Pa real estate exam; Questions and Answers
100% Solved
Which of these is excluded on a title insurance policy because of the schedule of
exceptions ? Correct Answer-A mechanics lien
Once buyer submit their loan application, they must be given their loan
estimate. At the very least, they must receive the loan estimate within _______
? Correct Answer-Three business days after submitting loan application
Through which method of voluntary alienation does the grantor convey real
property and transfer title to the grantee ? Correct Answer-Deed
Which of the following properties requires a lead disclosure ? Correct
Answer-Buildings built before 1978
What type of investment strategy is most similar to a 1031 tax-deferred
exchange ? Correct Answer-Rolling over funds from one IRA into another
A closing agent has several duties to perform both before and after closing.
Which of the following is a task the closing agent must complete after closing
? Correct Answer-Pay the existing loan off
, Pa real estate exam; Questions and Answers
100% Solved
Which written statement will be used to consider ways to minimize a projects
negative impact on the environment ? Correct Answer-Environmental Impact
Statement
A family owns a 212-acre farm. Their property is landlocked, but they have
permitted water rights to use the stream located six miles away for irrigation
purposes. What kind of water rights do they hold? Correct Answer-Prior
appropriation
Which ownership type is defined by four unities: time, title, interest, and
possession ? Correct Answer-Joint tenancy
Which one of the following is a characteristic of an abstract of title ? Correct
Answer-It provides an attorney's opinion of the title.
Which physical characteristic of land says that one piece of land isn't exactly like
another and is not interchangeable ? Correct Answer-Uniqueness
In Pennsylvania, who must provide disclosure form about the water source
? Correct Answer-Sellers
, Pa real estate exam; Questions and Answers
100% Solved
How is Pennsylvania's Real Estate Recovery Fund funded? Correct Answer-
Through a $10 fee at license issuance and renewal
Alec, a Pennsylvania broker, received an earnest money check from an
associated licensee. By when must Alec deposit the check? Correct Answer-
Within one business day
Norma has just entered into an agreement to act as a buyer's agent. How long
must this agency agreement be retained, according to Pennsylvania
law? Correct Answer-At least 3 years
Hope's Pennsylvania real estate license is about to expire and she's not going to
be able to renew it on time. How long can she continue practicing real estate
? Correct Answer-She can continue practicing until the renewal date, when
the license will expire.
Sarina filed a complaint against a Pennsylvania real estate licensee that was
related to a possible violation of the Human Relations Act. This is the first time
the licensee has faced a complaint. What role does the Pennsylvania State Real
Estate Commission serve in this investigation? Correct Answer-The
100% Solved
Which of these is excluded on a title insurance policy because of the schedule of
exceptions ? Correct Answer-A mechanics lien
Once buyer submit their loan application, they must be given their loan
estimate. At the very least, they must receive the loan estimate within _______
? Correct Answer-Three business days after submitting loan application
Through which method of voluntary alienation does the grantor convey real
property and transfer title to the grantee ? Correct Answer-Deed
Which of the following properties requires a lead disclosure ? Correct
Answer-Buildings built before 1978
What type of investment strategy is most similar to a 1031 tax-deferred
exchange ? Correct Answer-Rolling over funds from one IRA into another
A closing agent has several duties to perform both before and after closing.
Which of the following is a task the closing agent must complete after closing
? Correct Answer-Pay the existing loan off
, Pa real estate exam; Questions and Answers
100% Solved
Which written statement will be used to consider ways to minimize a projects
negative impact on the environment ? Correct Answer-Environmental Impact
Statement
A family owns a 212-acre farm. Their property is landlocked, but they have
permitted water rights to use the stream located six miles away for irrigation
purposes. What kind of water rights do they hold? Correct Answer-Prior
appropriation
Which ownership type is defined by four unities: time, title, interest, and
possession ? Correct Answer-Joint tenancy
Which one of the following is a characteristic of an abstract of title ? Correct
Answer-It provides an attorney's opinion of the title.
Which physical characteristic of land says that one piece of land isn't exactly like
another and is not interchangeable ? Correct Answer-Uniqueness
In Pennsylvania, who must provide disclosure form about the water source
? Correct Answer-Sellers
, Pa real estate exam; Questions and Answers
100% Solved
How is Pennsylvania's Real Estate Recovery Fund funded? Correct Answer-
Through a $10 fee at license issuance and renewal
Alec, a Pennsylvania broker, received an earnest money check from an
associated licensee. By when must Alec deposit the check? Correct Answer-
Within one business day
Norma has just entered into an agreement to act as a buyer's agent. How long
must this agency agreement be retained, according to Pennsylvania
law? Correct Answer-At least 3 years
Hope's Pennsylvania real estate license is about to expire and she's not going to
be able to renew it on time. How long can she continue practicing real estate
? Correct Answer-She can continue practicing until the renewal date, when
the license will expire.
Sarina filed a complaint against a Pennsylvania real estate licensee that was
related to a possible violation of the Human Relations Act. This is the first time
the licensee has faced a complaint. What role does the Pennsylvania State Real
Estate Commission serve in this investigation? Correct Answer-The
