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Pennsylvania Real Estate Licensing Law

Sample License Exam

Real Estate Practice Ch. 21 Questions and Answers 2023 Accrued Depreciation Loss in value resulting from the properties physical deterioration external depreciation (decrease in price)and functional obsolescence Anticipation The appraisal principle that holds that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property. Appraisal An estimate of the quantity quality or value of something. The process through which conc...

C8 PA Real Estate Practice Questions and Answers 2023 anticipation The principle of anticipation says that value is created by the expectation that certain benefits will be realized in the future. Value can increase or decrease in anticipation of some future benefit or detriment affecting the property. For example, the value of a house may be affected if there are rumors that an adjacent property may be converted to commercial use in the near future. highest and best use The most profi...

Comp cram Exam National PA Questions and Answers 2023 1. A licensed appraiser is most likely to be used in which scenario? A buyer applying for a loan to purchase a house 1. What are the three methods used by appraisers to value a property? Cost, Sales, Income 1. A subject property is an older home with four bedrooms and one bathroom. However, the surrounding neighborhood primarily consists of new construction with four bedrooms and three bathrooms. What can be said of the subje...

HR Chapter 7: Performance Management and Appraisal Questions and Answers 2023 What is performance management (PM)? a goal-oriented process used to maximize the productivity of employees, teams, and the overall organization What is performance appraisal (PA)? a formal system of review and evaluation of individual and team performance What are the uses of performance appraisal? -Human resource planning -Recruitment and selection -Training and development -Career planning and d...

PA RE Practice Quiz #8 Questions Answers 2023 For appraisers performing appraisals for federally related transactions, all states are required to establish uniform certification procedures. a. True b. False A. TRUE All states are required to establish uniform certification procedures for appraisers performing appraisals for federally related transactions. The Board of Certified Real Estate Appraisers has been created and the Real Estate Appraisers Certification Act has been adopted in P...

PA Certified Evaluator Questions and Answers 2023 Depreciation loss in value from cost new from all causes for property having a limited economic life. (a) Loss due to wear and tear (b) Presence of features that are deficient (c) Excessive, currently undesirable (d) External factors causing loss in value Accrued Depreciation the total depreciation from all causes taken on an asset from the time of purchase to the present External Obsolescence loss in value as a result of im...

PA Mandated Law for Appraisers Questions and Answers 2023 If an appraiser's certificate has been revoked by the Board, he or she is prohibited from ever applying for an appraisal certification again. FALSE Which of these is NOT a specific power of the State Board of Certified Real Estate Appraisers, per Act 98? editing USPAP Which of the following is a violation of Act 98? making an appraisal fee contingent upon a property owner's tax assessment being lowered If discip...

PA Appraiser New Questions and Answers 2023 What are the number of business days you have per Act 361 to inspect a vehicle? 6 How many days after an inspection should a total loss be offered to the owner? 5 Aftermarket parts can only be used when? The parts are listed and coded in the estimate Aftermarket Nonoriginal equipment manufacturer (non-OEM) replacement part, either new or used, for any of the nonmechanical parts that generally constitute the exterior of the mot...