Psi Nj Real Estate Practice Exam

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  Incorrect answer. Please choose another answer. Agency Concepts and Managerial Duties 4. Listing agents are special agents. If an agent has several listings with one seller, that agent is a special agent several times. Several listings with one client do not constitute a general agency. Legally, what is the nature of agency relationships between listing brokers and sellers? General agency. Universal agency. Limited power of attorney. Specific agency or special agency means that a licensee may act on a principal's behalf only in limited ways for a limited time; generally for only one transaction.

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• The PSI National Real Estate License Exam

  General agency is an agency whereby the agent is given authorization to act as agent for a range of activities. Universal agency is unlimited rights to act on the principal's behalf. A limited power of attorney grants authority to act on the principal's behalf, but limits the authorization to only those acts that are named. A legally-competent, wealthy investor is selling a large commercial property. The year-old investor is represented by a one of the busiest, most successful brokerage firms in the state. The closing date for the transaction coincides with an important overseas business trip the investor cannot postpone or cancel. Prior to leaving on the business trip, the investor executes a document authorizing a trusted friend to sign all documents related to the sale of the commercial property.

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  After accepting the appointment, the investor's friend owes fiduciary duties to the investor. Of the following choices, what is the name of the document executed by the investor? Listing Agreement b. Purchase and Sale Agreement c. Power of Attorney d. A properly executed POA authorizes an agent called an attorney-in-fact to act in place of the principal. An attorney-in-fact owes fiduciary duties e. Here, the principal is the wealthy investor and the attorney-in-fact is the trusted friend. Note: An attorney-in-fact does not need to be an attorney. A is incorrect. A listing agreement is a contract between a licensee and the seller of a parcel of real estate. This agreement authorizes the licensee to act on behalf of the seller to sell the property. The wealthy investor would have entered into a listing agreement with the brokerage firm.

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  Test-Taking Tip: Note the difference between what an agent can do under a listing agreement and what an attorney-in-fact can do under a POA. The agent under a listing agreement acts "on behalf" of the seller to sell the property, and the agent does that in expectation of a commission or fee. Listing Agent activities might include things like marketing the property, staging the property, and soliciting offers for the property. However, the agent's authority would not typically include an activity like accepting an offer for the property and binding the principal.

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• New Jersey Real Estate Practice Exam

  In contrast, an attorney-in-fact acts "in place" of the principal, and rarely expects any type of compensation or fee. So, provided the POA authorizes the activity, the attorney-in-fact could accept an offer, bind the principal, and sign all the documents related to the transfer of the property. B is incorrect. A Purchase and Sale Agreement is the contract the seller would enter into with a buyer for the purchase of the property. D is incorrect. The judge appoints--and monitors--a person selected to act on behalf of the incompetent individual.

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• Psi Sample Test

  Contracts and Contract Law Which of the following lists the essential elements of an enforceable real estate contract? Any party bringing an action for breach of contract must provide evidence that an offer was made, that it was accepted and that both parties offered consideration. The terms "mutuality", or "mutual consent" are synonymous with offer and acceptance. Although signatures are required on all contracts for the sale and purchase of real estate according to the statute of frauds, they are not required on all real estate contracts. An exception to the statute of frauds requirement is leases for a period of one year or less. A listing agreement did not include an authorization to accept a deposit. Which of the following is correct? The authorization is implied. The broker cannot accept the deposit. None of the above If the scope of authority of a real estate broker is limited to just producing a buyer, the broker does not have the authority to collect an earnest deposit on behalf of the seller.

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• Nj Real Estate Practice Exam

  When an agent does collect a deposit in this case, the agent is acting as agent for the buyer offeror and not the seller. Real Property Characteristics Which of the following is considered personal property? Growing trees. A deed. A deed is personal property, even though it is proof of ownership of real property. Personal property is movable property. Since a deed is movable, it is considered personal property. Homeowner Howard's home was foreclosed. Understandably, Howard was quite upset, and just before he was ordered to vacate the home, he removed all of the plumbing fixtures, lighting fixtures and built-in appliances from the home. When Howard's lender listed the property for sale, the listing agent realized that the fixtures had been removed. What is the act of removing the fixtures from the home called? Since the lender is foreclosing on the real property, and the fixtures are considered real property, the lender is entitled to receive the home with all of the fixtures intact.

