PSI NJ Real Estate Exam, PSI Practice
Test with Complete Solutions
Water Rights \u2714\u2714The 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 \u2714\u2714an agent to the broker and a subagent to the principal.
Depreciation is calculated based on the \u2714\u2714Cost 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 \u2714\u2714mortgagor
A competitive market analysis is MOST often used for \u2714\u2714setting 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 \u2714\u2714tell the seller not to disclose,
because the statute of limitations has run out.<\/p>\n\n\n\n
All of the following are methods to calculate the reproduction or replacement cost of a building
EXCEPT the \u2714\u2714straight-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? \u2714\u2714Credit 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? \u2714\u2714Return of the property to the original owner.
The purpose of requiring an earnest money deposit in a real estate sales contract is to \u2714\u2714provide
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 \u2714\u2714constructive notice
What type of map is MOST useful for describing the terrain of a very hilly lot? \u2714\u2714contour 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,<\/p>\n\n\n\n
such as FHA, \u2714\u2714Require 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 \u2714\u2714tell 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 \u2714\u2714a 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? \u2714\u2714The 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 \u2714\u2714straight (term) loan (AKA
term loan)<\/p>\n\n\n\n
NJ REAL ESTATE PRACTICE EXAM
(2022\/2023) ALREADY PASSED
The type of deed that warrants only that the grantor has not impaired the title during the term in
which he held it is referred to as.<\/p>\n\n\n\n
In New Jersey, a conveyance to a married couple creates a<\/p>\n\n\n\n
NJ Real Estate Exam Latest 2023
Graded A+
Broker \u2714\u2714One who buys and sells for another for a fee.
Broker-Salesperson \u2714\u2714A qualified broker who practices real estate in the position of
salesperson in another broker’s office
bureau of subsidized land sales control \u2714\u2714regulations covering out of state properties sold in NJ
continuing education \u2714\u271412 hours required every two years, two of which must be on ethics
NJ Real Estate Commission \u2714\u2714Department of Banking and Insurance. 8 members. 5 brokers for
at least 10 years, two from general public and one representing the state government
Real estate license act \u2714\u2714Title 45 chapter 15
Title 11, chapter 5 \u2714\u2714NJ real estate license act administrative code<\/p>\n\n\n\n
Real estate sales full disclosure act \u2714\u2714covers the sales of out of state property in NJ
referral agent \u2714\u2714only allowed to refer prospects to a brokers office
referral fee \u2714\u2714part of a commission or fee paid to a broker who sends a client
salesperson \u2714\u2714works under a sponsoring licensed broker doing business in the name of the
broker
branch office \u2714\u2714must be under the direct supervisor of a broker or broker salesperson and must
have a duplicate license
commingling \u2714\u2714brokers are prohibited from mixing their own funds with money in the trust
account
duplicate original \u2714\u2714multiple original copies for the parties signatures. required for all listing
contracts, sales contracts and leases<\/p>\n\n\n\n
escrow account \u2714\u2714also known as trust account. must be in an authorized financial institution in
NJ to be used for depositing all money belonging to other persons
guilty knowledge \u2714\u2714knew what was going on and did not attempt to stop it
probation \u2714\u2714first step after a complaint against a licensee. fine of up to $5000
suspension \u2714\u2714suspend a license fine up to $10,000
revocation \u2714\u2714permanently revoke licence. Fine up to $10,000
waiver of broker cooperation \u2714\u2714what a seller must sign if they direct the broker not to
cooperate with any other brokers
principal \u2714\u2714client
agency \u2714\u2714a fiduciary relationship that falls within in the requirements of the law of agency<\/p>\n\n\n\n
fiduciary relationship \u2714\u2714one of trust and confidence in which an agent is responsible for the
money and\/or property of others. It requires putting the principal’s interest above all others,
including the broker’s own interest.
fiduciary \u2714\u2714agent
COALD \u2714\u2714Care, obedience, accounting, loyalty, disclosure
general agent \u2714\u2714empowered to represent the principal in a broad range of matters (ex: property
manager)
universal agent \u2714\u2714has authority to represent the principal in all matters that can be delegated
(ex: power of attorney)
special agent \u2714\u2714authorized to represent that principal in one specific capacity only (most broker
relationships)
standard of care \u2714\u2714the quality of service a normal person would expect from a broker or
salesperson<\/p>\n\n\n\n
NJ Real Estate License Exam Graded A+
Broker \u2714\u2714Individual licenses to charge the public for real estate services.
