9. If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty?
Answer Return of the property to the original owner.
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,PSI NJ Real Estate Exam, PSI Practice Test..pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NJ%20R
10. The purpose of requiring an earnest money deposit in a real estate sales
contract is to
Answer provide evidence of the buyer's intention to carry out the contract.
11. A judgment has been properly recorded. Any subsequent purchasers,
whether they have actually examined the record or not, have been given
Answer con- structive notice
12. What type of map is MOST useful for describing the terrain of a very hilly
lot?
Answer contour map
13. 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,
Answer Require the buyer to acknowledge disclosure of the presence of any known
lead paint.
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,PSI NJ Real Estate Exam, PSI Practice Test..pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20NJ%20R
14. 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
Answer tell potential buyers about the parties. (Any social information expressed to
an agent can be shared)
15. A major reason for buying and owning a condominium rather than a
detached single-family home is that
Answer a condominium tends to be more affordable.
16. 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,
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