4. 44. Even with title insurance, the policyholder may still suffer losses arising from? How much notice MUST they give to comply with the lease terms? In Pennsylvania, a borrower may cure default in a residential mortgage loan with an outstanding balance of $50,000 or less by merely bringing the payments up to date, rather than paying the entire outstanding debt. What is the interest portion of the 4th monthly payment if the mortgage amount is $15,000, payable at $210 per month plus 10% interest? Which of the following statements about discount points is FALSE? How much did he pay for the house? A seller will be out of town until April 5th. They are computed as a percentage of the selling price. Introducing Cram Folders! Agency relationships may be created either orally or in writing. After the transaction closes, the salesperson encounters difficulty collecting the agreed upon fee. What is the agent's commission for selling a $182,000 property if the commission rate schedule is 7% of the first $150,000, 5% of the next $100,000 and 3% of the balance. 1. 55. There is currently no statutory requirement addressing the disclosure of the murder. An individual who wants to take the broker's examination must be a high school graduate or have passed a high school general equivalency exam (35.271 (a)). Every licensed broker is required to. 2. The applicant must satisfy licensing requirements that are essentially the same as for a salesperson licensee; however, the rental listing referral agent is not affiliated with a broker. Real Estate Practice Exam 5. The security deposit funds. REQUIRED information includes seller name(s) and social security number(s) and. 97. If an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing, all of the following must be included in the agreement EXCEPT. Mandatory inclusions in agreements of sale include the following: copy of sales contract given to signatories, statement regarding broker's services, and that access to a public road may require obtaining a highway occupancy permit: statute (608.2) and commission rules (35.333). A salesperson brings in a listing on a $28,000 home and is to receive 10% of the total 7% commission when the property is sold. Section 608.1 establishes requirements for the written agreement. The buyer wants to make the purchase offer contingent on a complex mortgage arrangement. A broker is responsible for depositing money into the escrow account by the end of the next business day following its receipt unless both the buyer and the seller have given written permission for the broker to refrain from depositing the money pending the seller's acceptance of the offer (35.324 (a) and (b)). According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the highest sales price if located in a neighborhood in which? This is called, A company agrees to lease a property to be used as a gambling casino. A developer owns 12 acres of land and is required to reserve 72,000 square feet for roads. The advantage of a Federal court hearing to the complaining party is that. What is the total commission a broker receives on a 20-year commercial lease at $500 a month if his contract reads 5% for the first year, 4% for the next four years, and 3% for the remainder of the term of the lease? A transfer of unimproved land is subject to transfer taxes. 171. 170. A broker operating branch offices must maintain a list of all licensees at the main office with references to which branch office the license is displayed at. 168. Add to folder In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. Advertisements by a broker about production or position in the market must identify the municipality that the market comprises (35.307 (b)). Subsequently, two of the owners want to sell, but the third discourages each potential purchaser. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. 95. The seller is heavily under the influence of alcohol at the time of signing. When licensees change employing brokers, they are required to notify the commission in writing no later than 10 days after the intended date of change, pay the required fee, and return their current license. With a total of 120 questions (80 national and 40 state), that means the score to pass is 60 for the national and 30 for the state. 113. The broker should inform the caller that? Neither citizenship nor a college degree are required of broker candidates. Generally, the mechanics lien law requires the contractor or subcontractor to file a claim with the court of common pleas in the county in which the property is located within four months after the work is completed. A person who performs real estate activities while employed by or associated with a licensed real estate broker. 1. If you feel it is in your best interest, please do so. In Pennsylvania, the real estate license law is administered by the. Business district zoned for a six-story office building. Which of the following most closely describes the real property which was acquired? In addition, corporations and partnerships can hold title, and title can be held in trust, When two or more new owners acquire title to a parcel of real estate and the deed does not stipulate the tenancy, they acquire title, by operation or rule of law, as tenants in common. answer choices element mixture compound Question 17 10 seconds Q. the party or parties employing the broker. 180. A listing contract is not required to specify the complete legal description of the property being sold. Fees are not determined by law, the real estate commission, or local brokers. What is the best course of action for the salesperson in this situation? The commission also promulgates rules and regulations (404) and reports to legislative committee's (408). Pete can convey his interest in the property ot Richard by warranty deed. 25. When advertising real property for sale, real estate salespeople. 