Broker-salesperson \u2714\u2714Fully qualified broker who remains under another broker’s supervision
Bureau of Subdivided Land sales Control \u2714\u2714State agency that approves and registers some outof-state property
Guaranty Fund \u2714\u2714Reimburses persons defrauded or badly served by licensees in real estate
transaction.
New Jersey Real Estate Commission \u2714\u2714Administrator of Real Estate Licenses
Pocket Identification Card \u2714\u2714Proof of Real Estate License
Real Estate Sales Full Disclosure Act \u2714\u2714Regulations covering out-of-state properties sold in
New Jersey<\/p>\n\n\n\n
NJ Real Estate Exam Practice Questions
with Verified Answers
According to fair housing, which of these is not a protected class?
A. muslim
B. arab
C. homosexual
D. single mother \u2714\u2714C. homosexual
The front door key to a house is:
A. chattel
B. fixture
C. improvement
D. trade fixture \u2714\u2714B. fixture
The phrase “bundle of legal rights” is properly included in:<\/p>\n\n\n\n
A. the definition of real property
B. a legal description
C. real estate transactions
D. leases for less than one year \u2714\u2714A. the definition of real property
An estate at will:
A. cannot be terminated
B. is terminated only if stated in the else’s last will and testament
C. terminates on the death of the lessor or lessee
D. terminates on the date specified in the lease agreement \u2714\u2714C. terminates on the death of the
lessor or lessee
Which of the following is an essential element of a valid contract for the sale of real estate?
A. price based on certified appraisal
B. signature of the listing broker
C. offer and acceptance<\/p>\n\n\n\n
D. social security number of buyer and seller \u2714\u2714C. offer and acceptance
The HUD-1 statement will still be used for a mortgage secured by a:
A. conventional loan used to purchase a single-family dwelling
B. single-family dwelling financed by an FHA-insured loan
C. a duplex, in which the purchaser will live, financed by a VA-guarenteed loan
D. reverse mortgage \u2714\u2714D. reverse mortgage
Which of the following is a lien that does NOT have to be recorded?
A. money judgement
B. real estate taxes
C. a tax deed
D. a voluntary lien \u2714\u2714B. real estate taxes
Whether a salesperson is associated with a broker as an employee or as an independent
contractor is important:<\/p>\n\n\n\n
NJ real estate exam questions and
answers 100% pass
Which of the following is a permitted free offering? oA. A complimentary home warranty with every listing
B. A coupon for a discounted commission on listing services
C. A free dinner for attendees at a homebuyers’ evening seminar
D. Free use of a local moving van for all listings \u2714\u2714C. A Free dinner for attendees at a
homebuyers’ evening seminar
Depreciation usually applies to .
A. the building only.
B. the land only.
C. both the land and the building.
D. income obtained from the building. \u2714\u2714A. the building only.
Under New Jersey Real Estate Commission rules, a licensee’s obligations to the public include
all of the following responsibilities EXCEPT:<\/p>\n\n\n\n
A. accepting any reasonable commission offered by a seller in the course of negotiating a listing
agreement
B. dealing honestly with all parties
C. disclosing material defects in a property to a prospective purchaser
D. protecting and promoting the interests of the licensee’s principal when acting as an agent
\u2714\u2714A. accepting any reasonable commission offered by a seller in the course of negotiating a
listing agreement
The broker has noticed that a great number of people who are buying in the neighborhood where
his listing is located speak Russian. He also noticed a Russian grocery store right by the
neighborhood that was attractive. He decides to stop the advertising the property and started
adverting the property on two different Russian internet sites. This is:<\/p>\n\n\n\n
Comment \u2714\u27143. Acceptable if the advertisement includes no preferential language
Which of the following are most likely to be addressed by building code?
