Exam (elaborations)
PA STATE REAL ESTATE EXAM QUESTIONS
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PA STATE REAL ESTATE EXAM QUESTIONS
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PA STATE REAL ESTATE EXAM QUESTIONSRELRA and State RE Commission Rules and Regs are laws.. - Answers -that govern
how licensees provide real estate services in PA
Broker of record is responsible for.. - Answers -all activities performed by an affiliated
licensees
Appraisal - Answers -process of estimating a property's market value, based on
established methods, and professional opinion
Appraisers must be certified by the... - Answers -State Board of Certified Appraisers to
engage in this activity
Home Inspectors are prohibited from offering to perform additional repairs within -
Answers -12 months after inspecting the property
Real estate counselors must be.. - Answers -licensed real estate brokers
Modular homes - Answers -homes that are pre-made, or factory built
Converted use properties - Answers -commercial properties that have been converted
to other uses
Principal - Answers -This is the one being represented by an agent. In the real estate
industry the principal is also known as "the client". This is usually, but not always, the
one who will pay the agent for his/her services.
Customer - Answers -The one who enters into a real estate contract with the principal
through the efforts of the principal's agent. A customer is a 3rd party to an agency
relationship. The principal is the 1st party, the agent/licensee is the 2nd party. Everyone
else in the world would be a 3rd party; a customer.
Example: M decides to sell her home for $300,000. M enters into a "listing" agreement
with licensee Z to sell her home. M is the 1st party and Z is the 2nd party. Any person
who comes forward to buy the home is a customer; a 3rd party.
How much capital gain need to be taxable for single persons, married couple - Answers
-250k, 500k
FHA 1968 - Answers -race color religion and origin
FHA 1974 - Answers -added sex
FHA 1988 - Answers -added familial status, disability
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