2. If a licensee is found guilty of making substantial misrepresentation when dealing with the public, the commission may. The salesperson is. The broker may not require notification to terminate the listing. Tenants are still in their rental property even though their lease has expired. The interest rate is 6 1/2% per annum payable for 30 years. Fuel oil at closing costs $2.53 per gallon. 1. The Adkins intend to build a home in a few years. Mortgage loan interest, local property taxes, mortgage loan origination fees. If the house was worth $66,500 when it was built, what is its value today? The penalty for the first offense includes a fine. The agreement of sale did not specify the party to receive the interest. If the tenant proves that the premises are not fit for habitation, the court can order a reduction or cessation of rental payment. The buyer's agent who is drawing up the contract should. 3. A real estate broker representing the seller knows that the property has a cracked foundation and that its former owner committed suicide in the kitchen. Symptoms And Treatment Of Breast Neoplasm, Mary 's Assimilation Process Of The United States, Reading Pop Culture And Young Adult Literature Through The Youth Lens, The Day Of The Worst Terrorist Attack On The United States, The Nasa Antares Rocket Exploded Out Of The Air, Lorraine Hansberry And Everyday Use By Alice Walker, The Impact Of Cultural Messages On Areas Of Inequality Within Our Society, The Religion Of Sociological Perspective By Keith A. Roberts And David Yamane, Global Warming And Its Effects On The World, Analysis Of The Book ' The Magic Island '. After 2 months, the seller found a buyer, and the sale closed. 12. Excluding the building area, the cost for landscaping was $2 a square foot. obtain 60 hours of instruction as approved by the Commission, be engaged for three years (or equivalent) as a salesperson or cemetery salesperson pass a written examination prior to licensure. Which of the following statements is FALSE regarding the distribution of funds? The prospective buyers signed the counteroffer and the real estate agent delivered their acceptance to the seller. The licensee must disclose in writing the licensee's intention or true position if the licensee purchases any property that has been listed with his office (604 (a)(13)). A prospective buyer made an offer to purchase a property. The cooperating broker acting as a subagent must provide the consumer notice and appropriate documentation to the buyer prospect (606.1 (b)(4)). In the interim, the same buyers had found another house that they liked better and made an offer on it, which was accepted. Information gained during the original agency relationship may not be revealed or used by the licensee for the benefit of the licensee or a third party (606.1 (g)). The landlord may not discriminate based on age by different rental terms, such as security deposits or rental amounts. Real Estate Broker Practice Exam Exam Code: Broker Price: $19.95 Purchase The realty firm has an agency relationship with. 34. The salesperson also cashed a $25,000 earnest money check from a prospective buyer and used the proceeds to buy a new car. In this situation, if the seller takes the appliances with him, what recourse does the buyer have? Rules of the commission provide that an agreement of sale must contain the dates for payment and conveyance, in addition to other specified items. PSI PA REAL ESTATE EXAM Flashcards | Quizlet PSI PA REAL ESTATE EXAM 4.8 (5 reviews) Term 1 / 134 Severance Click the card to flip Definition 1 / 134 the performance of turning real property into personal property Click the card to flip Flashcards Learn Test Match Created by jgainsburg Terms in this set (134) Severance License law prohibits a licensed broker from paying compensation to anyone other than his or her licensed employees or another broker, and it prohibits a salesperson from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). Davis, Hernandez, and Moore are vested as tenants in common on a parcel of land. advise her friends this could constitute a violation of Sherman Antitrust Act. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. If there is a $30,000 mortgage on a residence at 9% which represents a 75% loan, what was the purchase price? Ten units are currently leased. A claim for payment from the recovery fund must be made no more than one year after the termination of the proceedings, including reviews and appeals in connection with the judgment (803(b)(4)). Real Estate Express is our top choice for best . Pa Real Estate Practice. Please sign in to share these flashcards. A rectangular tract 210' long and 200' wide was subdivided into 8 lots of 50' x 90' with a road running through the middle of the tract. A buyer purchased a property on September 20. 10. True or False The statute of frauds in Pennsylvania requires contracts for more than two years duration to be in writing. The lease does NOT contain an automatic renewal clause. They remained in the property against the owner's wishes and without paying rent. The commission does not arbitrate such disputes. An unlicensed salesperson negotiated the sale of real estate in return for the promise of compensation. Which of the following is a requirement of a person who holds licensure in another state and is seeking a salesperson license in PA? Builder-owner salespersons (551), rental listing referral agents (561), and cemetery brokers (531) are all required to pass a written exam prior to licensure. Give legal effect to agreements bargained for electronically, as long as they meet all other provisions of contract law. Simply click on the button to see our full list of state specific Broker tests that are available. 