PA real estate exam Questions and Answers

PA real estate exam Questions and Answers .$20,000 -Answer- What is the maximum amount of money that can be claimed by an aggrieved person from the Pennsylvania Real Estate Recovery Fund? .$2800 -Answer- How much money would be charged as the result of a four point origination fee on a $95,000 property on which there is a $70,000 mortgage? .1 Year -Answer- How much time does an aggrieved party have to file a claim for compensation from the Pennsylvania Real Estate Recovery Fund including any reviews an appeals to the court judgment? .3 -Answer- What is the minimum number of public meetings that are required to be hod each year by the Pennsylvania Real Estate Commission? .3 Years -Answer- From the time of completion of real estate transaction, how long must a Pennsylvania real estate broker keep records for that transaction? .4 -Answer- How many routing inspections of real estate office are allowed to be conducted each year by the Pennsylvania Real Estate Commission? .5 years -Answer- How long can a Pennsylvania real estate licensee remain inactive after which that person would have to take and pass another licensing examination? .10 years -Answer- Within what time period must required real estate courses be successfully completed by broker and salesperson candidates prior to passing the appropriate licensing examination? .11 -Answer- How many members are on the Pennsylvania Real Estate Commission? .43,560 -Answer- How many square feet are within acre of land? .240 -Answer- How many hours of real estate instruction are required of a Pennsylvania real estate broker candidate to be eligible for licensing? .640 -Answer- how many acres are in a square mile? .Abstract of Title -Answer- A brief history of the titles for a piece of land. What is this called? .Abstract of Title -Answer- includes transfers, grants, wills and conveyances, liens and encumbrances. It also provides any evidence or proof of satisfaction or other facts or information pertinent to a piece of property. All potential buyers of a property should request this to determine the status of the property. .Abstract of Title -Answer- primary use in most real estate transactions is to ensure that the seller of a piece of real estate is the actual owner of the property and that nobody else is claiming ownership of the property. .Acceleration -Answer- What clause in a mortgage clause allows the lender to decrease the maturity of the debt and request an immediate full payoff of the mortgage debt when the borrower has breached the terms of the agreement? .Acknowledged -Answer- In order for a document to have the capacity to be recorded in PA it must meet what requirement in addition to being in writing and signed? .Ad Valorem -Answer- Because a tax on real property is based not on the value of the property it is known as what type of tax? .Adverse Possession -Answer- By what means can a person can make a claim of title by taking over the real estate of another through continuous, visible and hostile possession for the statutory period of time? .Affiliated, Employing Broker -Answer- From whom may a Pennsylvania real estate associate broker accept monetary compensation for renting a property? .Alienation (Due on Sale) -Answer- What clause in a mortgage prevents a seller from allowing a buyer to assume the seller's existing mortgage? .Amortized Loan -Answer- What is the type of loan in which the principal as well as the interest is payable in periodic installments over the term of the loan? .Annual Percentage Rate -Answer- What is the single number called that measures the combined loan interest rate and fiancé charges in relationship to the amount of the loan? .Antitrust Laws -Answer- What laws prevent real estate brokers from engaging in the discussion of setting fixed rates of compensation? .Assignment of Mortgage -Answer- What is the transfer of interest in a mortgage from the holder of the mortgage in the primary mortgage market to a new owner for the mortgage in the secondary mortgage market? .Avulsion -Answer- The unexpected and dramatic loss of land as the result of an earthquake is represented by what real estate term? .Ballon Payment -Answer- What occurs at the end of a mortgage when the loan amount is not fully amortized? .Biennial -Answer- What is one word that indicates how often a Pennsylvania salesperson's license is required to be renewed? .Bilateral -Answer- What is a type of contract in which two parties are legally bound to act? .Bill of Sale -Answer- Through what means is the title to personal property transferred? .Blanket Mortgage -Answer- What type of mortgage is based on the collateral security pledge of two properties? .Blockbusting -Answer- What is the attempt by real estate licensees to get listings by persuading owners to sell their homes as the result of a concern about potential buyers who are of a particular minority group? .Builder-Owner Salesperson -Answer- What PA real estate licensee is required to pass a salesperson licensing emanation but is not required to any hours of real state instruction? .Building -Answer- Ordinances codes that specify standards for construction, maintenance, and demolition. .Building Codes -Answer- What are the standard of construction called that are required by most municipalities for building houses? .Bundle of Rights -Answer- To what real estate concept do the following expressions refer: control within the law, exclusion, disposition, enjoyment and possession? .Buydown -Answer- What is the financing arrangement in which a borrower pays an up-front free to reduce the payments on the loan for the first several years? .Buyer Agency Contract -Answer- What is the name of the contract that creates a fiduciary relationship between a selling broker and a buyer? .Capital Gain -Answer- What is the profit called that is earned from the sale of real property according to the U.S. Internal Revenue Service? .Capitalization -Answer- What is the process of estimating the value of real property by using the rate of return and the annual net income? .Cemetery Salesperson -Answer- What PA real estate licensee is neither required to pass a licensing examination nor take any hours of instruction in real estate? .Certificate of Title -Answer- What is an attorney's written opinion of the status of title called? .Chain of Title -Answer- What is the name of the list of previous owners of real property along with a record of their transfers of title? .Chattels, Personalty -Answer- List two term that mean personal property