PA Pennsylvania 14th Edition Exam Questions with Latest Update
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Module
Pennsylvania Real Estate
Institution
Pennsylvania Real Estate
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 an...
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PA Pennsylvania 14th Edition Exam Questions with Latest Update
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 signed by the consumer. - This includes brokerage agreements: seller listing and buyer representation.
All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT... - Answer-a listing
agreement must be accompanied by a qualified expert's report of the property's condition. - A qualified expert's report covering property condition is not required when a seller lists
property for sale with a broker. - In most transactions, state law requires the seller to complete a property condition disclosure form prior to entering into an agreement of sale. - The listing must state the broker's fees, be in writing, and be signed by the seller, who must receive a copy of the listing after signing it.
When discussing the possibility of listing a large parcel of vacant land with an owner, the broker determines that he would like to secure an option to purchase the property. How should the broker proceed? - Answer-disclose his interest and license status to the
owner and discuss terms of the option agreement prior to and distinct from the listing agreement. - The broker must disclose his license status prior to entering into an agreement with an
owner. - A broker may not incorporate an option to purchase property in a listing agreement for the property, and the broker may not conduct business through a straw party.
During a showing to a prospective buyer, the listing agent noticed a small, damp water stain on the ceiling that was still dripping after last night's rainstorm. The stain was not there the day the listing agreement was obtained. The property disclosure form makes no mention of any defects that would cause the stain. If a licensee notices material defects not disclosed in the property disclosure statement, which of the following actions must the licensee take? - Answer-disclose to the buyer, in writing, all material defects that are not disclosed in the property disclosure statement and which the licensee has actual knowledge of. - Verbal disclosure alone does not satisfy the disclosure requirement of known material defects discovered by a licensee. - Notifying the buyer that there is no need for concern would constitute a licensing violation for failure to disclose known material defects. - Licensees are not required to conduct an independent investigation to confirm that the seller's disclosures on the property disclosure statement are accurate.
Real estate licensing is required in order to engage in the... - Answer-sale of time-share interest. - A time-share salesperson's license is required to sell time-shares. - Employees of a public utility, trustees in bankruptcy, and licensed auctioneers are all exempt from licensing requirements.
NOT NEEDED: - to negotiate leases of employees of a public entity
- sale of real estate by bonafide auction
- sale of property by an individual acting as trustee in a bankruptcy proceeding
A landlord has a "no pets" policy in her apartment building. A trainer or handler of guide dogs for persons with disabilities wants to rent an apartment from the landlord and requests that guide dogs be permitted in the apartment. Does the landlord have to let the dog in? - Answer-the Pennsylvania Human Relations Act specifically prohibits the landlord from refusing to rent to the handler or trainer of guide or support animals on the
basis of the owner's "no pets" policy. - The Pennsylvania Human Relations Act specifically prohibits discrimination against handlers or trainers of guide or support animals as well as persons with disabilities who use guide or support animals. - Any violation of the Pennsylvania Human Relations Act also constitutes a violation of the license law.
A broker is convicted of felony possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. After 30 days, the broker calls the Pennsylvania Real Estate Commission and leaves a message informing the commission of the conviction. Based on these facts, which of the following is TRUE? -
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