PA State Portion Real Estate Practice;
Questions and Answers
Short Title Correct Answer-Act shall be known and cited as the "Real Estate
Licensing and Registration Act".
Agency Relationship Correct Answer-Relationship where the broker or
licensees (employed by broker)act as fiduciaries for a consumer of real estate
services by the express authority of the consumer of real estate services.
Associate Broker Correct Answer-Broker Employed by another Broker.
Broker Correct Answer-(1) Negotiates or aids any person in locating or
purchasing, or leas interest in real estate (2)Negotiates
listing,sale,purchase,exchange,lease,time share and similarly designated
interests, financing or option for any real estate (3)Manages Real Estate
(4) Represents self as RE consultant,counselor, agent, or finder
(5)undertakes promote of sale/ to perform comparative market analysis
(6) performs any above acts
Builder/Owner Salesperson Correct Answer-Full time employee of a
builder/Owner of single and multifamily dwellings located within the
Commonwealth and be authorized to list for sale, sell or offer for sale or
, PA State Portion Real Estate Practice;
Questions and Answers
anything owned by builder/owner employer, for or on the behalf of the
builder/owner.
Buyer Agent Correct Answer-Licensee who has entered into an agency
relationship with a consumer buyer of real estate.
Campground Membership Correct Answer-Interest, other than fee simple or
by lease, which gives the purchaser the right to use a unit of real property for
the purpose of locating a recreational vehicle, camper, trailer, tent, tent trailer,
pickup camper or other device on periodic basis pursuant to a membership
contract allocating use and and occupancy rights between other similar uses.
Cemetery Correct Answer-Term does not include private cemetery.
Cemetery Broker Correct Answer-Self explanitory.
Cemetery Company Correct Answer-Self explanitory.
Cemetery Salesperson Correct Answer-Person employed by a broker or
cemetery broker to perform duties performed as such a person.
, PA State Portion Real Estate Practice;
Questions and Answers
Commercial Property Correct Answer-(1) Any property that is used for the
purpose of operating a business, office, manufacturing facility (does not include
a property with less than 5 residential dwelling units)
(2) Vacant land for sale or lease or held for such purposes, (not including vacant
land suitable for construction or location of less than five residential dwelling
units).
Commissioner Correct Answer-Commissioner of Professional and
Occupational Affairs.
Comparative Market Analysis Correct Answer-Written analysis,
opinion/conclusion by a contracted buyer's agent, transactional licensee, sellers
agent relating to probable selling price of a specified piece of real estate in an
identified market at a certain time.
Consumer Correct Answer-The recipient of RE services.
Department Correct Answer-Department of State acting through the
commissioner of Professional and Occupational Affairs.
Questions and Answers
Short Title Correct Answer-Act shall be known and cited as the "Real Estate
Licensing and Registration Act".
Agency Relationship Correct Answer-Relationship where the broker or
licensees (employed by broker)act as fiduciaries for a consumer of real estate
services by the express authority of the consumer of real estate services.
Associate Broker Correct Answer-Broker Employed by another Broker.
Broker Correct Answer-(1) Negotiates or aids any person in locating or
purchasing, or leas interest in real estate (2)Negotiates
listing,sale,purchase,exchange,lease,time share and similarly designated
interests, financing or option for any real estate (3)Manages Real Estate
(4) Represents self as RE consultant,counselor, agent, or finder
(5)undertakes promote of sale/ to perform comparative market analysis
(6) performs any above acts
Builder/Owner Salesperson Correct Answer-Full time employee of a
builder/Owner of single and multifamily dwellings located within the
Commonwealth and be authorized to list for sale, sell or offer for sale or
, PA State Portion Real Estate Practice;
Questions and Answers
anything owned by builder/owner employer, for or on the behalf of the
builder/owner.
Buyer Agent Correct Answer-Licensee who has entered into an agency
relationship with a consumer buyer of real estate.
Campground Membership Correct Answer-Interest, other than fee simple or
by lease, which gives the purchaser the right to use a unit of real property for
the purpose of locating a recreational vehicle, camper, trailer, tent, tent trailer,
pickup camper or other device on periodic basis pursuant to a membership
contract allocating use and and occupancy rights between other similar uses.
Cemetery Correct Answer-Term does not include private cemetery.
Cemetery Broker Correct Answer-Self explanitory.
Cemetery Company Correct Answer-Self explanitory.
Cemetery Salesperson Correct Answer-Person employed by a broker or
cemetery broker to perform duties performed as such a person.
, PA State Portion Real Estate Practice;
Questions and Answers
Commercial Property Correct Answer-(1) Any property that is used for the
purpose of operating a business, office, manufacturing facility (does not include
a property with less than 5 residential dwelling units)
(2) Vacant land for sale or lease or held for such purposes, (not including vacant
land suitable for construction or location of less than five residential dwelling
units).
Commissioner Correct Answer-Commissioner of Professional and
Occupational Affairs.
Comparative Market Analysis Correct Answer-Written analysis,
opinion/conclusion by a contracted buyer's agent, transactional licensee, sellers
agent relating to probable selling price of a specified piece of real estate in an
identified market at a certain time.
Consumer Correct Answer-The recipient of RE services.
Department Correct Answer-Department of State acting through the
commissioner of Professional and Occupational Affairs.
