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COLIBRI REAL ESTATE PENNSYLVANIA FINAL EXAM 2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM VERSION WITH A COMPREHENSIVE STUDY GUIDE AND DETAILED ANSWERS WITH RATIONALES | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE$22.99
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COLIBRI REAL ESTATE PENNSYLVANIA FINAL EXAM 2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM VERSION WITH A COMPREHENSIVE STUDY GUIDE AND DETAILED ANSWERS WITH RATIONALES | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
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Course
COLIBRI REAL ESTATE PENNSYLVANIA
Institution
COLIBRI REAL ESTATE PENNSYLVANIA
COLIBRI REAL ESTATE PENNSYLVANIA FINAL EXAM
2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM
VERSION WITH A COMPREHENSIVE STUDY GUIDE AND
DETAILED ANSWERS WITH RATIONALES | EXPERT
VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
COLIBRI REAL ESTATE PENNSYLVANIA FINAL EXAM
2024/2025 | ACCURATE CURRENTLY TESTING REAL EXAM
VERSION WITH A COMPREHENSIVE STUDY GUIDE AND
DETAILED ANSWERS WITH RATIONALES | EXPERT
VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
1. The clause in a trust deed or mortgage that permits the lender to declare the entire
unpaid balance immediately due and payable upon default is the: A) Defeasance
clause
B) Alienation clause
C) Acceleration clause
D) Escalation clause
Correct Answer: C) Acceleration clause
Rationale: An acceleration clause allows the lender to demand full repayment of the loan
if the borrower defaults.
2. The phrase "bundle of legal rights" is properly included in:
A) The definition of real property
B) A legal description of property
C) An appraisal of property
D) A deed of trust
Correct Answer: A) The definition of real property
Rationale: The "bundle of legal rights" refers to the rights inherent in ownership of real
property, including possession, control, exclusion, enjoyment, and disposition.
3. In Pennsylvania, mine subsidence refers to: A) Surface rights
B) Mineral rights
C) Subsurface rights
D) Air rights
Correct Answer: C) Subsurface rights
Rationale: Mine subsidence refers to the downward movement of land surface due to the
collapse of underground mines, affecting subsurface rights.
4. A subdivider divided the acreage into lots and built the streets. As the development
grows, the subdivider intends to give the streets to the local municipality. This is an
example of: A) Dedication
B) Eminent domain
C) Accretion
D) Partition
Correct Answer: A) Dedication
, Rationale: Dedication is the transfer of property, such as streets, from a private owner to
a public entity.
5. An owner leases store space to a tenant to operate a restaurant. The tenant has
installed ovens, booths, counters, and other equipment. When would these items
become real property? A) Immediately upon installation
B) When the lease expires
C) When the tenant defaults on the lease
D) The items remain the tenant's personal property
Correct Answer: D) The items remain the tenant's personal property
Rationale: Trade fixtures installed by a tenant for business purposes remain the tenant's
personal property unless they are not removed before the lease expires.
6. What is the general real estate tax that generates the most revenue? A) Special
assessment
B) Personal property tax
C) Ad valorem tax
D) Capital gains tax
Correct Answer: C) Ad valorem tax
Rationale: Ad valorem tax, based on the value of the property, generates the most
revenue for local governments.
7. In regulations regarding lead-based paint, the Department of Housing and Urban
Development (HUD) requires that: A) All homes be tested for lead
B) All lead paint be removed
C) Known paint hazards must be disclosed
D) Lead paint must be encapsulated
Correct Answer: C) Known paint hazards must be disclosed
Rationale: HUD regulations require that sellers and landlords disclose known lead-based
paint hazards in properties built before 1978.
8. The purpose of the Recovery Fund is to enable: A) Licensees to pay for legal
representation
B) People to receive payment of uncollected judgments against licensees
C) Licensees to cover personal financial losses
D) Brokers to be reimbursed for commissions
Correct Answer: B) People to receive payment of uncollected judgments against
licensees
Rationale: The Recovery Fund compensates consumers who have suffered financial
losses due to the actions of a licensee.
9. The Pennsylvania Seller Property Disclosure requires the disclosure of: A) Square
footage
B) School district
C) Source of drinking water
, D) Property tax amount
Correct Answer: C) Source of drinking water
Rationale: The Seller Property Disclosure form requires the seller to disclose the source
of drinking water, such as public water or a well.
10. Which is the value used in calculating annual taxes? A) Market value
B) Appraised value
C) Assessed value
D) Insurable value
Correct Answer: C) Assessed value
Rationale: Annual property taxes are calculated based on the assessed value of the
property, which may differ from its market value.
11. Under what environmental law are landowners held liable when a release of a
hazardous material occurs on their land? A) National Environmental Policy Act
(NEPA)
B) Comprehensive Environmental Response, Compensation, and Liability Act
(CERCLA)
C) Clean Water Act
D) Endangered Species Act
Correct Answer: B) CERCLA
Rationale: CERCLA, also known as the Superfund Act, holds landowners liable for
environmental contamination, even if they did not cause it.
12. What is TRUE about all unilateral contracts? A) Both parties are obligated to perform
B) Only one party is obligated to act
C) Both parties must perform their obligations simultaneously
D) Neither party is obligated to act
Correct Answer: B) Only one party is obligated to act
Rationale: In a unilateral contract, only one party makes a promise, and the other party is
not obligated to perform but can choose to do so.
13. What inspection is required for federally funded projects? A) Soil inspection
B) Environmental impact statement
C) Radon inspection
D) Structural inspection
Correct Answer: B) Environmental impact statement
Rationale: Federally funded projects require an environmental impact statement to assess
the potential effects on the environment.
14. Which is characteristic of a metes-and-bounds legal description? A) Reference to a
government survey
B) Use of recorded plat maps
C) Reference to a point of beginning
D) A system using lot numbers
, Correct Answer: C) Reference to a point of beginning
Rationale: Metes-and-bounds descriptions start and end at a defined point of beginning,
using measurements and directions to outline property boundaries.
15. A father and son have decided to sell the family farm that they have co-owned for 35
years. The deed that will be delivered at settlement of such a sale is a: A) Quitclaim
deed
B) Bargain and sale deed
C) Warranty deed
D) Special warranty deed
Correct Answer: C) Warranty deed
Rationale: A warranty deed provides the greatest protection to the buyer, including
guarantees against title defects.
16. The surveyor has been asked to identify the location, size, and shape of the buildings
on the lot. This is a: A) Boundary survey
B) Topographic survey
C) Spot survey
D) Lot and block survey
Correct Answer: C) Spot survey
Rationale: A spot survey shows the location, size, and shape of buildings on a property,
as well as the property's boundaries.
17. Which is acceptable evidence of marketable title? A) Deed signed by the seller
B) Title insurance policy
C) Property tax bill
D) Unrecorded deed
Correct Answer: B) Title insurance policy
Rationale: A title insurance policy provides evidence of marketable title, protecting the
buyer and lender against title defects.
18. What type of properties always include an elevation measurement? A) Single-family
homes
B) Condominiums
C) Industrial properties
D) Agricultural land
Correct Answer: B) Condominiums
Rationale: Condominiums include elevation measurements to describe the vertical
boundaries of the units, since ownership is often above ground level.
19. The Commission requires a specific form for: A) Purchase agreements
B) Listing agreements
C) Lease agreements
D) Property management agreements
Correct Answer: A) Purchase agreements
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