Pennsylvania Real Estate Licensing Exam Bundle Graded A+

XTRLARGE Realty is very proud of its sales staff. They send out a press release that says that the staff is the best in the area and that the firm holds the largest market share in the entire area. What, if anything, is illegal about this ad? a. Nothing is legally wrong, as anyone can claim to be...

Accession - Answer-Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams. Air Rights - Answer-The right to use the open space above a property, generally allowing the surface to be u...

Abandonment - Answer-The failure to occupy and use property. May result in loss of rights. Abstract of title - Answer-Chronological summary of the recorded documents affecting title to a particular parcel of reap property. Accelerate - Answer-Making a loan come due faster by having all payment...

multiperil policies - Answer-Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty risk management - Answer-Evaluation and selection of appropriate courses of action to minimize legal liability; also the selectio...

Disclosure Summary - Answer-a consumer notice done for disclosure purposes for the purchase sale of residential or commercial real estate to advise the consumer that the broker is not representing the consumer in the transaction. Must be clear from the first interview. When do licenses expire? - ...

Harrisburg resident Joseph Bell has worked full-time for Larry Keen, who is the builder-owner of dozens of homes just outside of Harrisburg. Joseph is Larry's "right-hand man," and Larry has given him permission and the authority to take on many of Larry's tasks. Joseph routinely lists homes for...

It's illegal for anyone to... - Answer-engine in or advertise oneself as a real estate broker/salesperson, cemetery, campground membership salesperson, timeshare salesperson, builder-owner salesperson, rental listing referral agent, or cemetery company without holding the proper license or registra...

Under an airport premises policy, all of the following are excluded, EXCEPT: Answer Choices: A. A passenger slips on ice on a step. B. Damage to the runway. C. Admitted liability. D. Rental of a replacement aircraft. - Answer-A. A passenger slips on ice on a step. A passenger slips on a ste...

regulate commission rates - Answer-which of the following is NOT a purpose of the PA real estate license law? a. enhance standards for brokers and salespersons b. regulate commission rates c. protect the public against incompetence d. protect licensees from unfair competition the public and l...

Land - Answer-The earth's surface extending downward to the center of the earth and upward to infinity, including permanently-attached natural objects Real estate - Answer-Land, plus all things permanently attached to it naturally or artificially Real property - Answer-Real estate, plus the i...

When a judgment is entered against a licensee and a claim is paid from the Real Estate Recovery Fund, which of the following statements is true? - Answer-The license is automatically suspended Monies are paid into the Real Estate Recovery Fund by which of the following means: - Answer-Every licen...

In Pennsylvania, representation agreements that obligate the buyer to pay a fee... - Answer-must be in writing. - The Real Estate Licensing and Registration Act establishes that any agreement between a broker and a principal, whereby the consumer is obligated to pay a fee, must be in writing and...

Real estate activities requiring licensure - Answer-For a fee or other consideration: engaging in or advertising oneself as being in the real estate profession, negotiating or aiding another in a real estate transaction, managing real estate, performing a CMA Parties exempt from licensure require...

Abandonment - Answer-the relinquishment of all rights and title to a property with no intention of reclaiming ownership Abutting Owner - Answer-An owner whose land touches a highway or other public place. Acceleration Clause - Answer-A clause in a mortgage or installment contract stating that upon...

Which phrase BEST defines real estate? - Answer-Land and all things permanently affixed to it. The term non-homogeneity refers to: - Answer-uniqueness The bundle of rights is included in the definition of: - Answer-real property The bundle of legal rights includes all of the following right...

Assessor - Answer-Any person responsible for the valuation of real property for ad valorum taxation purposes Duties and Responsibilities of an Assessor - Answer-Discovering, Listing, Valuing Clean & Green - Act 319 - Answer-Has two values, Value in Use and Value in Exchange An Assessor is a...