PIA Practice Exam Questions and
answers | With complete solution RATED
A+
II II II II II II II II II II II II II II II II II
When an agent, working for a real estate firm, lists a property for sale; what is the agent's
II II II II II
status relative to the seller?
II II II
Agent to the Seller II II II II
General Agent to the Seller II II II
Subagent to the Seller II II II II
Implied agent to the seller II II II
Subagent to the Seller
II II II II II II II II II II II II II II II II II II II
If a buyer wants to see a property, listed with a firm other than the firm that the agent works
II II II II II II II II II II II II II II II
for, refuses to sign a written buyers agency agreement or agree to an oral agency
II II II II II II II II II II II II II II II II
agreement; the real estate agent has which of the following options if they want to receive
II II II II II II II
compensation if this buyer purchases the property?
II II II II II II II
show the property as a implied buyer's agent
II II II II II II II II II II II II II II
just show the property as a seller's subagent and receive the buying side of the
II
commission
II II II II II II II II II II
refer this buyer to the seller and receive a referral fee
II II II II II II II II II II II II II
Show the property as the buyer's agent anyway since the agent provided the buyer
II II II
agency agreement information
II II II II II II II II II II
refer this buyer to the seller and receive a referral fee
II II II II II II II II II II II II II
How long does the Seller have to review the closing disclosure under the TRID?
II II II II
3 business days from receipt
II II II II
3 calendar days from receipt
II II II II
5 calendar days from receipt
II
zero days II
Zero Days II II II II II II II II II II II
Which of the following is correct regarding the formula for adjusted basis?
II II II II
Amount realized minus cost basis
II II II II
cost basis plus capital improvements
II II II II
cost basis minus capital improvements II II II II II II II
amount realized plus cost basis minus capital improvements
II II II II
cost basis plus capital improvements
, II II II II II II II II II II II II II
Which of the following is correct regarding an active agent selling their own property?
II II II II II II II II II II II II II II
Since they are active; they are not required to disclose that they have a license
II II II II II II II II II II II II II II II
An agent cannot put "no representation" on the RPOADS if they know of a material fact
II II II II II II II II II II II II II II II
The agent can represent a buyer but only if the transaction would NOT create dual agency
II II II II II II II II II II II II II II II II
The agent can never represent the buyer but could get a referral fee for referring the buyer
II II II II II II II
to an agent outside the agent's firm
II II II II II II II II II II II II II II II II
The agent can never represent the buyer but could get a referral fee for referring the buyer
II II II II II II II
to an agent outside the agent's firm II II II II II II II II II II II II II
Which Environmental Act states that everyone in the chain of title for commercial property
II II II II II
is liable for hazardous waste?
CERCLA
CAMA
RESPA II II II II II
NC Leaking Underground Storage Tank Act
CERCLA
II II II II II II II II II II II II II II
If a property has been "grandfathered" in for zoning purposes: which of the following is
II
correct?
II II II II II II II II II II II II II II II
Once the property has been sold, the property will now be required to comply with the
II II
zoning change
II II II II II II II II II II II
The existing property has 6 months to comply to the new zoning
II II II II II II II II II II II II II II II II
The property may be sold and the new owner may continue to use the property in the
II II
"grandfathered" use
II II II II II II II II II II
The Property must comply with the new zoning within 1 year
II II II II II II II II II II II II II II II II
The property may be sold and the new owner may continue to use the property in the
II II
"grandfathered" use II II II II II II II
The difference between "buydown" and "discount points" is?
II II II II II II
Buydowns are only utilized with conventional loans
II II II II II II II II II II II
Discount Points are money paid up front to reduce the lender's yield
II II II II II II II II II II II II II II II II
Both are monies paid up front to reduce the interest rate but only the buydown interest rate
II II II II II II II II II II
reduction lasts for the entire length of the loan term
II II II II II II II II II II II II II
A discount point is usually calculated as a reduction in the interest by 1/8%
II II II II II II II II II II II II II
A discount point is usually calculated as a reduction in the interest by 1/8%
, II II II II II II II II II II
Residential Property and Owners Disclosure Statement (RPOADS) requires which of the
II
following?
II II II II II II II II II II II
Listing agents to provide buyers with the form prior to an offer
II II II II II II II II II II II
Sellers and listing agents to provide the form prior to an offer
II II II II II II II II
Sellers to provide the form prior to an offer
II II II II II II II II
Buyers to request the form prior to an offer II II II II II II II II
Sellers to provide the form prior to an offer II II II II II II II II II II II II
Regarding Lead Based Paint, which is not a required action by the seller?
II II II II II II II II
The seller must remediate any KNOWN lead based paint
II II II II II II II II II II
Seller must disclose the presence of Lead Based Paint to buyers
II II II II II II II II II
Seller must disclose any Know Lead Based Paint to renters
II II II II II II II II II II II II II II II
Even if there is known presence of Lead Based Paint, the seller may still mark "no
II II II II
representation" on the RPOADS
II II II II II II II II
The seller must remediate any KNOWN lead based paint
II II II II II II II II II II II II II II II
Which Act states that the borrower must be informed of the reason that they were turned
II II II II II II II
down for a loan, if they were?
FCRA
ECOA
TILA II II II II
NC Banking Full Disclosure Act
FCRA II II II II II II II II II II
Which is correct regarding the number of feet in a mile?
43,560
5,280
640 II II
Acres times 3.5
5,280II II II II II II II II II II II
An inactive but current agent may do all of the following except:
II II II II II II II II II II
Show property for rent if they work under a property manager
II II II II II II II II II II II II II II II
Sell a property, owned by an entity, if they are a W-2 employee of that entity
II II II
Earn a referral fee
II II II
Receive a referral fee
answers | With complete solution RATED
A+
II II II II II II II II II II II II II II II II II
When an agent, working for a real estate firm, lists a property for sale; what is the agent's
II II II II II
status relative to the seller?
