pa real estate practice exam quizlet

During the listing presentation, the seller questions the amount of commission to be paid and is told? Rents are not deposited into an escrow account. Which of the following is not true of Federal National Mortgage Association? 161. Give legal effect to agreements bargained for electronically, as long as they meet all other provisions of contract law. What is the indicated value of the property? What kind of listing contract do the owners have? Rules of the commission provide that an agreement of sale must contain the dates for payment and conveyance, in addition to other specified items. 2. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). When the rents are collected, the broker should. Reply . 1. An individual who wants to manage a branch office for a licensed broker must have an associate broker license. Question 1. 1. 205. Which of the following is a mandatory provision in an agreement of sale negotiated by a broker between a buyer and seller? What is the selling agent's share of the commission on the sale of a $42,000 property with a commission rate of 7%? 46. Real Estate Broker Practice Exam Exam Code: Broker Price: $19.95 Purchase 189. Need for inspections to be completed within the time stated in the contract. What is the licensee required to do in this situation? She lists the property with a broker on an exclusive-right-to-sell basis for a term of six months. Three years ago a property was valued at $62,000. $83. All of the following are license law violations EXCEPT: a salesperson who places an ad without their broker's permission. 180. Appraisal activities are regulated by the State Board of Certified Appraisers. Upon conviction for a first offense for practicing real estate without a license, the maximum penalty is a fine not exceeding $500, imprisonment not exceeding three months, or both (303). If a broker or cemetery broker intends to maintain more than one place of business, the licensee must obtain an additional license for each office location before any office is opened. This must be done within six months after the work is completed. 93. Campground membership salespersons (581), time-share salespersons (591), and rental listing referral agents (561) are all required to complete education or training requirements as a condition of licensure. The Real Estate Seller Disclosure Act provides for nine instances in which disclosure requirements do not apply: new construction covered by a builder's warranty, foreclosure sale, and conveyance between one spouse and another. The Pennsylvania Human Relations Commission does not have the power to suspend or revoke licenses. 3. Several days later, a third licensee called the first broker and asked for the key to show the home. Under the common law of agency, licensees owe the broker with whom they are associated all of the following duties EXCEPT. So long as the owner retains the authority to make decisions, the employee may show apartments and provide information on rentals. 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. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. An agency relationship between a property owner and a property manager is usually created by. That section can be used to study the topics featured on those 85 questions. The listing agreement with a seller has expired, and the seller lists with a different brokerage firm. What was the sale price of the house? The Pennsylvania State Real Estate Commission's Rules and Regulations require that a real estate broker representing a party to a transaction must ensure that all contracts are in writing. Nov. 2005. 278 terms. What is the interest portion of the second monthly payment on a $25,000 mortgage with payments of $254.25 which include 11 1/2% interest? What is the best course of action for the licensee to follow? 1. Regarding licensing and employment of personal real estate assistants in Pennsylvania, the personal assistant. Passed by the Department of Environmental Protection *Gives notice to prospective buyers that if a property is not serviced by a public sewage system and no community sewage system is available, a permit for an individual system must be obtained, Pennsylvania Sewage Facilities Act in 1994, Provides for the rehabilitation or recycling of brownfields by providing a mechanism to enforce hazard mitigation controls and ease concerns about the future liability associated with contaminated properties, Uniform Environmental Covenants Act (UEAC), which took effect in February 2008, Burdensome disclosure requirements are readily satisfied -Mitigation controls can be enforced regardless of ownership. Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather than proceed to closing. 160. 189. 115. 36. 4. License law requires that each branch office shall be under the direction and supervision of a manager who is either the broker or an associate broker (601 (b)). This act: X and Y are neighbors- owners of lots 1 and 2 respectively, in Jonathan Acres subdivision. The law requires that a definite termination date be included in an exclusive listing (604 (a)(10)). 4. 2. A land owner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Psi Exams Cosmetology Practice Test - 11/2020 PSI Cosmetology Practice Test . 