PSI NJ REAL ESTATE EXAM PRACTICE TEST
COMPREHENSIVE SCRIPT 2026 COMPLETE
QUESTIONS AND SOLUTIONS GRADED A+
⩥ Which of the following is the first action to take when mold problems
are found? Answer: Identify and remedy the cause of the problems.
⩥ A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to. Answer: demand
immediate payment of the entire note.
⩥ A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%.
To the nearest cent, what is the difference between the monthly
payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.). Answer: $409.20
⩥ A property management plan may serve different purposes for
different owners, and generally has to strike a balance between
preservation of the property's value and generation of income. Which of
the following owners would MOST likely prefer a property manager
who emphasizes maintenance of value over profitability?. Answer: An
individual entrepreneur who owns several apartment buildings.
,⩥ A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called. Answer: a contract
⩥ Errors and Omissions insurance covers the broker for. Answer:
Unintentional misrepresentation
⩥ An example of a contract terminated due to inability to perform would
be one in which the. Answer: seller had contracted for sale of the entire
property without the knowledge or consent of the other joint tenant.
⩥ According to the Truth-in-Lending Act, if any "trigger terms" are used
in an ad, all of the following disclosures MUST appear in the.... Answer:
cash price or amount of the loan, amount of down payment required and
number, amount, and frequency of payments. DO NOT NEED TO
INCLUDE PREPAYMENT PENALTIES AND REBATES.
⩥ A deed restriction is applicable to the activities of. Answer: present
and future owners.
⩥ In MOST states, foreclosed property is sold through. Answer: Public
Auction
⩥ A tenant rented an apartment, signing a 15-month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What kind
of leasehold does the tenant have?. Answer: tenancy at will
, ⩥ When preparing a market data estimate of value, which of the
following categories of adjustment is NOT essential?. Answer: The
original cost of the building.
⩥ Which of these Federal laws regulates the advertisement of a lender's
credit terms (rates, payment, etc.)?. Answer: Regulation Z
⩥ A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of. Answer: anticipation
⩥ 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. Answer: an option contract
⩥ When a principal authorizes an agent to perform a particular act or
transaction, it is an example of a. Answer: Special Agency
⩥ A charge of violation of Federal Fair Housing laws can be heard by an
administrative law judge within the Department of Housing and Urban
Development (HUD) or by a Federal district court judge in Federal
court. The advantage of a Federal court hearing to the complaining party
is that. Answer: There is no dollar limit on damages paid
COMPREHENSIVE SCRIPT 2026 COMPLETE
QUESTIONS AND SOLUTIONS GRADED A+
⩥ Which of the following is the first action to take when mold problems
are found? Answer: Identify and remedy the cause of the problems.
⩥ A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to. Answer: demand
immediate payment of the entire note.
⩥ A buyer is getting a fully amortized loan for $220,000. The bank will
give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%.
To the nearest cent, what is the difference between the monthly
payments for these two loans? (BE SURE TO USE THE
AMORTIZATION TABLE.). Answer: $409.20
⩥ A property management plan may serve different purposes for
different owners, and generally has to strike a balance between
preservation of the property's value and generation of income. Which of
the following owners would MOST likely prefer a property manager
who emphasizes maintenance of value over profitability?. Answer: An
individual entrepreneur who owns several apartment buildings.
,⩥ A written agreement in which a purchaser agrees to buy and a seller
agrees to sell is called. Answer: a contract
⩥ Errors and Omissions insurance covers the broker for. Answer:
Unintentional misrepresentation
⩥ An example of a contract terminated due to inability to perform would
be one in which the. Answer: seller had contracted for sale of the entire
property without the knowledge or consent of the other joint tenant.
⩥ According to the Truth-in-Lending Act, if any "trigger terms" are used
in an ad, all of the following disclosures MUST appear in the.... Answer:
cash price or amount of the loan, amount of down payment required and
number, amount, and frequency of payments. DO NOT NEED TO
INCLUDE PREPAYMENT PENALTIES AND REBATES.
⩥ A deed restriction is applicable to the activities of. Answer: present
and future owners.
⩥ In MOST states, foreclosed property is sold through. Answer: Public
Auction
⩥ A tenant rented an apartment, signing a 15-month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What kind
of leasehold does the tenant have?. Answer: tenancy at will
, ⩥ When preparing a market data estimate of value, which of the
following categories of adjustment is NOT essential?. Answer: The
original cost of the building.
⩥ Which of these Federal laws regulates the advertisement of a lender's
credit terms (rates, payment, etc.)?. Answer: Regulation Z
⩥ A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of. Answer: anticipation
⩥ 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. Answer: an option contract
⩥ When a principal authorizes an agent to perform a particular act or
transaction, it is an example of a. Answer: Special Agency
⩥ A charge of violation of Federal Fair Housing laws can be heard by an
administrative law judge within the Department of Housing and Urban
Development (HUD) or by a Federal district court judge in Federal
court. The advantage of a Federal court hearing to the complaining party
is that. Answer: There is no dollar limit on damages paid
