PSI NJ Real Estate Exam, PSI Practice Test EXAM
NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS |ALREADY GRADED A
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 broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when ......answer.....the seller
accepts the offer
A broker has signed a listing contract for the sale of a home. Which of the
following could make this contract voidable?
a. The seller cannot write and sign with an "X".
b. The listing contract specifies that no other broker may show the house.
c. The seller is heavily under the influence of alcohol at the time of signing.
d. The listing contract specifies that a commission will be paid only if the house
is sold within 3 weeks. ......answer.....The seller is heavily under the influence of
alcohol at the time of signing.
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 ......answer.....a subagent of the seller. — (Think -
brokerage is the AGENCY, salesperson is working under the agency)
A broker says, while showing a rural property, "This property has the world's
purest well water." This would be an example of ......answer.....an expression of
opinion, or puffing, which could lead to misrepresentation.
A broker supplies the financing for a project to build condominiums with the
stipulation that he has the exclusive right to sell the completed condos. What
type of agency BEST describes this relationship? ......answer.....Agency coupled
with an interest
A broker supplies the financing for a project to build condominiums with the
stipulation that he has the exclusive right to sell the completed condos. Which
type of agency is this ......answer.....agency coupled with an interest
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 buyer made an offer on a property that was listed at $350,000. She wanted to
put $35,000 down and make payments to the seller, allowed the seller to retain
, title until the principal was paid off. The seller accepted, and the buyer became a
......answer.....vendee
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?
......answer.....The buyer may sue the seller for specific performance.
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
A company agrees to lease a property to be used as a gambling casino. State
laws prohibit gambling. This particular contract would be legally defined as
......answer.....void
A competitive market analysis is MOST often used for ......answer.....setting a
listing price
NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS |ALREADY GRADED A
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 broker has brought a ready, willing, and able buyer to a seller. In MOST listing
contracts, the broker has earned his commission when ......answer.....the seller
accepts the offer
A broker has signed a listing contract for the sale of a home. Which of the
following could make this contract voidable?
a. The seller cannot write and sign with an "X".
b. The listing contract specifies that no other broker may show the house.
c. The seller is heavily under the influence of alcohol at the time of signing.
d. The listing contract specifies that a commission will be paid only if the house
is sold within 3 weeks. ......answer.....The seller is heavily under the influence of
alcohol at the time of signing.
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 ......answer.....a subagent of the seller. — (Think -
brokerage is the AGENCY, salesperson is working under the agency)
A broker says, while showing a rural property, "This property has the world's
purest well water." This would be an example of ......answer.....an expression of
opinion, or puffing, which could lead to misrepresentation.
A broker supplies the financing for a project to build condominiums with the
stipulation that he has the exclusive right to sell the completed condos. What
type of agency BEST describes this relationship? ......answer.....Agency coupled
with an interest
A broker supplies the financing for a project to build condominiums with the
stipulation that he has the exclusive right to sell the completed condos. Which
type of agency is this ......answer.....agency coupled with an interest
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 buyer made an offer on a property that was listed at $350,000. She wanted to
put $35,000 down and make payments to the seller, allowed the seller to retain
, title until the principal was paid off. The seller accepted, and the buyer became a
......answer.....vendee
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?
......answer.....The buyer may sue the seller for specific performance.
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
A company agrees to lease a property to be used as a gambling casino. State
laws prohibit gambling. This particular contract would be legally defined as
......answer.....void
A competitive market analysis is MOST often used for ......answer.....setting a
listing price
