Exam (elaborations) Certified Pennsylvania Evaluator Exam (CPE) Exam Questions with Latest Update Exam (elaborations) Modern Real Estate Practice in Pennsylvania (units 1-2) Exam Questions and Answers Exam (elaborations) National Real Estate Vocabulary, Pennsylvania Real Estate Vocabulary Exam...
[Show more]
- Answer-Protect the public by ensuring a standard of competence and professionalism in the real estate industry (1)Basic Requirements for obtaining and keeping a license (2)Defining activities for which a license is required (3)Describing acceptable standards of conduct and practice for licens...
Preview 2 out of 8 pages
Add to cart- Answer-Protect the public by ensuring a standard of competence and professionalism in the real estate industry (1)Basic Requirements for obtaining and keeping a license (2)Defining activities for which a license is required (3)Describing acceptable standards of conduct and practice for licens...
Associate Broker - Answer-A person licensed as a real estate broker who chooses to work under the supervision of another broker. Broker - Answer-One who buys and sells for another for a commission. In real estate, a broker must be properly licensed to perform certain activities specified in the r...
Preview 1 out of 2 pages
Add to cartAssociate Broker - Answer-A person licensed as a real estate broker who chooses to work under the supervision of another broker. Broker - Answer-One who buys and sells for another for a commission. In real estate, a broker must be properly licensed to perform certain activities specified in the r...
The Real Estate Commission conducts activities to - Answer-protect the public interest The Commission has the authority to - Answer-promulgate Rules and Regulations The Commission has the authority to take disciplinary action against - Answer-campground membership salespersons The Commissio...
Preview 2 out of 8 pages
Add to cartThe Real Estate Commission conducts activities to - Answer-protect the public interest The Commission has the authority to - Answer-promulgate Rules and Regulations The Commission has the authority to take disciplinary action against - Answer-campground membership salespersons The Commissio...
The Real Estate Commission conducts activities to - Answer-protect the public interest The Commission has the authority to - Answer-promulgate Rules and Regulations The Commission has the authority to take disciplinary action against - Answer-campground membership salespersons The Commissio...
Preview 2 out of 8 pages
Add to cartThe Real Estate Commission conducts activities to - Answer-protect the public interest The Commission has the authority to - Answer-promulgate Rules and Regulations The Commission has the authority to take disciplinary action against - Answer-campground membership salespersons The Commissio...
Pennsylvania State Real Estate Commission is composed of: - Answer-Governor appoints all members: - Commissioner of professional & occupational affairs - director of the bureau of consumer protection - 3 unlicensed members representing the public - 5 licensed brokers who have been licensed for a...
Preview 1 out of 3 pages
Add to cartPennsylvania State Real Estate Commission is composed of: - Answer-Governor appoints all members: - Commissioner of professional & occupational affairs - director of the bureau of consumer protection - 3 unlicensed members representing the public - 5 licensed brokers who have been licensed for a...
Taxes are $5,309 and are paid in arrears. Closing is set for June 5th. The day of closing goes to the buyer. How will the taxes be calculated (using a 365 day method)? - Answer-$2255.25 Debit the Seller, credit the buyer When a nonresident salesperson in a reciprocal state wishes to apply for a l...
Preview 2 out of 5 pages
Add to cartTaxes are $5,309 and are paid in arrears. Closing is set for June 5th. The day of closing goes to the buyer. How will the taxes be calculated (using a 365 day method)? - Answer-$2255.25 Debit the Seller, credit the buyer When a nonresident salesperson in a reciprocal state wishes to apply for a l...
Short Title 455.101 - Answer-Act shall be known and cited as the "Real Estate Licensing and Registration Act" Agency Relationship 455.201 - Answer-Relationship where the broker or licensees (employed by broker)act as fiduciaries for a consumer of real estate services by the express authority of...
Preview 2 out of 8 pages
Add to cartShort Title 455.101 - Answer-Act shall be known and cited as the "Real Estate Licensing and Registration Act" Agency Relationship 455.201 - Answer-Relationship where the broker or licensees (employed by broker)act as fiduciaries for a consumer of real estate services by the express authority of...
