Pennsylvania real estate - Study guides, Class notes & Summaries

PENNSYLVANIA REAL ESTATE LAW

multiperil policies correct answers Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty risk management correct answers Evaluation and selection of appropriate courses of action to minimize legal liability; also the selection of appropriate insurance coverage tenant improvements correct answers Alterations to the interior of a building to meet the functional demands of the tenant. life-cycle costing 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, lake, or sea. Bundle of legal rights - Answer-PECED - Possession, Enjoyment, Control, Exclusion, Disposition Constructive Annexation - Answer-The combination of items into real property that are n...

Pennsylvania Real Estate Post Test Questions And Verified Answers 100% 2024.

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 - B. Appreciation is the increase in the value of a property due to changes in market conditions, inflation, or other causes. When ownership of a mortgage is transferred from one company or individual to another, it is called A. an assumption B. an assignment C. an a...

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 guarantees private ownership of real property What are the physical characteristics of real estate? - Answer-Immobility, indestructibility and non-homogeneity What is immobility as it pertains to the phy...

PA Exam 3 with 100% Correct Answers 2023 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 - Correct Answer-B It is perfectly legal to agr...

Certified Pennsylvania Evaluator Exam (CPE) Questions And Answers 2023 Assessor - Correct Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Correct Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Correct Answer-Has two values, Value in Use and Value in Exchange An Assessor is accountable to whom? - Correct Answer-Himself, taxpayers and all taxing authorities In order for an asses...

What type of insurance policy must always be purchased separately and not as part of a homeowners' policy? A)Flood B)Liability C)Earthquake D)Falling objects - A) The answer is FLOOD. Flood insurance is always a separate policy and only covers damage due to flooding. The Federal Emergency Management Agency (FEMA) administers the National Flood Insurance Program (NFIP). A building that is remodeled into residential units and no longer used for the purpose for which it was originally bui...

- 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 licensees (4)Enforcing those standards through a disciplinary system Real Estate Licensing and Registration Act (RELRA) - Answer-The Pennsylvania law that protects the public interest by governing real ...