98. The cooperating broker acting as a subagent must provide the consumer notice and appropriate documentation to the buyer prospect (606.1 (b)(4)). The Pennsylvania Realty Transfer Tax is 1% of the full sale price. In analyzing a mortgage loan application, a lender would not consider: originates, services, and perhaps sells the instruments to others. Because of this, some federal agencies, such as FHA? If, at the beginning of any biennial renewal period, the balance in the fund is less than $300,000, the commission may assess an additional fee against each licensee, up to a. 202. While the conduct addressed in each choice could cause a license to be suspended, the only issue that requires an automatic suspension of the license is when the commission pays money from the recovery fund to settle a claim against a licensee (803(f)). The rules do provide that the office must have a separate entrance, that the business name be displayed, and that the office allow for business to be conducted privately (35.342). Before listing the property, the agent should. The agent should, The real estate broker who is listing a house for sale should personally verify. It is timed, although the length varies from state to state. The program provides counseling and loans to help people pay delinquent mortgage loans. A commercial listing must state that money received by the broker will be held by the broker in escrow pending consummation or termination of the transaction (35.331). 84. Commission rules specify what must be included if an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing (35.333 (b)). Nail Technician Practice . If a married couple purchases a condominium unit as tenants by the entirety, how would their interest in the common elements be held with the other unit owners? In selling his house, an owner received a net amount of $30,225 after paying the broker his commission. 52. However, in states that have adopted the Uniform Partnership Act, including Pennsylvania, a partnership is recognized as a legal entity and can hold title in the partnership's name. Which of the following is TRUE? 4. Charges permitted by the Pennsylvania Municipalities Planning Code to help defray the cost of streets to keep up with development. 3. 1. Actions of the Human Relations Commission finding licensees guilty require notification to the State Real Estate Commission (604(a)(22)). 3. Contains remedies for landlords if a lease is in default and rules of civil procedures for district justices in these cases. 190. Neither must be represented by attorneys nor do they have to be related. The non-disclosure is a violation of the law. 1. 163. An exception to title insurance coverage is? In Pennsylvania, who of the following would need to be a licensed real estate broker or salesperson? The mortgagee takes the real estate subject to all junior liens. 70. 18. Which of the following actions would be a violation of the salesperson's agency duties to the client? An agent took an exclusive right to sell listing on a property. They are expected to be as accurate as may be reasonably expected of a person having knowledge of real estate sales. general lien takes everything when you don't pay, specific lien takes specific items. 143. This includes brokerage agreements: seller listing and buyer representation. How many acres are in the entire park? According to the law of supply and demand, which would have sold for the lowest price? The salesperson's employing broker was unaware of all of these activities. Elements of a deed legal description of real estate. The buyer then asks the salesperson if she can help them secure a mortgage loan. When most people begin house hunting, they contact an agent and the first thing out of their mouths is, "We're looking for a home to live in." in a certain neighborhood. 95. Rents must be deposited in a rental management account maintained by the broker, not in the broker's escrow account. When presenting the offer, the broker should? 2. It works just like the national practice exam and is updated annually. A salesperson in a branch office is sued for damages by a buyer after the salesperson misrepresents a property. The unlicensed individual. A 5-year-old house has depreciated 6% annually each year. 94. What is the assessed value on a $50,000 property if the taxes are $440 per annum, a tax rate of 44 mills and property is assessed at 20% of market value? 144. License law requires the broker to immediately deposit earnest money deposits in a separate custodial or trust fund account maintained by a bank or recognized depository until the transaction is consummated or terminated (604 (a)(5)(iv)). The rationale supporting the validity of the law is the government's responsibility to ensure that the public is protected. A real estate licensee is required to provide each party with a written estimate of reasonably foreseeable expenses associated with the sale before an agreement of sale is executed (35.334 (a)). Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. 179. The first conviction for unlicensed activity is a summary offense and involves payment of a fine not to exceed $500 and/or imprisonment not to exceed three months. 116. The buyer wants to make the purchase offer contingent on a complex mortgage arrangement. What is the duration of a home warranty's coverage? The five commissioners licensed as brokers shall have been engaged in the real estate business for at least ___ years. The broker could not present the offer for 4 days because the seller was out of town. 3. What is the rate of return on an investment when net operating income is $3,430 and property value is $22,000? The current statute does not require disclosure of situations such as suicide of the former seller. A disclosure is required even if a licensee is not involved (for-sale-by-owner) by an absentee owner and if the buyer was a tenant in the property. Which of the following actions on the part of the broker are legal and not a violation of the license law? 155. A written agreement in which a purchaser agrees to buying a seller agrees to sell is called? Which of the following is true? Based on these facts, which of the following is true? An agency relationship between a property owner and a property manager is usually created by? How many square feet in the sidewalk? The commission schedule indicates the office receives 35%, the manager receives 5% of the balance, with the listing agent receiving 55% of the balance thereafter. Could this action result in disciplinary action against the broker by the commission? the buyer finds a better property for better terms, A realty firm has just entered into an agreement to represent a home builder in the sale of a new subdivision. 