Exam (elaborations)

COLIBRI REAL ESTATE 30 HOUR FINAL PA EXAM 2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM VERSION WITH A COMPREHENSIVE STUDY GUIDE AND DETAILED ANSWERS | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE

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COLIBRI REAL ESTATE 30 HOUR PA

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COLIBRI REAL ESTATE 30 HOUR PA

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Uploaded on September 23, 2024
Number of pages 64
Written in 2024/2025
Type Exam (elaborations)
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colibri real estate 30
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colibri real estate 30 hour final pa exam 2024
colibri real estate 30 hour final

Institution COLIBRI REAL ESTATE 30 HOUR PA
Course COLIBRI REAL ESTATE 30 HOUR PA

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COLIBRI REAL ESTATE 30 HOUR FINAL PA EXAM 2024/2025 |
ACCURATE CURRENTLY TESTING REAL EXAM VERSION
WITH A COMPREHENSIVE STUDY GUIDE AND DETAILED
ANSWERS | EXPERT VERIFIED FOR GUARANTEED PASS |
LATEST UPDATE

What is the obligation of a broker when he is representing a seller in selling the seller's property
in terms of the Seller Disclosure Act?

A). The broker is not obligated to tell the seller anything. It is up to the seller to learn about the
disclosure act.
B). The disclosure by the seller is optional so the broker is not obligated to require it of the seller.
C). The disclosure only applies to commercial property so this would not apply in this case.
D). The broker has the obligation to advise the seller about the Seller Disclosure Act.
D
A new salesperson wants to make an impression on the neighborhood so he places lots of for sale
signs on homeowner's yards. When he does this, it causes the homeowner and prospective buyers
to call the new agent for information. Is this a legitimate business practice?

A). Yes, this is understated advertising, good for getting new listings and new buyers.
B). Yes, the seller will be pleased if the buyer want to buy the house without the seller even
thinking about it.
C). No, the brokerage company does not like the salesperson advertising without the broker and
seller knowing about it.
D). No, every "for sale" sign must first have a written consent of the owner of the property.
D
Pennsylvania law requires that the seller must disclose material facts to the buyer. When must
this be done?

A). At the first showing of the property to the buyer
B). At the time of initial contact of the buyer
C). At the time of the closing for both parties
D). Prior to the time a sales contract is written.
D
What is an acknowledgement?

A). It is a signing by a notary who witnessed a deed for a seller.

,B). It is a signature by a consumer who is recognizing the importance of a written disclosure
notice.
C). It is the signature of a broker on a sale contract.
D). It is the signature of the buyer on a listing contract.
B
What is the maximum compensation that can be paid from the Real Estate Recovery Fund per
licensee that was found guilty?

A). $10,000
B). $20,000
C). $50,000
D). $100,000
D
The Pennsylvania State Real Estate Commission is composed of eleven members who are
appointed by the governor and approved by the Senate. What is its primary purpose?

A). The primary purpose of the SREC is to provide licensing requirements for brokers and sales
persons.
B). The primary purpose of the SREC is to protect the public
C). The primary purpose of the SREC is to make real estate laws.
D). The primary purpose of the SREC is to collect real estate fees.
B
The Low Country Cemetery Company sells its own property and other property as burial plots to
customers in Pennsylvania. The company actively advertises in the newspaper and holds public
information meetings. This is a for-profit company. What does this describe?

A). This is a cemetery company selling land to the public for compensation. The company should
have a real estate license.
B). This is a company selling mostly its own property and does not need a license to sell
property.
C). his is a cemetery company selling burial plots to the public. It should be registered with the
Commission.
D). This is a cemetery company but it does not need a license or registration since the land it
sells is sold in small plots.
C
The SREC is investigating a claim by a buyer that he had not been given the proper disclosure
before purchasing a home. The broker has paperwork dating back three years after the closing of
the transaction, Is the broker protected?

,A). Yes, because the broker had the records dating three years after the close of the transaction.
B). Yes, because the transaction is closed, no action can be taken.
C). No, because the broker should have keep the records for five years after the closing of the
transaction.
D). No, because the broker cannot prove his case with records alone.
A
Ken represented John in the sale of a home. The sale went well and it closed on time. Later, John
discovered that Ken had told the buyer that John was willing to take a lower price than was
specified on the listing agreement. Ken had also told the buyer a specific price, lower than the
listed price, make an offer to John. Does John have probable grounds for a lawsuit?

A). Ken, the agent, had poor judgment in dealing with the buyer and seller, but John has no
grounds for suit.
B). Ken, the agent, violated the law of agency.
C). Ken, the agent, was simply trying to help the seller make the sale.
D). Ken is not liable for any problems: the sale closed and both the buyer and seller signed the
closing papers.
B
A time-share salesperson is required to complete 30 hours of instruction in a Time Shares Sales
class before he can be licensed. Which of the following is not an area of study for a time share
salesperson's license?

A). Sales Financing
B). Sales Ethics
C). Sales Practices and Procedures
D). Basic Contract Law
A
Ted is a broker who is a property management broker. He receives the monthly rent from the
tenant and puts the monthly rent money in his escrow account along with the security deposit
money. The Commission charges Ted with a license law violation. What is the problem?

A). A property management broker must have an operating account.
B). A property management broker must have a rental management account where rent is
deposited.
C). A property management broker must have an escrow account, two operating accounts and a
security deposit account.
D). A property management broker must have a security deposit account and an operating
account.
B

, Pete is a sole proprietor broker and has six salespeople who he employs. On June 9th, Pete is
killed in a car accident. Tom is one of the salespeople and his listing is set to close on June 20th.
What will happen to the proposed closing?

A). Nothing will happen. Business will go on as usual with the salespeople in charge until a new
broker is found.
B). The estate will notify the Commission within 15 days of death and tell the Commission that a
new termination broker has been found. The closing will continue.
C). The seller will have to cancel the listing and lose the sale since the broker died.
D). The buyer will have to wait for closing until a new listing of the property happens when a
new broker is found and the seller signs a new listing with the new broker.
B
What type of discipline can the Commission use for an unlicensed person acting as a real estate
licensee?

A). A suspension from real estate of six months.
B). Fines up to $2,000 to $5,000.
C). Revocation of the transaction
D). Nothing, the Complaint's office must handle these individuals
B
The bank where Broker Bill has his escrow account calls for Bill to be the trustee and sends him
monthly reports so that he can reconcile the books. The bank requires a 48 hour notice for
withdrawal of funds and no service charge. Is this bank acceptable to the Commission?

A). Yes, because there is no service charge, the broker will not have to worry about commingling
of funds.
B). Yes, Bill is the trustee which is a requirement of the Commission for bank depositories.
C). No, the Commission requires that Bill reconcile his books more often than once a month.
D). No, the broker must have a bank which allows for withdrawal of funds without previous
notice.
D
Jack has committed several violations of the Act and has been found guilty. His license has been
suspended. What must Jack do?

A). Jack must pay a fine to the Real Estate Recovery Fund.
B). Jack must tell his salespeople of his actions.
C). Jack must return his license to the SREC.
D). Jack must wait 6 months before he can practice real estate again.
C

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Exam (elaborations)

COLIBRI REAL ESTATE 30 HOUR FINAL PA EXAM 2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM VERSION WITH A COMPREHENSIVE STUDY GUIDE AND DETAILED ANSWERS | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE

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