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PA prelicense
PA prelicense
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Flashcards
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Questions
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Answers
1
Investor trying to determine what price to offer for office building based on income uses what approach
Gross rent multiplier
Capitalization rate
Comparative market analysis
Cost basis
2
A salesperson may hire additional licensees to work with him
True
False
3
Consumer Notice must be retained for 3 years from end of transaction.
True
False
4
Which of these is a government restriction on use of real estate
Leasehold
Deed restriction
Encroachment
Zoning
5
An unmarried couple buy a home and give no instructions how they take title. They will be
Tenants in common
Owners in severalty
Joint tenants
Tenants by the entireties
6
An exposed crack in a basement wall
Latent defect
Caveat emptor defect
Patent defect
Part of ventilation
7
A license that is not renewed on time is considered
Suspended
On deposit
Inactive
Revoked
8
In all advertising, the Broker name relative to salesperson name
Does not have to be included
Equal size
Equal or greater size
Greater size
9
Which of these are a characteristic of value?
Utility
Improvement
Depreciation
Appraisal
10
Which of these is an exemption under PA fair housing
Tenant turned away because of race
Religious group gives preference to members
Apartment complex refuses families with children
Landlord refuses to rent retail space to a woman
11
Licensees must renew their license
Every 3 years on or before their birthdate
Every 2 years by December 31 in odd number years
Every 2 years by May 31 in even number years
Every 3 years by May 31
12
Which of these would not require a PA real estate license
Property manager
A person selling apartment lists
An attorney-in-fact
Someone providing a CMA
13
Which of these is most likely to be considered a fixture
Lamp
Washing machine
Draperies
Chandelier in dining room
14
If the broker is a non-living entity a broker of record must be associated
True
False
15
Every real estate office - main and branch, must be under the supervision of
Anyone broker chooses
Administrative assistant
Broker or associate broker
Salesperson
16
When a broker of record dies, the Commission must be notified of a replacement
No notice required
Within 30 days
Within 10 days
Within 15 days
17
PA Real Estate Commission
11 elected politicians
5 non-licensees
11 members
11 brokers
18
Buyer is applying for mortgage thru lender. Reg Z of TILA requires lender to give buyer
Copy of appraisal
Disclosure of APR
Closing statement
Loan commitment
19
A broker deposits earnest money into his general funds account
Commingling
Legal
Conversion
OK if buyer agrees
20
Who does a Transaction Coordinator represent?
Seller
Buyer
Both buyer and seller
No one
21
Estimate of the most probable price of property on date of appraisal
Sales price
Market price
Highest and best use
Market value
22
Which household hazard is regulated by HUD
Asbestos
Lead-based paint
Radon
Mold
23
Which license applicant is required to take and pass a state exam
Cemetery salesperson
Campground membership salesperson
Timeshare salesperson
Builder-owner salesperson
24
A zoning classification is required in purchase contracts for
Squatters
Single-family home
Condominium
Commercial
25
Which of these would not be considered a definite place of business for a broker
PO Box
Home office
Freestanding building
Office in multi-unit building
26
Who administers the Real Estate Recovery Fund?
3rd party testing company
State Real Estate Commission
Department of State
A licensed real estate school
27
The vendee under a land contract that has not been fully performed has what?
Right to foreclose
Equitable title
A lien
Legal title
28
Dual agents can negotiate for both the buyer and seller
False
True
29
How many hours of continuing education are required for licensees?
14 hours per year
30 hours every 3 years
20 hours every 2 years
14 hours every 2 years
30
Death in a home MUST be disclosed to Buyer
True
False
31
Broker is required to prominently display
Not required but license must be available to view
Salesperson license
Both broker and salepersons' license
Broker license
32
A Consumer Notice must be provided to a Buyer
When the Seller accepts the Buyer's offer
At the first substantive contact
After Buyer has toured several homes with Agent
When the Buyer signs a Buyer Agency Agreement
33
PA Real Estate Commission members serve 5-year terms
False
True
34
To become a PA broker, applicant must be at least 18 years of age
True
False
35
Fair housing complaint in PA must be filed within
Two years
180 days
90 days
One year
36
Retired couple want to supplement income. lender says he will send monthly check in exchange for lien on RE. This is
Violation of Reg Z
Shared appreciation mortgage
Deed in lieu
Reverse mortgage
37
Earnest money
Is considered a liquidated damage
Must be held by the salesperson until closing
Is required under PA law
Must be at least $2,000
38
When must a broker provide a buyer an estimate of closing costs
Prior to buyer signing purchase agreement
At first substantive contact
Prior to closing
Prior to loan application
39
White powdery deposit on walls/slabs created when water penetrates, combines with salts and brings salts to surface
Creosote
Radon gas
Efflorescence
Mold
40
Maximum payout per claim from Real Estate Recovery Fund
$100,000 per licensee
Licensee is out of luck
$40,000 per licensee
$20,000 per licensee
41
Which of these would be an encumbrance against property
A license
Encroachment
Property taxes
Mineral rights
42
A property manager in PA must have a broker license
True
False
43
Which of these is not protected under PA fair housing
18 year old
Race
Family with children
50 year old
44
When Seller signs Exclusive Right to Sell listing, the broker is guaranteed compensation when the property sells.
False
True
45
A cemetery salesperson must
Pass a state exam
Have 90 days on-site training
Submit an application signed by employing broker
Complete 30 hours of prelicense education
46
PA home inspectors
Must have minimum 25 years experience
Must pass a state exam
Must test every electric switch and outlet in the home
Must be a member of a national organization and insured
47
City is widening road. The taking of the land by city with just compensation is called:
Foreclosure
Condemnation
Eminent domain
Public sale
48
Under Megan's Law, licensees are required to disclose sex offenders to buyers/tenants
True
False
49
A salesperson may affiliate with more than one broker at a time
True
False
50
Which agency issues licenses?
Real Estate Commission
Department of State
ARELLO
Governor office
