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PSI NJ Real Estate Exam, PSI Practice Test with Complete Solutions

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PSI NJ Real Estate Exam, PSI Practice Test with Complete Solutions Water Rights ✔✔The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract t ... hat 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 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, [Show More]

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