Exam (elaborations)

SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS WITH CORRECT ANSWER

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Course
Real Estate

Institution
Real Estate

SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS WITH CORRECT ANSWERS The amount per $1,000 used to calculate taxes on property is the - ANSWER-milliage rate The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability...

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Uploaded on November 4, 2024
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south carolina real estate exam practice questions

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

PSI PA State Real Estate Practice Exam

Study Questions and Answers

Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to

support from the underlying coal. - ANSWER✔✔-Coal Notice

Three conditions that must be met for a mobile home to be considered real estate - ANSWER✔✔-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 plan, 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 held prior to their enactment by the governing body. - ANSWER✔✔-

Zoning

Charges permitted by the Pennsylvania Municipalities Planning Code to help defray the cost of streets to

keep up with development - ANSWER✔✔-Impact Fees

Went into effect in July 2004, as prescribed by the 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-

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of-the-art construction methods and systems and eliminates existing codes that are obsolete, overly

restrictive, or conflicting. - ANSWER✔✔-Uniform Construction Code (UCC)

Oversee's PA's environmental laws - ANSWER✔✔-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 - ANSWER✔✔-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

- ANSWER✔✔-Uniform Environmental Covenants Act (UEAC), which took effect in February 2008

Burdensome disclosure requirements are readily satisfied -Mitigation controls can be enforced

regardless of ownership - ANSWER✔✔-Benefits of the UEAC

True or False Pennsylvania, has abolished the common law concepts of dower and curtesy. -

ANSWER✔✔-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

possessors 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. - ANSWER✔✔-Easement by

Prescription

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The Pennsylvania Landlord/Tenant Act also specifies the time period that is required for notice in a

variety of circumstances - ANSWER✔✔-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. - ANSWER✔✔-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. - ANSWER✔✔-30

Limits on Security Deposits - ANSWER✔✔-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 to 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. - ANSWER✔✔-

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 contains this clause. - ANSWER✔✔-Confession of

Judgement

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