PSI NJ Real Estate Exam, PSI Practice Test. Exam |
Most Recent Exam 2026-2027 | Actual
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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
Impossibility 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
a 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
fiduciary
,An agreement to purchase that has NOT yet closed is
an executory contract.
When compiling a competitive market analysis, a broker would look for
comparable properties that
were 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
police 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 $100) can this buyer afford?
(BE SURE TO USE THE AMORTIZATION TABLE.)
$130,000
An Environmental Impact Statement (EIS)
projects the impact on the environment of a proposed project.
, In an exclusive right-to-sell listing, an owner lists the property for sale
with how many brokers?
One
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer was reviewing the
counteroffer, the owner received a better offer. The owner can accept
the second offer if
the owner withdraws the counteroffer before it is accepted.
Antitrust laws prohibit competing brokers from all of the following EXCEPT
receiving compensation from both the buyer and the seller.
Without checking the facts, a broker who is the seller's agent tells a
buyer that the property taxes in a particular neighborhood are among
the lowest in the
area. The buyer relies on the broker's statement and makes an offer on a
house in the neighborhood. Before closing, it is determined that the taxes
are actually
among the highest in the area. The buyer could seek to rescind the
contract on the basis of
misrepresentation
Most Recent Exam 2026-2027 | Actual
Comprehensive Real Exam Questions With 100%
Correct Answers | Verified Answers | Already
Graded A+ | Guaranteed Success!! | Newest Exam
| Just Released!!
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
Impossibility 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
a 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
fiduciary
,An agreement to purchase that has NOT yet closed is
an executory contract.
When compiling a competitive market analysis, a broker would look for
comparable properties that
were 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
police 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 $100) can this buyer afford?
(BE SURE TO USE THE AMORTIZATION TABLE.)
$130,000
An Environmental Impact Statement (EIS)
projects the impact on the environment of a proposed project.
, In an exclusive right-to-sell listing, an owner lists the property for sale
with how many brokers?
One
A prospective buyer made an offer to purchase a property. The owner
responded with a counteroffer. While the buyer was reviewing the
counteroffer, the owner received a better offer. The owner can accept
the second offer if
the owner withdraws the counteroffer before it is accepted.
Antitrust laws prohibit competing brokers from all of the following EXCEPT
receiving compensation from both the buyer and the seller.
Without checking the facts, a broker who is the seller's agent tells a
buyer that the property taxes in a particular neighborhood are among
the lowest in the
area. The buyer relies on the broker's statement and makes an offer on a
house in the neighborhood. Before closing, it is determined that the taxes
are actually
among the highest in the area. The buyer could seek to rescind the
contract on the basis of
misrepresentation
