PSI PA STATE REAL ESTATE ACTUAL FINAL EXAMS
ALL QUESTIONS AND ANSWERS SURE A+
✔✔A borrower may cure the default of a residential mortgage loan with an outstanding
balance of $50,000 or less by merely bringing the payments up to date. If some person
other than the mortgagor redeems the real estate, the borrower becomes responsible to
that person for the amount of the - ✔✔Redemption
✔✔Established 2/19/1980, The Pennsylvania law that protects the public interest by
governing real estate practices and the activities of licensees. - ✔✔Real Estate
Licensing and Registration
✔✔The agency established by the Pennsylvania Real Estate Licensing and Registration
Act to administer this law and supervise the activities of licensees. - ✔✔State Real
Estate Commission
✔✔The five commissioners licensed as brokers shall have been engaged in the real
estate business for at least ___ years - ✔✔10
✔✔The Commission conducts regularly scheduled business meetings that, under the
state _______ are open to the public. - ✔✔"sunshine laws"
, ✔✔The Commission is also required to hold _________ to solicit suggestions,
comments, and objections about real estate practices from members of the public.
These meetings are held each year in Philadelphia, Harrisburg, and Pittsburgh -
✔✔public meetings
✔✔Staff is employed by the ______________ to support the Commission's activities -
✔✔Bureau of Professional and Occupational Affairs
✔✔There are currently ______ separate licenses that may be issued by the Department
of State - ✔✔ten
✔✔Licenses shall be granted to persons who bear a good reputation for: - ✔✔honesty,
trustworthiness, integrity, and competence
✔✔A Broker MUST - ✔✔be at least 21 years of age.
be a high school graduate or equivalent.
have completed 240 hours (16 credits) of real estate instruction as prescribed by the
Commission within ten years of the date of passing both portions of the licensing
examination; instruction required for the salesperson license does not qualify for broker
licensure.
have been engaged as a licensed real estate salesperson for at least three years or
have experience and/or education that the Commission considers equivalent.
pass both portions of a written examination within three years of the date of the license
application.
✔✔The individual broker responsible for the real estate transactions and activities of
licensees in a partnership or corporation. - ✔✔Broker of Record
✔✔A person licensed as a real estate broker who chooses to work under the
supervision of another broker. An individual who wants to manage a branch office for a
licensed broker must have an associate broker license - ✔✔Associate Broker
✔✔A person who performs real estate activities while employed by or associated with a
licensed real estate broker. - ✔✔Salesperson
✔✔A salesperson MUST - ✔✔be at least 18 years of age, complete 60 hours of real
estate as prescribed by the Commission, and pass both portions of the examinations
prior to being issued a license
✔✔An individual or entity licensed to engage exclusively in the sale of cemetery lots,
plots, and mausoleum spaces or openings. - ✔✔Cemetery Broker
ALL QUESTIONS AND ANSWERS SURE A+
✔✔A borrower may cure the default of a residential mortgage loan with an outstanding
balance of $50,000 or less by merely bringing the payments up to date. If some person
other than the mortgagor redeems the real estate, the borrower becomes responsible to
that person for the amount of the - ✔✔Redemption
✔✔Established 2/19/1980, The Pennsylvania law that protects the public interest by
governing real estate practices and the activities of licensees. - ✔✔Real Estate
Licensing and Registration
✔✔The agency established by the Pennsylvania Real Estate Licensing and Registration
Act to administer this law and supervise the activities of licensees. - ✔✔State Real
Estate Commission
✔✔The five commissioners licensed as brokers shall have been engaged in the real
estate business for at least ___ years - ✔✔10
✔✔The Commission conducts regularly scheduled business meetings that, under the
state _______ are open to the public. - ✔✔"sunshine laws"
, ✔✔The Commission is also required to hold _________ to solicit suggestions,
comments, and objections about real estate practices from members of the public.
These meetings are held each year in Philadelphia, Harrisburg, and Pittsburgh -
✔✔public meetings
✔✔Staff is employed by the ______________ to support the Commission's activities -
✔✔Bureau of Professional and Occupational Affairs
✔✔There are currently ______ separate licenses that may be issued by the Department
of State - ✔✔ten
✔✔Licenses shall be granted to persons who bear a good reputation for: - ✔✔honesty,
trustworthiness, integrity, and competence
✔✔A Broker MUST - ✔✔be at least 21 years of age.
be a high school graduate or equivalent.
have completed 240 hours (16 credits) of real estate instruction as prescribed by the
Commission within ten years of the date of passing both portions of the licensing
examination; instruction required for the salesperson license does not qualify for broker
licensure.
have been engaged as a licensed real estate salesperson for at least three years or
have experience and/or education that the Commission considers equivalent.
pass both portions of a written examination within three years of the date of the license
application.
✔✔The individual broker responsible for the real estate transactions and activities of
licensees in a partnership or corporation. - ✔✔Broker of Record
✔✔A person licensed as a real estate broker who chooses to work under the
supervision of another broker. An individual who wants to manage a branch office for a
licensed broker must have an associate broker license - ✔✔Associate Broker
✔✔A person who performs real estate activities while employed by or associated with a
licensed real estate broker. - ✔✔Salesperson
✔✔A salesperson MUST - ✔✔be at least 18 years of age, complete 60 hours of real
estate as prescribed by the Commission, and pass both portions of the examinations
prior to being issued a license
✔✔An individual or entity licensed to engage exclusively in the sale of cemetery lots,
plots, and mausoleum spaces or openings. - ✔✔Cemetery Broker