How many hours of continuing ed are required in PA? - Answer-14 hours during the 2-year period up to renewal deadline. Reciprocal and timeshare licensees are exempt from this requirement. How many people on the Commission have been licensed for at least 10 years? - Answer-Five Sarina filed a c...
Preview 1 out of 2 pages
Add to cartHow many hours of continuing ed are required in PA? - Answer-14 hours during the 2-year period up to renewal deadline. Reciprocal and timeshare licensees are exempt from this requirement. How many people on the Commission have been licensed for at least 10 years? - Answer-Five Sarina filed a c...
Demand - Answer-The amount of goods people are willing and able to buy at a given price, often coupled with supply Demographics - Answer-The study and description of a population Accretion - Answer-The increase or addition of land by deposit of sand or soil washed up naturally from a river, la...
Preview 3 out of 21 pages
Add to cartDemand - Answer-The amount of goods people are willing and able to buy at a given price, often coupled with supply Demographics - Answer-The study and description of a population Accretion - Answer-The increase or addition of land by deposit of sand or soil washed up naturally from a river, la...
Order The steps of the Real Estate Recovery Fund #1-7 - Answer-1. Civil suit again licensee alleging misrepresentation in a real estate transaction 2. Show that they are not a spouse of the licensee 3. The final judgment is awarded 4. Exhaust reasonable remedies to collect from licensee 5. Apply...
Preview 2 out of 5 pages
Add to cartOrder The steps of the Real Estate Recovery Fund #1-7 - Answer-1. Civil suit again licensee alleging misrepresentation in a real estate transaction 2. Show that they are not a spouse of the licensee 3. The final judgment is awarded 4. Exhaust reasonable remedies to collect from licensee 5. Apply...
Purpose of License Laws - Answer-Protect the public by ensuring a standard of competence and professionalism in the real estate industry (1)Basic Requirements for obtaining and keeping a license (2)Defining activities for which a license is required (3)Describing acceptable standards of conduct...
Preview 2 out of 7 pages
Add to cartPurpose of License Laws - Answer-Protect the public by ensuring a standard of competence and professionalism in the real estate industry (1)Basic Requirements for obtaining and keeping a license (2)Defining activities for which a license is required (3)Describing acceptable standards of conduct...
The purpose of License Laws - Answer-To protect the public by ensuring a standard of competence and professionalism in the real estate industry. Pennsylvania's first real estate license law was adopted - Answer-May 1, 1929 established the Real Estate Commission to administer the Act and super...
Preview 1 out of 3 pages
Add to cartThe purpose of License Laws - Answer-To protect the public by ensuring a standard of competence and professionalism in the real estate industry. Pennsylvania's first real estate license law was adopted - Answer-May 1, 1929 established the Real Estate Commission to administer the Act and super...
Broker of Record (Employing Broker) - Answer-The individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation. Associate Broker - Answer-an individual who meets the licensure requirements to be a real estate broker but provides real es...
Preview 1 out of 4 pages
Add to cartBroker of Record (Employing Broker) - Answer-The individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation. Associate Broker - Answer-an individual who meets the licensure requirements to be a real estate broker but provides real es...
What are the differences between land/ real estate/ real property? - Answer-Land is the surface, all natural things attached to it, subsurface, and air above the surface. Real Estate is land + manmade permanent attachments Real property is real estate + bundle of rights. Constitution guarantee...
Preview 2 out of 15 pages
Add to cartWhat are the differences between land/ real estate/ real property? - Answer-Land is the surface, all natural things attached to it, subsurface, and air above the surface. Real Estate is land + manmade permanent attachments Real property is real estate + bundle of rights. Constitution guarantee...
Records of broker must include - Answer-date and from whom received, deposit date, withdrawal date, name on account, whom the money belongs too, how records are available for inspection by commission, how records are available immediately after demand Where does property management broker hold ...
