PA Real Estate Exam Questions with Correct Answers 100% Verified By Experts| Latest
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Consent Order and Agreement A legal document used when two parties involved with an
order to show cause negotiate a settlement outside of court for presentation to the
commission.
Economic Characteristics of Real Estate Demand
Utility
Transferability
Scarcity
Situs
Physical Characteristics of Real Estate Immobility
Indestructability
Non-homogeneousness
Physical Components of Real Property Surface Rights
Water Rights
Natural Rights
Emblements Crops that grow on the property; can be transferred as part of sale as long as
they are still growing
Personal property Movable, portable property; the opposite of real property. Should always
be transferred by a Bill of Sale.
Appurtenance A right, privilege, or improvement that passes along with the property
,Determining Fixture Status (M.A.I.D) Method of Annexation
Adaptability
Intent
Damage
Trade Fixture Personal property that is installed by the owner because of its necessity for
business
PA Real Estate Commission State commission formed to regulate and oversee real estate
dealings in the state of Pennsylvania for the purpose of protecting the public
PA Real Estate Commission Composition Commissioner of Professional and Occupational
Affairs
Director of Bureau of Consumer Protection
Three at-large members of the public
Five real estate brokers with at least a decade of experience in the field
One cemetery broker
Responsibilities of the Real Estate Commission Approves and regulates real estate
curriculum
Regulates real estate dealings in PA
Oversees continuing education programs
Holds public meetings in Philadelphia, Harrisburg, and Pittsburgh
Legislates and prosecutes cases related to real estate crimes
Prepares and proposes real estate commission budget
They also have the power to issue civil or criminal proceedings
, Who needs a PA Real Estate License? Anyone who negotiates or aids in the purchase or sale
of real property. License needed in order to receive compensation for real estate activities.
You need a license in order to receive compensation for... Buying or selling real estate
Negotiating a loan
Leasing, renting, and collecting rent on real estate
Performing a comparative market analysis
Comparative Market Analysis A write up by an agent, broker, or licensee that assess the
value and potential sales price of a piece of property in a given market at a given time, and may
issue recommendations for subsequent proceedings.
Other Types of Real Estate Licensees Associate broker
Broker of record
Cemetery broker
Cemetery salesperson
Builder-owner salesperson
Rental listing referral agent
Campground membership salesperson
Timeshare salesperson
Licensees are prohibited from... Making false claims about property
Commingling money
Failing to maintain escrow
Failing to maintain accurate financial records
Failing to preserve consummation records for three years post-sale
Acting on behalf of more than one party without the consent of all
Advertising rental or sale of a property without consent of the owner
Update Guaranteed Success
Consent Order and Agreement A legal document used when two parties involved with an
order to show cause negotiate a settlement outside of court for presentation to the
commission.
Economic Characteristics of Real Estate Demand
Utility
Transferability
Scarcity
Situs
Physical Characteristics of Real Estate Immobility
Indestructability
Non-homogeneousness
Physical Components of Real Property Surface Rights
Water Rights
Natural Rights
Emblements Crops that grow on the property; can be transferred as part of sale as long as
they are still growing
Personal property Movable, portable property; the opposite of real property. Should always
be transferred by a Bill of Sale.
Appurtenance A right, privilege, or improvement that passes along with the property
,Determining Fixture Status (M.A.I.D) Method of Annexation
Adaptability
Intent
Damage
Trade Fixture Personal property that is installed by the owner because of its necessity for
business
PA Real Estate Commission State commission formed to regulate and oversee real estate
dealings in the state of Pennsylvania for the purpose of protecting the public
PA Real Estate Commission Composition Commissioner of Professional and Occupational
Affairs
Director of Bureau of Consumer Protection
Three at-large members of the public
Five real estate brokers with at least a decade of experience in the field
One cemetery broker
Responsibilities of the Real Estate Commission Approves and regulates real estate
curriculum
Regulates real estate dealings in PA
Oversees continuing education programs
Holds public meetings in Philadelphia, Harrisburg, and Pittsburgh
Legislates and prosecutes cases related to real estate crimes
Prepares and proposes real estate commission budget
They also have the power to issue civil or criminal proceedings
, Who needs a PA Real Estate License? Anyone who negotiates or aids in the purchase or sale
of real property. License needed in order to receive compensation for real estate activities.
You need a license in order to receive compensation for... Buying or selling real estate
Negotiating a loan
Leasing, renting, and collecting rent on real estate
Performing a comparative market analysis
Comparative Market Analysis A write up by an agent, broker, or licensee that assess the
value and potential sales price of a piece of property in a given market at a given time, and may
issue recommendations for subsequent proceedings.
Other Types of Real Estate Licensees Associate broker
Broker of record
Cemetery broker
Cemetery salesperson
Builder-owner salesperson
Rental listing referral agent
Campground membership salesperson
Timeshare salesperson
Licensees are prohibited from... Making false claims about property
Commingling money
Failing to maintain escrow
Failing to maintain accurate financial records
Failing to preserve consummation records for three years post-sale
Acting on behalf of more than one party without the consent of all
Advertising rental or sale of a property without consent of the owner
