PA Real Estate Exam Bundle Graded A+

What is the term of office for a member of the Real Estate Commission? A. 1 year B. 2 years C. 5 years D. lifetime appointment - Answer-C members of the commission serve a term of five years Hector owns a small apartment building. His property management company hires Maria to negotiate leas...

What is the purpose of PA real estate law? - Answer-to protect the public against incompetence or dishonest real estate transactions, to enhance standards for licensees, and to protect licensees from improper or unfair competition The PA real estate commission is responsible for - Answer-passing ...

Purpose of License Law - Answer-Is to protect the public by ensuring a standard of competence and professionalism in the real estate industry. The laws achieve this goal by Establishing basic requirements for obtaining a real estate license and, in many cases, requiring continuing education to keep...

Real estate license law in PA is administered by who? - Answer-PA Real Estate Commission The Commission has the authority to do what? - Answer-to administer and enforce license law Under what circumstance is the PA Real Estate Commission REQUIRED to suspend a licensee's license? - Answer-if t...

Four definitions of value - Answer-1. fair or equivalent return of goods/services or money for something exchanged. 2. Monetary worth of something 3. Relative worth, utility or importance of something 4. REAL ESTATE DEFINITION the present worth of future benefits that would be gained from owning ...

All of the following are requirements to obtain a property through adverse possession in Pennsylvania except: - Answer-hostile possession. open and notorious possession. continuous possession for 20 years. the claim must be filed in court. The continuous occupation must be for a period of 21 yea...

How many brokers can you be affiliated with as a Pennsylvania licensee? - Answer-1 A consumer filed a complaint against a licensee for possibly violating the Pennsylvania Human Relations Act. Can the State Real Estate Commission investigate this complaint? - Answer-Yes, but only once 90 days have...

Physical Characteristics of Land - Answer-Indestructibility Immobility Uniqueness Economic Characteristics of Land - Answer-Permanence of Investment Investments Scarcity Area of Preference Metes and Bounds - Answer-Point of Beginning Rectangular (Government) Survey - Answer-Base lines ...

Susie Salesperson works for broker Bill at XYZ Realty. Susie places the following ad in the local paper, " Beautiful four bedroom home, scenic view, easy terms of financing, available now. Call Susie on her cell phone at ." Is this a satisfactory advertisement? - Answer-No, the name of the brokera...

Consent Order and Agreement - Answer-A legal document used when two parties involved with an order to show cause negotiate a settlement outside of court for presentation to the commission. Economic Characteristics of Real Estate - Answer-Demand Utility Transferability Scarcity Situs Physic...

Which of the following describes the term "appreciation"? A. Kind words expressed to someone about something they did B. An increase in the value of property C. An item of value owned by an individual D. None of the above - Answer-B. Appreciation is the increase in the value of a property d...

Connie is an unlicensed individual who serves as a member of the Pennsylvania state real estate commission what compensation does she earn per serving in this role - Answer-She receives a per diem $60 one spending time on commission business and is reimbursed for a reasonable expenses Kevin a con...

AGENCY RELATIONSHIP - Answer-A relationship whereby the broker or licensees in the employ of the broker act as fiduciaries for a consumer of real estate services by the express authority of the consumer of real estate services. ASSOCIATE BROKER - Answer-A broker employed by another broker. BRO...

ARELLO - Answer-Association of Real Estate License Law Officials - Uniform policies and standards for administering and enforcing state license laws are promoted by them License Laws - Answer-are to regulate the real estate industry. Their main objective is to ensure that the rights of purchasers...

How many members is Pennsylvania Real Estate Commission a. 11 b. 9 c. 5 d. 7 - Answer-A. 11 Which of the following are required by law to be licensed or registered in PA? 1. brokers 2. Real Estate salesperson 3. Cemetery brokers 4. Cemetery salesperson 5. Campground membership salespers...

police power - Answer-The legal basis for the Pennsylvania license law is derived from the state's 11 - Answer-The Pennsylvania Real Estate Commission is composed of members. C.5 - Answer-How many members of the Pennsylvania Real Estate Commission must be licensed real estate brokers? publ...

A business name used by a broker must - Answer-be the same as on the licensed issued Misleading advertising is - Answer-prohibited Advertising must include - Answer-the broker's business name What is a blind ad? - Answer-Failing to include a broker's business name Advertising must incl...

AGENCY RELATIONSHIP - Answer-A relationship whereby the broker or licensees in the employ of the broker act as fiduciaries for a consumer of real estate services by the express authority of the consumer of real estate services. ASSOCIATE BROKER - Answer-A broker employed by another broker. BRO...

