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PSI NJ Real Estate Exam, PSI Practice Test Newest 2025/2026 Actual Exam Complete 100 Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+
Which of the following statements about discount points is FALSE?
- they are computed as a percentage of the selling price
- they are used to buy down interest rate
- they are a function of the marketplace
- they are paid by either the buyer or the seller - ANSWER-they are
computed as a percentage of the selling price
When is flood insurance REQUIRED in order to obtain a loan? - ANSWER-when the property is located in a flood hazard zone
Usury laws were enacted to protect the - ANSWER-borrower
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 - ANSWER-vendee
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The Equal Credit Opportunity Act addresses all of the following
EXCEPT
- discrimination in lending
- written statements of credit denial
- acceptable factors for borrower analysis
- standardization of interest rates - ANSWER-standardization of interest
rates
Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have? - ANSWER-exclusive agency listing
The real estate licensee who accepts an undisclosed fee for referring a buyer to a specific title company may be in violation of - ANSWER- RESPA
Which of the following events would AUTOMATICALLY cancel a listing agreement? - ANSWER-property owners death
Another term for the owner of a property listed with your firm is the - ANSWER-client
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A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - ANSWER-the seller accepts the offer
The day after a broker's listing on a house expired, it was listed with another broker and offered in the MLS. Several days later, a third licensee called the first broker and asked for the key to show the home.The broker should inform the called that - ANSWER-he is no longer the listing agent
When a principal authorizes an agent to perform a particular act or transaction, it is an example of what type of agency? - ANSWER-special agency
One common method for controlling the problems created by conflict of interest in dual representation is - ANSWER-allowing a broker to designate separate salespeople within the company as legal representatives of each of the clients
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 - ANSWER-agency coupled with an interest
State laws differ on whether a buyer is entitled to know about - ANSWER-a suicide that occurred in the house last year
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