REAL ESTATE 30 HOUR FINAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS A+ GRADED
3 views 0 purchase
Course
COLIBRI REAL ESTATE 30 HOUR PA
Institution
COLIBRI REAL ESTATE 30 HOUR PA
Pete is a sole proprietor broker and has six salespeople who he employs. On June 9th, Pete is killed in a car accident. Tom is one of the salespeople and his listing is set to close on June 20th. What will happen to the proposed closing?
A). Nothing will happen. Business will go on as usual with...
EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS A+ GRADED
,Pete is a sole proprietor broker and has six salespeople who he employs. On June 9th, Pete is
killed in a car accident. Tom is one of the salespeople and his listing is set to close on June
20th. What will happen to the proposed closing?
A). Nothing will happen. Business will go on as usual with the salespeople in charge until a new
broker is found.
B). The estate will notify the Commission within 15 days of death and tell the Commission that a
new termination broker has been found. The closing will continue.
C). The seller will have to cancel the listing and lose the sale since the broker died.
D). The buyer will have to wait for closing until a new listing of the property happens when a
K
new broker is found and the seller signs a new listing with the new broker. - ANS B
What type of discipline can the Commission use for an unlicensed person acting as a real estate
C
licensee?
A). A suspension from real estate of six months.
LO
B). Fines up to $2,000 to $5,000.
C). Revocation of the transaction
D). Nothing, the Complaint's office must handle these individuals - ANS B
The bank where Broker Bill has his escrow account calls for Bill to be the trustee and sends him
YC
monthly reports so that he can reconcile the books. The bank requires a 48 hour notice for
withdrawal of funds and no service charge. Is this bank acceptable to the Commission?
A). Yes, because there is no service charge, the broker will not have to worry about
commingling of funds.
B). Yes, Bill is the trustee which is a requirement of the Commission for bank depositories.
D
C). No, the Commission requires that Bill reconcile his books more often than once a month.
D). No, the broker must have a bank which allows for withdrawal of funds without previous
notice. - ANS D
U
Jack has committed several violations of the Act and has been found guilty. His license has
been suspended. What must Jack do?
ST
A). Jack must pay a fine to the Real Estate Recovery Fund.
B). Jack must tell his salespeople of his actions.
C). Jack must return his license to the SREC.
D). Jack must wait 6 months before he can practice real estate again. - ANS C
The purpose of a comparative market analysis is?
A). To provide the bank a value on which to give a loan.
B). To provide the insurance company a value for a homeowner's policy
C). To provide the probable range of price to list the house
,D). To provide the tax assessor with sale information - ANS C
Internet advertisement is an important part of the real estate business in the 21st century. The
broker must do all of the following to do internet advertising EXCEPT:
A). The advertisement must contain the name of the firm.
B). The advertisement must contain the city, state and country where the firm's main office is
located.
C). The advertisement must state the jurisdiction where the licensee is located.
D). The advertisement must contain the phone number including area code. - ANS D
K
How long must a broker retain the acknowledgement portion of the consumer disclosure if the
transaction is not completed?
C
A). Six months
B). One year
LO
C). Three years
D). Five years - ANS A
When a financing contingency clause is included in a sales contract all of the following are
included except:
YC
A). The buyer's credit rating
B). The mortgage principal
C). The type of mortgage
D). The interest rate of the mortgage - ANS A
D
When a sole proprietor broker dies, his estate must notify the Commission within 15 days of the
death to tell the Commission of another licensed broker who will serve as a termination broker.
Which of the following statements is NOT true?
U
A). No new listings are permitted.
B). All unexpired listings will automatically expire after 90 days unless cancelled sooner by the
ST
seller.
C). New licensees may be hired to help with the transition.
D). All pending agreements of sale are permitted to close. - ANS C
Justin is an unlicensed person and he has been appointed a trustee of a special needs trust for
his nephew. The trust will be funded by the sale of the property of his brother. Justin lists and
sells the property then puts the money into the trust. What best describes the situation?
A). Justin is acting as a trustee and as such, does not need a real estate license
B). Justin needs a license since he is representing another in selling property.
C). Justin must register with the Commission and the court before selling his brother's property.
, D). Justin cannot sell his brother's property because they are related. - ANS A
A dual agency agreement most nearly means:
A). The broker and salesperson have a listing contract
B). The seller and the broker have an agreement.
C). The buyer and the salesperson have a written agreement.
D). The seller and buyer have both signed a written disclosure for equal representation. - ANS
D
K
When handling money as a cemetery broker, when is a transaction considered closed on
cemetery property?
C
A). When the buyer receives a copy of the agreement of sale.
B). When the buyer receives the consumer notice.
C). When the buyer pays his fees.
LO
D). When the broker records the deed. - ANS A
What is the obligation of a broker when he is representing a seller in selling the seller's property
in terms of the Seller Disclosure Act?
YC
A). The broker is not obligated to tell the seller anything. It is up to the seller to learn about the
disclosure act.
B). The disclosure by the seller is optional so the broker is not obligated to require it of the
seller.
C). The disclosure only applies to commercial property so this would not apply in this case.
D). The broker has the obligation to advise the seller about the Seller Disclosure Act. - ANS D
D
A new salesperson wants to make an impression on the neighborhood so he places lots of for
sale signs on homeowner's yards. When he does this, it causes the homeowner and
U
prospective buyers to call the new agent for information. Is this a legitimate business practice?
A). Yes, this is understated advertising, good for getting new listings and new buyers.
ST
B). Yes, the seller will be pleased if the buyer want to buy the house without the seller even
thinking about it.
C). No, the brokerage company does not like the salesperson advertising without the broker and
seller knowing about it.
D). No, every "for sale" sign must first have a written consent of the owner of the property. -
ANS D
Pennsylvania law requires that the seller must disclose material facts to the buyer. When must
this be done?
A). At the first showing of the property to the buyer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
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!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
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.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyclock. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.49. You're not tied to anything after your purchase.