A.deed restrictions
B.construction standards
C.permissible uses of structures
D.restrictive covenant \u2714\u2714B.construction standards
A seller places his property on the market for sale at a certain price. A buyer sees the property
and makes a written offer to purchase that is 90% of the asking price. The seller 2
rejects that offer, but states that he will accept an offer of 95% of the original asking price. The
buyer rejects that counteroffer. The original offer is
A. rescinded.
B. null and void.
C. irrevocable.
D. binding. \u2714\u2714B. null and void.
A property was listed with a broker, but the owners advertising the property found a buyer and
negotiated the sale themselves. After the closing, the owners paid a full commission %-<\/p>\n\n\n\n
to the broker. The broker MUST have had
A. an open listing.
B. an exclusive agency listing.
C. anet listing.
D. an exclusive right to sell. \u2714\u2714D. an exclusive right to sell.
A neighborhood grocery store no longer complies with the law because a new zoning ordinance
is adopted so that the property is zoned for residential use. Nevertheless, the owner “-
is allowed to continue to operate the grocery store. This is an example of
A. variance.
B. nonconforming use.
C. spot zoning.
D. a conditional-use permit. \u2714\u2714B. nonconforming use.
A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he
accepts, which of the following will be TRUE? 2
A. Because it is voluntary, it will not be an adverse item on the buyer’s credit.
B. The lender will take the title subject to any junior liens.
C. The lender will usually retain his rights under mortgage insurance or VA guarantee.<\/p>\n\n\n\n
Final test practice for New Jersey real
estate test with verified solutions
Who appoints the 8 members of the New Jersey Real Estate Commission? \u2714\u2714Governor
Who makes the payments to a claimant from the Guaranty Fund? \u2714\u2714The state treasurer
Agent Louis Lee is working with several people from his home town in Hong Kong. They
sought him out because he speaks their native language. The Chans are anxious to purchase a
house before the school year starts. Agent Lee listens to their needs and tells them, “I know
exactly where you will be comfortable”. Has agent Lee committed any violation? \u2714\u2714For
Steering
Beth decides she wants to change brokers. How long does her broker have to return her license?
\u2714\u27145 days after her request
Agent Mike Brown is representing both buyer and seller in the same transaction. Since the
contract was signed by all parties, did Mike have any other obligation? \u2714\u2714Obtain written
consent of principals<\/p>\n\n\n\n
At time of license renewal, what is the renewal charge for a salespersons license? \u2714\u2714100
Marie is a buyer agent. She shows many listings each week. Marie has a very good working
relationship with both buyers and sellers. Who does Marie owe a fiduciary relationship to?
\u2714\u2714The buyer
John a licensee is a dual agent in this transaction. Both parties have agreed to compensate him
for a job well done. John is very happy about the dual payment. He feels he deserves it as a top
notch producer. What statement is true regarding this transaction? \u2714\u2714John violated the NJ
License Act
Julie is the new owner of a house and decides to remove the carpet. After doing so, she discovers
there is significant pet damage to the hardwood floor beneath the carpet. Julie cuts most of the
center of the floor out and replaces it with subfloor. Julie then places a Persian rug over the
subfloor. When the Julie sells, can she remove the Persian rug? \u2714\u2714No, anything that covers
subflooring becomes real property
Property accumulated by husband and wife by the efforts of either, which is equally divisible at
time of divorce or dissolution, is called \u2714\u2714community property<\/p>\n\n\n\n
NJ real estate salesperson exam latest
2023 graded A+
assignment \u2714\u2714transfer of interest in a contract to a third party
bilateral contract \u2714\u2714contract with a promise by each party
breach of contract \u2714\u2714violation of a contract
competent parties \u2714\u2714those legally qualified to enter into contracts
consideration \u2714\u2714something of value given in exchange
contingency \u2714\u2714certain happening on which a contract depends
contract \u2714\u2714agreement between two parties to perform some legal act
counteroffer \u2714\u2714offer returned to buyer with changes by seller<\/p>\n\n\n\n
earnest money \u2714\u2714buyer’s deposit with purchase contract
equitable title \u2714\u2714interest acquired by buyer with land contract
escape clause \u2714\u2714protection for seller with buyer has another house to sell
executed contract \u2714\u2714contract that has been fulfilled
express contract \u2714\u2714contract set down in so many words
executory contract \u2714\u2714contract that has not yet been performed
implied contract \u2714\u2714contract not put in to words but shown by actions
land contract \u2714\u2714agreement under which buyer pays in installments and waits for deed<\/p>\n\n\n\n
NJ Real Estate Exam – PRACTICE
EXAM\/MATH QUESTIONS 100% PASS
If a broker is expecting to receive 6% commission on a sale of $250,000 house, what will the
commission be?
