Pa real estate 3 - Study guides, Class notes & Summaries

PSI Real Estate Practice Exam - Michigan (Chapter 1)Designated Agent - correct 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 - correct answer What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assign...

Provides for the rehabilitation or recycling of brownfields by providing a mechanism to enforce hazard mitigation controls and ease concerns about the future liability associated with contaminated properties - ️️Uniform Environmental Covenants Act (UEAC), which took effect in February 2008 Created when the person claiming the easement has made use of another's land for 21 years in PA. The claimant's use must have been continuous, exclusive, and without the owner's approval. Th...

Duties of Buyer's Broker - ️️(1) to be loyal to the buyer by taking action that is consistent with the buyer's interest in a transaction; (2) to make a continuous and good faith effort to find a property for the buyer, except that a buyer's broker is not obligated to seek additional properties for purchase while the buyer is subject to an existing contract for sale; and (3) to disclose to the listing broker, at first contact, that the broker has been engaged as a buyer's ag...

PA Exam 3 with 100% Correct Answers 2024 Which of the following are NOT grounds in Pennsylvania for revoking a broker's license? A Being convicted of a felony B Agreeing with the seller to accept a commission that is more than the standard rate C Depositing an earnest money check into the broker's personal account D Advertising as a member of the Pennsylvania Association of Real Estate Professionals when the broker is not really a member - answerB It is perfectly legal to agree to accept...

PA Real Estate State Portion Latest Update 100% Solved RELRA 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 comission members: appointed by the Governor for 5 year terms. meet on regular basis as needed, but conduct at least one public meeting in 3 cities Corporeal right of ownership in material things, something tangible such as a building Incorporeal rights to proper...

When was RELRA originally passed in Pennsylvania? - May of 1929 When was RELRA changed to a different name? - 1980 What is one of the most important thing RELRA does? - grant ruling- making and enforcement authority to the State Real Estate Commission What does the State Real Estate Commission function under? - The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - State Legislature Who creates rules and regul...

PA Exam 3 (Actual) Questions and Correct Solutions 2024 Which of the following are NOT grounds in Pennsylvania for revoking a broker's license? A Being convicted of a felony B Agreeing with the seller to accept a commission that is more than the standard rate C Depositing an earnest money check into the broker's personal account D Advertising as a member of the Pennsylvania Association of Real Estate Professionals when the broker is not really a member - Answer -B It is perfectly legal ...

Maryland Real Estate Test Questions and Answers A license may be placed on inactive status for up to - Answer-3 years The requirements for a broker's license include - Answer-three years of experience as a salesperson An unlicensed employee may - Answer-have keys made for company listings to be licensed, applicants must - Answer-be professionally competent and of good character and reputation licensees must give copies of listing agreements to all parties - Answer-in a timely mann...