II II II
Agent to the Seller II II II II
General Agent to the Seller II II II
Subagent to the Seller II II II II
Implied agent to the seller II II II
Subagent to the Seller
II II II II II II II II II II II II II II II II II II II
If a buyer wants to see a property, listed with a firm other than the firm that the agent works
II II II II II II II II II II II II II II II
for, refuses to sign a written buyers agency agreement or agree to an oral agency
II II II II II II II II II II II II II II II II
agreement; the real estate agent has which of the following options if they want to receive
II II II II II II II
compensation if this buyer purchases the property?
II II II II II II II
show the property as a implied buyer's agent
II II II II II II II II II II II II II II
just show the property as a seller's subagent and receive the buying side of the
II
commission
II II II II II II II II II II
refer this buyer to the seller and receive a referral fee
II II II II II II II II II II II II II
Show the property as the buyer's agent anyway since the agent provided the buyer
II II II
agency agreement information
II II II II II II II II II II
refer this buyer to the seller and receive a referral fee
II II II II II II II II II II II II II
How long does the Seller have to review the closing disclosure under the TRID?
II II II II
3 business days from receipt
II II II II
3 calendar days from receipt
II II II II
5 calendar days from receipt
II
zero days II
Zero Days II II II II II II II II II II II
Which of the following is correct regarding the formula for adjusted basis?
II II II II
Amount realized minus cost basis
II II II II
cost basis plus capital improvements
II II II II
cost basis minus capital improvements II II II II II II II
amount realized plus cost basis minus capital improvements
II II II II
cost basis plus capital improvements
, II II II II II II II II II II II II II
Which of the following is correct regarding an active agent selling their own property?
II II II II II II II II II II II II II II
Since they are active; they are not required to disclose that they have a license
II II II II II II II II II II II II II II II
An agent cannot put "no representation" on the RPOADS if they know of a material fact
II II II II II II II II II II II II II II II
The agent can represent a buyer but only if the transaction would NOT create dual agency
II II II II II II II II II II II II II II II II
The agent can never represent the buyer but could get a referral fee for referring the buyer
II II II II II II II
to an agent outside the agent's firm
II II II II II II II II II II II II II II II II
The agent can never represent the buyer but could get a referral fee for referring the buyer
II II II II II II II
to an agent outside the agent's firm II II II II II II II II II II II II II
Which Environmental Act states that everyone in the chain of title for commercial property
II II II II II
is liable for hazardous waste?
CERCLA
CAMA
RESPA II II II II II
NC Leaking Underground Storage Tank Act
CERCLA
II II II II II II II II II II II II II II
If a property has been "grandfathered" in for zoning purposes: which of the following is
II
correct?
II II II II II II II II II II II II II II II
Once the property has been sold, the property will now be required to comply with the
II II
zoning change
II II II II II II II II II II II
The existing property has 6 months to comply to the new zoning
II II II II II II II II II II II II II II II II
The property may be sold and the new owner may continue to use the property in the
II II
"grandfathered" use
II II II II II II II II II II
The Property must comply with the new zoning within 1 year
II II II II II II II II II II II II II II II II
The property may be sold and the new owner may continue to use the property in the
II II
"grandfathered" use II II II II II II II
The difference between "buydown" and "discount points" is?
II II II II II II
Buydowns are only utilized with conventional loans
II II II II II II II II II II II
Discount Points are money paid up front to reduce the lender's yield
II II II II II II II II II II II II II II II II
Both are monies paid up front to reduce the interest rate but only the buydown interest rate
II II II II II II II II II II
reduction lasts for the entire length of the loan term
II II II II II II II II II II II II II
A discount point is usually calculated as a reduction in the interest by 1/8%
II II II II II II II II II II II II II
A discount point is usually calculated as a reduction in the interest by 1/8%
, II II II II II II II II II II
Residential Property and Owners Disclosure Statement (RPOADS) requires which of the
II
following?
II II II II II II II II II II II
Listing agents to provide buyers with the form prior to an offer
II II II II II II II II II II II
Sellers and listing agents to provide the form prior to an offer
II II II II II II II II
Sellers to provide the form prior to an offer
II II II II II II II II
Buyers to request the form prior to an offer II II II II II II II II
Sellers to provide the form prior to an offer II II II II II II II II II II II II
Regarding Lead Based Paint, which is not a required action by the seller?
II II II II II II II II
The seller must remediate any KNOWN lead based paint
II II II II II II II II II II
Seller must disclose the presence of Lead Based Paint to buyers
II II II II II II II II II
Seller must disclose any Know Lead Based Paint to renters
II II II II II II II II II II II II II II II
Even if there is known presence of Lead Based Paint, the seller may still mark "no
II II II II
representation" on the RPOADS
II II II II II II II II
The seller must remediate any KNOWN lead based paint
II II II II II II II II II II II II II II II
Which Act states that the borrower must be informed of the reason that they were turned
II II II II II II II
down for a loan, if they were?
FCRA
ECOA
TILA II II II II
NC Banking Full Disclosure Act
FCRA II II II II II II II II II II
Which is correct regarding the number of feet in a mile?
43,560
5,280
640 II II
Acres times 3.5
5,280II II II II II II II II II II II
An inactive but current agent may do all of the following except:
II II II II II II II II II II
Show property for rent if they work under a property manager
II II II II II II II II II II II II II II II
Sell a property, owned by an entity, if they are a W-2 employee of that entity
II II II
Earn a referral fee
II II II
Receive a referral fee
