PSI NJ Real Estate Exam, PSI Practice Test Latest Update Questions and 100% Verified Correct Answers A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to - Correct Answer:demand immediate payment of the entire note.
A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - Correct Answer:the seller accepts the offer
A broker has signed a listing contract for the sale of a home. Which of the following could make this contract voidable?
- The seller cannot write and sign with an "X".
- The listing contract specifies that no other broker may show the house.
- The seller is heavily under the influence of alcohol at the time of signing.
- The listing contract specifies that a commission will be paid only if the house is sold
within 3 weeks. - Correct Answer:The seller is heavily under the influence of alcohol at the time of signing.
A broker lists a property, with a listing contract allowing subagency and dual agency.One of the broker's salespersons shows the property. The salesperson would be classified as - Correct Answer:a subagent of the seller. — (Think - brokerage is the AGENCY, salesperson is working under the agency)
A broker says, while showing a rural property, "This property has the world's purest well water." This would be an example of - Correct Answer:an expression of opinion, or puffing, which could lead to misrepresentation.
A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. What type of agency BEST
describes this relationship? - Correct Answer:Agency coupled with an interest
A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which type of agency is
this - Correct Answer:agency coupled with an interest
A buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE
THE AMORTIZATION TABLE.) - Correct Answer:$409.20
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A buyer made an offer on a property that was listed at $350,000. She wanted to put $35,000 down and make payments to the seller, allowed the seller to retain title until the principal was paid off. The seller accepted, and the buyer became a - Correct
Answer:vendee
A buyer was negotiating the purchase of a house for himself. During a conversation with the seller, the seller agreed to include all kitchen appliances in the sale, and this fact was included in the sales contract. In this situation, if the seller takes the appliances with him, what recourse does the buyer have? - Correct Answer:The buyer may sue the seller for specific performance.
A charge of violation of Federal Fair Housing laws can be heard by an administrative law judge within the Department of Housing and Urban Development (HUD) or by a Federal district court judge in Federal court. The advantage of a Federal court hearing to the complaining party is that - Correct Answer:There is no dollar limit on damages paid
A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This particular contract would be legally defined as - Correct
Answer:void
A competitive market analysis is MOST often used for - Correct Answer:setting a listing price
A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31. This is called -
Correct Answer:an option contract
A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called -
Correct Answer:an option contract
A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This
listing was MOST likely - Correct Answer:an exclusive agency listing.
A couple owns an older home in a neighborhood that is becoming a commercial area.Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of - Correct
Answer:anticipation
A couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plCorrect Answer: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? - Correct Answer:no notice required
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