PSI NJ Real Estate Exam, PSI Practice Test |136 Updated Questions and Correct Answers|2025/2026

PSI NJ Real Estate Exam, PSI Practice Test |136 Updated Questions and Correct Answers|2025/2026 Water Rights - Correct Answer The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - Correct Answer an agent to the broker and a subagent to the principal. Depreciation is calculated based on the - Correct Answer Cost of the building only. When a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the - Correct Answer mortgagor A competitive market analysis is MOST often used for - Correct Answer setting a listing price A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should - Correct Answer tell the seller not to disclose, because the statute of limitations has run out. All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT the - Correct Answer straight-line method The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing? - Correct Answer Credit buyer $110,000; debit seller $110,000. If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? - Correct Answer Return of the property to the original owner.