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REAL ESTATE PRACTICE EXAM 2 ACEABLE AGENT
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REAL ESTATE PRACTICE EXAM 2 ACEABLE AGENT
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REAL ESTATEPRACTICE EXAM 2
ACEABLE AGENT
Which of these is a red flag for predatory lending? - Answers -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? - Answers -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? - Answers -Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? -
Answers -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? - Answers -$20,000
What is a lien that applies to a certain property only? - Answers -Specific Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does that
equal? - Answers -$63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use of
this water? - Answers -Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate
transaction EXCEPT: - Answers -Familial status of the previous occupants
, What is panic peddling? - Answers -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? - Answers -
$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: - Answers -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: - Answers
-An amendment to the contract
A listing agreement and buyer representation agreement are the best tools for creating:
- Answers -Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a
building is: - Answers -Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - Answers -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: - Answers
-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? - Answers -
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? - Answers -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? - Answers -Syndicate
What kinds of loans are eligible for a three-day right of rescission under Regulation Z? -
Answers -Loans where already owned homes are used as collateral
Emory is a Pennsylvania broker. He knows he must maintain trust account records for 3
years if a transaction is consummated, but how long must he maintain records if the
transaction is NOT consummated? - Answers -6 months
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