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PSI EXAM WITH COMPLE TE
SOLUTIONS
Question (1): According to New Jersey Real Estate
Licensing Law, what is the maintenance requirement for all records of Real Estate transactions?
CORRECT ANSWER : Files must be kept on premises
& available to public at any time.
Question (2): According to the New Jersey Real Estate
License Law, which of the following statements is CORRECT concerning the terms of an employment agreement?
CORRECT ANSWER : A broker may not authorize a
salesperson to act on the broker's behalf until a written agreement is signed by the broker and the salesperson.
Question (3): According to the New Jersey Real Estate
Licensing Law, what method of payment may NOT be accepted as an earnest money deposit on a sale transaction?
CORRECT ANSWER: credit card
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Question (4): According to the New Jersey Real Estate
Licensing Law, what method of payment may NOT be accepted as an earnest money deposit on a sale transaction?
CORRECT ANSWER : credit card
Question (5): According to the real estate licensing law, a
real estate licensee can provide a rebate of the commission to a buyer.
CORRECT ANSWER : if the licensee is the broker
Question (6): An adult and minor have entered into a
written contract for the sale of a property the minor has inherited. This agreement is
CORRECT ANSWER : voidable contract
Question (7): After a purchase, what should a license give
to a buyer?
CORRECT ANSWER : a receipt
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Question (8): After making three sales in six weeks to
growing families with young children in a neighborhood of mostly retirees, a broker decided to seek additional listings there, he went door-to-door suggesting selling because there would not be so many noisy children. He listed four homes during this marketing campaign. This was an example of
CORRECT ANSWER : Blockbusting because he
persuaded them to list because of an influx of a protected class
Question (9): All licensees must notify the commission
within how many days of being charged with a crime?
CORRECT ANSWER : 30
Question (10): All of the following activities constitute
property management for which licensure is required
EXCEPT
CORRECT ANSWER : maintenance calls
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Question (11): An applicant for a Real estate salesperson's
license must apply for the issuance of the license within:
CORRECT ANSWER : One year from the date of
completion of the pre-licensure education course
Question (12): Bill pays his property tax bill of $980 for
the calendar year. He signs a purchase and sale contract on June 28th and closes the sale on July 15th. The contract states, that the seller is responsible for expenses on the day of closing. What is the amount of prepaid taxes due back to Bill at closing? Assume 360 days per year.
CORRECT ANSWER : $449.17
Question (13): The broker has a single agency
relationship with the seller. The broker will show the property to a buyer who is this customer. He must disclose that the
CORRECT ANSWER : Home has leaky roof in heavy
rains