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PA State RE Practice Exam with Questions and Answers What is the highest amount you can be fined by the Pennsylvania Real Estate Commission for a serious violation? $1,000 $10,000 $100,000 $50,000 ANSWER $1,000 What does Pennsylvania law dictate related to a dual agency situation? Dual ag...

PA RE EXAM: Practice Exam Attempt 2 with Questions and Answers Occasionally, the Real Estate Recovery Fund may experience a shortfall due to payment of claims against the fund. This shortfall is made up by which of the following means? ANSWER -$10 license renewal fee The Commission may assess e...

Para Pro Assessment (Praxis) with Questions and Answers Predicate ANSWER the part of a sentence or clause containing a verb and stating something about the subject (e.g., went home in John went home ). Quotient ANSWER The answer to a division problem. Product ANSWER The result of multiplyin...

PA RE Practice Quiz 8 with Questions and Answers For appraisers performing appraisals for federally related transactions, all states are required to establish uniform certification procedures. a. True b. False ANSWER A. TRUE All states are required to establish uniform certification pro...

PA RE Practice Quiz 6 with Questions and Answers Often a buyer has the required information well in advance of making an offer because the law is very specific about time frames for providing various disclosures. a. True b. False ANSWER A. TRUE The law requires the Consumer Notice, di...

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 licen...

PA RE Practice Quiz 7 with Questions and Answers The application for credit gathers certain basic information about the property that will be used for collateral. a. True b. False ANSWER A. TRUE The application for credit (typically, the Fannie Mae/Freddie Mac Uniform Loan Application) ...

PA RE Practice Exam Attempt 5 with Questions and Answers The Real Estate Commission establishes procedures for submitting documentation and fees to renew a license. Currently, the period of time between each license renewal period is: ANSWER 2 years An owner of real property may sell any or al...

PA RE Practice Quiz 5 with Questions and Answers An agency contract is an employment contract rather than a real estate contract. a. True b. False ANSWER A. TRUE Most business relationships in real estate are created by written agreement. An agency contract may be used to hire the broke...

RE Practice Quiz 4 with Questions and Answers The failure to comply with fair housing laws is grounds for disciplinary action against a licensee and is both a civil and criminal violation. a. True b. False ANSWER A. TRUE The U.S. Congress and the Supreme Court have created a legal frame...

PA RE Practice Exam Attempt 9 with Questions and Answers A section of a township contains ANSWER 640 acres An individual who is limited to showing properties, soliciting and listing properties for sale as well as assisting a broker in managing property is known as a/an: ANSWER salesperson B...

PA RE Practice Exam Attempt 6 with Questions and Answers An individual or entity that negotiates an option contract for another and receives a fee is known as a/an: ANSWER Broker The salesperson has violated _______- ____by encouraging an individual to break a contract with a third party. ANSW...

PA RE Practice Exam Attempt 8 with Questions and Answers When a contract is terminated without undoing anything that has been done so far, the action is called ANSWER cancellation When waterborne silt is deposited in a lake or river bed, the land gradually increases by the process of ANSWER Ac...

PA RE Practice Unit 20, Financing Real Estate Exam with Questions and Answers Credit Score ANSWER Computer-generated analysis of factors characteristic or indicative of repayment; te most common one was developed by FICO Fair, Issac & Co.; An objective way of reporting an analysis of factors indi...