PSIxNJxREAL xESTATE xEXAM, xPSIxPRACTICE xT

PSIxNJxREAL xESTATE xEXAM, xPSIxPRACTICE xT ESTxEXAM xNEWEST, xACTUAL xEXAM xQUEST IONSxAND xCORRECT xDETAILED xANSWERS x|ALREADY x GRADED xA+

Axborrowerxhasxdefaultedxonxthexmortgage.xThexmortgagexcontainsxan

accelerationxclause.xThisxpermitsxthexlenderxtox......answer ...... demand ximmediate

paymentxofxthexentirexnote.

Axbrokerxhasxbroughtxaxready,xwilling,xandxablexbuyerxtoxaxseller.xInxMOST xlisting contracts,xthexbrokerxhasxearnedxhisxcommission xwhenx......answer. ..... thexseller acceptsxthexoffer

Axbrokerxhasxsignedxaxlistingxcontractxforxthexsalexofxaxhome.xWhichxofxthe

followingxcouldxmakexthisxcontractxvoidable?

• Thexsellerxcannotxwritexandxsignxwithxanx"X".

• Thexlistingxcontractxspecifiesxthatxnoxotherxbrokerxmayxshowxthexhouse.

• Thexsellerxisxheavilyxunderxthexinfluencexofxalcoholxatxthextimexofxsigning.
• Thexlistingxcontractxspecifiesxthatxaxcommissionxwillxbexpaidxonlyxifxthexhouse

isxsoldxwithinx3xweeks.x......answer. ....... Thexsellerxisxheavilyxunderxthexinfluencexof alcoholxatxthextimexofxsigning.

• / 4

Axbrokerxlistsxaxproperty,xwithxaxlistingxcontractxallowingxsubagencyxandxdual agency.xOnexofxthexbroker'sxsalespersonsxshowsxthexproperty.xThexsalesperson 2 / 4

wouldxbexclassifiedxasx......answer ..... axsubagentxofxthexseller.x—x(Thinkx-

brokeragexisxthexAGENCY, xsalespersonxisxworkingxunderxthexagency)

Axbrokerxsays,xwhilexshowingxaxruralxproperty,x"Thisxpropertyxhasxthexworld's

purestxwellxwater."xThisxwouldxbexanxexamplexofx......answer...... anxexpressionxof

opinion,xorxpuffing,xwhichxcouldxleadxtoxmisrepresentation.

Axbrokerxsuppliesxthexfinancingxforxaxprojectxtoxbuildxcondominiums xwithxthe

stipulationxthatxhexhasxthexexclusivexrightxtoxsellxthexcompletedxcondos.xWhat

typexofxagencyxBESTxdescribesxthisxrelationship?x......answer ...... Agencyxcoupled

withxanxinterest

Axbrokerxsuppliesxthexfinancingxforxaxprojectxtoxbuildxcondominiums xwithxthe

stipulationxthatxhexhasxthexexclusivexrightxtoxsellxthexcompletedxcondos.xWhich

typexofxagencyxisxthisx......answer. .... agencyxcoupledxwithxanxinterest

Axbuyerxisxgettingxaxfullyxamortizedxloanxforx$220,000.xThexbankxwillxgivexthexbuyer thexloanxforx15xyearsxatx5x1/2%xorxforx30xyearsxatx6x1/2%.xToxthexnearestxcent,xwhat isxthexdifferencexbetweenxthexmonthlyxpaymentsxforxthesextwoxloans?x(BExSURE

TOxUSExTHExAMORTIZATION xTABLE.)x......answer ..... $409.20

Axbuyerxmadexanxofferxonxaxpropertyxthatxwasxlistedxatx$350,000.xShexwantedxto

• / 4

putx$35,000xdownxandxmakexpaymentsxtoxthexseller,xallowedxthexsellerxtoxretain

• / 4