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Real Estate Practice Exam Questions And Answers.
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Real Estate Practice Exam Questions And Answers.
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Real Estate Practice Exam Questions AndAnswers
1. .Brokerage .definition... .- .the .business .practice .of .bringing .together .the .parties .in .a .practice.
2. .What .are .two .examples .of .special .use .property? .- .schools .and .cemetary
3. .What .is .an .example .of .functional .obsolescence? .- .bathroom
4. .Principal .definition... .- .a .consumer .of .real .estate .services .who .has .entered .into .an .agency .relatio
nship .with .a .broker .or .another .licensee .employed .by .a .broker.
5. .Capitalization .definition... .- .the .process .of .determining .the .present .value .of .a .property .from .it's .f
uture .income.
6. .What .is .the .salespersons .obligation .to .a .buyer .under .single .agency .listing? .- .Inform .the .buyer
8. .All .are .examples .of .real .estate .except... .- .factories
9. .What .is .homeowners .insurance? .- .Insurance .to .protect .owners .from .fires .and .other .etc.
10. .Special .agent .definition... .- .the .type .of .agency .in .which .the .principal .authorizes .the .agent .to .rep
resent .the .agent .in ."one .specific .transaction .or .business .activity"
11. .Which .is .not .used .to .determine .cost .approach .to .estimate .value?
-Quantity .Survey .Method
-Unit-in-Place .Method
-Square .Foot .Method
-Gross .Rent .Multiplier .Method .- .Gross .Rent .Multiplier .Method
What .is .steering? .- .the .unlawful .act .of .keeping .a .buyer .away .from .certain .communities .or .guiding .t
hem .to .purchase .in .certain .communities.
, 15. .Entitlement .to .commission .when .transaction .is .not .consummated. .- .Except .when .listing .broker .d
oes .not .disclose .information
16. .Can .a .salesperson .give .legal .advice? .- .No, .not .unless .they .are .an .attorney.
17. .Who .determines .the .commission .in .a .listing .contract? .- .An .agreement .between .the .owner .and .
broker
19. .All .are .typical .duties .of .a .property .manager .with .the .exception .of... .- .Investing .profits
20. .Transfer .tax .is .typically .paid .by .for .by .whom? .- .Buyer .and .seller
21. .Blockbusting .definition... .- .An .illegal .real .estate .practice .caused .by .inciting .fear .and .panic .selling .
by .suggesting .that .persons .of .minority .background .are .or .may .be .moving .into .an .area .or .that .the .
majority .of .residents .are .moving .out .of .an .area.
23. .Special .agency .listing .definition... .- .n/a
25. .Net .listing .definition... .- .a .type .of .listing .in .which .a .seller .desires .to .sell .real .property .and .receiv
e .a .guaranteed .amount .of .money .for .the .sale, .so .that .the .broker's .commission .is .any .sale .price .am
ount .of .money .over .and .above .the .guaranteed .price .to .the .seller.
26. .The .main .factor .a .property .manager .should .use .to .evaluate .a .prospective .tenant .is .- .can .they .
make .monthly .rent .payments .on .time.
27. .All .are .examples .of .single .agency .disclosures .with .the .exception .of .- .revealing .the .owner .will .ex
cept .less.
30. .What .is .the .most .reliable .method .of .appraisal .for .residential .real .estate? .- .Sales .comparison .ap
proach
31. .Assemblage .definition... .- .consolidating .two .separate .lots .into .one.
32. .What .would .not .be .a .depreciation .of .value? .- .Unimproved .land
33. .What .has .the .greatest .effect .on .real .estate .value? .- .Demand .of .people .and .location
34. .What .rules .require .fair .housing .laws .to .be .in .a .listing .contract? .- .PA .Human .Relations .Act
40. .Typically .who .pays .for .title .insurance? .- .Buyer
44. .What .is .the .transfer .tax .charged .by .the .state .of .PA? .- .1% .of .the .sales .price
45. .What .should .you .do .about .material .defect .disclosures? .- .inform .the .buyer .and .seller
48. .What .is .private .mortgage .insurance? .- .It .protects .the .lender .if .their .is .default
49. .What .is .the .first .step .in .the .appraisal .process? .- .Indicate .objective .of .appraisal
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