a) $750
b) $1,500
c) $7,500
d) $15,000 \u2714\u2714d) $15,000
A lot measuring 240′ by 400′ is selling for $400 a front foot. What is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000 \u2714\u2714d) $96,000
If the frontage of a half acre lot is 100 feet, how deep is it?<\/p>\n\n\n\n
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft \u2714\u2714b) 218 ft
An acre is how many Sqft? \u2714\u27141 Acre= 43,560 Sqft.
A section = 640 acres
Life Estate \u2714\u2714Is limited to the life of a specific person; life estate ends with the death of the
owner.
Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable<\/p>\n\n\n\n
c) the veteran must be careful how she\/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender \u2714\u2714d) the DVA fixes the rate of
interest charged by the lender.
If the tenant exercises his option to buy, can he force the landlord to sell? \u2714\u2714YES
A “JUMBO” loan is: \u2714\u2714A loan higher than the secondary markets limit.
Selling price: $325,000, 20% down and 2 points plus $2,000 closing fees. What is the total cash
required to close?
a) 71,500
b) 72,200
c) 73,500
d) 75,600 \u2714\u2714b) $72,200
Which of the following is NOT characteristic of a DVA loan?<\/p>\n\n\n\n
New Jersey Real Estate Exam #1 Already
Passed<\/p>\n\n\n\n
D. He can exercise his option whenever he wants. \u2714\u2714B. Options are generally concerned with
only two things: time and price. Whatever the parties agree to in those regards defines the terms
of the option and the obligations of the parties.<\/p>\n\n\n\n
Broker Smith represents the Buyer.
B. customer
C. agency
D. dual agency \u2714\u2714A. Since each broker represents separate sides in the transaction, no
relationship exists.<\/p>\n\n\n\n
by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how
would it appear on a full settlement statement? Base your answer on a 365 day year, and the
buyer is responsible for the day of settlement.
A. $1,130.14 debit the seller and credit the buyer
B. $1,130.14 debit the buyer and credit the seller
C. $2,500 credit the seller and debit the buyer
D. Nothing. The seller does not owe since the buyer is buying \u2714\u2714A. The seller would owe
money, and the buyer would receive money, because the seller has not paid the taxes. $2,500
divided by 365 is $6.849315 times the actual days of 165 is $1,130.14.<\/p>\n\n\n\n
NJ Real Estate Exam (2022\/2023) Already
Passed
Broker \u2714\u2714Individual licensed to charge the public for real estate services
Broker-Salesperson \u2714\u2714fully qualified broker who remains under another broker’s supervision
Bureau of Subdivided Land Sales Control \u2714\u2714state agency that approves and registers some outof-state property
Continuing Education \u2714\u2714Classes required for license renewal
Guaranty Fund \u2714\u2714Reimburses people defrauded or badly served by licensees in real estate
transactions
New Jersey Real Estate Commission \u2714\u2714Administrator of real estate licenses
Real Estate License Act \u2714\u2714Law governing the practice of real estate in New Jersey<\/p>\n\n\n\n
Real Estate Sales Full Disclosure Act \u2714\u2714Regulations covering out-of-state properties sold in
New Jersey
REALTOR\u00ae \u2714\u2714member of a private real estate trade organization