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  Removal of the fixtures from the home in the manner described in the scenario is a tort violation against the lender, and is subject to civil action, although in most cases it is not financially prudent for the lender to pursue such action because the litigation costs can be greater than the lenders financial loss from the damages. Water Law A waterfront owner does not own the water, and does not own the land under the water. The landowner simply owns a right to access to the water. Which of the following correctly defines the doctrine of prior appropriation? The person or entity who pays the highest price for the use of the water source is granted the use rights to the water in the source.

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• Real Estate Practice Exam

  The right to use river water adjacent to one's property. The rights to free use of all lake water. In states where water is scarce, a form of prior appropriation applies. Also known as first in time is first in right, the doctrine grants water rights to divert a specific amount of water from a specific source to irrigate a specific piece of property. Those rights are then assigned a priority based on when the right was first used or applied for. In periods of peak demand, the person or entity whose claim is the oldest is given the first right to the water. Freehold Estates The lessee of an apartment and the owner of a condominium have many things in common. Which of the following is true for both? They each hold a fee simple interest. They each hold an estate in real property. They each hold a less than freehold estate.

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• Sample Real Estate Exam Nj

  They each hold an estate of inheritance. Although the living arrangements and the structure of the buildings might look similar, the only thing a lessee of an apartment and the owner of a condominium have in common is that they each have an estate in real property. A condo owner has a fee interest which is a freehold estate. The lessee has a less-than-freehold estate.

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• Real Estate Licensure

  David Forward T February 13, As I write this, my Cherry Hill real estate pre-licensing class is taking the final exam in our hour real estate salesperson pre-licensing class. I was hardly surprised; the same questions are asked by most of our real estate licensing students. The true answer, of course, is that we have absolutely no idea what questions the state will randomly assign to each exam. They are selected from thousands of questions that are in the system. Yet when I review the wrong answers we most-frequently see in our own final exam in the prelicensing course, I can see a trend towards the areas where many students have problems in the same areas of questioning. Oh Goody: Math! By that, I mean there may be additional questions on topics such as mortgages or property taxes which still involve some calculating.

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• Real Estate Agent Exam

  Second, several of those are likely to be questions a third-grader could answer, such as calculating the square footage of a room 10 feet wide and 20 feet long. What was the sale price per square foot? We try to second answer: So B is wrong. Try C. Enough about math already! Why would you invest an entire evening cramming on subjects that only have two out of the questions on the state exam? It is impossible to define the most difficult subjects on the state exam exactly because different people learn differently.

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• New Jersey Real Estate License Exam Prep - 2nd Edition - PDF Version

  Stop the Negative Self-Talk! Put together a study plan and stick to it. Nobody will ever know if you passed on the first—or the fifth try. Good luck! David C. He is School Director of Garden Real Estate Academy, has won numerous awards for real estate sales, is a much-requested public speaker who has addressed audiences on six continents and is the author of 14 books.

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• New Jersey Real Estate Salesperson Practice Exam ( Updated)

  Since we have been managing real estate schools and developing curriculum for forty years, we know how all this works — or fails to work. Our content is drawn from our own national textbook, Principles of Real Estate Practice — one of the most widely used principles textbooks in the country. Finally, our national content, as well as our question selection, is further tailored to the state testing outline promulgated by PSI for New Jersey. The practice tests are roughly 50 questions in length and the sample test is questions. The test questions are designed to cover the content covered by the law reviews — which reinforces your learning of the total body of information tested by your state exam. The questions are direct, to the point, and designed to test your understanding. When you have completed a given test, you can check your answers against the answer key in the appendix. Unlike other publications, we are not going to tell you that using this book will guarantee that you pass your state exam.

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• The Toughest Questions On The NJ Real Estate Exam | GSRE Academy

  It still takes hard work and study to pass. But we have done our best here to get you ready. Following that, the most we can do is wish you the best of success in taking and passing your New Jersey real estate exam. So good luck!! Very basic info.

