PSI questions with 100% correct answers Verified
100% Correct
ANSWER: Economic Obsolesce - ANSWER -A motel is the subject of an
appraisal and it is determined that rerouting of a county highway has limited
customer access to the motel this is an example of?
ANSWER: the agreement is voidable until a legal description is provided -
ANSWER -An exclusive buyer representation agreement does not include a legal
description of the property. what is the result of this omission ?
ANSWER: yes, because Jones can force any other property owner in the
subdivision to comply with deed restrictions. - ANSWER -Jones and Halstead live
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 ?
ANSWER: Realty Transfer Fee ( RTF) - ANSWER -In New Jersey, the fee
which must be paid when fee simple title to a parcel of real state passes for a
consideration from one party to another is the?
ANSWER: The required down payment may be lower than conventional loans. -
ANSWER -What is the greatest advantage of using FHA financing when
purchasing a home that the buyer plans to occupy?
ANSWER: Broker - ANSWER -A broker has a single agency relationship with
the seller. Any required property condition disclosure would be completed by the ?
ANSWER : The seller agrees to sell at a fixed price within a stipulated time -
ANSWER -Which of the following statements is true regarding an option
agreement?
, ANSWER: higher equity in the property - ANSWER -A low loan- to - value ratio
indicated a ?
ANSWER: This is a negotiation that keeps the original offer alive - ANSWER -
An offer was presented but the seller did not except the offer , instead he suggested
different terms that would be more acceptable, which of the following is false?
ANSWER: Void - 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 buyers contract may be considered?
ANSWER: Under no circumstances may the licensee inquire as to the legal
residency status of the prospective tenant. - 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 in
hopes to return to her native country with valuable knowledge to share when the
project ends. What steps if any is a Licensee legally able to take in protecting her
clients interest?
ANSWER: This is the Best Buy you'll find all year. - ANSWER -Which of the
following statements is the best example of puffing?
ANSWER: 1 month - ANSWER -A complaint must be filed with HUD within
what period of time after the fair housing violation has occurred?
ANSWER: Performance obligations of the parties - ANSWER -Which of the
following differentiates a bilateral contract from a unilateral contract ?
ANSWER: Broker must give account of how the money is being spent within 90
days - ANSWER -A broker who charges or collects an advance fee in excess of
$25 for services to be rendered MUST ?
, ANSWER: Personal Property - ANSWER -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: it is impossible for one of the parties to perform - ANSWER -A
contract is terminated if ?
ANSWER: upon written request of seller - ANSWER -Deposit monies may NOT
be disbursed to the seller in which circumstance ?
ANSWER : 3,900 - ANSWER -A buyer writes 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 : No, because the seller has not accepted the offer - ANSWER -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: The listing price of the property - ANSWER -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 : credit the buyer - ANSWER -How is the earnest money deposit
usually applied at closing in settlement statement ?
ANSWER: Rollback taxes - ANSWER -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 broker may not authorize a salesperson to act on the brokers behalf
until a written agreement is signed by the broker and salesperson. - ANSWER -
According to the New Jersey Real estate license act, which of the following
statements is CORRECT concerning the terms of an employment agreement ?
100% Correct
ANSWER: Economic Obsolesce - ANSWER -A motel is the subject of an
appraisal and it is determined that rerouting of a county highway has limited
customer access to the motel this is an example of?
ANSWER: the agreement is voidable until a legal description is provided -
ANSWER -An exclusive buyer representation agreement does not include a legal
description of the property. what is the result of this omission ?
ANSWER: yes, because Jones can force any other property owner in the
subdivision to comply with deed restrictions. - ANSWER -Jones and Halstead live
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 ?
ANSWER: Realty Transfer Fee ( RTF) - ANSWER -In New Jersey, the fee
which must be paid when fee simple title to a parcel of real state passes for a
consideration from one party to another is the?
ANSWER: The required down payment may be lower than conventional loans. -
ANSWER -What is the greatest advantage of using FHA financing when
purchasing a home that the buyer plans to occupy?
ANSWER: Broker - ANSWER -A broker has a single agency relationship with
the seller. Any required property condition disclosure would be completed by the ?
ANSWER : The seller agrees to sell at a fixed price within a stipulated time -
ANSWER -Which of the following statements is true regarding an option
agreement?
, ANSWER: higher equity in the property - ANSWER -A low loan- to - value ratio
indicated a ?
ANSWER: This is a negotiation that keeps the original offer alive - ANSWER -
An offer was presented but the seller did not except the offer , instead he suggested
different terms that would be more acceptable, which of the following is false?
ANSWER: Void - 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 buyers contract may be considered?
ANSWER: Under no circumstances may the licensee inquire as to the legal
residency status of the prospective tenant. - 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 in
hopes to return to her native country with valuable knowledge to share when the
project ends. What steps if any is a Licensee legally able to take in protecting her
clients interest?
ANSWER: This is the Best Buy you'll find all year. - ANSWER -Which of the
following statements is the best example of puffing?
ANSWER: 1 month - ANSWER -A complaint must be filed with HUD within
what period of time after the fair housing violation has occurred?
ANSWER: Performance obligations of the parties - ANSWER -Which of the
following differentiates a bilateral contract from a unilateral contract ?
ANSWER: Broker must give account of how the money is being spent within 90
days - ANSWER -A broker who charges or collects an advance fee in excess of
$25 for services to be rendered MUST ?
, ANSWER: Personal Property - ANSWER -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: it is impossible for one of the parties to perform - ANSWER -A
contract is terminated if ?
ANSWER: upon written request of seller - ANSWER -Deposit monies may NOT
be disbursed to the seller in which circumstance ?
ANSWER : 3,900 - ANSWER -A buyer writes 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 : No, because the seller has not accepted the offer - ANSWER -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: The listing price of the property - ANSWER -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 : credit the buyer - ANSWER -How is the earnest money deposit
usually applied at closing in settlement statement ?
ANSWER: Rollback taxes - ANSWER -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 broker may not authorize a salesperson to act on the brokers behalf
until a written agreement is signed by the broker and salesperson. - ANSWER -
According to the New Jersey Real estate license act, which of the following
statements is CORRECT concerning the terms of an employment agreement ?