3. The broker has developed a Web site advertising the broker's office. When presenting the offer, the broker should. How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay? What was the total cost of land and improvements? These are the 100 questions (and correct answers) in the PSI Practice > Test I paid $24.99 to take online at psiexams.com. STUDY FOR THE REAL ESTATE EXAM ON-THE-GO! The members are not selected by REALTORS or elected by the public or real estate licensees. Failure of a real estate agent to comply with Fair Housing practices is punishable by? Under what circumstance may a broker deposit his or her own money into his or her escrow account? 159. Mike resold it in 1976 for $9,800. Campground membership salesperson and cemetery salesperson applicants have no examination requirement. On January 15, a seller paid $960 in annual property tax for the current calendar year. services to a geographic area, care, obedience, loyalty, disclosure, accounting, confidentiality. What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? It is permissible to have signs on open listings as well as exclusives. The Consumer Notice must be provided to a purchaser/tenant at the initial interview, which is defined as the first contact where a substantive discussion about real estate needs occurs (608). 2. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). At what point may the commission assess an additional fee against each licensee in order to add to the amount of money in the recovery fund? There is neither a requirement addressing number of employees nor a requirement that a licensee affiliate with any professional organization. An owner lists her home at a 7% commission rate and wants to net $45,000 after paying the mortgage balance of $68,000 and the broker's commission. The broker may not require a cancellation notice to terminate the listing at the end of the six-month period (35.332 (c)). License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits (604(a)(5)). In Virginia, there are 120 questions on the exam (80 national and 40 state). 14. If all of the land is usable, how many building sites will he have? Upon conviction for a first offense for practicing real estate without a license, the maximum penalty is a fine not exceeding $500, imprisonment not exceeding three months, or both (303). The agent should not gain information about motivation and urgency, which is generally of a confidential nature and should not be discussed outside of an agency relationship. This application must be filed before the removal or within ten days thereafter When a licensee changes employment from one broker to another, the licensee shall notify the commission no later than ten days after the intended date of change, return the current license, and pay the required fee. The broker knows that the buyer will increase the amount of the offer if the seller turns down the offer. The lender required a 25% down payment and stated repayment terms were $10.66 per thousand. A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into an agency relationship. What was his commission rate? The second broker may. Real Estate Exam NINTH EDITION Includes 5 Practice Exams and more than 1,900 Practice Questions Questions & Answers to Help You Pass the Real Estate Exam REILLY VITOUSEK SAMPLE. A contractor or subcontractor can file a claim with the court of common pleas in the county in which the property is located. When preparing a market data estimate of value, what category of adjustment is NOT essential? 1. 2. 143. The couple plans to move out at the end of the lease rather than renew it. An applicant for a real estate salesperson's license in Pennsylvania must. Lenders provide statements to prospective borrowers, rather than both parties involved in the transaction. Personal assistants may be employed by either the broker or salesperson to perform secretarial and clerical duties without being licensed. The broker is required to deposit earnest money into an escrow account. 1. While the change of employment forms are being processed by the commission, the associate broker may. How many members of the Pennsylvania Real Estate Commission are required to be licensed real estate brokers at the time of their appointment? 45. To the nearest dollar, what should the selling price be to net her $45,000? Ready to Take Your Real Estate Exam? An agent took an exclusive right to sell listing on a property. The broker is required to keep records of all funds deposited into the account. 190. The salesperson knows a lender that pays a fee for referring purchasers to them. 185. 183. OUR REAL ESTATE EXAM PREP INCLUDES. difference between general lien and specific lien? 3. A salesperson in a branch office is sued for damages by a buyer after the salesperson misrepresents a property. We'll bring you back here when you are done. The broker is a special agent hired with limited authority that ordinarily does not extend to binding principals to a contract. ordinances that specify construction standards, projects the impact on environment or proposed project, A lawsuit for inverse condemnation may be brought by. Because of this, some Federal agencies, such as FHA. The license is automatically suspended as of the effective date of payment when payment is made from the recovery fund. 127. Can the salesperson refer the buyers to this lender in order to collect the referral fee? In this area the tax ratio is 60% and the millage rate is 125 mills. A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. Pennsylvania has reciprocity agreements with the following states: All above information should be confirmed with licensing commission. After analyzing a number of real estate transactions, you decide that 118.5 is the proper Gross Income Multiplier (G.I.M.) If a broker or cemetery broker intends to maintain more than one place of business, the licensee must obtain an additional license for each office location before any office is opened. What is the major disadvantage of the deed in lieu of foreclosure? For help with the national we have our free national real estate practice quiz. In Pennsylvania, only a memorandum of lease is filed. The original broker now represents a buyer client who is interested in making an offer on the property. 