When was RELRA originally passed in Pennsylvania? - Answer-May of 1929 When was RELRA changed to a different name? - Answer-1980 What is one of the most important thing RELRA does? - Answer-grant ruling- making and enforcement authority to the State Real Estate Commission What does the Stat...

When does your real estate license expire in Pennsylvania? - Answer-May 31 of every even numbered year Larry, a Pennsylvania broker, provided a copy of the Consumer Notice to a prospective buyer prior to entering into an agency relationship and showing the buyer several properties. How long must ...

When using the services of a real estate licensee to find a residence to lease, a PA consumer must be provided with a. consumer notice b. rental application c. plain language residential lease d. landlords led-based disclosure - Answer-a. consumer notice according to the Pennsylvania landlo...

RELRA - Answer-Real estate licensing and registration act - the commission is responsible for administrating and enforcing rules found in RELRA as well as supervising all activities RELRA commission members: - Answer-appointed by the Governor for 5 year terms. meet on regular basis as needed, but...

Real Estate Commission has how many members - Answer-11 Who are the members of the Commission - Answer-(1) Commissioner of Professional and Occupational Affairs (1) Director of Bureau of Consumer Protection (5) Brokers of 10+ yrs experience (3) Public at Large Members (1) Broker 5+ years sell...

How many people are on the Commission? - Answer-Eleven How do people get on the Commission? - Answer-Chosen by the governor for staggered five-year terms Are people elected or appointed? - Answer-Appointed by governor What does the Commission need to do business? - Answer-A Quorum (MAJORITY...

Real Estate Commission - Answer-conducts its activities to protect the public. Prescribes the subjects to be tested (not conduct test.) Authority to disciplinary actions against licensees. Exempt from Licensure - Answer-Owners, attorneys in fact, and licensed auctioneers are exempt from licensure...

Matthew, a Pennsylvania licensee, represents a buyer who's interested in purchasing a property from Matthew's seller client. Matthew is a ______. - Answer-Dual agent Dual agent - Answer-An individual who acts as both the buyer's and seller's agent in a transaction The number of days wi...

What correctly describes the Pennsylvania Real Estate Commission? - Answer-Eleven members, of whom five are licensed real estate brokers, three are members of the public, and one is licensed as a cemetery broker. A listing broker shares the compensation paid by the seller with the buyer's broker...

A licensee's seller client isn't willing to complete a property disclosure form. They've received an offer for the property. What should the licensee do? - Answer-Mark the property disclosure form as "refused" and deliver it to the buyer or buyer's representative before signing a purchase agre...

When includes as a provision in an agreement of sale, a mortgage contingency must include all of the following - Answer-- type of mortgage - maximum interest rate of mortgage - deadline for the buyer to obtain the mortgage NOT: the amount of mortgage payment if a licenses sales person owns ...

RELRA and State RE Commission Rules and Regs are laws.. - Answer-that govern how licensees provide real estate services in PA Broker of record is responsible for.. - Answer-all activities performed by an affiliated licensees Appraisal - Answer-process of estimating a property's market value, ...

A broker is found guilty and ordered to pay monetary damages to a consumer. What timeframe must the injured party file a claim for payment from the real estate recovery fund? - Answer-Injured parties must file claim to real estate recovery fund one year after termination of proceedings in connection...

SREC - Answer-State Real Estate Commission The Professional and Vocational Standards - Answer-rules and regulations of real estate March 4, 1681 - Answer-William Penn was granted a charter for land in America by King Charles II of England The War for Independence, the Declaration of Indepen...

Severance - Answer-the performance of turning real property into personal property What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? - Answer-the undivided interest passes to his heirs A tenant rented an apartment s...

Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. - Answer-Coal Notice Three conditions that must be met for a mobile home to be considered real estate - Answer-1. Mobile home is transferred in conjunction w...

Which of these correctly describes the Pennsylvania Real Estate Commission? - Answer-Eleven members, of whom five are licensed real estate brokers, three are members of the public, and one is licensed as a cemetery broker. What's the best description of the difference between a real estate sales...

Real Property - Answer-Real Estate is any interest in land, whether corporeal, incorporeal, freehold or non-freehold, whether the land is situated in this Commonwealth or elsewhere including leasehold interests and time share and similarly designated interests. A sale of a mobile home shall be deeme...

Which of the following statements about renewing your Pennsylvania license and continuing education is true Pennsylvania does not have a continuing education requirement as part of license renewal. Pennsylvania requires licensees to complete a specified number of continuing education hours eac...

What's the best description of the difference between a real estate salesperson and a real estate broker? - Answer-A salesperson may only work under the supervision of a broker. Which of the following describes a form of prohibited conduct for Pennsylvania real estate licensees? - Answer-Neglect...