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PSI NJ Real Estate Exam, PSI Practice Test
Newest 2025/2026 Actual Exam Complete
100 Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
The terms "littoral," "riparian," and "appropriative" refer
to... - . . ANSWER ✔ ✔water rights
A salesperson lists a property with a contract that allows
for subagency and dual agency. The salesperson is - . .
ANSWER ✔ ✔an agent to the broker and a subagent to
the principal.
Depreciation is calculated based on the - . . 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 - . . ANSWER ✔ ✔mortgagor
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A competitive market analysis is MOST often used for - . .
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 - . . 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 - . . 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? - . . 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? - . . ANSWER
✔ ✔Return of the property to the original owner.
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The purpose of requiring an earnest money deposit in a
real estate sales contract is to - . . ANSWER ✔ ✔provide
evidence of the buyer's intention to carry out the contract.
A judgment has been properly recorded. Any subsequent
purchasers, whether they have actually examined the
record or not, have been given - . . ANSWER ✔
✔constructive notice
What type of map is MOST useful for describing the
terrain of a very hilly lot? - . . ANSWER ✔ ✔contour map
The Department of Housing and Urban Development
estimates that most private homes built before 1978
contain potentially dangerous levels of lead. Because of
this, some Federal agencies, such as FHA, - . . ANSWER ✔
✔Require the buyer to acknowledge disclosure of the
presence of any known lead paint.
At the time of listing, the seller tells the listing agent they
are moving because the neighbor has loud parties every
weekend. The agent should - . . ANSWER ✔ ✔tell
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potential buyers about the parties. (Any social information
expressed to an agent can be shared)
A major reason for buying and owning a condominium
rather than a detached single-family home is that - . .
ANSWER ✔ ✔a condominium tends to be more
affordable.
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 loan which requires the borrower to pay interest only
until the maturity date (or due date), and then to pay the
entire principal on the maturity date, is called a - . .
ANSWER ✔ ✔straight (term) loan (AKA term loan)
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 - . . ANSWER
PSI NJ Real Estate Exam, PSI Practice Test
Newest 2025/2026 Actual Exam Complete
100 Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
The terms "littoral," "riparian," and "appropriative" refer
to... - . . ANSWER ✔ ✔water rights
A salesperson lists a property with a contract that allows
for subagency and dual agency. The salesperson is - . .
ANSWER ✔ ✔an agent to the broker and a subagent to
the principal.
Depreciation is calculated based on the - . . 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 - . . ANSWER ✔ ✔mortgagor
,2|Page
A competitive market analysis is MOST often used for - . .
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 - . . 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 - . . 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? - . . 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? - . . ANSWER
✔ ✔Return of the property to the original owner.
,3|Page
The purpose of requiring an earnest money deposit in a
real estate sales contract is to - . . ANSWER ✔ ✔provide
evidence of the buyer's intention to carry out the contract.
A judgment has been properly recorded. Any subsequent
purchasers, whether they have actually examined the
record or not, have been given - . . ANSWER ✔
✔constructive notice
What type of map is MOST useful for describing the
terrain of a very hilly lot? - . . ANSWER ✔ ✔contour map
The Department of Housing and Urban Development
estimates that most private homes built before 1978
contain potentially dangerous levels of lead. Because of
this, some Federal agencies, such as FHA, - . . ANSWER ✔
✔Require the buyer to acknowledge disclosure of the
presence of any known lead paint.
At the time of listing, the seller tells the listing agent they
are moving because the neighbor has loud parties every
weekend. The agent should - . . ANSWER ✔ ✔tell
, 4|Page
potential buyers about the parties. (Any social information
expressed to an agent can be shared)
A major reason for buying and owning a condominium
rather than a detached single-family home is that - . .
ANSWER ✔ ✔a condominium tends to be more
affordable.
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 loan which requires the borrower to pay interest only
until the maturity date (or due date), and then to pay the
entire principal on the maturity date, is called a - . .
ANSWER ✔ ✔straight (term) loan (AKA term loan)
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 - . . ANSWER
