Real Estate Practice Exam 2
AceableAgent Questions And
AnswersA+GRADED(Download to
pass!!!)
Which of these is a red flag for predatory lending? - correct answer...✔✔There are
unexpected, undisclosed lender fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law,
which of the following is TRUE of Percy? - correct answer...✔✔Because of his
vicarious liability Percy may be held liable for the agents actions.
The government seizes Farsch's property to expand a highway. What is this an example
of? - correct answer...✔✔Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? - correct
answer...✔✔Both are concerned with making sure legal claims are made within a
reasonable time frame.
What is the maximum amount the Pennsylvania recovery fund will pay for a single
transaction? - correct answer...✔✔$20,000
What is a lien that applies to a certain property only? - correct answer...✔✔Specific
Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does that
equal? - correct answer...✔✔$63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use of
this water? - correct answer...✔✔Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate
transaction EXCEPT: - correct answer...✔✔Familial status of the previous occupants
What is panic peddling? - correct answer...✔✔The illegal practice of causing owners to
sell their homes by creating fear that members of a protected class are moving into the
area.
College Town, USA has a uniform percentage of 50%. A property in College Town has
a market value of $150,000. What is the assessed value of the property? - correct
answer...✔✔$75,000
AGRADESOLUTIONS
, The interest in an estate wherein, upon the death of the life estate owner, full ownership
reverts back to the original owner (grantor) is known as: - correct answer...✔✔
Revisionary interest
During the option period, Kat, the buyer, decides that she wants to change the closing
date so that the seller has enough time to make repairs. She should request: - correct
answer...✔✔An amendment to the contract
A listing agreement and buyer representation agreement are the best tools for creating:
- correct answer...✔✔Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a
building is: - correct answer...✔✔Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - correct answer...✔✔
The title company or an attorney
The harsh winter months are coming up, so property manager Katie arranges for an
inspection of the pipes and the roof for potential leaks. This is an example of: - correct
answer...✔✔Preventative Maintenance
What, if known, could cause a buyer or seller of real estate to take a different course of
action or make a different decision regarding the property purchase? - correct answer...
✔✔Material facts
Emily signed a document that created the debt she was assuming on a home loan and
spelled out the terms of the loan. It was one of two documents that make up a mortgage
loan agreement. What document did she sign? - correct answer...✔✔Promissory note
What is a group of investors that get together and combine resources to make
investments they wouldn't be able to make on their own? - correct answer...✔✔
Syndicate
What kinds of loans are eligible for a three-day right of rescission under Regulation Z? -
correct answer...✔✔Loans where already owned homes are used as collateral
Emory is a Pennsylvania broker. He knows he must maintain trust account records for 3
years if a transaction is consummated, but how long must he maintain records if the
transaction is NOT consummated? - correct answer...✔✔6 months
According to the "I" in MARIA (intent), something that was intended to be permanent,
like a built-in bookcase: - correct answer...✔✔Is probably a fixture
AGRADESOLUTIONS
AceableAgent Questions And
AnswersA+GRADED(Download to
pass!!!)
Which of these is a red flag for predatory lending? - correct answer...✔✔There are
unexpected, undisclosed lender fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law,
which of the following is TRUE of Percy? - correct answer...✔✔Because of his
vicarious liability Percy may be held liable for the agents actions.
The government seizes Farsch's property to expand a highway. What is this an example
of? - correct answer...✔✔Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? - correct
answer...✔✔Both are concerned with making sure legal claims are made within a
reasonable time frame.
What is the maximum amount the Pennsylvania recovery fund will pay for a single
transaction? - correct answer...✔✔$20,000
What is a lien that applies to a certain property only? - correct answer...✔✔Specific
Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does that
equal? - correct answer...✔✔$63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use of
this water? - correct answer...✔✔Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate
transaction EXCEPT: - correct answer...✔✔Familial status of the previous occupants
What is panic peddling? - correct answer...✔✔The illegal practice of causing owners to
sell their homes by creating fear that members of a protected class are moving into the
area.
College Town, USA has a uniform percentage of 50%. A property in College Town has
a market value of $150,000. What is the assessed value of the property? - correct
answer...✔✔$75,000
AGRADESOLUTIONS
, The interest in an estate wherein, upon the death of the life estate owner, full ownership
reverts back to the original owner (grantor) is known as: - correct answer...✔✔
Revisionary interest
During the option period, Kat, the buyer, decides that she wants to change the closing
date so that the seller has enough time to make repairs. She should request: - correct
answer...✔✔An amendment to the contract
A listing agreement and buyer representation agreement are the best tools for creating:
- correct answer...✔✔Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a
building is: - correct answer...✔✔Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - correct answer...✔✔
The title company or an attorney
The harsh winter months are coming up, so property manager Katie arranges for an
inspection of the pipes and the roof for potential leaks. This is an example of: - correct
answer...✔✔Preventative Maintenance
What, if known, could cause a buyer or seller of real estate to take a different course of
action or make a different decision regarding the property purchase? - correct answer...
✔✔Material facts
Emily signed a document that created the debt she was assuming on a home loan and
spelled out the terms of the loan. It was one of two documents that make up a mortgage
loan agreement. What document did she sign? - correct answer...✔✔Promissory note
What is a group of investors that get together and combine resources to make
investments they wouldn't be able to make on their own? - correct answer...✔✔
Syndicate
What kinds of loans are eligible for a three-day right of rescission under Regulation Z? -
correct answer...✔✔Loans where already owned homes are used as collateral
Emory is a Pennsylvania broker. He knows he must maintain trust account records for 3
years if a transaction is consummated, but how long must he maintain records if the
transaction is NOT consummated? - correct answer...✔✔6 months
According to the "I" in MARIA (intent), something that was intended to be permanent,
like a built-in bookcase: - correct answer...✔✔Is probably a fixture
AGRADESOLUTIONS
