Exam (elaborations)
PSI PA State Real Estate Practice Exam( Solved)
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PSI PA State Real Estate Practice Exam( Solved)
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PSI PA State Real Estate Practice Exam ( Solved) Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. - Coal Notice Three conditions that must be met for a mobile home to be considered real estate - 1. Mobile home is transferred in conjunction with and as a part of an assignment of a land lease or the transfer of an interest in land on which the mobile home is situated; or 2. Mobile home is permanently attached to a foundation, and 3. Registration of the mobile home is canceled by the owner with the Pennsylvania Bureau of Motor Vehicles The governing body of a municipality is responsible for enacting the comprehensive p lan, zoning, and subdivision ordinances in accordance with procedures in the Pennsylvania Municipalities Planning Code. They may appoint a planning commission to be responsible for formulating the recommended plans and ordinances. Public hearings must be h eld prior to their enactment by the governing body. - Zoning Charges permitted by the Pennsylvania Municipalities Planning Code to help defray the cost of streets to keep up with development - Impact Fees Went into effect in July 2004, as prescribed by t he Pennsylvania Construction Code Act that was passed in 1999. *In addition to satisfying the purpose of construction codes, the act encourages the use of state -of-the-art construction methods and systems and eliminates existing codes that are obsolete, ov erly restrictive, or conflicting. - Uniform Construction Code (UCC) Oversee's PA's environmental laws - Department of Environmental Protection Passed by the Department of Environmental Protection *Gives notice to prospective buyers that if a property is not serviced by a public sewage system and no community sewage system is available, a permit for an individual system must be obtained - Pennsylvania Sewage Facilities Act in 1994 Provides for the rehabilitation or recycling of brownfields by providing a mechanism to enforce hazard mitigation controls and ease concerns about the future liability associated with contaminated properties - Uniform Environmental Covenants Act (UEAC), which took effect in February 2008 Burdensome disclosure requirements are re adily satisfied -Mitigation controls can be enforced regardless of ownership - Benefits of the UEAC True or False Pennsylvania, has abolished the common law concepts of dower and curtesy. - True Created when the person claiming the easement has made use of another's land for 21 years in PA. The claimant's use must have been continuous, exclusive, and without the owner's approval. Through the principle of tacking (discussed in Unit 5), successive periods of adverse possession by different adverse possessor s can be combined so that a person who is not in possession for the entire statutory time may establish a claim.The use must be visible, open, and notorious, that is, the owner must have been able to learn of it. The claimant is entitled to assert a right to use the property and cannot claim ownership. Prescriptive easements cannot usually be acquired on public land. - Easement by Prescription The Pennsylvania Landlord/Tenant Act also specifies the time period that is required for notice in a variety of ci rcumstances - Normally, one week's notice is required to terminate an estate from week to week; one month's notice is required to terminate an estate from month to month; and three months' notice is required to terminate an estate from year to year. True or False The statute of frauds in Pennsylvania requires contracts for more than two years duration to be in writing. - False, contracts for more than three years duration are required to be in writing. However a written agreement can be used for any period of time. In Pennsylvania, the law requires payment of transfer taxes on leases that run for more than a total of ____ years. - 30 Limits on Security Deposits - 1st Year -the maximum amount of the security deposit cannot exceed a sum equivalent to two months' rent 2nd Year -the amount drops to a sum equivalent to one month's rent During years 2 -5-the landlord may increase the amount of security deposit, following the same monthly equivalency formula, to keep pace with increasing rents After 5 years - the landlord cannot increase the amount of security deposit. Pennsylvania law permits a landlord to purchase a guarantee, or surety, bond t o guarantee the return of a security deposit to the tenant. The landlord may exercise this option in lieu of escrowing a security deposit in a financial institution. The landlord must return the amount of the bond (including any interest) less the cost of any necessary repairs to the tenant at the end of the lease term. - Bond in lieu of escrowing 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 cont ains this clause. - Confession of Judgement In Pennsylvania, only a memorandum of lease is filed. A memorandum of lease gives notice of the interest but does not disclose the terms of the lease to the public. Only the names of the parties and a descriptio n of the property are included. - Recording a leaseThe benefits of buying summaries with Stuvia:
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