pa real estate exam questions pdf

178. 171. If a dispute arises, the broker retains the escrow until the dispute is resolved (35.327). Pennsylvania broker applicants must take 240 hours of real estate education or 16 credits in real estate from a college or university. An express agency is formed through an oral or written agreement. 1. Keep on studying your material and retake this practice test Choose from 500 different sets of exam pa real estate practice flashcards on Quizlet. What type of listing agreement would require the broker to provide the seller with a written memorandum stating the terms of the agreement? 2. An advertisement by a salesperson must contain the business name and telephone number of the employing broker (3 5.3 05 (b)). 2. Whenever the commission is required to satisfy a claim against a licensee with money from the Real Estate Recovery Fund the licensee. 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? An estate is simply an interest in property that provides the right to possess the land. Conviction for a felony offense does not preclude the applicant from being issued a license. The seller accepts an offer while N is taking the class and closes the day N passes the examination. 163. 1. 4. 1. We stand by our real estate practice exams and offer an exam pass guarantee. The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. The broker. When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespersons affiliated with the broker? 3. 2. They must meet all of the licensing qualifications of the act, including the examination requirement (501(c)). A property condition disclosure form is not required in the sale of commercial property. 127. Who has authority to withdraw funds from the broker's escrow account for payments that are properly chargeable to the account? 51. A housing discrimination charge must be filed with the Pennsylvania Human Relations Commission within. 113. 150. In Pennsylvania, which of the following is legal and will not result in a broker facing suspension or revocation of the broker's license? 13. Dependable support from a Licensed Real Estate Instructor! 115. 3. A foreign corporation that owns a building in Pennsylvania decides to sell without listing it for sale. {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"PA REAL ESTATE EXAM","payreferer_url":"\/flashcards\/copy\/pa-real-estate-exam-312440","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v2.9","language":"en_US"}}. 64. The licensee must disclose in writing the licensee's intention or true position if the licensee purchases any property that has been listed with his office (604 (a)(13)). A broker's duty to escrow may not be waived or altered by agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers involved in the transaction (35.322). 5. 97. While representing a seller under a listing contract, the broker learned confidential information about the seller's urgency to sell and minimum acceptable selling price. Which of the following provisions must be included in an agreement of sale? 4. 20. 3. 68. A broker is permitted to act as a dual agent provided the broker secures the written consent of both parties to the transaction. 192. 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). 131. 3. When the rents are collected, the broker should. An Acre has 43,560 square feet. The listing agreement with a seller has expired, and the seller lists with a different brokerage firm. 179. Prior to engaging in a substantive discussion, the licensee is required to provide the consumer with a consumer notice disclosing information required by law (608). The original listing salesperson now represents a buyer interested in the seller's property. Rental listing referral applicants have both an education and an examination requirement. Rules of the commission require that the estimates of costs required to be provided to the parties shall be as accurate as may reasonably be expected of a person having knowledge of and experience in real estate (35.334 (b)). Pennsylvania law requires the seller to provide the buyer with the property condition disclosure statement prior to the buyer entering into an agreement of sale with the seller. 141. 154. Zoning classification must be provided in the case of properties other than those zoned for residential use. 1. Appraisal firms are regulated by the State Board of Certified Appraisers, rather than the Pennsylvania Real Estate Commission. Rents must be deposited in a rental management account maintained by the broker, not in the broker's escrow account. 4. Real estate math is an essential part of the real estate exam and an important concept to understand to have a successful real estate career. 28. Salespersons and associate brokers are employed by and provide services on behalf of their employing broker. It is just a right to use or to restrict use. They may serve as protection for storm and flood water and help control erosion and pollution. 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). There are many ways to study for the real estate exam. Peterson’s Master the Real Estate License Exams … The governor appoints members to the State Real Estate Commission (202 (a)). 2. 186. 63. The salesperson also cashed a $25,000 earnest money check from a prospective buyer and used the proceeds to buy a new car. 181. Regarding the recovery fund, the aggrieved party. A broker operating as a sole proprietor wants to locate the main office of his business at his personal residence. The broker hires an unlicensed individual for the purpose of managing and maintaining the property. What is the impact on the employing broker's license when the salesperson's violations are brought to the attention of the Pennsylvania Real Estate Commission? Lori is: An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. Condemnation is the actual taking of the property pursuant to the eminent domain power. 53. In this situation, which of the following is true? There is no requirement that a commercial listing must be an exclusive-right-to-sell contract. A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. The broker may not require notification to terminate the listing. 