Preview 2 out of 6 pages
Add to cartRecords of broker must include - Answer-date and from whom received, deposit date, withdrawal date, name on account, whom the money belongs too, how records are available for inspection by commission, how records are available immediately after demand Where does property management broker hold ...
XTRLARGE Realty is very proud of its sales staff. They send out a press release that says that the staff is the best in the area and that the firm holds the largest market share in the entire area. What, if anything, is illegal about this ad? a. Nothing is legally wrong, as anyone can claim to be...
Preview 2 out of 6 pages
Add to cartXTRLARGE Realty is very proud of its sales staff. They send out a press release that says that the staff is the best in the area and that the firm holds the largest market share in the entire area. What, if anything, is illegal about this ad? a. Nothing is legally wrong, as anyone can claim to be...
Accession - Answer-Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams. Air Rights - Answer-The right to use the open space above a property, generally allowing the surface to be u...
Preview 1 out of 2 pages
Add to cartAccession - Answer-Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams. Air Rights - Answer-The right to use the open space above a property, generally allowing the surface to be u...
Abandonment - Answer-The failure to occupy and use property. May result in loss of rights. Abstract of title - Answer-Chronological summary of the recorded documents affecting title to a particular parcel of reap property. Accelerate - Answer-Making a loan come due faster by having all payment...
Preview 2 out of 6 pages
Add to cartAbandonment - Answer-The failure to occupy and use property. May result in loss of rights. Abstract of title - Answer-Chronological summary of the recorded documents affecting title to a particular parcel of reap property. Accelerate - Answer-Making a loan come due faster by having all payment...
multiperil policies - Answer-Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty risk management - Answer-Evaluation and selection of appropriate courses of action to minimize legal liability; also the selectio...
Preview 3 out of 30 pages
Add to cartmultiperil policies - Answer-Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty risk management - Answer-Evaluation and selection of appropriate courses of action to minimize legal liability; also the selectio...
Disclosure Summary - Answer-a consumer notice done for disclosure purposes for the purchase sale of residential or commercial real estate to advise the consumer that the broker is not representing the consumer in the transaction. Must be clear from the first interview. When do licenses expire? - ...
Preview 1 out of 4 pages
Add to cartDisclosure Summary - Answer-a consumer notice done for disclosure purposes for the purchase sale of residential or commercial real estate to advise the consumer that the broker is not representing the consumer in the transaction. Must be clear from the first interview. When do licenses expire? - ...
Harrisburg resident Joseph Bell has worked full-time for Larry Keen, who is the builder-owner of dozens of homes just outside of Harrisburg. Joseph is Larry's "right-hand man," and Larry has given him permission and the authority to take on many of Larry's tasks. Joseph routinely lists homes for...
Preview 3 out of 21 pages
Add to cartHarrisburg resident Joseph Bell has worked full-time for Larry Keen, who is the builder-owner of dozens of homes just outside of Harrisburg. Joseph is Larry's "right-hand man," and Larry has given him permission and the authority to take on many of Larry's tasks. Joseph routinely lists homes for...
It's illegal for anyone to... - Answer-engine in or advertise oneself as a real estate broker/salesperson, cemetery, campground membership salesperson, timeshare salesperson, builder-owner salesperson, rental listing referral agent, or cemetery company without holding the proper license or registra...
Preview 1 out of 3 pages
Add to cartIt's illegal for anyone to... - Answer-engine in or advertise oneself as a real estate broker/salesperson, cemetery, campground membership salesperson, timeshare salesperson, builder-owner salesperson, rental listing referral agent, or cemetery company without holding the proper license or registra...
Under an airport premises policy, all of the following are excluded, EXCEPT: Answer Choices: A. A passenger slips on ice on a step. B. Damage to the runway. C. Admitted liability. D. Rental of a replacement aircraft. - Answer-A. A passenger slips on ice on a step. A passenger slips on a ste...
