CORRECT VERIFIED - Practice Test LATEST ( ACTUAL /) WITH QUESTIONS...

PSI NJ Real Estate Exam, PSI Practice Test LATEST (

ACTUAL /) WITH

QUESTIONS AND

CORRECT VERIFIED

ANSWERS

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The terms "littoral," "riparian," and "appropriative" refer to... - <<>>water rights

A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - <<>>an agent to the broker and a subagent to the principal.

Depreciation is calculated based on the -<<>>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 - <<>>mortgagor

A competitive market analysis is MOST often used for - <<>>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 -<<>>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 - <<>>straight-line method 2 / 3

The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing? -<<>>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? - <<>>Return of the property to the original owner.

The purpose of requiring an earnest money deposit in a real estate sales contract is to -<<>>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 -<<>>constructive notice

What type of map is MOST useful for describing the terrain of a very hilly lot? -<<>>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, -<<>>Require the buyer to acknowledge disclosure of the presence of any known lead paint.

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