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• The Toughest Questions On The NJ Real Estate Exam

  Select an Exam How Does it Work? It's simple, choose an exam and start studying. We suggest starting with our national exam, although feel free to pick whichever you like. Our real estate practice exams pull from a large pool of questions so each time you can expect a different study experience. Don't forget to read the explanations too, so you get a full understanding of the question. Lastly, at the very end of each exam, there is a recap of the questions you got right or wrong, which is also very helpful to look at. National Questions Video Example Authenticity We strive to make our questions as accurate and up to date as possible. We use the most updated laws and information to create every single one of our questions. We have hundreds of real estate exam questions and add questions weekly. If there is ever additional content you'd like to see be added to our exams, feel free to reach out to us. Full Access For full access to all of our real estate practice exam questions check out our packages.

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• NEW JERSEY PSI Real Estate Exam Prep Study Guide Questions & Ans. [CD-ROM] | EBay

  With full access, you can have more national real estate questions, state-specific real estate questions, more real estate math questions, and access to other study tools! The real estate exam can be scary at first, but with the right study materials, you can conquer the real estate exam. Each state real estate exam is broken up into two parts: the national portion and your specific state portion. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. By far, the most substantial chunk of the real estate license exam is the vocabulary that we cover in our exams. The key concepts and words you have to study are essential for obtaining your real estate license, so it's crucial you learn and become familiarized with them. For a full list of real estate terms check our comprehensive guide. The number of questions on the real estate exam depends on which state you are taking the exam in.

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• Psi Practice Test

  Normally the exam varies between national questions and state-specific ones, but each state is different. Frequently Asked Questions.

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• Free Real Estate Practice Exams [2021 Update]

  Its a total scam and i m surprised after so many complaints there is no other center for Health Insurance exam and people end up at PSI. They don't specify anything when you purchase and just ready to charge your card. The customer service is so damn rude and not helpful. Sep 30, Real Estate Exam I am so frustrated. I have bought the practice exam the book and done several free tests. Nothing has prepared me for their National test. But, most of all the states that contract with them are equally at fault. No matter how many times you take a test and fail Many questions may have more than one correct answer. All of the textbooks also clarify that area remains as a non clear item in many situations.

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• Practice Exams | PSI Learning Academy

  PSI offers questions on this subject with more than one answer that may be correct. Just think how many applicants fail by one point that may be based on this open ended question. I was registered on time and in short order I was led to the desk that had the computer. I entered my social security number and my test loaded up perfectly The font on the screen was tiny. The background was not bright enough to help. As you are probably aware real estate license tests are tricky In other words questions sometimes lead to wrong answers if you don't read them with extreme care. After 45 minutes of trying my best to be careful with all 45 questions I developed a massive headache and had to leave the screen without being able to review my answers because of the pounding headache I had developed. It turned out I had failed the test. I am a licensed Broker in multiple states with over 30 years of experience. These tests and PSI is not foreign to me. This experience was unacceptable and impossible to complete because of the conditions.

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• PSI Online - One Stop Solution For Test Takers

  I left the center, immediately called PSI on their number that they advertise as "Customer Support", told the attendant of the problem and was transferred to a female working in some division named "Candidate Support" or some other name the lead me to believe was an advocate to people like me who had paid to take their test. It turns out that a lady named "Jamie" took the call, instantly told me that I must pay to retake the exam and because I didn't tell the proctor the school would not find an equitable resolution under ANY circumstances.

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  I told her that there were no instructions to tell the proctor and I called her to notify her of the issue. I asked to speak to Jamie's supervisor I asked to speak to her boss I mentioned the possibility of a charge back to my American Express account and Jamie replied that it has been noted and if I did that I'd never be able to take another test at PSI. Jamie continued to say I should have notified someone on site. I told her I called customer support to voice my concern.

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• PSI Online - One Stop Solution For Test Takers

  She stated that it was "obvious" that I should have complained on site I have a customer support number. Where is the support. All I got was a lecture from some phone agent who was anything but helpful or friendly. This was the most amateurish and childish reaction to a real problem for any company I've encountered in quite some time. I can't remember a complaint I've had against anybody or anything in my adult life. All they had to do was call the local testing center and have them pull up the test on the very computer screen, see for themselves and equitably resolve the problem but their "Candidate Support agent Jamie refused to elevate it in any manner. PSI has a real problem here I will continue to pursue a resolution of this failure by PSI and will post subsequent activities. Kind of soon, but the date was set by them, so whatever. When me and my cohorts showed up, we were locked out, as no proctor had showed up. After an hour of waiting and on-hold with customer service, we learn that the test was canceled, but we were never informed.

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