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PA Real Estate Exam 2024 (Salesperson) | Questions and Answers| Latest Update
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PA Real Estate Exam 2024 (Salesperson) | Questions and Answers| Latest Update
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PA Real Estate Exam 2024 (Salesperson) |Questions and Answers| Latest Update
5 Economic Characteristics of Land - ✔✔D - Demand
U - Utility or Usefulness
S - Scarcity: sells quickly if available
T - Transferability: can be sold, willed, etc.
S - Situs: location
Trade Fixtures - ✔✔Personal property used in a business and can be removed by the lessee
when the lease terminates. (Pizza Ovens, Salad bars etc.)
accretion - ✔✔accumulation of matter; growth produced by adding from the outside due to
natural water flow
Remainder Man - ✔✔The person who receives title to the property after the life tenant dies,
the remainder man gets a fee simple estate
houses built before 1978 may have dangerous levels of lead. because of this, some fed agencies
such as FHA - ✔✔Require a Lead Based Paint Disclosure
Seller's Disclosure - ✔✔A statement of property condition provided to prospective buyers by
the seller
When a seller has no knowledge of a property defect - ✔✔they are not liable for any defects
they are un aware of
, Agents owe clients and customers alike - ✔✔the disclosure of any possible environmental
hazards
agents should always - ✔✔update sellers disclosure
Which type of transaction would the sellers property disclosure generally NOT be required? -
✔✔Residential Foreclosure
Express Agency Relationship - ✔✔With express agency both The agent and the principal
must come to a verbal or written agreement about representation
any deed restriction or covenant that would prohibit the conveyance of the property to a
member of a protected class is - ✔✔not legal, considered void, and unenforceable
A protection clauses in a listing allows for - ✔✔payment of the commission if the buyer was
secured by the broker even if the sale takes
place after the expiration of the contract
Bilateral Contract - ✔✔promise for a promise
Unilateral Contract - ✔✔promise in exchange for an act
Statute of Frauds - ✔✔requires certain contracts to be in writing
all parties to a valid contract - ✔✔must be of legal age, mentally competent, and have paper
authority
a valid contract must contain - ✔✔a two party exchange of valuable consideration and
performance
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