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 that allows for subagency
...
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 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
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,
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