PA Real Estate Proctored Exam
The owner of 50 acres of land with 500 feet of frontage on a desirable recreational lake
wishes to subdivide the parcel into salable lots. She wants to retain control over the lake
frontage while allowing lot owners to have access to the lake. What type of access
rights should she give prospective lot purchasers? - ✔️✔️An appurtenant easement
A couple has signed over their property to First Federal Bank eliminating all liens they
had. They were part of a - ✔️✔️Deed in lieu of foreclosure
In order of use in Pennsylvania, what would be the ranking of legal descriptions? -
✔️✔️metes and bounds, government survey, lot and block
Charlie possesses and obtains rights to a property, even though he did not record a
deed and another buyer, Bill, did. What priority principle applies? - ✔️✔️Actual notice
What is the LEAST amount of decimal places in millage? - ✔️✔️4
A mortgage lien is considered - ✔️✔️A specific lien
The question of when a contract is to be performed is backed by the legal phrase -
✔️✔️Time is of the essence
Which is the value used in calculating annual taxes? - ✔️✔️Millage
Which is not an involuntary alienation? - ✔️✔️Easement by prescription
What government agency defines a datum? - ✔️✔️The National Geographic Society
What leasehold estate always has a distinct termination date? - ✔️✔️Estate for years
A man found that when he refinanced, he was charged 2% of the interest yet due. He
was having to pay a - ✔️✔️Prepayment penalty
If a couple has been given a proper notice to vacate because of a public sale taking
place, they will be part of a - ✔️✔️Judicial foreclosure
A girl signs a deed at age 17. The execution of the grantor is - ✔️✔️Voidable
What is the difference between a time share estate and a time share lease? - ✔️✔️One
gets a deed for the estate and a non-inheritable contract for the time share lease
The owner of 50 acres of land with 500 feet of frontage on a desirable recreational lake
wishes to subdivide the parcel into salable lots. She wants to retain control over the lake
frontage while allowing lot owners to have access to the lake. What type of access
rights should she give prospective lot purchasers? - ✔️✔️An appurtenant easement
A couple has signed over their property to First Federal Bank eliminating all liens they
had. They were part of a - ✔️✔️Deed in lieu of foreclosure
In order of use in Pennsylvania, what would be the ranking of legal descriptions? -
✔️✔️metes and bounds, government survey, lot and block
Charlie possesses and obtains rights to a property, even though he did not record a
deed and another buyer, Bill, did. What priority principle applies? - ✔️✔️Actual notice
What is the LEAST amount of decimal places in millage? - ✔️✔️4
A mortgage lien is considered - ✔️✔️A specific lien
The question of when a contract is to be performed is backed by the legal phrase -
✔️✔️Time is of the essence
Which is the value used in calculating annual taxes? - ✔️✔️Millage
Which is not an involuntary alienation? - ✔️✔️Easement by prescription
What government agency defines a datum? - ✔️✔️The National Geographic Society
What leasehold estate always has a distinct termination date? - ✔️✔️Estate for years
A man found that when he refinanced, he was charged 2% of the interest yet due. He
was having to pay a - ✔️✔️Prepayment penalty
If a couple has been given a proper notice to vacate because of a public sale taking
place, they will be part of a - ✔️✔️Judicial foreclosure
A girl signs a deed at age 17. The execution of the grantor is - ✔️✔️Voidable
What is the difference between a time share estate and a time share lease? - ✔️✔️One
gets a deed for the estate and a non-inheritable contract for the time share lease
