PSI NJ Real Estate Exam Updated 2024/2025;Actual
Questions and Answers Verified 100%(ACE in your NJ
PSI 2024 test)
The terms "littoral," "riparian," and "appropriative" refer to... - ANSWERwater rights
A salesperson lists a property with a contract that allows for subagency and dual
agency. The salesperson is - ANSWERan agent to the broker and a subagent to the
principal.
Depreciation is calculated based on the - ANSWERCost 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 - ANSWERmortgagor
A competitive market analysis is MOST often used for - ANSWERsetting 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 - ANSWERtell
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 - ANSWERstraight-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? - ANSWERCredit 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? - ANSWERReturn of the property to the original owner.
The purpose of requiring an earnest money deposit in a real estate sales contract is to -
ANSWERprovide 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 - ANSWERconstructive
notice
What type of map is MOST useful for describing the terrain of a very hilly lot? -
ANSWERcontour 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, - ANSWERRequire 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 - ANSWERtell 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 - ANSWERa 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? - ANSWERThe 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 -
ANSWERstraight (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 -
ANSWERImpossibility of performance. - - (Key word: *Unlicensed* whiskey sales
operation).
A broker lists a property, with a listing contract allowing subagency and dual agency.
One of the broker's salespersons shows the property. The salesperson would be
classified as - ANSWERa subagent of the seller. — (Think - brokerage is the AGENCY,
salesperson is working under the agency)
The relationship in which the agent is placed in the position of trust and confidence to
the principal is known by the term - ANSWERfiduciary
An agreement to purchase that has NOT yet closed is - ANSWERan executory contract.
When compiling a competitive market analysis, a broker would look for comparable
properties that - ANSWERwere located near the property being listed.
The power vested in the government to establish legislation to preserve order, protect
the public health and safety, and promote the general welfare is known as -
ANSWERpolice power
If a borrower can afford to make monthly principal and interest payments of $1,000 and
the lender will make a 30-year loan at 8-1/2%, how large a loan (rounded to the nearest
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Americannursingaassociation. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
