Real Estate Practice Exam 2 Aceable Agent 2023/2024
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AceableAgent
Real Estate Practice Exam 2 Aceable Agent 2023/2024
Which of these is a red flag for predatory lending? - ANSWER-There are unexpected, undisclosed lender fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law, which of the following is ...
Real Estate Practice Exam 2 Aceable
Agent 2023/2024
Which of these is a red flag for predatory lending? - ANSWER-There are unexpected, undisclosed lender
fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law, which of the following
is TRUE of Percy? - ANSWER-Because of his vicarious liability Percy may be held liable for the agents
actions.
The government seizes Farsch's property to expand a highway. What is this an example of? - ANSWER-
Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? - ANSWER-Both are
concerned with making sure legal claims are made within a reasonable time frame.
What is the maximum amount the Pennsylvania recovery fund will pay for a single transaction? -
ANSWER-$20,000
What is a lien that applies to a certain property only? - ANSWER-Specific Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does that equal? - ANSWER-
$63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use of this water? -
ANSWER-Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate transaction
EXCEPT: - ANSWER-Familial status of the previous occupants
What is panic peddling? - ANSWER-The illegal practice of causing owners to sell their homes by creating
fear that members of a protected class are moving into the area.
, College Town, USA has a uniform percentage of 50%. A property in College Town has a market value of
$150,000. What is the assessed value of the property? - ANSWER-$75,000
The interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to
the original owner (grantor) is known as: - ANSWER-Revisionary interest
During the option period, Kat, the buyer, decides that she wants to change the closing date so that the
seller has enough time to make repairs. She should request: - ANSWER-An amendment to the contract
A listing agreement and buyer representation agreement are the best tools for creating: - ANSWER-
Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a building is: - ANSWER-
Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - ANSWER-The title company or an
attorney
The harsh winter months are coming up, so property manager Katie arranges for an inspection of the
pipes and the roof for potential leaks. This is an example of: - ANSWER-Preventative Maintenance
What, if known, could cause a buyer or seller of real estate to take a different course of action or make a
different decision regarding the property purchase? - ANSWER-Material facts
Emily signed a document that created the debt she was assuming on a home loan and spelled out the
terms of the loan. It was one of two documents that make up a mortgage loan agreement. What
document did she sign? - ANSWER-Promissory note
What is a group of investors that get together and combine resources to make investments they
wouldn't be able to make on their own? - ANSWER-Syndicate
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