NJ STATE EXAM 2026-2027 PSI PRACTICE TEST
QUESTIONS AND CORRECT ANSWERS GRADED
A+
writ of execution
How does a creditor who has obtained a judgment get satisfaction against a debtor
who will not pay?
fiduciary
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
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
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.
When is flood insurance REQUIRED in order to obtain a loan?
an option contract
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
A managing broker can be held responsible for
both contracts are valid
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
A distinguishing characteristic of owning property by land trust is that
setting a listing price
A competitive market analysis is MOST often used for
an executory contract
an agreement to purchase that has not yet closed is
demand immediate payment for the entire note
A borrower has defaulted on the mortgage. The mortgage contains an acceleration
clause. This permits the lender to
no notice is required
, A couple signed a lease on an apartment for a period of 1 year. The lease does
NOT contain an automatic renewal clause. The couple plans to move out at the end
of the lease rather than renew it. How much notice MUST they give to comply
with the lease term?
he is no longer the listing agent
The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker
and asked for the key to show the home. The broker should inform the caller that
43,560
How many square feet in one acre?
Credit buyer $110,000; debit seller $110,000
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
MOST closed real estate transactions should be reported to the IRS. REQUIRED
information includes seller name(s) and social security number(s) and
misrepresentation
QUESTIONS AND CORRECT ANSWERS GRADED
A+
writ of execution
How does a creditor who has obtained a judgment get satisfaction against a debtor
who will not pay?
fiduciary
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
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
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.
When is flood insurance REQUIRED in order to obtain a loan?
an option contract
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
A managing broker can be held responsible for
both contracts are valid
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
A distinguishing characteristic of owning property by land trust is that
setting a listing price
A competitive market analysis is MOST often used for
an executory contract
an agreement to purchase that has not yet closed is
demand immediate payment for the entire note
A borrower has defaulted on the mortgage. The mortgage contains an acceleration
clause. This permits the lender to
no notice is required
, A couple signed a lease on an apartment for a period of 1 year. The lease does
NOT contain an automatic renewal clause. The couple plans to move out at the end
of the lease rather than renew it. How much notice MUST they give to comply
with the lease term?
he is no longer the listing agent
The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker
and asked for the key to show the home. The broker should inform the caller that
43,560
How many square feet in one acre?
Credit buyer $110,000; debit seller $110,000
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
MOST closed real estate transactions should be reported to the IRS. REQUIRED
information includes seller name(s) and social security number(s) and
misrepresentation
