PSI Real Estate State Exam NJ Updated Flashcards

PSI Real Estate State Exam (NJ) Updated Flashcards

• SteeringLimiting the neighborhoods in which a licensee shows

houses because of a buyer's race is

• Sexual orientationThe New Jersey Law Against Discrimination prohibits New

Jersey licensees from discriminating against prospective tenants in rental transactions for all of the following

EXCEPT:

• This is illegal according to RESPAThe seller has required that the buyer must use his title

insurance company. The seller has been told that if the buyer uses the title company, they will pay part of his real estate commissions, increasing his net proceeds from the sale. Is this a legally permissible arrangement?Seller/ Agent on behalf of the sellerA broker has a single agency relationship with the seller.Any REQUIRED property condition disclosure would be completed by the if the Licensee is the broker.According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

• licensee must hold a timeshare license According to the New Jersey Real Estate Time Share Act,

if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT that the

• It is impossible for one of the parties to performA contract is terminated if

an increase in the principal balance of a loan caused by a failure to cover the interest due on that loan.Negative amortization is

• recommend a board-affiliated home inspector When asked by a buyer client for the name of a hime

inspector, a licensee should Disclose to the seller a potential conflict of interestA buyer informs a listing salesperson that the buyer plans to subdivide the property and then list it with the salesperson as soon as the offer is accepted. The salesperson makes no mention of to the seller and the buyer's offer is than accepted. The salesperson's conducted is in violation of the New Jersey License Law

because the salesperson failed to:

Upon written request of sellerDeposit monies may NOT be disbursed to the seller in which circumstance

• Question the seller to any known defects If an owner wants to list a property for sale "as is," the

listing agent should

• This is the best buy you'll find all year. Which of the following statements is the BEST example of

puffing?

• subagent of the listing brokerA buyer-broker locates a property that is listed with another

broker. The buyer makes an offer through the buyer-broker and an agreement of sale results. In this situation, the

buyer-broker is acting as a:

A, The listing price of the property.If a licensee mentions MLS when advertising in a newspaper, the New Jersey Licensing Law requires which

of the following information to be included?

telling the buyer that he has certain rights under the real estate settlement procedures act (RESPA) A licensee has signed a listing with a seller to market a commercially zoned building and lot. The licensee's responsibility to the prospective buyer must include The recipient diesWhen title is given in the creation of an ordinary life estate, the recipient is permitted possession until $2,100A buyer's gross income is $90,000 per year. She pays $300 for a car loan and $200 for her student loan. When she applies for a mortgage the bank requires a maximum debt-to-income ratio of 36% on all debt, and a maximum 28% dent-to-income ration for housing debt. What is the maximum monthly house payment the bank will approve?

• Sally and her friend appear to be discussing illegal price

fixing Sally is a broker whose very good friend Jane is a broker with a competing company. They are having coffee and comparing the amount of commission they should each require from their clients. Which of the antitrust laws might a person from an adjoining table suspect they have violated if the conversation is overheard?

• one year from completing the prelicensure courseA candidate passes the prelicensure course examination

on November 8th. The candidate must apply for the license

within:

• disclose the highest price the buyer is willing to payA real estate licensee representing a buyer may do all of

the following EXCEPT B BlockbustingLatino families were beginning to move into a neighborhood that had previously been al white. A local broker passed out flyers to homeowners that said, "sell now before it's too late! We homes with attractive financing and good schools." These flyers would be viewed by the courts as the broker or one of his licensees must be the procuring cause for the sale.IN order to collect a commission, which of the following is a REQUIREMENT for a broker with an open listing?The Realty Transfer Fee (RTF)In New Jersey, the fee which Must be paid when fee simple title to a parcel of real estate passes for a consideration

from one party to another is the:

• performance obligations of the parties Which of the following differentiates a bilateral contract

from a unilateral contract?

• This is a negotiation that keeps the original offer alive.An offer was presented but the seller did not accept the

offer; instead he suggested different terms that would be more acceptable. Which of the following is false?

• provide the buyer with the opportunity to waive the right

to a lead paint inspection The lead paint addendum that MUST be presented with the purchase and sale contract for certain older homes will

• or D. how much a willing seller will accept and how

much a willing buyer will pay The market value of a property is determined by

• Credit the buyerHow is the earnest money deposit usually applied at

closing on a settlement statement?