PA Real Estate Exam (Salesperson) Questions and Answers (100% Pass)

Easement A limited right to make use of a property owned by another. Appurtenant Runs with the land Easement Appurtenant An easement allowing the use of a neighboring property Which type of ownership includes the right of survivorship? Joint Tenancy Fully Executed A contract that has all of its terms and conditions met. Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Severable Rights surface, air, subsurface can be sold separately resort timeshare the exclusive use of a property for a specified number of days each year Fee simple Absolute The highest level of property ownership giving the owner(s) the right of possession, control, exclusion, enjoyment, & disposition Tennancy in common An ownership of realty by two or more persons, each of whom has an undivided interest, without the "right of survivorship". TENNANCY IN SEVERALTY one property owner 4 Land Use Controls police power, escheat, eminent domain, and taxation. Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Why do cities require building permits? To require a minimum level of construction standards A Variance Allows the property owner to deviate from the regular zoning requirements set forth by the zoning board. eminent domain the right of government to take private property for public use Escheat The state takes property upon an owners death if there is no will & no heirs exist. Comparative Market Analysis (CMA) Price comparison for seller's use when listing Highest and Best Use The use that will give the owners the greatest actual return on their investment Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ competition two similar businesses attract more customers when within close proximity than they would separately Progression An appraisal principle that states that, between dissimilar properties, the value of the lesser-quality property is favorably affected by the presence of the better-quality property