PA STATE REAL ESTATE EXAM QUESTIONS AND 100% CORRECT ANSWERS |LATEST 2025/2026|GRADED A+

PA STATE REAL ESTATE EXAM QUESTIONS
AND 100% CORRECT ANSWERS |LATEST
2025/2026|GRADED A+

RELRA and State RE Commission Rules and Regs are laws.. -
B B B B B B B B B B



B ANSWER that govern how licensees provide real estate services in PA
B B B B B B B B B




Broker of record is responsible for.. -
B B B B B B



B ANSWER all activities performed by an affiliated licensees
B B B B B B




Appraisal - B



ANSWER
B process of estimating a property's market value, based on established metho B B B B B B B B B B



ds, and professional opinion
B B B




Appraisers must be certified by the... -
B B B B B B



B ANSWER State Board of Certified Appraisers to engage in this activity
B B B B B B B B B




Home Inspectors are prohibited from offering to perform additional repairs within -
B B B B B B B B B B B



B ANSWER 12 months after inspecting the property
B B B B B




Real estate counselors must be.. - ANSWER
B B B B B B licensed real estate brokers B B B




Modular homes - ANSWER B B B homes that are pre-made, or factory built
B B B B B B




Converted use properties - B B B



B ANSWER commercial properties that have been converted to other uses
B B B B B B B B




Principal - B



BANSWER This is the one being represented by an agent. In the real estate industry the p
B B B B B B B B B B B B B B B



rincipal is also known as "the client". This is usually, but not always, the one who will pay the a
B B B B B B B B B B B B B B B B B B B



gent for his/her services.
B B B




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Wicky

, Customer - B



ANSWER
B The one who enters into a real estate contract with the principal through the
B B B B B B B B B B B B B B



efforts of the principal's agent. A customer is a 3rd party to an agency relationship. The princip
B B B B B B B B B B B B B B B B



al is the 1st party, the agent/licensee is the 2nd party. Everyone else in the world would be a 3r
B B B B B B B B B B B B B B B B B B B



d party; a customer.
B B B




Example: M decides to sell her home for $300,000. M enters into a "listing" agreement with lic
B B B B B B B B B B B B B B B B



ensee Z to sell her home. M is the 1st party and Z is the 2nd party. Any person who comes forw
B B B B B B B B B B B B B B B B B B B B B



ard to buy the home is a customer; a 3rd party.
B B B B B B B B B B




How much capital gain need to be taxable for single persons, married couple -
B B B B B B B B B B B B B



B ANSWER 250k, 500k B




Flood insurance - B B



ANSWER
B must be purchased as a special policy, may never be added to a homeownersB B B B B B B B B B B B B B



policy. Mandatory in flood hazard zones
B B B B B




Equity - B



B ANSWER difference between the amount owed on the property and market value
B B B B B B B B B B




Brokerage - ANSWER B B business of bringing parties together B B B B




How is commission specified - ANSWER
B B B B B between the broker and the seller B B B B B




Antitrust laws - B B



ANSWER
B collection of federal and state government laws that regulates the conduct an B B B B B B B B B B B



d organization of business corporations, generally to promote fair competition for the benefit
B B B B B B B B B B B B B



of consumers.
B




prevents brokers from applying uniform commission rates
B B B B B B




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Wicky