Real Estate State Exam

In PA, an exclusive-right-to-buy contract:

A lessee is released from the obligation to pay rent if the:

The direct sales comparison approach would be MOST appropriate for establishing the value of a:

The situation with the most potential for conflict is when a real estate licensee acts as a:

Which of the following would terminate an original offer?

A homeowner may be allowed certain protection from the judgements of a creditors as a result of a state’s

A category of estate which is real property (similar to fee simple) is known as:

Which act requires that “reasonable accommodation” be made in public?

An impound or reserve account MOST benefits whom?

All of the following are persons who may be exempt from the license law except:

Each party is bound to a specific date for performance if a real estate sales contract contains:

Many states permit mortgagers to redeem their property after default before a foreclosure sale. This right is called:

As used in real property law, “tenancy” most nearly means:

According to the StatuteofFrauds, a contract that must be in writing in order to maintain a court action for enforce is:

With respect to R.E purchases, Regulation Z requires lending institutions to inform borrowers of the:

Under a sales contract, the legal remedy that may be used to force the seller to consummate the sale is called:

A homeowner that always maintains his house has just discovered that he has a termite infestation. This is an example of

Who is exempt from the provisions of the PA RELRA?

Undue influence or duress applied to one party to a contract makes the contract:

A project that is “turn key” is said to be:

What is the meaning of a quiet title action:

A clause that states the buyer won’t be held responsible to complete the purchase if he can’t obtain financing would be:

What is a fee appraiser:

In a repayment of a mortgage loan, which type of interest is used?

Which of the following BEST describes personal property that, by its attachment to real property is regarded as R.E.?

How many years must all transaction files be kept?

The cost basis of a single family residence can be adjusted for which of the following?

A promise in exchange for a promise, supported by consideration, is the basis for a:

Which of the following instruments proves a marketable title?

From the reproduction or replacement cost of a building, the appraiser deducts depreciation, which represent the

A wooded area with biking & hiking trails is situated between old cotton mills & a housing development. This is consider

Why would a lender have an appraisal on the property?

Under an FHA graduated payment mortgage, which fluctuates over the term of the loan?

Exposure to lead can cause what kind of bodily damage?

Certain items on the premises that are installed by the tenant & are related to the tenant’s business are called:

A smaller home is surrounded by larger, more expensive homes. The value of the smaller home will most likely

Bob signs a contract under duress. By whom can the contract be voided?

If the owner of a condominium defaults on his mortgage, the owners of the remaining units:

An offeree has the right to:

When a principal or property manager signs a contract to manage an owner’s property he becomes a

The max of value is realized when a reasonable degree of homogeneity of improvements is present:

The worth of a lesser valued residence tends to be enhanced by association w/higher valued residences in the same area:

The prime obligation of an agent to their client is:

When appraising a property on a hillside, the appraiser noticed cracks on the walls. The best recommendation is to:

The discount points charged by a lender on a federal VA or FHA loan are a percentage of the:

Who is in charge of perpetual care fund for cemeteries?

The majority of money used for loans of real estate come from:

A capitalization rate is the:

The law that requires real estate contracts to be in writing to be enforceable is the:

A standardized measurement expressing the true annual cost of borrowing is expressed as the what?

Leasehold estate that renews automatically; can terminate with notice is:

Which of the following is a voluntary, specific lien?

Which of the following defines a mortgage loan?

Which of the following isn’t a characteristic of a fee simple title:

When considering portfolio risk management, the lender needs to be concerned with what:

Which of the following is not regarded as a “finance charge” under the Truth-in-Lending provisions?

An owner who has a permanent right to cross over an adjoining owner’s land has

A joint tenant can dispose of an interest held in real property by all of the ways except:

In reviewing the deed to a listed property, a licensee noted a # of limitations regarding its use. These limitations aka

Which of these is TRUE concerning a property held in joint tenancy?

The Civil Rights Act of 1866 prohibits discrimination in housing based on which of the following reasons?

Which principle states, “a person won’t pay more for one property than s/he would for another that’s equally desirable?”

The broker who most qualifies for a commission is the one who:

How many square feet are in 1 acre?

Land is subject to an easement is said to be:

Which of the following would likely be defined as a fixture?

Which of the following is/are considered to be personal property?

Mr. Seller signs an open listing on his home with 5 different brokers. In this case:

When is the market data approach considered unreliable?

How is the capital gain calculated when an owner sells a principal residence?

What is the Real Estate Recovery Fund?

Several brokerage firms were accused of violating antitrust laws. Of the following, they were MOST likely accused of:

Real estate investments have which of the following advantages when compared w/an investment in securities:

During a period of high inflation, Federal Reserve Board can limit the expansion of currency by:

An example of Principle of Anticipation would be a park being built in a run down neighborhood

A note on which only the interest is paid during its term is called:

A buyer would want which of the following removed from a preliminary title report:

What is it called when a sum of money is submitted by a buyer with an offer to purchase?

All of the following may properly be considered items of personal property EXCEPT:

To create joint tenancy in the ownership of real estate, there must be unities of:

How many members of the PA Real Estate Commission are required to be licensed r.e. Brokers at the time of their appt?

Which of the following is considered a conventional loan?

What records are found in a profit and loss statement?

Which of the following doesn’t directly affect the level & movement of mortgage interest rates?

A corporation takes title to real property:

Which of the following is NOT an example of governmental power?

Joe conveys property to Vivian by delivering a deed. The deed has 6 covenants. This is MOST likely a:

When a buyer gives the agent a post dated check, it:

A “safety clause” is found in a:

If a lessee pays a fixed amount of rent plus all expenses such as taxes and insurance, the lease is known as a:

An accounting term used to designate a payment or owing is called

A loan that provides for increases and decreases in the interest rate during its term is known as:

How long can a licensee keep a license in escrow?

Leasehold estate which doesn’t require a termination lease is:

A late payment penalty is included as a provision in many real estate loans in order to

Which of the following is a requirement for a valid agency relationship?

Which of the following basic economic characteristics is the best expression of why real estate has value?