PIA PRACTICE EXAM
2024 | 119 QUESTIONS
| WITH ALREADY
GRADED A+
COMPLETE
SOLUTIONS!!
Evatee 8/22/24 PIA
,PIA PRACTICE EXAM 2024 | 119 QUESTIONS
| WITH ALREADY GRADED A+ COMPLETE
SOLUTIONS!!
When an agent, working for a real estate firm, lists a property for sale; what is
the agent's status relative to the seller?
Agent to the Seller
General Agent to the Seller
Subagent to the Seller
Implied agent to the seller Answer - Subagent to the Seller
If a buyer wants to see a property, listed with a firm other than the firm that
the agent works for, refuses to sign a written buyers agency agreement or
agree to an oral agency agreement; the real estate agent has which of the
following options if they want to receive compensation if this buyer purchases
the property?
show the property as a implied buyer's agent
just show the property as a seller's subagent and receive the buying side of the
commission
refer this buyer to the seller and receive a referral fee
,Show the property as the buyer's agent anyway since the agent provided the
buyer agency agreement information Answer - refer this buyer to the seller
and receive a referral fee
How long does the Seller have to review the closing disclosure under the TRID?
3 business days from receipt
3 calendar days from receipt
5 calendar days from receipt
zero days Answer - Zero Days
Which of the following is correct regarding the formula for adjusted basis?
Amount realized minus cost basis
cost basis plus capital improvements
cost basis minus capital improvements
amount realized plus cost basis minus capital improvements Answer - cost
basis plus capital improvements
Which of the following is correct regarding an active agent selling their own
property?
Since they are active; they are not required to disclose that they have a license
An agent cannot put "no representation" on the RPOADS if they know of a
material fact
, The agent can represent a buyer but only if the transaction would NOT create
dual agency
The agent can never represent the buyer but could get a referral fee for
referring the buyer to an agent outside the agent's firm Answer - The agent
can never represent the buyer but could get a referral fee for referring the
buyer to an agent outside the agent's firm
Which Environmental Act states that everyone in the chain of title for
commercial property is liable for hazardous waste?
CERCLA
CAMA
RESPA
NC Leaking Underground Storage Tank Act Answer - CERCLA
If a property has been "grandfathered" in for zoning purposes: which of the
following is correct?
Once the property has been sold, the property will now be required to comply
with the zoning change
The existing property has 6 months to comply to the new zoning
The property may be sold and the new owner may continue to use the
property in the "grandfathered" use
2024 | 119 QUESTIONS
| WITH ALREADY
GRADED A+
COMPLETE
SOLUTIONS!!
Evatee 8/22/24 PIA
,PIA PRACTICE EXAM 2024 | 119 QUESTIONS
| WITH ALREADY GRADED A+ COMPLETE
SOLUTIONS!!
When an agent, working for a real estate firm, lists a property for sale; what is
the agent's status relative to the seller?
Agent to the Seller
General Agent to the Seller
Subagent to the Seller
Implied agent to the seller Answer - Subagent to the Seller
If a buyer wants to see a property, listed with a firm other than the firm that
the agent works for, refuses to sign a written buyers agency agreement or
agree to an oral agency agreement; the real estate agent has which of the
following options if they want to receive compensation if this buyer purchases
the property?
show the property as a implied buyer's agent
just show the property as a seller's subagent and receive the buying side of the
commission
refer this buyer to the seller and receive a referral fee
,Show the property as the buyer's agent anyway since the agent provided the
buyer agency agreement information Answer - refer this buyer to the seller
and receive a referral fee
How long does the Seller have to review the closing disclosure under the TRID?
3 business days from receipt
3 calendar days from receipt
5 calendar days from receipt
zero days Answer - Zero Days
Which of the following is correct regarding the formula for adjusted basis?
Amount realized minus cost basis
cost basis plus capital improvements
cost basis minus capital improvements
amount realized plus cost basis minus capital improvements Answer - cost
basis plus capital improvements
Which of the following is correct regarding an active agent selling their own
property?
Since they are active; they are not required to disclose that they have a license
An agent cannot put "no representation" on the RPOADS if they know of a
material fact
, The agent can represent a buyer but only if the transaction would NOT create
dual agency
The agent can never represent the buyer but could get a referral fee for
referring the buyer to an agent outside the agent's firm Answer - The agent
can never represent the buyer but could get a referral fee for referring the
buyer to an agent outside the agent's firm
Which Environmental Act states that everyone in the chain of title for
commercial property is liable for hazardous waste?
CERCLA
CAMA
RESPA
NC Leaking Underground Storage Tank Act Answer - CERCLA
If a property has been "grandfathered" in for zoning purposes: which of the
following is correct?
Once the property has been sold, the property will now be required to comply
with the zoning change
The existing property has 6 months to comply to the new zoning
The property may be sold and the new owner may continue to use the
property in the "grandfathered" use
