PACKAGE DEAL FOR:PSI PA REAL ESTATE EXAM Complete Questions & Solutions(RATED A)PACKAGE DEAL FOR:PSI PA REAL ESTATE EXAM Complete Questions & Solutions(RATED A)PACKAGE DEAL FOR:PSI PA REAL ESTATE EXAM Complete Questions & Solutions(RATED A)PACKAGE DEAL FOR:PSI PA REAL ESTATE EXAM Complete Questions...
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A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - ANSWER a contract Antitrust laws prohibit competing brokers from all of the following - ANSWER 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreei...
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Add to cartA written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - ANSWER a contract Antitrust laws prohibit competing brokers from all of the following - ANSWER 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreei...
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...
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Add to cartRequires 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...
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...
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Add to cartSeverance - 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...
A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...
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Add to cartA couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...
The economic characteristics of land are - ANSWER scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - ANSWER are of indeterminable duration An easement can be terminated by - ANSWER merger of titles The land descripti...
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Add to cartThe economic characteristics of land are - ANSWER scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - ANSWER are of indeterminable duration An easement can be terminated by - ANSWER merger of titles The land descripti...
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...
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Add to cartWhich 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...
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, ...
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Add to cartRELRA 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, ...
Bilateral - ANSWER What is a type of contract in which two parties are legally bound to act? Functional Obsolence - ANSWER What is one kind of real property depreciation caused by poor design? Grantee - ANSWER What is the name of the party who aquires the title to real property in a deed? B...
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Add to cartBilateral - ANSWER What is a type of contract in which two parties are legally bound to act? Functional Obsolence - ANSWER What is one kind of real property depreciation caused by poor design? Grantee - ANSWER What is the name of the party who aquires the title to real property in a deed? B...
A salesperson fails to renew his license and it expires in the middle of a difficult real estate transaction. Which of the following statements is accurate? - ANSWER There is no grace period, and the salesperson may not complete this transaction According to license law, when advertising a proper...
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Add to cartA salesperson fails to renew his license and it expires in the middle of a difficult real estate transaction. Which of the following statements is accurate? - ANSWER There is no grace period, and the salesperson may not complete this transaction According to license law, when advertising a proper...
Real Estate Recovery Fund - ANSWER The Real Estate Recovery Fund was established to provide a means for consumers who have obtained a final judgment in the court, but are unable to collect, a means to collect compensation through the Real Estate Commission. The Real Estate Commission has the auth...
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Add to cartReal Estate Recovery Fund - ANSWER The Real Estate Recovery Fund was established to provide a means for consumers who have obtained a final judgment in the court, but are unable to collect, a means to collect compensation through the Real Estate Commission. The Real Estate Commission has the auth...
Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media - ANSWER A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal la...
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Add to cartReal Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media - ANSWER A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal la...
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...
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Add to cartA 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...
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...
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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...
Broker - ANSWER According to the insurance law, who is the principal? 90 days - ANSWER An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? a temporary license - ANSWER issued for 180 days for...
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Add to cartBroker - ANSWER According to the insurance law, who is the principal? 90 days - ANSWER An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? a temporary license - ANSWER issued for 180 days for...
Water Rights - ANSWER The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - ANSWER an agent to the broker and a subagent to the principal. Depreciation is calculated ba...
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Add to cartWater Rights - ANSWER The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - ANSWER an agent to the broker and a subagent to the principal. Depreciation is calculated ba...
Real Estate brokerage is govern by: - ANSWER 1. Satutory Law - Brokers Act "Title 17" 2. Administrative Law - Code of Maryland Regulations (COMAR) Regulation is enacted and enforced by MD Real Estate Commission (MREC) Brokerage Services: - ANSWER For consideration: - *Selling, buying, exch...
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Add to cartReal Estate brokerage is govern by: - ANSWER 1. Satutory Law - Brokers Act "Title 17" 2. Administrative Law - Code of Maryland Regulations (COMAR) Regulation is enacted and enforced by MD Real Estate Commission (MREC) Brokerage Services: - ANSWER For consideration: - *Selling, buying, exch...
What is commonly referred to as the "Due-On-Sale" Clause in a mortgage or deed-of-sale? - ANSWER Alienation Clause What is the minimum consideration necessary for a deed to be valid? - ANSWER Does not have to be a monetary amount. Can be as informal as "with love and dignity" When is the d...
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Add to cartWhat is commonly referred to as the "Due-On-Sale" Clause in a mortgage or deed-of-sale? - ANSWER Alienation Clause What is the minimum consideration necessary for a deed to be valid? - ANSWER Does not have to be a monetary amount. Can be as informal as "with love and dignity" When is the d...
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...
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Add to cartAGENCY 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...
The ability of the government to acquire real property against the owner for the benefit of the public. - ANSWER Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? - ANSWER Devise What is the most complete estate in real propert...
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Add to cartThe ability of the government to acquire real property against the owner for the benefit of the public. - ANSWER Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? - ANSWER Devise What is the most complete estate in real propert...
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...
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Add to cartWhen 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...
Annual Percentage Rate (APR) - ANSWER The total cost of financing a loan in percentage terms, as a relationship of the total finance charges to the total amount financed. Blockbusting - ANSWER The illegal practice of inducing owners to sell their homes (often at a deflated price) by suggesting th...
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Add to cartAnnual Percentage Rate (APR) - ANSWER The total cost of financing a loan in percentage terms, as a relationship of the total finance charges to the total amount financed. Blockbusting - ANSWER The illegal practice of inducing owners to sell their homes (often at a deflated price) by suggesting th...
Designated Agent - ANSWER A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - ANSWER What approach does an appraiser take primarily f...
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Add to cartDesignated Agent - ANSWER A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - ANSWER What approach does an appraiser take primarily f...
Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - ANSWER 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by...
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Add to cartWhich of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - ANSWER 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by...
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...
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Add to cartReal 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...
Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically co...
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Add to cartAlthough states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically co...
Land - ANSWER The earth's surface extending downward to the center of the earth and upward into space, including permanent natural objects such as trees and water. Real Estate - ANSWER land at, above, and below the earth's surface, and all things permanently attached to it, whether natural or a...
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Add to cartLand - ANSWER The earth's surface extending downward to the center of the earth and upward into space, including permanent natural objects such as trees and water. Real Estate - ANSWER land at, above, and below the earth's surface, and all things permanently attached to it, whether natural or a...
. an involuntary lien - ANSWER When a land owner uses his land as security for a loan, the encumbrance created is called. C. Question the seller to any known defects - ANSWER If an owner wants to list a property for sale "as is," the listing agent should A. licensee must hold a timeshare lic...
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Add to cart. an involuntary lien - ANSWER When a land owner uses his land as security for a loan, the encumbrance created is called. C. Question the seller to any known defects - ANSWER If an owner wants to list a property for sale "as is," the listing agent should A. licensee must hold a timeshare lic...
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...
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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...
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