Practice Test NJ State Exam, psi pdf questions Flashcards

Practice Test NJ State Exam, psi pdf questions Flashcards special agencywhen a principal authorizes an agent to perform a particular act or transaction, it is an example of a they are computed as a percentage of the selling price9. Which of the following statements about discount points is FALSE?1.They are computed as a percentage of the selling price.2.They are used to buy down interest rate.3.They are a function of the marketplace.4.They are paid by either the buyer or the seller.garden apartments located between a single-family residential neighborhood and a shopping center Which of the following BEST illustrates the concept and intent of a buffer zone?1.Garden apartments located between a single-family residential neighborhood and a shopping center.2.A warehouse located between a single-family residential neighborhood and a park.3.A single-family residential neighborhood located between a high-rise apartment building and office buildings.4.An office park located between two residential developments.most homes are larger than the sale home According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the highest sales price if located in a neighborhood in which prepayment penalties and rebates.According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, disclosures MUST appear in the ad EXCEPT the the agentwho takes the biggest risk in an open listing?restrictive convenantA subdivision has a rule that each home in the neighborhood be at least 2,500 square feet. This is an example of what concept?leasehold estatesan estate for years, estate at will, and estate at sufferance are e&o CoverageAn agent shows a home to a couple and mentions that it has a lovely fireplace in the living room. After buying the home, the buyers and agent discover that the brick fireplace is just a decorative fireplace and is not "wood burning." Which of the following would BEST protect the agent from financial loss?quitclaimWhich type of deed contains no warranties at all?reconciliationWhen more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined?Credit buyer $110,000; debit seller $110,000 buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing?

escheata property owner died, having willed his property to his two daughters. There is still a chance that they could lose the land for a variety of reasons, but it cannot be taken through no notice is requiredA couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plans to move out at the end of the lease rather than renew it. How much notice MUST they give to comply with the lease term?withdraw their offer without penaltyMr. and Mrs. Cox make Mr. and Mrs. Green an offer on their home, but they have not heard back from them on whether or not the offer has been accepted. In the meantime, they have found another home they would like to purchase instead. What is their best option?property owners deathwhat event would automatically cancel a listing agreement?fiduciaryThe relationship in which the agent is placed in the position of trust and confidence to the principal is known by the term suggest the buyer ask a lawyer to furnish the wordingThe buyer wants to make the purchase offer contingent on a complex mortgage arrangement. The buyer's agent who is drawing up the contract should habendumWhat part of a deed limits the amount of the estate granted?an executory contractan agreement to purchase that has not yet closed is impossibility of performanceThe 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 an interest that is classified as personal propertyOwnership of common stock in a corporation gives contour mapWhat type of map is MOST useful for describing the terrain of a very hilly lot?license revocation and criminal prosecution Failure of a real estate agent to comply with Fair Housing practices is punishable by a homeownerA lawsuit for inverse condemnation may be brought by 696A buyer wants to purchase a home for $60,000. The lender appraises the home for $58,000 and offers to finance it with an 80% loan-to-value loan, charging a loan origination fee of 1.5 points. How much will the buyer's loan origination fee be?borrowerusury laws were enacted to protect the negative amortizationAn adjustable rate loan should include all of the following elements EXCEPT1.margin.2.life-of-the-loan cap.3.index.4.negative amortization.constructive noticeA judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given title____ indicates ownership of property, in real estate terms.

When the property is located in a Flood Hazard Zone.When is flood insurance REQUIRED in order to obtain a loan?sold or exchangedReal estate agents will earn their money once a piece of property is ____.Failure to display the equal housing opportunity poster at the broker's place of business.Which of the following may be considered prima facie evidence of discrimination by a broker?1.Failure to show property in certain neighborhoods.2.Failure to display the equal housing opportunity poster at the broker's place of business.3.Failure to keep appointments with minority customers even though the broker was unaware of the minority status.4.Failure of a minority buyer to qualify for a loan arranged by the broker.250,000An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than a condominium tends to be more affordable A major reason for buying and owning a condominium rather than a detached single-family home is that water rightsThe terms "littoral," "riparian," and "appropriative" refer to the identity of the legal owner is kept confidentialA distinguishing characteristic of owning property by land trust is that return of the property to their original owner If conditions for purchase are included in a deed and these conditions are violated, what is the penalty?straight-line methodAll of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT the1.quantity survey method.2.unit-in-place method.3.square foot method.4.straight-line method.provide evidence of the buyer's intention to carry out the contract.The purpose of requiring an earnest money deposit in a real estate sales contract is to vendorunder a land contract for a deed, who retains fee ownership of the property?writ of executionHow does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay?situsTwo lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics MOST likely explains the price difference?the owner withdraws the counteroffer before it is acceptedA prospective buyer made an offer to purchase a property.The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if a reverse mortgagewhat type of mortgage requires participant to be 62 or older and converts equity into cash Credit seller $300; credit buyer $300.At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the

payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing?noteA ____ is a promise of real property as security for a loan that is kept by the lender.