REAL ESTATE 30 HOUR FINAL GRADED A+
Pete's Situation
What will happen to the proposed closing of Tom's listing on June 20th after Pete's death? - A). Nothing will happen; business will go on as usual with the salespeople in charge until a new broker
is found. - ️ B). The estate will not...
What will happen to the proposed closing of Tom's listing on June 20th after Pete's death?
- A). Nothing will happen; business will go on as usual with the salespeople in charge until a new broker
is found.
- ✔️ B). The estate will notify the Commission within 15 days of death and tell the Commission that a
new termination broker has been found. The closing will continue.
- C). The seller will have to cancel the listing and lose the sale since the broker died.
- D). The buyer will have to wait for closing until a new listing of the property happens when a new
broker is found and the seller signs a new listing with the new broker.
Discipline for Unlicensed Persons
What type of discipline can the Commission use for an unlicensed person acting as a real estate
licensee?
- A). A suspension from real estate of six months.
- ✔️ B). Fines up to $2,000 to $5,000.
- C). Revocation of the transaction.
- D). Nothing; the Complaint's office must handle these individuals.
Broker Bill's Escrow Account
Is the bank acceptable to the Commission for Broker Bill's escrow account?
- A). Yes, because there is no service charge, the broker will not have to worry about commingling of
funds.
- B). Yes, Bill is the trustee which is a requirement of the Commission for bank depositories.
- ✔️ C). No, the Commission requires that Bill reconcile his books more often than once a month.
- D). No, the broker must have a bank which allows for withdrawal of funds without previous notice.
Jack's License Suspension
,What must Jack do after his license suspension?
- A). Jack must pay a fine to the Real Estate Recovery Fund.
- B). Jack must tell his salespeople of his actions.
- ✔️ C). Jack must return his license to the SREC.
- D). Jack must wait 6 months before he can practice real estate again.
Purpose of Comparative Market Analysis
What is the purpose of a comparative market analysis?
- A). To provide the bank a value on which to give a loan.
- B). To provide the insurance company with a value for a homeowner's policy.
- ✔️ C). To provide the probable range of price to list the house.
- D). To provide the tax assessor with sale information.
Internet Advertising Requirements
Which is NOT a requirement for internet advertising by a broker?
- ✔️ A). The advertisement must contain the name of the firm.
- B). The advertisement must contain the city, state, and country where the firm's main office is located.
- C). The advertisement must state the jurisdiction where the licensee is located.
- D). The advertisement must contain the phone number including area code.
Retaining Consumer Disclosure Acknowledgement
How long must a broker retain the acknowledgment of consumer disclosure if the transaction is not
completed?
- ✔️ A). Six months.
- B). One year.
- C). Three years.
- D). Five years.
Financing Contingency Clause
,What is NOT included when a financing contingency clause is in a sales contract?
- ✔️ A). The buyer's credit rating.
- B). The mortgage principal.
- C). The type of mortgage.
- D). The interest rate of the mortgage.
Broker Death Notification
Which statement is NOT true regarding the notification to the Commission when a sole proprietor
broker dies?
- A). No new listings are permitted.
- B). All unexpired listings will automatically expire after 90 days unless canceled sooner by the seller.
- C). New licensees may be hired to help with the transition.
- ✔️ D). All pending agreements of sale are permitted to close.
Unlicensed Trustee Justin
What best describes Justin's situation when acting as a trustee without a license?
- ✔️ A). Justin is acting as a trustee and as such, does not need a real estate license.
- B). Justin needs a license since he is representing another in selling property.
- C). Justin must register with the Commission and the court before selling his brother's property.
- D). Justin cannot sell his brother's property because they are related.
Dual Agency Agreement
What does a dual agency agreement most nearly mean?
- A). The broker and salesperson have a listing contract.
- B). The seller and the broker have an agreement.
- C). The buyer and the salesperson have a written agreement.
- ✔️ D). The seller and buyer have both signed a written disclosure for equal representation.
Closing of Cemetery Property
, When is a transaction considered closed on cemetery property?
- ✔️ A). When the buyer receives a copy of the agreement of sale.
- B). When the buyer receives the consumer notice.
- C). When the buyer pays his fees.
- D). When the broker records the deed.
Broker's Obligation with Seller Disclosure Act
What is the broker's obligation when representing a seller in terms of the Seller Disclosure Act?
- A). The broker is not obligated to tell the seller anything; it is up to the seller to learn about the
disclosure act.
- B). The disclosure by the seller is optional, so the broker is not obligated to require it of the seller.
- C). The disclosure only applies to commercial property, so this would not apply in this case.
- ✔️ D). The broker has the obligation to advise the seller about the Seller Disclosure Act.
New Salesperson's Advertising
Is it a legitimate business practice for a new salesperson to place for sale signs without consent?
- A). Yes, this is understated advertising, good for getting new listings and new buyers.
- B). Yes, the seller will be pleased if the buyer wants to buy the house without the seller even thinking
about it.
- C). No, the brokerage company does not like salespeople advertising without the broker and seller
knowing about it.
- ✔️ D). No, every "for sale" sign must first have a written consent of the owner of the property.
Disclosure of Material Facts in Pennsylvania
When must the seller disclose material facts to the buyer in Pennsylvania?
- A). At the first showing of the property to the buyer.
- B). At the time of initial contact with the buyer.
- C). At the time of the closing for both parties.
- ✔️ D). Prior to the time a sales contract is written.
What is an acknowledgement?
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