REALTOR-ASSOCIATE \u2714\u2714salesperson who joins a particular real estate trade group
Referral Agent \u2714\u2714Licensee limited to presenting prospective clients and customers to the broker
Referral Fee \u2714\u2714Money paid another broker for sending a client or customer
Salesperson \u2714\u2714One licensed to assist a broker in real estate transactions
Title 11, Chapter 5 \u2714\u2714state rules and regulations for real estate licensees
Branch Office \u2714\u2714Broker’s additional place of business
Commingling \u2714\u2714mixing broker’s money with that of others<\/p>\n\n\n\n
Duplicate Original \u2714\u2714Copy of a real estate contract with original signatures
Escrow Account \u2714\u2714Place for money belonging to clients and customers
Guilty Knowledge \u2714\u2714Awareness of wrongdoing with no attempt to stop it
Probation \u2714\u2714Least severe discipline by the Real Estate Commission
Revocation \u2714\u2714Cancellation of a real estate license
Suspension \u2714\u2714Temporary lifting of a real estate license
Trust Account \u2714\u2714Another name for escrow account
Waiver of Broker Cooperation \u2714\u2714form sellers must sign for an office-exclusive listing<\/p>\n\n\n\n
Agent \u2714\u2714One authorized to act for another
Antitrust Laws \u2714\u2714Regulations prohibiting price-fixing
Attorney-In-Fact \u2714\u2714Person authorized to act under a power of attorney
Broker \u2714\u2714one authorized to act for another in real estate transactions
Buyer’s Broker \u2714\u2714Agent who takes a buyer as the principal
Client \u2714\u2714Principal who engages an agent
Commission \u2714\u2714Broker’s usual compensation
Consumer Information Statement \u2714\u2714written explanation of a business relationship
Customer \u2714\u2714Third party in a transaction, not the principal<\/p>\n\n\n\n
NJ Real estate Exam Prep Latest 2023
Graded A+
An Appraisal made by a Certified appraiser is REQUIRED? \u2714\u2714WHEN THE BUYER IS
USING A FHA LOAN TO PURCHASE
Greatest advantage of using FHA financing when buyer plans to occupy? \u2714\u2714THE REQUIRED
DOWN PAYMENT MAY BE LOWER THAN CONVENTIONAL LOANS
What should buyer put in purchase offer to make sure they would NOT have to purchase, if they
CANNOT obtain financing? \u2714\u2714Contingency
Conditions does NOT create stigmatized property that may or may not be disclosed under the
law of some state? \u2714\u2714THE OWNER OF THE PROPERTY HAS AIDS
Mortgage lender rely on deciding how much is safe to lend on a parcel of RE? \u2714\u2714APPRAISAL
REPORT
NJ Private Well Testing Act (PWTA) requires? \u2714\u2714The buyer & seller to certify receipt of test
results before title transfer<\/p>\n\n\n\n
What is acceptable offering? \u2714\u2714A FREE DINNER FOR ATTENDEES AT HOMEBUYERS
SEMINAR
Individual is not required to be a RE licensee in NJ UNLESS engages in the following activities?
\u2714\u2714SOLICITING TENANTS FOR VACANT RENTAL UNITS
Statement about branch office is INCORRECT? \u2714\u2714TWO SALESPERSONS MAY BE
DESIGNATED TO SHARE SUPERVISING RESPONSIBILITIES
Statement in advertisement example of non-discriminatory language under HUD?
\u2714\u2714”FEMALE SEEKING FEMALE ROOMATE”
If a seller request for earnest money prior to the property inspection what should a broker do?
