Exam (elaborations)
PSI NJ Real Estate Exam, PSI Practice Test | UPDATED RATED A+
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PSI NJ Real Estate Exam, PSI Practice Test | UPDATED RATED A+
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PSI NJ Real Estate Exam, PSI PracticeTest | UPDATED RATED A+
Water Rights - The terms "littoral," "riparian," and "appropriative" refer to
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A salesperson lists a property with a contract that allows for subagency and dual agency.
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The salesperson is - an agent to the broker and a subagent to the principal.
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ii Depreciation is calculated based on the - Cost of the building only. ii ii ii ii ii ii ii ii ii ii ii ii ii
When a property owner uses his home as collateral for a loan and creates a lien in favor of
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the lender, title is held by the - mortgagor
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ii A competitive market analysis is MOST often used for - setting a listing price
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A seller tells the listing agent that her home was treated for termites 10 years ago, so there
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are no termites now. Before listing the property, the agent should - tell the seller not to
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disclose, because the statute of limitations has run out.
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All of the following are methods to calculate the reproduction or replacement cost of a
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building EXCEPT the - straight-line method
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The buyer is assuming a mortgage presently on the property in the amount of $110,000.
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What is the adjustment made at closing? - Credit buyer $110,000; debit seller $110,000.
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If conditions for purchase are included in a deed and these conditions are violated, what is
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the penalty? - Return of the property to the original owner.
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The purpose of requiring an earnest money deposit in a real estate sales contract is to -
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provide evidence of the buyer's intention to carry out the contract.
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A judgment has been properly recorded. Any subsequent purchasers, whether they have
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actually examined the record or not, have been given - constructive notice
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What type of map is MOST useful for describing the terrain of a very hilly lot? - contour
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map
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The Department of Housing and Urban Development estimates that most private homes
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built before 1978 contain potentially dangerous levels of lead. Because of this, some
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Federal agencies, such as FHA, - Require the buyer to acknowledge disclosure of the
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presence of any known lead paint.
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, At the time of listing, the seller tells the listing agent they are moving because the neighbor
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has loud parties every weekend. The agent should - tell potential buyers about the parties.
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(Any social information expressed to an agent can be shared)
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A major reason for buying and owning a condominium rather than a detached single-family
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home is that - a condominium tends to be more affordable.
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A buyer was negotiating the purchase of a house for himself. During a conversation with
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the seller, the seller agreed to include all kitchen appliances in the sale, and this fact was
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included in the sales contract. In this situation, if the seller takes the appliances with him,
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what recourse does the buyer have? - The buyer may sue the seller for specific
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performance.
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A loan which requires the borrower to pay interest only until the maturity date (or due date),
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and then to pay the entire principal on the maturity date, is called a - straight (term) loan
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(AKA term loan)
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The real estate contract for a specific property for use as an unlicensed whiskey sales
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operation was forced to terminate. The termination was the result of - Impossibility of
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performance. - - (Key word: *Unlicensed* whiskey sales operation).
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A broker lists a property, with a listing contract allowing subagency and dual agency. One
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of the broker's salespersons shows the property. The salesperson would be classified as -
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a subagent of the seller. — (Think - brokerage is the AGENCY, salesperson is working
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under the agency)
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The relationship in which the agent is placed in the position of trust and confidence to the
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principal is known by the term - fiduciary
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ii An agreement to purchase that has NOT yet closed is - an executory contract.
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When compiling a competitive market analysis, a broker would look for comparable
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properties that - were located near the property being listed.
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The power vested in the government to establish legislation to preserve order, protect the
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public health and safety, and promote the general welfare is known as - police power
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If a borrower can afford to make monthly principal and interest payments of $1,000 and the
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lender will make a 30-year loan at 8-1/2%, how large a loan (rounded to the nearest $100)
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can this buyer afford? (BE SURE TO USE THE AMORTIZATION TABLE.) - $130,000
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An Environmental Impact Statement (EIS) - projects the impact on the environment of a
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proposed project.
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In an exclusive right-to-sell listing, an owner lists the property for sale with how many
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brokers? - One
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