PSI NJ REAL ESTATE EXAM PRACTICE TEST
100% VERIFIED PRACTICE TEST BANK
2026 TESTED QUESTIONS WITH ANSWERS
GRADED A+
⩥ Credit buyer $110,000; debit seller $110,000. Answer: buyer is
assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing?
⩥ the sales price. Answer: MOST closed real estate transactions should
be reported to the IRS. REQUIRED information includes seller name(s)
and social security number(s) and
⩥ misrepresentation. Answer: 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
⩥ Failure to display the equal housing opportunity poster at the broker's
place of business.. Answer: Which of the following may be considered
prima facie evidence of discrimination by a broker?
1.
,Failure to show property in certain neighborhoods.
2.
Failure to display the equal housing opportunity poster at the broker's
place of business.
3.
Failure to keep appointments with minority customers even though the
broker was unaware of the minority status.
4.
Failure of a minority buyer to qualify for a loan arranged by the broker.
⩥ impossibility of performance. Answer: 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
⩥ writ of execution. Answer: How does a creditor who has obtained a
judgment get satisfaction against a debtor who will not pay?
⩥ fiduciary. Answer: The relationship in which the agent is placed in the
position of trust and confidence to the principal is known by the term
⩥ suggest the buyer ask a lawyer to furnish the wording. Answer: The
buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should
,⩥ they are computed as a percentage of the selling price. Answer: 9.
Which of the following statements about discount points is FALSE?
1.
They are computed as a percentage of the selling price.
2.
They are used to buy down interest rate.
3.
They are a function of the marketplace.
4.
They are paid by either the buyer or the seller.
⩥ When the property is located in a Flood Hazard Zone.. Answer: When
is flood insurance REQUIRED in order to obtain a loan?
⩥ an option contract. Answer: A contract has been drawn which obliges
the sellers to convey title to their land to the buyers if the buyers come
up with $22,000 on or before December 31st. This is called
⩥ all real estate activities of salespersons. Answer: A managing broker
can be held responsible for
⩥ both contracts are valid. Answer: Prospective buyers made an offer on
a property. The seller did NOT accept, but made a counteroffer. The
, prospective buyers signed the counteroffer and the real estate agent
delivered their acceptance to the seller. In the interim, the same buyers
had found another house that they liked better and made an offer on it,
which was accepted. Which of the following is TRUE?
1.
The contract on the first house is not enforceable.
2.
Neither contract is enforceable.
3.
Only the first contract is valid.
4.
Both contracts are valid.
⩥ the identity of the legal owner is kept confidential. Answer: A
distinguishing characteristic of owning property by land trust is that
⩥ setting a listing price. Answer: A competitive market analysis is
MOST often used for
⩥ an executory contract. Answer: an agreement to purchase that has not
yet closed is
100% VERIFIED PRACTICE TEST BANK
2026 TESTED QUESTIONS WITH ANSWERS
GRADED A+
⩥ Credit buyer $110,000; debit seller $110,000. Answer: buyer is
assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at closing?
⩥ the sales price. Answer: MOST closed real estate transactions should
be reported to the IRS. REQUIRED information includes seller name(s)
and social security number(s) and
⩥ misrepresentation. Answer: 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
⩥ Failure to display the equal housing opportunity poster at the broker's
place of business.. Answer: Which of the following may be considered
prima facie evidence of discrimination by a broker?
1.
,Failure to show property in certain neighborhoods.
2.
Failure to display the equal housing opportunity poster at the broker's
place of business.
3.
Failure to keep appointments with minority customers even though the
broker was unaware of the minority status.
4.
Failure of a minority buyer to qualify for a loan arranged by the broker.
⩥ impossibility of performance. Answer: 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
⩥ writ of execution. Answer: How does a creditor who has obtained a
judgment get satisfaction against a debtor who will not pay?
⩥ fiduciary. Answer: The relationship in which the agent is placed in the
position of trust and confidence to the principal is known by the term
⩥ suggest the buyer ask a lawyer to furnish the wording. Answer: The
buyer wants to make the purchase offer contingent on a complex
mortgage arrangement. The buyer's agent who is drawing up the contract
should
,⩥ they are computed as a percentage of the selling price. Answer: 9.
Which of the following statements about discount points is FALSE?
1.
They are computed as a percentage of the selling price.
2.
They are used to buy down interest rate.
3.
They are a function of the marketplace.
4.
They are paid by either the buyer or the seller.
⩥ When the property is located in a Flood Hazard Zone.. Answer: When
is flood insurance REQUIRED in order to obtain a loan?
⩥ an option contract. Answer: A contract has been drawn which obliges
the sellers to convey title to their land to the buyers if the buyers come
up with $22,000 on or before December 31st. This is called
⩥ all real estate activities of salespersons. Answer: A managing broker
can be held responsible for
⩥ both contracts are valid. Answer: Prospective buyers made an offer on
a property. The seller did NOT accept, but made a counteroffer. The
, prospective buyers signed the counteroffer and the real estate agent
delivered their acceptance to the seller. In the interim, the same buyers
had found another house that they liked better and made an offer on it,
which was accepted. Which of the following is TRUE?
1.
The contract on the first house is not enforceable.
2.
Neither contract is enforceable.
3.
Only the first contract is valid.
4.
Both contracts are valid.
⩥ the identity of the legal owner is kept confidential. Answer: A
distinguishing characteristic of owning property by land trust is that
⩥ setting a listing price. Answer: A competitive market analysis is
MOST often used for
⩥ an executory contract. Answer: an agreement to purchase that has not
yet closed is