6. 125. The broker contacted the friends and eventually sold them a house. Pass the real estate exam with confidence! Only the broker has the authority by the license law to hire or employ salespersons or associate brokers. 183. be at least 18 years of age, complete 60 hours of real estate as prescribed by the Commission, and pass both portions of the examinations prior to being issued a license. An individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings. The purpose of the Real Estate Recovery Fund is to. A buyer is purchasing the house with the closing set for March 1. 109. An agency relationship between a property owner and a property manager is usually created by? Rents are not deposited into an escrow account. all current owners of real estate fronting on that road. In cooperating broker transactions, the duty to escrow funds can be the responsibility of either broker. A community decided to develop a park as follows: 1/4 of the park is to be wooded, 20% is to be playgrounds, .3 is to be picnic areas,the balance is to be a 60 acre lake. i.e, bylaws, R&R, projected budgets, leins or encumbrences on the bldg, etc. 20 - 13 cards; Transfer - 59 cards; What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with an employing broker and affiliate with a different broker? Subsequently, Carne mortgages the property. Who of the following is not exempt and must hold a real estate license? 89. This person has no recourse. What has the greatest effect on real estate value? For help with the national we have our free national quiz. 1. 3. 119. Real estate salespersons may not advertise under their own names. What is the bi-monthly tax? A salesperson's licensed assistant worked late nights and weekends to help ensure the successful completion of a difficult transaction. Owners of real estate conducting business with respect to their own property are not required to be licensed. Tenants in certain situations must be given an explanation of rights informing them of the consequence of confession of judgment when they sign a lease that contains this clause. That section can be used to study the topics featured on those 85 questions. 5. require the buyer to acknowledge disclosure of the presence of any known lead paint. Round to the nearest cent. 1. 132. 1,000+ Real Estate Practice Questions & Flashcards, 50 Additional Real Estate Math Practice Test Questions, Feel Prepared With Real Estate Exam Prep & Tip Videos, Support From Elliot Gold on InstructorChat. What decimal part of the remaining land is not covered by buildings? Although the salesperson may be guilty, the employing broker is not always liable. In helping a buyer to select a lender, if the buyer believes he has good credit and his income is documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT? A broker's duty to escrow may not be waived or altered by agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers involved in the transaction (35.322). A real estate license is not required for the sale of business opportunities. The licensee may, however, be requested to provide documentation as evidence of completion of the continuing education requirement as part of a post-renewal audit program instituted with the 2008 renewal period. 141. Sale of a two-unit property owned by a licensee and sold "For Sale by Owner" is not one of the exempt transactions; so the seller must make appropriate disclosures. What Do Our Senses Give Us Knowledge Of The World As It Is? The attorney for the buyer contacts Broker Smith and explains that he can obtain a very high interest rate on the deposit money. The state legislature enacts laws that govern licensees. 1. 3. 117. Under Pennsylvania law, the salesperson may. cmyk color palette pdf; horizon therapeutics best places to work; winocular jobs; ktm for sale perth; recess chicago; 1995 newell coach for sale near Red Wing MN; absolutechems reddit. 33. 149. Brokers must maintain records of transactions for three years following consummation of the transaction. Questions and Answers 1. The Pennsylvania Human Relations Commission applies the same standards provided for in federal law, i.e., complaints must be filed within one year of the alleged violation. What is the average annual gross income from the investment if the amount invested is $81,000 and taxes and expenses average 10% of the gross income? 1. Pa Real Estate Practice. Conviction for a felony offense does not preclude the applicant from being issued a license. A recorded stipulation against liens, a release of liens document, and mechanic's lien insurance can all be used as a means of protecting the property against claims of subcontractors of suppliers. A licensee is expected to exercise reasonable professional skill and care when dealing with the public and to deal honestly and in good faith (606.1 (a)). 1. 74. 2. There is no provision in the commission rules for interviewing consumers or members of the public (35.246 (d)). He will pay $9,020.00 in interest the first year. 48. The broker does not have to gain permission from the neighbors, local governing body, or sell the property. A buyer was negotiating the purchase of a house for himself. The house has increased an average of 12% per year. It is possible to hold active licenses in more than one state simultaneously, and residency is not a requirement for licensure (35.223(b)). What is the rate of return on an investment when net operating income is $3,430 and property value is $22,000? The attorney's client, the buyer, could then use the extra money to reduce the mortgage loan balance.
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