\u2714\u2714CAN BE RELEASED WHEN WRITTEN PERMISSION FROM BOTH PARTIES
Earnest money on a settlement statement is identified as? \u2714\u2714CREDIT TO A SELLER<\/p>\n\n\n\n
Which of the following property valuation estimates or reports have been prepared by a licensed
or certified appraiser? \u2714\u2714A RECONCILIATION REPORT FOR A FHA LOAN
A secretary in a real estate office who does not have a real estate license may? \u2714\u2714PERFORM
BOOKKEEPING FUNCTIONS CONCERNING ESCROWED FUNDS
A land owner uses his land as security for a lone the encumbrance created is called? \u2714\u2714AN
INVOLUNTARY LIEN
Which of the following are most likely to be addressed by building code? \u2714\u2714CONSTRUCTION
STANDARDS
Which disclosure is the most commonly required in a residential RE sale? \u2714\u2714LEAD-BASED
PAINT
When the buyer gives a sellers broker info about possible financial problems in completing the
purchase, the broker should? \u2714\u2714INFORM THE SELLER IMMEDIATELY<\/p>\n\n\n\n
NJ Real Estate – contracts review
already passed
An offer may be terminated by \u2714\u2714Lapse of agreed time, acceptance of offer, counteroffer
An option is \u2714\u2714A unilateral contract, binding only on one party, accepted by performance e
A real estate license may legally prepare \u2714\u2714A month to month apartment lease with no attorney
review wording
Necessary elements of a contract \u2714\u2714Offer, consideration, Acceptance
Generally,m a contract between a competent adult and a minor is \u2714\u2714Voidable at the option of
the minor
Who is not competent to enter into a contract \u2714\u2714Minors, mentally inane, drunks
The withdrawal of an offer before acceptance is \u2714\u2714Revocation<\/p>\n\n\n\n
A contract made for an illegal purchase is \u2714\u2714Void
In a sales contract, the offerer is usually \u2714\u2714The vendee
Earnest money may be held in escrow by all \u2714\u2714Real estate broker, attorney, escrow agent
Is earnest money an essential part of a contract \u2714\u2714No
The transfer of rights under a co tract without the release from an obligation by the assignor is
\u2714\u2714Assignment
Failure to perform or fulfill a contract is termed \u2714\u2714Breach
What results in termination of an offer to a purchase of real property \u2714\u2714Death of a buyer,
destruction of property, revocation of offer
A person who secured the right to purchase a property at a fixed price for a designated period of
time and has paid a consideration for this privilege would own \u2714\u2714An option<\/p>\n\n\n\n
NJ Real Estate Unit 2: Commission
Rules and Regulations Already Passed
Waiver of Broker Cooperation \u2714\u2714Form sellers must sign for an office-exclusive listing
Trust Account \u2714\u2714Another name for escrow account
Suspension \u2714\u2714Temporary lifting of a real estate license
Revocation \u2714\u2714Cancellation of a real estate license
Probation \u2714\u2714Least severe discipline by the Real Estate Commission
Guilty Knowledge \u2714\u2714Awareness of wrongdoing with no attempt to stop it
Escrow Account \u2714\u2714Place for money belonging to clients and customers
Duplicate Original \u2714\u2714Copy of a real estate contract with original signatures<\/p>\n\n\n\n
Commingling \u2714\u2714Mixing broker’s money with that of others
Branch Office \u2714\u2714Broker’s additional place of business
A licensed salesperson is allowed to
A) keep earnest money deposits in a special escrow account
B) leave one broker and affiliate with another
C) keep a license without a sponsoring broker
D) work for two brokers if each is informed and consents \u2714\u2714B) leave one broker and affiliate
with another
Under some circumstances, a real estate office may be in the home of
A) a broker
B) a salesperson
C) a broker-salesperson
D) no one \u2714\u2714A) a broker<\/p>\n\n\n\n
NJ Real Estate Salesperson Exam
Already Graded A
What is the collateral in a home loan? \u2714\u2714The property itself
When someone contributes to the construction or rehabilitation of a property with labor or
services rather than cash, that contribution is called? \u2714\u2714sweat equity
If you were buying a house that included furnishings, you would receive a written document
transferring title to the personal property. This document is called a\/an \u2714\u2714bill of sale
What does a power of attorney grant someone? \u2714\u2714complete or limited authority on behalf of
someone else
If you were buying a house and asking the Seller to provide all or part of the financing, you are
asking for? \u2714\u2714owner financing