2. 132. E. discount rate. A tenant rented an apartment signing a 15 month lease. 82. This is called, A company agrees to lease a property to be used as a gambling casino. An individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings. The broker is required to keep records of all funds deposited into the account. Real Estate Salespersons 3. 202. A broker is employed as a property manager. Which of the following is not an operating expense? When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies involving inspections or approval by a third party should. Using the cost approach to appraisal, what is the value of the property today? In a high-quality residential property, an unattractive kitchen that does not have enough cabinet space to meet market tastes and demands will likely result in: In planning a subdivision, a sub- divider drafts a map of the development that shows the location and boundaries of individual properties. The unlicensed person may do nothing. Upon passing the license exam a candidate is qualified to apply for a license. This is an example of the principle of, A formal appraisal will ALWAYS be REQUIRED when the, lender wants to sell the mortgage to the secondary market. The Pennsylvania Real Estate Commission may take disciplinary action against a licensee when the licensee violates all of the following EXCEPT. 4. 3. Real estate express final exam! Prior to the seller's acceptance, Lynch called the broker to rescind the offer because he wanted to use the $10,000 for a different purpose. 34. What, if anything, does the broker need to include? License law specifically prohibits a broker from paying a commission or other valuable consideration to anyone other than his or her licensed employees or another real estate broker (604(a)(12.1)). 153. For whom would the exemption from licensure apply for the sale of corporate owned real property? The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. The department of state arranges for the services of a professional testing service to write and administer examinations (403). Free Real Estate Practice Exam Prep Questions - Select Your State & Course! Recommendations are required for licensure as a broker, rather than a condition of taking the examination. The best part is you won't pay extra for practice tests! The buyer is interested in making an offer on the seller's property. You should expect real estate exam questions involving the following content: Real Property Characteristics Freehold Estates Real Estate Ownership 61. Pass Pennsylvania real estate licensing exams. Real Estate Practice Exam 2. What is the principal balance after the third month's payment on Mr. Hampton's 11 1/2%, 20 year mortgage? Real Estate Exam NINTH EDITION Includes 5 Practice Exams and more than 1,900 Practice Questions Questions & Answers to Help You Pass the Real Estate Exam REILLY VITOUSEK SAMPLE. Which of the following actions is legal and not a violation of license law? Maggy signs an exclusive agency agreement for $147,000 with High Flyer Realty. 4. An owner hired a construction company to build a swimming pool at a new home. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. 116. As disclosed in the contract that offers the warranty. What is the average annual gross income from the investment if the amount invested is $81,000 and taxes and expenses average 10% of the gross income? 1. In Maryland, there are 110 questions on the exam (80 national and 30 state). What is the adjustment made at closing? Each spouse has an equal, undivided interest in the property. What critical aspect of the property inspection process MUST licensees convey to prospective buyers? Taxes are $0.02 per $1 of assessed value. 176. 23. Any interest earned is held and disbursed pro-rata in the same manner as the principal unless the parties agree otherwise (35.325(c)). Under these facts the buyer. The broker may not require a cancellation notice to terminate the listing at the end of the six-month period (35.332 (c)). 145. 3. Licensees must be aware of potential legal liability that could arise in this situation and should seek guidance from legal counsel. 96. Brokers are required to maintain a separate custodial or escrow account separate from any business or personal account. The broker must disclose his or her license status prior to entering into an agreement with an owner (35.332(c)). I.M. The broker currently has a property exclusively listed for sale that fully meets the buyer prospect's needs. 3. Laura conveys a life estate to Rober until Pete's death and then to Paula. license revocation and criminal prosecution. X and Y: are not exempt and have committed a criminal act. Licensees do not pay fees at each renewal; they are assessed an amount to be paid at the time of original license application. An individual directly employed by the owner of residential multifamily buildings is EXEMPT from licensing requirements when. When a real estate brokerage activities of a "promotional nature" occur in Pennsylvania for land located either outside or inside Pennsylvania. James writes back: "I accept your offer if you include all appliances in the sale price."

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