty? -
c c c c c c



..........ANSWER.......Return of the property to the original owner.
c c c c c c c c




The purpose of requiring an earnest money deposit in a real estate sale
c c c c c c c c c c c c



s contract is to -
c c c c



..........ANSWER.......provide evidence of the buyer's intention to carry o
c c c c c c c c c



ut the contract.
c c

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A judgment has been properly recorded. Any subsequent purchasers,
c c c c c c c c c



whether they have actually examined the record or not, have been give
c c c c c c c c c c c



n - ..........ANSWER.......constructive notice
c c c




What type of map is MOST useful for describing the terrain of a very hil
c c c c c c c c c c c c c c



ly lot? - ..........ANSWER.......contour map
c c c c




The Department of Housing and Urban Development estimates that m
c c c c c c c c c



ost private homes built before 1978 contain potentially dangerous lev
c c c c c c c c c



els of lead. Because of this, some Federal agencies, such as FHA, -
c c c c c c c c c c c c



..........ANSWER.......Require the buyer to acknowledge disclosure of the
c c c c c c c c c



presence of any known lead paint. c c c c c




At the time of listing, the seller tells the listing agent they are moving b
c c c c c c c c c c c c c c



ecause the neighbor has loud parties every weekend. The agent should
c c c c c c c c c c



-
c



..........ANSWER.......tell potential buyers about the parties. (Any social in
c c c c c c c c c



formation expressed to an agent can be shared) c c c c c c c




A major reason for buying and owning a condominium rather than a d
c c c c c c c c c c c c



etached single-family home is that -c c c c c



..........ANSWER.......a condominium tends to be more affordable.
c c c c c c c




A buyer was negotiating the purchase of a house for himself. During a c
c c c c c c c c c c c c c



onversation with the seller, the seller agreed to include all kitchen app
c c c c c c c c c c c



liances in the sale, and this fact was included in the sales contract. In th
c c c c c c c c c c c c c c

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is situation, if the seller takes the appliances with him, what recourse d
c c c c c c c c c c c c



oes the buyer have? -
c c c c



c..........ANSWER.......The buyer may sue the seller for specific performan c c c c c c c c



ce.


A loan which requires the borrower to pay interest only until the matu
c c c c c c c c c c c c



rity date (or due date), and then to pay the entire principal on the matu
c c c c c c c c c c c c c c



rity date, is called a -
c c c c c



..........ANSWER.......straight (term) loan (AKA term loan)
c c c c c c




The real estate contract for a specific property for use as an unlicensed
c c c c c c c c c c c c



whiskey sales operation was forced to terminate. The termination wa
c c c c c c c c c c



s the result of - ..........ANSWER.......Impossibility of performance. - -
c c c c c c c c c



(Key word: *Unlicensed* whiskey sales operation).
c c c c c c




A broker lists a property, with a listing contract allowing subagency an
c c c c c c c c c c c



d dual agency. One of the broker's salespersons shows the property. T
c c c c c c c c c c c



he salesperson would be classified as -
c c c c c c



..........ANSWER.......a subagent of the seller. — (Think -
c c c c c c c c



brokerage is the AGENCY, salesperson is working under the agency)
c c c c c c c c c c




The relationship in which the agent is placed in the position of trust an
c c c c c c c c c c c c c



d confidence to the principal is known by the term -
c c c c c c c c c c



..........ANSWER.......fiduciary
c