PENNSYLVANIA REAL ESTATE FUNDAMENTALS FINAL
EXAM A |ACTUAL EXAM COMPLETE 70 QUESTIONS AND
CORRECT VERIFIED ANSWES |PRE-EVALUATED A+
The clause in a trust deed or mortgage that permits the lender to declare the
entire unpaid balance immediately due and payable upon default is the -
ANSWER-acceleration clause.
The phrase " bundle of legal rights " is properly included in - ANSWER-the
definition of real property.
In Pennsylvania , mine subsidence refers to - ANSWER-subsurface rights .
A subdivider divided the acreage in to lots and built the streets . As the
development grows , the subdivider intends to give the streets to the local
municipality . This is an example of - ANSWER-dedication
, An owner leases store space to a tenant to operate a restaurant. The tenant has
installed ovens, booths, counters, and other equipment. When would these items
become real property? - ANSWER-The items do not become real property, and
they remain the tenant's personal property
tenant's personal property. What is the general real estate tax that generates the
most revenue? - ANSWER-Ad valorem tax
In regulations regarding lead - based paint , the Department of Housing and
Urban Development ( HUD ) requires that - ANSWER-known paint hazards must
be disclosed .
The purpose of the Recovery Fund is to enable - ANSWER-people to receive
payment of uncollected judgments licensees .
The Pennsylvania Seller Property Disclosure requires the disclosure of - ANSWER-
source of drinking water
Which is the value used in calculating annual taxes ? - ANSWER-Assessment
disclosure 10 . Under what environmental law are landowners held liable when a
release of a hazardous material occurs on their land ? - ANSWER-CERCLA
What is TRUE about all unilateral contracts ? - ANSWER-Only one party is
obligated to act .
What inspection is required for federally funded projects ? - ANSWER-
Environmental impact statement
EXAM A |ACTUAL EXAM COMPLETE 70 QUESTIONS AND
CORRECT VERIFIED ANSWES |PRE-EVALUATED A+
The clause in a trust deed or mortgage that permits the lender to declare the
entire unpaid balance immediately due and payable upon default is the -
ANSWER-acceleration clause.
The phrase " bundle of legal rights " is properly included in - ANSWER-the
definition of real property.
In Pennsylvania , mine subsidence refers to - ANSWER-subsurface rights .
A subdivider divided the acreage in to lots and built the streets . As the
development grows , the subdivider intends to give the streets to the local
municipality . This is an example of - ANSWER-dedication
, An owner leases store space to a tenant to operate a restaurant. The tenant has
installed ovens, booths, counters, and other equipment. When would these items
become real property? - ANSWER-The items do not become real property, and
they remain the tenant's personal property
tenant's personal property. What is the general real estate tax that generates the
most revenue? - ANSWER-Ad valorem tax
In regulations regarding lead - based paint , the Department of Housing and
Urban Development ( HUD ) requires that - ANSWER-known paint hazards must
be disclosed .
The purpose of the Recovery Fund is to enable - ANSWER-people to receive
payment of uncollected judgments licensees .
The Pennsylvania Seller Property Disclosure requires the disclosure of - ANSWER-
source of drinking water
Which is the value used in calculating annual taxes ? - ANSWER-Assessment
disclosure 10 . Under what environmental law are landowners held liable when a
release of a hazardous material occurs on their land ? - ANSWER-CERCLA
What is TRUE about all unilateral contracts ? - ANSWER-Only one party is
obligated to act .
What inspection is required for federally funded projects ? - ANSWER-
Environmental impact statement