Preview 2 out of 5 pages
Add to cartUnder an airport premises policy, all of the following are excluded, EXCEPT: Answer Choices: A. A passenger slips on ice on a step. B. Damage to the runway. C. Admitted liability. D. Rental of a replacement aircraft. - Answer-A. A passenger slips on ice on a step. A passenger slips on a ste...
regulate commission rates - Answer-which of the following is NOT a purpose of the PA real estate license law? a. enhance standards for brokers and salespersons b. regulate commission rates c. protect the public against incompetence d. protect licensees from unfair competition the public and l...
Preview 1 out of 4 pages
Add to cartregulate commission rates - Answer-which of the following is NOT a purpose of the PA real estate license law? a. enhance standards for brokers and salespersons b. regulate commission rates c. protect the public against incompetence d. protect licensees from unfair competition the public and l...
Land - Answer-The earth's surface extending downward to the center of the earth and upward to infinity, including permanently-attached natural objects Real estate - Answer-Land, plus all things permanently attached to it naturally or artificially Real property - Answer-Real estate, plus the i...
Preview 2 out of 14 pages
Add to cartLand - Answer-The earth's surface extending downward to the center of the earth and upward to infinity, including permanently-attached natural objects Real estate - Answer-Land, plus all things permanently attached to it naturally or artificially Real property - Answer-Real estate, plus the i...
When a judgment is entered against a licensee and a claim is paid from the Real Estate Recovery Fund, which of the following statements is true? - Answer-The license is automatically suspended Monies are paid into the Real Estate Recovery Fund by which of the following means: - Answer-Every licen...
Preview 3 out of 17 pages
Add to cartWhen a judgment is entered against a licensee and a claim is paid from the Real Estate Recovery Fund, which of the following statements is true? - Answer-The license is automatically suspended Monies are paid into the Real Estate Recovery Fund by which of the following means: - Answer-Every licen...
In Pennsylvania, representation agreements that obligate the buyer to pay a fee... - Answer-must be in writing. - The Real Estate Licensing and Registration Act establishes that any agreement between a broker and a principal, whereby the consumer is obligated to pay a fee, must be in writing and...
Preview 2 out of 15 pages
Add to cartIn Pennsylvania, representation agreements that obligate the buyer to pay a fee... - Answer-must be in writing. - The Real Estate Licensing and Registration Act establishes that any agreement between a broker and a principal, whereby the consumer is obligated to pay a fee, must be in writing and...
Real estate activities requiring licensure - Answer-For a fee or other consideration: engaging in or advertising oneself as being in the real estate profession, negotiating or aiding another in a real estate transaction, managing real estate, performing a CMA Parties exempt from licensure require...
Preview 1 out of 2 pages
Add to cartReal estate activities requiring licensure - Answer-For a fee or other consideration: engaging in or advertising oneself as being in the real estate profession, negotiating or aiding another in a real estate transaction, managing real estate, performing a CMA Parties exempt from licensure require...
Abandonment - Answer-the relinquishment of all rights and title to a property with no intention of reclaiming ownership Abutting Owner - Answer-An owner whose land touches a highway or other public place. Acceleration Clause - Answer-A clause in a mortgage or installment contract stating that upon...
Preview 4 out of 33 pages
Add to cartAbandonment - Answer-the relinquishment of all rights and title to a property with no intention of reclaiming ownership Abutting Owner - Answer-An owner whose land touches a highway or other public place. Acceleration Clause - Answer-A clause in a mortgage or installment contract stating that upon...
Which phrase BEST defines real estate? - Answer-Land and all things permanently affixed to it. The term non-homogeneity refers to: - Answer-uniqueness The bundle of rights is included in the definition of: - Answer-real property The bundle of legal rights includes all of the following right...
Preview 1 out of 3 pages
Add to cartWhich phrase BEST defines real estate? - Answer-Land and all things permanently affixed to it. The term non-homogeneity refers to: - Answer-uniqueness The bundle of rights is included in the definition of: - Answer-real property The bundle of legal rights includes all of the following right...
Assessor - Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Answer-Has two values, Value in Use and Value in Exchange An Assessor is a...
Preview 3 out of 19 pages
Add to cartAssessor - Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Answer-Has two values, Value in Use and Value in Exchange An Assessor is a...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
No, you only buy these notes for $37.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now