PA State Real Estate Exam
RELRA and State RE Commission Rules and Regs are laws.. - correct answer ✔✔that govern how
licensees provide real estate services in PA
Broker of record is responsible for.. - correct answer ✔✔all activities performed by an affiliated licensees
Appraisal - correct answer ✔✔process of estimating a property's market value, based on established
methods, and professional opinion
Appraisers must be certified by the... - correct answer ✔✔State Board of Certified Appraisers to engage
in this activity
Home Inspectors are prohibited from offering to perform additional repairs within - correct answer
✔✔12 months after inspecting the property
Real estate counselors must be.. - correct answer ✔✔licensed real estate brokers
Modular homes - correct answer ✔✔homes that are pre-made, or factory built
Converted use properties - correct answer ✔✔commercial properties that have been converted to other
uses
Principal - correct answer ✔✔This is the one being represented by an agent. In the real estate industry
the principal is also known as "the client". This is usually, but not always, the one who will pay the agent
for his/her services.
Customer - correct answer ✔✔The one who enters into a real estate contract with the principal through
the efforts of the principal's agent. A customer is a 3rd party to an agency relationship. The principal is
the 1st party, the agent/licensee is the 2nd party. Everyone else in the world would be a 3rd party; a
customer.
RELRA and State RE Commission Rules and Regs are laws.. - correct answer ✔✔that govern how
licensees provide real estate services in PA
Broker of record is responsible for.. - correct answer ✔✔all activities performed by an affiliated licensees
Appraisal - correct answer ✔✔process of estimating a property's market value, based on established
methods, and professional opinion
Appraisers must be certified by the... - correct answer ✔✔State Board of Certified Appraisers to engage
in this activity
Home Inspectors are prohibited from offering to perform additional repairs within - correct answer
✔✔12 months after inspecting the property
Real estate counselors must be.. - correct answer ✔✔licensed real estate brokers
Modular homes - correct answer ✔✔homes that are pre-made, or factory built
Converted use properties - correct answer ✔✔commercial properties that have been converted to other
uses
Principal - correct answer ✔✔This is the one being represented by an agent. In the real estate industry
the principal is also known as "the client". This is usually, but not always, the one who will pay the agent
for his/her services.
Customer - correct answer ✔✔The one who enters into a real estate contract with the principal through
the efforts of the principal's agent. A customer is a 3rd party to an agency relationship. The principal is
the 1st party, the agent/licensee is the 2nd party. Everyone else in the world would be a 3rd party; a
customer.
