Psi pa state real estate - Study guides, Class notes & Summaries

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - ANSWER a contract Antitrust laws prohibit competing brokers from all of the following - ANSWER 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probably be shared by - ANSWER all current owners of real estate fronting on that r...

Designated Agent - Answer- A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach - Answer- What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assignee" - Answer- Charlie is the personal assistant for the top produ...

PSI PA Real Estate Exam/ 134 Qs & Ans/ . Terms like: Severance - Answer: the performance of turning real property into personal property What is the main difference between tendency in common and joint tendency is that with tendency in common, when a co-owner dies? - Answer: the undivided interest passes to his heirs A tenant rented an apartment signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does this tenant ...

PSI PA Real Estate Practice Questions and Answers (Exam) Graded A+ 100% _ out of 100% The economic characteristics of land are - CORRECT ANSWER-scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - CORRECT ANSWER-are of indeterminable duration An easement can be terminated by - CORRECT ANSWER-merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - CORRECT ANSWER-...

Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. - ANSWERCoal Notice Three conditions that must be met for a mobile home to be considered real estate - ANSWER1. Mobile home is transferred in conjunction with and as a part of an assignment of a land lease or the transfer of an interest in land on which the mobile home is situated; or 2. Mobile home is permanently attached to a foundation, and 3. Regist...

Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. - Answer- Coal Notice Three conditions that must be met for a mobile home to be considered real estate - Answer- 1. Mobile home is transferred in conjunction with and as a part of an assignment of a land lease or the transfer of an interest in land on which the mobile home is situated; or 2. Mobile home is permanently attached to a foundation, and 3. Re...