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

PA State Laws Graded A+ When does your real estate license expire in Pennsylvania? May 31 of every even numbered year Larry, a Pennsylvania broker, provided a copy of the Consumer Notice to a prospective buyer prior to entering into an agency relationship and showing the buyer several properties. How long must he retain a copy of the notice? at least 6 months Under Pennsylvania law, which of these items would a licensee need to disclose to any consumers? A)A buyer is willing to offer...

1. Brokerage definition... the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? schools and cemetary 3. What is an example of functional obsolescence? bathroom 4. Principal definition... a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... the process of determining the present value o...

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 State Real Estate Commission function under? - Answer-The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - Answer-State Legisla...

Real Estate Practice Exam Questions and Answers with Verified Solutions 1. Brokerage definition... the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? schools and cemetary 3. What is an example of functional obsolescence? bathroom 4. Principal definition... a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... the...

PA RE Practice Quiz 3 with Questions and Answers An agency relationship is one whereby the licensees in the employ of the broker act in a fiduciary capacity for a consumer, with the express authority of the broker. a. True b. False ANSWER B. FALSE. By definition in the real estate licensing law, an agency relationship is one whereby the broker or licensees in the employ of the broker act in a fiduciary capacity for a consumer of real estate services, with the express authority of th...

PA real estate state portion questions and answers 100% guaranteed success. a. consumer notice - correct answer. When using the services of a real estate licensee to find a residence to lease, a PA consumer must be provided with a. consumer notice b. rental application c. plain language residential lease d. landlords led-based disclosure B. within 30 days - correct answer. according to the Pennsylvania landlord-tenant act, a tenant must be notified of the final disp...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

The final step a licensee will take when preparing a CMA is: 1. Choosing comparables 2. Estimating a reasonable selling price range 3. Making adjustments to comparables 4. Collecting and analyzing information CORRECT ANSWER: Estimating a reasonable selling price range A broker price opinion must include what the price was based on and: 1. License number 2. The broker's phone number 3. Applicable market data 4. A legal description CORRECT ANSWER: Applicable market data...

PA -REAL ESTATE EXAM questions and answers latest top score. 1. A listing broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker... - correct answer. 1. 1. The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and ...

Advertising From RELRA You can be fined up to $1000 or license revoked for (1)Placing a "for sale" or "for rent" sign on or advertising any property without the written consent of the owner, or his authorized agent, or (2)Soliciting, selling or offering for sale real property by offering free lots, or conducting lotteries or contests or offering prizes for the purpose of influencing by deceptive conduct any purchaser or prospective purchaser of real property. Advertisi...