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PSI NJ REAL ESTATE EXAM 2024 /2025 WITH 100% ACCURATE SOLUTIONS
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PSI NJ REAL ESTATE EXAM 2024 /2025 WITH 100% ACCURATE SOLUTIONS
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PSI NJ REAL ESTATE EXAM 2024 /2025WITH 100% ACCURATE SOLUTIONS
Water Rights - Precise Answer ✔✔The terms "littoral," "riparian," and
"appropriative" refer to
A salesperson lists a property with a contract that allows for subagency
and dual agency. The salesperson is - Precise Answer ✔✔an agent to the
broker and a subagent to the principal.
Depreciation is calculated based on the - Precise Answer ✔✔Cost of the
building only.
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 - Precise Answer
✔✔mortgagor
A competitive market analysis is MOST often used for - Precise Answer
✔✔setting a listing price
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 - Precise Answer ✔✔tell the seller not to disclose, because
the statute of limitations has run out.
,All of the following are methods to calculate the reproduction or
replacement cost of a building EXCEPT the - Precise Answer
✔✔straight-line method
The buyer is assuming a mortgage presently on the property in the
amount of $110,000. What is the adjustment made at closing? - Precise
Answer ✔✔Credit buyer $110,000; debit seller $110,000.
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? - Precise Answer ✔✔Return of the
property to the original owner.
The purpose of requiring an earnest money deposit in a real estate sales
contract is to - Precise Answer ✔✔provide evidence of the buyer's
intention to carry out the contract.
A judgment has been properly recorded. Any subsequent purchasers,
whether they have actually examined the record or not, have been given
- Precise Answer ✔✔constructive notice
What type of map is MOST useful for describing the terrain of a very
hilly lot? - Precise Answer ✔✔contour map
The Department of Housing and Urban Development estimates that most
private homes built before 1978 contain potentially dangerous levels of
lead. Because of this, some Federal agencies, such as FHA, - Precise
, Answer ✔✔Require the buyer to acknowledge disclosure of the
presence of any known lead paint.
At the time of listing, the seller tells the listing agent they are moving
because the neighbor has loud parties every weekend. The agent should -
Precise Answer ✔✔tell potential buyers about the parties. (Any social
information expressed to an agent can be shared)
A major reason for buying and owning a condominium rather than a
detached single-family home is that - Precise Answer ✔✔a
condominium tends to be more affordable.
A buyer was negotiating the purchase of a house for himself. During a
conversation with the seller, the seller agreed to include all kitchen
appliances in the sale, and this fact was included in the sales contract. In
this situation, if the seller takes the appliances with him, what recourse
does the buyer have? - Precise Answer ✔✔The buyer may sue the seller
for specific performance.
A loan which requires the borrower to pay interest only until the
maturity date (or due date), and then to pay the entire principal on the
maturity date, is called a - Precise Answer ✔✔straight (term) loan
(AKA term loan)
The real estate contract for a specific property for use as an unlicensed
whiskey sales operation was forced to terminate. The termination was
the result of - Precise Answer ✔✔Impossibility of performance. - - (Key
word: *Unlicensed* whiskey sales operation).
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