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PSI NJ REAL ESTATE EXAM, PSI PRACTICE TEST EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS) CA$19.90   Add to cart
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PSI NJ REAL ESTATE EXAM, PSI PRACTICE TEST EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS)
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PSI NJ REAL ESTATE EXAM, PSI PRACTICE TEST EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS)

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  • August 3, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • psi nj real estate exam psi practice test exam st

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  • Real Estate
  • Real Estate

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Estudyr

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ESTUDY



PSI NJ REAL ESTATE EXAM, PSI PRACTICE TEST EXAM STUDY
MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS)
1. **The terms "littoral," "riparian," and "appropriative" refer to:**

- a) Types of property deeds

- b) Methods of calculating property value

- c) Water rights

- d) Types of real estate contracts

- **Answer:** c) Water rights



2. **A salesperson lists a property with a contract that allows for subagency and dual agency. The
salesperson is:**

- a) An agent to the seller and a subagent to the buyer

- b) An agent to the buyer and a subagent to the seller

- c) An agent to the broker and a subagent to the principal

- d) A subagent to the broker and a principal to the buyer

- **Answer:** c) An agent to the broker and a subagent to the principal



3. **Depreciation is calculated based on the:**

- a) Cost of the land

- b) Market value of the property

- c) Cost of the building only

- d) Total cost of the property including land and building

- **Answer:** c) Cost of the building only



4. **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:**

,ESTUDY


- a) Lender

- b) Mortgagor

- c) Mortgagee

- d) Trustee

- **Answer:** b) Mortgagor



5. **A competitive market analysis is MOST often used for:**

- a) Determining rental rates

- b) Setting a listing price

- c) Valuing commercial properties

- d) Estimating depreciation

- **Answer:** b) Setting a listing price



6. **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:**

- a) Disclose the information to potential buyers

- b) Ignore the information as it is outdated

- c) Tell the seller not to disclose, because the statute of limitations has run out

- d) Request a new termite inspection

- **Answer:** c) Tell the seller not to disclose, because the statute of limitations has run out



7. **All of the following are methods to calculate the reproduction or replacement cost of a building
EXCEPT the:**

- a) Comparative method

- b) Cost approach

- c) Quantity survey method

, ESTUDY


- d) Straight-line method

- **Answer:** d) Straight-line method



8. **The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is
the adjustment made at closing?**

- a) Credit buyer $110,000; debit seller $110,000

- b) Debit buyer $110,000; credit seller $110,000

- c) Credit seller $110,000; debit buyer $110,000

- d) Debit seller $110,000; credit buyer $110,000

- **Answer:** a) Credit buyer $110,000; debit seller $110,000



9. **If conditions for purchase are included in a deed and these conditions are violated, what is the
penalty?**

- a) Fines imposed on the owner

- b) Return of the property to the original owner

- c) Forfeiture of the sale proceeds

- d) Modification of the deed

- **Answer:** b) Return of the property to the original owner



10. **The purpose of requiring an earnest money deposit in a real estate sales contract is to:**

- a) Secure financing for the buyer

- b) Provide evidence of the buyer's intention to carry out the contract

- c) Cover the cost of inspections

- d) Ensure the seller pays for repairs

- **Answer:** b) Provide evidence of the buyer's intention to carry out the contract

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