PA Real Estate Practice Exam Questions with Correct Answers 100% Verified By Experts|
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*test question Real estate counselors MUST be what? Licensed Brokers
Supply and Demand Supply- Refers to the number of available number of properties in the
market at a certain price.
Demand- the number of buyers who desire the property and have the financial ability to
acquire the property.
*test question What does the Federal Reserve control? The lenders cost of money (discount
rate)
PUDS (planned unit development) *Master-planned community*; merge such diverse land
uses as housing, recreation, and commercial units in one self-contained development
Equity Increasing ownership in a property; paid off portion of the property held free of any
mortgage.
Flood Insurance must be purchased as a special policy, may never be added to a
homeowners policy. Mandatory in flood hazard zones if getting a mortgage. (Can check through
FEMA address search)
*Real Estate Assistant Has a fundamental understanding of the real estate industry.
Duties/Pay determined by if they are or are not licensed. Unlicensed performs clerical work,
licensed can perform open houses and such, unlicensed can't do anything with the public
*test question Commissions *Brokerage can set the minimum rate acceptable for that
brokers firm.
*test question Commissions *Agent can ONLY be paid by their employing broker.
, *Price Fixing Setting commission rates amongst competitors
Group Boycotting Two or more businesses agree to withhold business from a competitor
Allocation of Markets competitors' agreement to split market areas between themselves
Tie-in Agreements are agreements to sell one product only if the buyer purchases another
product as well. The sale of the first (desired) product is "tied" to the purchase of a second, less
desirable, product. Tie-in agreements are illegal.
Puffing is ok in Advertising Exaggeration about listings
*test question Brokers Website must include: Name, Phone Number and State brokerage is
licensed in.
*Fiduciary Responsibilities Care
*Obedience-Not absolute; may not obey instructions that are unlawful or unethical
*Accounting- Escrow Accounts; must be deposited NEXT business day, broker can deposit
personal funds to cover bank fees
Loyalty
Disclosure
Confidentiality
*Disclosure Statement Seller's and their agents are required to disclose material and latent
defects of which they are aware.
*Express Agency All exclusive contracts of employment must be in writing (statute of frauds)
Latest Update Guaranteed Success
*test question Real estate counselors MUST be what? Licensed Brokers
Supply and Demand Supply- Refers to the number of available number of properties in the
market at a certain price.
Demand- the number of buyers who desire the property and have the financial ability to
acquire the property.
*test question What does the Federal Reserve control? The lenders cost of money (discount
rate)
PUDS (planned unit development) *Master-planned community*; merge such diverse land
uses as housing, recreation, and commercial units in one self-contained development
Equity Increasing ownership in a property; paid off portion of the property held free of any
mortgage.
Flood Insurance must be purchased as a special policy, may never be added to a
homeowners policy. Mandatory in flood hazard zones if getting a mortgage. (Can check through
FEMA address search)
*Real Estate Assistant Has a fundamental understanding of the real estate industry.
Duties/Pay determined by if they are or are not licensed. Unlicensed performs clerical work,
licensed can perform open houses and such, unlicensed can't do anything with the public
*test question Commissions *Brokerage can set the minimum rate acceptable for that
brokers firm.
*test question Commissions *Agent can ONLY be paid by their employing broker.
, *Price Fixing Setting commission rates amongst competitors
Group Boycotting Two or more businesses agree to withhold business from a competitor
Allocation of Markets competitors' agreement to split market areas between themselves
Tie-in Agreements are agreements to sell one product only if the buyer purchases another
product as well. The sale of the first (desired) product is "tied" to the purchase of a second, less
desirable, product. Tie-in agreements are illegal.
Puffing is ok in Advertising Exaggeration about listings
*test question Brokers Website must include: Name, Phone Number and State brokerage is
licensed in.
*Fiduciary Responsibilities Care
*Obedience-Not absolute; may not obey instructions that are unlawful or unethical
*Accounting- Escrow Accounts; must be deposited NEXT business day, broker can deposit
personal funds to cover bank fees
Loyalty
Disclosure
Confidentiality
*Disclosure Statement Seller's and their agents are required to disclose material and latent
defects of which they are aware.
*Express Agency All exclusive contracts of employment must be in writing (statute of frauds)
