45-Hour PA Practice Final Exam (Questions & Answers) Rated 100%
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Course
45-Hour PA
Institution
45-Hour PA
What function does the Federal Housing Administration (FHA) play in the mortgage loan
process?
1. FHA builds homes
2. FHA insures loans
3. FHA lends money
4. FHA establishes national interest rates on mortgage loans - ️️CORRECT
ANSWER:
FHA insures loans
A broker price opinion must inclu...
45-Hour PA Practice Final Exam
What function does the Federal Housing Administration (FHA) play in the mortgage loan
process?
1. FHA builds homes
2. FHA insures loans
3. FHA lends money
4. FHA establishes national interest rates on mortgage loans - ✔️✔️CORRECT
ANSWER:
FHA insures loans
A broker price opinion must include what the price was based on and:
1. License number
2. The broker's phone number
3. Applicable market data
4. A legal description - ✔️✔️CORRECT ANSWER:
Applicable market data
If an agent is found guilty of false advertising, what may the FTC issue?
1. A summons
2. A cease-and-desist order to stop running the ad
3. A suit for defamation
4. A continuation - ✔️✔️CORRECT ANSWER:
A cease-and-desist order to stop running the ad
Contract law states that a material breach of contract is a(n):
1. Reparable break in a legally binding contract
2. Contract section that can be omitted based on a written agreement of all parties
3. Irreparable break in a legally binding contract
4. Contract that lacks the ability to undergo due process - ✔️✔️CORRECT ANSWER:
Irreparable break in a legally binding contract
Which appraisal approach is a means of appraising a property based on the assumption
that value is equal to the present worth of future rights to income?
,1. Cost
2. Income
3. Sales comparison
4. Value analysis - ✔️✔️CORRECT ANSWER:
Income
Who provides detailed information about identifying consumer issues?
1. The Office of PA's Attorney General
2. The PA Dep't of Economic Development
3. The PA Dep't of General Services
4. The Dep't of PA's Revenue - ✔️✔️CORRECT ANSWER:
The Office of PA's Attorney General
Individuals and business organizations whose sole enterprise is performing a real
estate-related service or function are called:
What does Entitlement refer to in a Department of Veterans Affairs loan?
1. The maximum interest rate that a veteran can pay on any type of mortgage loan
2. The maximum number of dollars that the borrower must deposit when seeking a DVA
loan
3. The maximum number of dollars that DVA will pay if the lender suffers a loss
4. The maximum number of grace period days allowed for the borrower to be late with a
loan payment - ✔️✔️CORRECT ANSWER:
The maximum number of dollars that DVA will pay if the lender suffers a loss
In what type of residential building does each owner have a percentage of ownership of
the entire property?
1. An apartment building
2. A condominium
3. A modular home
4. A time-share - ✔️✔️CORRECT ANSWER:
A condominium
, If product price increases, demand is increasing in relation to:
What is the position regarding the offering of premiums, prizes, or merchandise to list a
property?
1. It's always ethical
2. It's considered unethical, if a limited time offer is required
3. It's considered ethical, provided the value of such item or service is less than $50
4. It's unethical - ✔️✔️CORRECT ANSWER:
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