Exam (elaborations)
PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
PA REAL ESTATE EXAM QUESTIONS AND ANSWERSQuincy is a Pennsylvania broker acting as a transaction licensee. Which of these, if
performed, would violate duties Quincy owes in the transaction licensee capacity? -
Answers -Disclosing that the seller would accept an offer below list price
A/an ______ is the person responsible for supervising associate brokers and/or
salespersons in Pennsylvania. - Answers -Broker of record
What are Pennsylvania brokers required to place outside of their licensed place of
business? - Answers -A sign showing the licensed brokerage name
Which of the following actions would violate Pennsylvania's Human Relations Act? -
Answers -Jamie is a property manager of several buildings and doesn't show units on
the first floor to women.
According to Pennsylvania law, in which of these situations would it be illegal for the
licensee to disclose a client's confidential information? - Answers -The licensee
represents both parties to the transaction.
Natalie works for Darrell who owns Titanium Realty. Darrell supervises Natalie who
meets the Pennsylvania broker license requirements. Which of the following types of
licensees is Natalie? - Answers -Associate broker
Jack is a Pennsylvania licensee. He represents Carter in a transaction. Rachel is the
other party to the transaction. Which of the following statements is true? - Answers -
Jack can keep both parties informed about the transaction
What is the maximum outcome if you're convicted of having committed a serious
violation in Pennsylvania and your broker is found to have knowledge of it? - Answers -
You and the broker may both be fined, and you may both have your licenses suspended
or revoked.
Janine holds an active license in another state and is applying for a standard broker's
license in Pennsylvania. Which statement best describes what she needs to do related
to the licensing exam? - Answers -She must pass the state portion of the licensing
exam.
Which of the following documents does a Pennsylvania broker need to retain for three
years? - Answers -Expired listing agreement
A broker wants to compensate an individual who assisted with the sale of a particular
commercial property. What must be true in order for this compensation to be legal in
Pennsylvania? - Answers -The individual must also be a licensed broker.
, In Pennsylvania, who or what entity receives complaints filed against a licensee? -
Answers -Department of State
Larry, a Pennsylvania broker, provided a copy of the Consumer Notice to a prospective
buyer prior to entering into an agency relationship and showing the buyer several
properties. How long must he retain a copy of the notice? - Answers -He needs to retain
a copy of the notice for at least six months.
Vanna is a Pennsylvania broker. She's represented her seller client, Samuel, for a few
weeks and the duration of their listing agreement is six months. Bonnie, a buyer who's
interested in Samuel's property, recently approached Vanna and requested that Vanna
represent her. From whom does Vanna need to get written consent to represent both
parties in this transaction? - Answers -Vanna needs both Samuel and Bonnie's written
consent.
Matthew, a Pennsylvania licensee, represents a buyer who's interested in purchasing a
property from Matthew's seller client. Matthew is a ______. - Answers -Dual agent
Keirstyn, a Pennsylvania licensee, receives a call from a consumer looking to embark
upon a house-hunting adventure. The conversation turns substantive when the
consumer begins talking about budget and other confidential details. What should
Keirstyn do? - Answers -During the phone call, provide oral disclosure of possible
agency relationships to the consumer, then follow up with the written disclosure at the
first in-person meeting.
If your Pennsylvania license has been expired for more than ______ year(s), you must
retake the exam and reapply for licensure. - Answers -Five
Pennsylvania broker Ben was told by his seller client that the basement on his new
listing leaks. However, when reviewing the property condition disclosure the seller
completed, there's no mention of this leak. What should Ben do? - Answers -Ask the
seller if the leak has been fixed.
Which of the following situations would MOST LIKELY be grounds for suspension or
revocation of a real estate license in Pennsylvania? - Answers -Failure to disclose
personal interest in a property
What happens to you if you are involved in a case and cannot pay the judgment
amount, and the consumer is awarded money from Pennsylvania's Real Estate
Recovery Fund? - Answers -You will be suspended and cannot be reinstated until you
pay back the fund at 10% interest.
How many brokers can you be affiliated with as a Pennsylvania licensee? - Answers -
One
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now