10. An outlet center with clothing and furniture stores are similar commercial uses, so no mixed use exists. 3. Which of the following requirements must be met? 27. jesstaylor666. In order to purchase a home, Darla needs to take out a mortgage. An individual directly employed by the owner of multifamily residential property for the purpose of managing or maintaining the property is exempt from provisions of the license law. Specifically, the penalty for conviction for a second or subsequent offense is a fine of not less than $2,000 but not more than $5,000, imprisonment for not less than one year but not more than two years, or both (303). All parties must have a full disclosure as to which broker is holding the deposit in escrow. A trainer or handler of guide dogs for persons with disabilities wants to rent an apartment from the landlord and requests that guide dogs be permitted in the apartment. 1. 126. A comparative market analysis may be performed for the purpose of determining the offering price for property when a salesperson is securing a listing agreement with the seller (201) (608.3). A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal. The broker contacted the friends and eventually sold them a house. Municipal forfeiture and public seizure are not formal terms. jenine_johnson. 158. 146. 148. 1. However, a tax will have to be paid on a transfer. 75. 85. and all of our other tests until you get every answer right. 15. License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. 67. 2. Any person who remains inactive for a period of five years without renewing his or her license must, prior to having a license reissued, take and pass the examination pertinent to the license for which the person is reapplying (501 (b)). Check with each creditor; pull your original contractual agreements, etc. The Pennsylvania Real Estate Commission may assess an additional fee against licensees in order to increase the balance in the Real Estate Recovery Fund if. Rents are not deposited into an escrow account. A real estate license is not required for the sale of business opportunities. All of the following must be included in the listing agreement EXCEPT. It needs to obtain the necessary land from private landowners. They also serve as sanctuaries for wildlife and the natural landscape. All Pennsylvania real estate license applicants must provide a criminal background check that was done within 90 day. 2. Commission rates are not determined by local custom. The associate broker may manage a branch office on behalf of the broker. 202. Automatic renewal clauses are prohibited (35.332(c)). Which of the following actions is legal and not a violation of license law? 158. When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespeople affiliated with the broker? A broker's escrow account is required to designate the broker as trustee. In Pennsylvania, who of the following would need to be a licensed real estate broker or salesperson? A licensed real estate salesperson owns a three-unit apartment building for investment purposes. 200 terms. A licensed salesperson obtains a listing. A Pennsylvania real estate salesperson may lawfully collect compensation for engaging in real estate activities from. The commission may not investigate a random selection of licensees. 171. 104. 67. Citizenship is not a requirement for licensure nor is a degree from a college or university. While reviewing terms of an agreement of sale with a buyer, how should the agent respond to buyer's concerns about certain provisions in the agreement? One of the duties of licensees when working with consumers is to advise the consumer to seek expert advice on matters related to the transaction that are beyond the licensee's expertise (9606.1 (a)(8)). Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority. 3. 97. Agency relationships may be created either orally or in writing. This page of example questions does not include the grading function as do the math exams… They are expected to be as accurate as may be reasonably expected of a person having knowledge of real estate sales. Pass The Pennsylvania Real Estate Salesperson Exam Guaranteed! License law provides that the broker may have his or her license suspended or revoked only if the broker had actual knowledge of the violation (702 (b)) or if the conduct of the salesperson demonstrated a course of dealing that could serve as prima facia evidence of knowledge on the part of the broker (702 (c)). 42. A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. A disclosure notice must be provided at the initial interview with a consumer. At what point may the commission assess an additional fee against each licensee in order to add to the amount of money in the recovery fund? 99. A licensed salesperson secures a listing and wants to advertise it on the salesperson's own internet Web site. 0% Complete Free Practice Test … 4. The agent may provide information on properties for sale in the area, discuss mortgage interest rates and terms, and discuss various levels of representation available to the buyer. A couple visited a time-share property and received a gift of a portable color television for signing a purchase agreement for a time-share interest the day of the visit. 113. Has an agency been created? 1. In Pennsylvania, representation agreements that obligate the buyer to pay a fee. The note also contains the principal balance owned and the interest rate. The Pennsylvania Real Estate Commission may commence an investigation of a licensee's conduct upon its own motion as well as upon receipt of a verified complaint in writing from a consumer (604). 204. Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. The members are not selected by REALTORS® or elected by the public or real estate licensees. 75. 12. 2. The broker currently has a property exclusively listed for sale that fully meets the buyer prospect's needs. The salesperson's failure to provide the Consumer Notice at the initial interview is a violation of the license law (604(a)(15.1)). A licensed broker is employed by the owner of a residential multifamily housing complex to serve as the property manager. 