PSI questions with 100% correct answers (updated 2024)
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PSI
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PSI
PSI questions with 100% correct answers (updated 2024)
Answer : Mortgage lien - Answer️️ -When a land owner uses his land as security
for a loan, the encumbrances created is called ?
Answer : Question the seller to any known defects - Answer️️ -If an owner wants
to list a property for s...
PSI questions with 100% correct answers (updated 2024)
Answer : Mortgage lien - Answer✔️✔️-When a land owner uses his land as security
for a loan, the encumbrances created is called ?
Answer : Question the seller to any known defects - Answer✔️✔️-If an owner wants
to list a property for sale "as is" the listing agent should
Answer : Licensee must hold a timeshare license - Answer✔️✔️-According to the
New Jersey real estate timeshare act, if a licensee is selling a timeshare located
within the state of New Jersey all of the following are true EXCEPT that the ?
Answer : yes, if the broker directs the salesperson not to cooperate - Answer✔️✔️-
Can a New Jersey real estate licensee decline to cooperate with other New Jersey
licensees?
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 ?
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