PSI PA STATE REAL ESTATE CORE MAIN EXAMS TIPS
QUESTIONS AND ANSWERS SURE A+
✔✔The Pennsylvania Landlord/Tenant Act also specifies the time period that is required
for notice in a variety of circumstances - ✔✔Normally, one week's notice is required to
terminate an estate from week to week; one month's notice is required to terminate an
estate from month to month; and three months' notice is required to terminate an estate
from year to year.
✔✔True or False The statute of frauds in Pennsylvania requires contracts for more than
two years duration to be in writing. - ✔✔False, contracts for more than three years
duration are required to be in writing. However a written agreement can be used for any
period of time.
✔✔In Pennsylvania, the law requires payment of transfer taxes on leases that run for
more than a total of ____ years. - ✔✔30
✔✔Limits on Security Deposits - ✔✔1st Year-the maximum amount of the security
deposit cannot exceed a sum equivalent to two months' rent 2nd Year-the amount drops
to a sum equivalent to one month's rent During years 2-5-the landlord may increase the
amount of security deposit, following the same monthly equivalency formula, to keep
pace with increasing rents After 5 years- the landlord cannot increase the amount of
security deposit.
, ✔✔Pennsylvania law permits a landlord to purchase a guarantee, or surety, bond to
guarantee the return of a security deposit to the tenant. The landlord may exercise this
option in lieu of escrowing a security deposit in a financial institution. The landlord must
return the amount of the bond (including any interest) less the cost of any necessary
repairs to the tenant at the end of the lease term. - ✔✔Bond in lieu of escrowing
✔✔Tenants in certain situations must be given an explanation of rights informing them
of the consequence of confession of judgment when they sign a lease that contains this
clause. - ✔✔Confession of Judgement
✔✔In Pennsylvania, only a memorandum of lease is filed. A memorandum of lease
gives notice of the interest but does not disclose the terms of the lease to the public.
Only the names of the parties and a description of the property are included. -
✔✔Recording a lease
✔✔The theory of this warranty is that the lessor who leases residential premises
warrants that the premises shall be fit for habitation. If the tenant proves that the
premises are not fit for habitation, the court can order a reduction or cessation of rental
payment. - ✔✔Warranty of habitability
✔✔Contains remedies for landlords if a lease is in default and rules of civil procedures
for district justices in these cases - ✔✔Landlord and Tenant Act of 1951
✔✔Prohibits unfair practices in the conduct of commerce, also provides remedies for
tenants of residential property. - ✔✔Pennsylvania Consumer Protection Law
✔✔Race, color, religion, national origin, sex, age (40 years old or older), handicap, use
of guide or support animals due to a handicap or disability, or familial status, are all
protected under what Act? - ✔✔All persons must have access to housing of their choice
under the Pennsylvania Human Relations Act
✔✔Legal forms of ownership in PA - ✔✔In Severality or concurrently as Joint Tenents
or Tenents in Common, if married as Tenants in the Entireties. In addition, corporations
and partnerships can hold title, and title can be held in trust
✔✔When two or more new owners acquire title to a parcel of real estate and the deed
does not stipulate the tenancy, they acquire title, by operation or rule of law, as tenants
in common. But if the conveyance is made to a husband and wife with no further
explanation, in Pennsylvania a tenancy by the entirety is created - ✔✔Co-Ownership
QUESTIONS AND ANSWERS SURE A+
✔✔The Pennsylvania Landlord/Tenant Act also specifies the time period that is required
for notice in a variety of circumstances - ✔✔Normally, one week's notice is required to
terminate an estate from week to week; one month's notice is required to terminate an
estate from month to month; and three months' notice is required to terminate an estate
from year to year.
✔✔True or False The statute of frauds in Pennsylvania requires contracts for more than
two years duration to be in writing. - ✔✔False, contracts for more than three years
duration are required to be in writing. However a written agreement can be used for any
period of time.
✔✔In Pennsylvania, the law requires payment of transfer taxes on leases that run for
more than a total of ____ years. - ✔✔30
✔✔Limits on Security Deposits - ✔✔1st Year-the maximum amount of the security
deposit cannot exceed a sum equivalent to two months' rent 2nd Year-the amount drops
to a sum equivalent to one month's rent During years 2-5-the landlord may increase the
amount of security deposit, following the same monthly equivalency formula, to keep
pace with increasing rents After 5 years- the landlord cannot increase the amount of
security deposit.
, ✔✔Pennsylvania law permits a landlord to purchase a guarantee, or surety, bond to
guarantee the return of a security deposit to the tenant. The landlord may exercise this
option in lieu of escrowing a security deposit in a financial institution. The landlord must
return the amount of the bond (including any interest) less the cost of any necessary
repairs to the tenant at the end of the lease term. - ✔✔Bond in lieu of escrowing
✔✔Tenants in certain situations must be given an explanation of rights informing them
of the consequence of confession of judgment when they sign a lease that contains this
clause. - ✔✔Confession of Judgement
✔✔In Pennsylvania, only a memorandum of lease is filed. A memorandum of lease
gives notice of the interest but does not disclose the terms of the lease to the public.
Only the names of the parties and a description of the property are included. -
✔✔Recording a lease
✔✔The theory of this warranty is that the lessor who leases residential premises
warrants that the premises shall be fit for habitation. If the tenant proves that the
premises are not fit for habitation, the court can order a reduction or cessation of rental
payment. - ✔✔Warranty of habitability
✔✔Contains remedies for landlords if a lease is in default and rules of civil procedures
for district justices in these cases - ✔✔Landlord and Tenant Act of 1951
✔✔Prohibits unfair practices in the conduct of commerce, also provides remedies for
tenants of residential property. - ✔✔Pennsylvania Consumer Protection Law
✔✔Race, color, religion, national origin, sex, age (40 years old or older), handicap, use
of guide or support animals due to a handicap or disability, or familial status, are all
protected under what Act? - ✔✔All persons must have access to housing of their choice
under the Pennsylvania Human Relations Act
✔✔Legal forms of ownership in PA - ✔✔In Severality or concurrently as Joint Tenents
or Tenents in Common, if married as Tenants in the Entireties. In addition, corporations
and partnerships can hold title, and title can be held in trust
✔✔When two or more new owners acquire title to a parcel of real estate and the deed
does not stipulate the tenancy, they acquire title, by operation or rule of law, as tenants
in common. But if the conveyance is made to a husband and wife with no further
explanation, in Pennsylvania a tenancy by the entirety is created - ✔✔Co-Ownership
