Exam (elaborations)
PSI Real Estate State Exam (NJ) Updated 2024/25 NEWEST.
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PSI Real Estate State Exam (NJ) Updated 2024/25 NEWEST.
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PSI Real Estate State Exam (NJ) Updated2024/25 NEWEST.
C. an involuntary lien - When a land owner uses his land as security for a loan, the
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encumbrance created is called.
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C. Question the seller to any known defects - If an owner wants to list a property for sale
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"as is," the listing agent should
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A. licensee must hold a timeshare license - According to the New Jersey Real Estate
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Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey,
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all of the following are true EXCEPT that the
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C. Yes, if the broker directs the salesperson not to cooperate - May a New Jersey real
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estate licensee decline to cooperate with other New Jersey licensees
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A. Economic obsolesce - A motel is the subject of an appraisal and it is determined that
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rerouting of a county highway has limited customer access to to the motel. This is an
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example of
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D. The agreement is voidable until a legal description is provided - An exclusive buyer
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representation agreement does not include a legal description of the property. What is the
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result of this omisison?
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D. Unearned rent collections in advance? - Which of the following items would be
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prorated at closing with credit going to the seller?
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A. Yes, because Jones can force any other property owner in the subdivision to comply
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with deed restrictions. - Jones and Halstead lice across the street from each other in a
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subdivision in which homeowners are prohibited by deed restriction from keeping large
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animals on their property. Jones discovers that Halstead is keeping a Shetland pony in the
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backyard. Can Jones take action to enforce the deed restriction?
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The Realty Transfer Fee (RTF) - In New Jersey, the fee which Must be paid when fee
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simple title to a parcel of real estate passes for a consideration from one party to another is
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the:
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The required down payment may be lower than conventional loans - What is the greatest
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ADVANTAGE of using FHA financing when purchasing a home that the buyer plans to
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occupy?
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Seller/ Agent on behalf of the seller - A broker has a single agency relationship with the
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seller. Any REQUIRED property condition disclosure would be completed by the
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, C. The seller agrees to sell at a fixed price within a stipulated time. - Which of the following
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statements is TRUE regarding an option agreement?
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ii C. higher equity in the property. - A low loan-to-value ratio indicated a
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C. This is a negotiation that keeps the original offer alive. - An offer was presented but the
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seller did not accept the offer; instead he suggested different terms that would be more
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acceptable. Which of the following is false?
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Void - A buyer contracted to purchase a vacant lot for $350,000 cash with no
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contingencies. The buyer intends to build a professional office complex on the property.
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However, the buyer did not advise the seller of this intent. Prior to closing, the buyer learns
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that local zoning will not allow an office complex. The buyer's contract may be considered.
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A. Under no circumstances may the licensee inquire as to the legal residency status of the
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prospective tenant. - A licensee representing a landlord is concerned when a prospective
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tenant mentions that she has recently left her homeland to work as a research consultant
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under a grant at a local hospital, and hopes to return to her native country with valuable
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knowledge to share when the project ends. What steps, if any, is the licensee legally able
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to take in protecting her client's interest?
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B. This is the best buy you'll find all year. - Which of the following statements is the BEST
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example of puffing?
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B. 1 month - A complaint must be filed with HUD within what period of time after a fair
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housing violation has occurred?
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B. performance obligations of the parties - Which of the following differentiates a bilateral
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contract from a unilateral contract?
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B. Her equity reaches 22% - A homebuyer received a conventional loan with a down
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payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be
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reduced automatically without refinancing when which of the following occurs?
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furnish within ninety days of its collection an accounting of how the money was used - A
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broker who charges or collects an advance fee in excess of $25 for services to be rendered
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MUST:
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Personal property - An owner has a freestanding cabinet that was custom-built to fit an
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alcove of the living room. When the owner sells the home, the cabinet will be BEST
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described as
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ii C. It is impossible for one of the parties to perform - A contract is terminated if
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Upon written request of seller - Deposit monies may NOT be disbursed to the seller in
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which circumstance
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