the person conveying interest in the real property is called? \u2714\u2714the grantor<\/p>\n\n\n\n
the following is true of a government loan? \u2714\u2714government loans are either insured by FHA,
guaranteed by VA or RHS
When does an assumption take place? \u2714\u2714When the buyer assumes the seller’s mortgage
a legal document conveying title to a property is called? \u2714\u2714deed
the most common type of bankruptcy is called \u2714\u2714chapter 7 no asset bankruptcy
which of the following best describes a real estate broker \u2714\u2714a broker can own a real estate firm,
work for another broker who owns the firm, anyone acting as an agent bringing two parties
together
the difference between the fair market value of a property and the amount still owed on the
mortgage and other liens is the owner’s financial interest in the property and is called his –
\u2714\u2714equity<\/p>\n\n\n\n
New Jersey Real estate practice exam
test B already passed
a house contains screens, smoke alarms, and a crystal chandelier. the contract of sale mentions
none of this items specifically. before final closing, the seller has the right to remove \u2714\u2714none of
this items
the amount of earnest money deposit is determined by \u2714\u2714agreement of the parties.
Nelson McDonald sold his house on his own and still owed a broker a commission. he must have
signed an \u2714\u2714exclusive-right-to-sell listing
which can be executed without subjecting the signers to further responsibility for title?
\u2714\u2714quitclaim deed
the utility company dug up Andrea Dunham’s garden to lay gas lines. The company had an
easement, recorded at the county clerk’s office. Andrea claimed the easement was invalid
because she was never told about it. The easement \u2714\u2714was valid even if she has never heard of
it.<\/p>\n\n\n\n
when a court orders real property sold to satisfy an unpaid lien, the process is known as a
\u2714\u2714foreclosure
the tax rate is $7.80 per $100 assessment. if property is valued at $87,500 and assessed for 50%
of its value, what is the total property tax? \u2714\u2714$3,412.50
when appraising an office building, the appraiser MOST concerned with \u2714\u2714net annual income
a borrower obtain a second mortgage loan for $20,000 at 10%. It called for payments of $175 a
month over a period of five years. the final installment would be a balloon payment. this loan is a
\u2714\u2714partially amortized loan
if the interest rate is 5% and the monthly interest payments is $650, the principle sum would be
\u2714\u2714$156,000
Ezra dies and devises his real property to his second wife for her lifetime, after which the
property will pass to Ezra’s children. Ezra’s children own a \u2714\u2714remainder interest<\/p>\n\n\n\n
the prospective borrower decided to change the loan from FHA-insured to a conventional loan.
in this situation the lender \u2714\u2714must issue a new loan estimate
the market data approach is MOST important in appraising an \u2714\u2714older residence
among the several pieces of information that the lender must gather before issuing a Loan
Estimate (LE) is the applicants \u2714\u2714Social Security number
Broker Bensley listed the Corwins’ property. his salesman, Stan Sandow, accepted a check for
$5,000 earnest money with an offer, Sandow should take the check and \u2714\u2714give it to Bensley
Mrs. hall signed a 30-day listing with a broker. the next day she was killed in an accident. the
listing was then \u2714\u2714terminated
a widow received ownership of the family home for the rest of her life, with title going to her
children on her death. she owns a \u2714\u2714life estate
under the common law of agency, the real estate broker has a fiduciary relationship with \u2714\u2714the
client<\/p>\n","protected":false},"excerpt":{"rendered":"
PSI NJ Real Estate Exam, PSI PracticeTest with Complete SolutionsWater Rights \u2714\u2714The terms “littoral,” “riparian,” and “appropriative” refer toA salesperson lists a property with a contract that allows for subagency and dual agency. Thesalesperson is \u2714\u2714an agent to the broker and a subagent to the principal.Depreciation is calculated based on the \u2714\u2714Cost of the building […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-118682","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=118682"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118682\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=118682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=118682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=118682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}