3. ... Only then can you sit for the PA real estate exam. Unlicensed individuals may not prepare and enter into leases, negotiate terms or conditions, or hold money belonging to tenants. Which of the following statements about the Real Estate Recovery Fund is true? In Pennsylvania, leases may be written, oral, or implied. Francois is a real estate agent who has visited Lev to try to list Lev’s home for sale, but Lev refuses. A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into an agency relationship. The current statute does not require disclosure of situations such as suicide of the former seller. 145. Under these circumstances, the salesperson has. The licensee should advise the seller of the disclosure requirements and the seller's obligation to comply with requirements of the statute. 54. 109. 108. A builder owner salesperson applicant must take and pass the salesperson's examination but has no mandatory education requirement (551). Please … The commission does not arbitrate such disputes. 178. Rules of the commission require that the salesperson license application include a sworn statement from the employing broker certifying that the broker will actively train and supervise the applicant (35.223 (2) (i)). Members of the real estate commission are appointed by the governor (202 (a)), not the state Association of REALTORS®. 3. The commission also promulgates rules and regulations (404) and reports to legislative committee's (408). That's why the Real Estate Exam Strategy (PDF) booklet is included with your review materials. What is the best course of action for the licensee to follow? No such license will be reinstated until the licensee has repaid the money in full plus interest at the rate of 10% per year (803(f)). However, a broker is permitted to deposit business or personal funds to cover service charges or maintain minimum balance requirements of the institution (35.326 (b)). Each member of the Pennsylvania Real Estate Commission is appointed by the governor (202 (a)). 4. 122. 160. 50. A principal is the party that the agent represents and acts on behalf of, such as Alex. Negotiating the sale of real estate for another in return for a fee is a license-required activity. Although the salesperson may be guilty, the employing broker is not always liable. An agency by estoppel, which is an implied agency, was created since Lev, the principal, did not stop Francois, the agent, from representing Lev’s interests. The salesperson. Lori is not necessarily a licensed salesperson. 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 profit realized from the sale of real estate held for 3 years is long term capital gains. The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). The first part is the real estate salesperson national exam and the second part is the real estate salesperson state specific exam. 170. Employees engaging in the real estate business may hold a salesperson's, rather than broker's, license. 195. 124. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. A purchaser tenders an earnest money deposit check with an offer to purchase and instructs the salesperson not to deposit the check until the seller accepts the offer. According to the Pennsylvania Statute of Frauds, which of the following agreements must be in writing in order to be enforceable? Elderly persons were not added to law. If a broker receives money belonging to another under an installment land purchase agreement, the transaction is considered consummated when. 162. An easement in gross is also known as a commercial easement in gross and is typically possessed by governments and utilities for providing services to the public such as electrical lines across another’s property. 50. The buyer is not the one to agree to the offer of subagency. Completing the requirements for licensure and processing paperwork to the state does not mean that a candidate is "licensed". 9. Employees of a public utility, trustees in bankruptcy, and licensed auctioneers are all exempt from licensing requirements (304). 122. The liability of the recovery fund shall not exceed $20,000 for any one claim and shall not exceed $100,000 per licensee (803 (d)). In Pennsylvania, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the following statements is true? 1. 180. 87. Pass the real estate exam with confidence! The commission prescribes subjects to be tested (403), approves schools (402), and may waive continuing education requirements (404.1). In this position, the on-site manager. 3. $135,000 / $540,000 = .25, so the loan to value ratio is 25%. ... To pass you must correctly answer at least 60 of the national questions and 23 of the state-specific questions. A broker may place a "For Sale" sign on a property after receiving permission to do so. An individual holding a salesperson's license issued by another jurisdiction must prove that this license has been active within five years prior to submission of the application. 148. Under what circumstances may a broker deposit personal or business funds into their escrow account? 84. 4. Residency or posting of a performance bond are not required of a broker candidate. Regulation (REG) | CPA Exam… Appraisal activities are regulated by the State Board of Certified Real Estate Appraisers, rather than the Pennsylvania Real Estate Commission. Application to the fund may be made only after all reasonable remedies available have been exhausted (803). Accepting a listing on such conditions subjects the licensee to possible disciplinary action by both the Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission (604 (a)(22)). When the court orders a payment to be made from the recovery fund owing to the improper activities of a licensee, what happens to the licensee? An individual who holds a salesperson's license issued by another jurisdiction wants to obtain a Pennsylvania salesperson's license. 80. 1. 2. License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits (604(a)(5)). 3. In Pennsylvania, dual agency is permitted if both parties give their fully informed consent in writing 606.4(A).

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