Pennsylvania Real Estate Fundamentals
final exam A
A father and son have decided to sell the family farm that they have co - owned for 35
years . The deed that will be delivered at settlement of such a sale is a - ✔️✔️warranty
deed
The seller conveyed a quitclaim deed to the buyer . Upon receipt of the deed , the buyer
may be certain that - ✔️✔️the seller has no further interest in the property .
An owner leases store space to a tenant to operate a restaurant . The tenant has
installed ovens , booths , counters , and other equipment . When would these items
become real property ? - ✔️✔️The items do not become real property , and they
remain the tenant's personal property
1 . The clause in a trust deed or mortgage that permits the lender to declare the entire
unpaid balance immediately due and payable upon default is the - ✔️✔️acceleration
clause .
The phrase " bundle of legal rights " is properly included in - ✔️✔️the definition of real
property .
In Pennsylvania , mine subsidence refers to - ✔️✔️subsurface rights .
A subdivider divided the acreage in to lots and built the streets . As the development
grows , the subdivider intends to give the streets to the local municipality . This is an
example of - ✔️✔️dedication
tenant's personal property . What is the general real estate tax that generates the most
revenue ? - ✔️✔️Ad valorem tax
In regulations regarding lead - based paint , the Department of Housing and Urban
Development ( HUD ) requires that - ✔️✔️known paint hazards must be disclosed .
The purpose of the Recovery Fund is to enable - ✔️✔️people to receive payment of
uncollected judgments licensees .
The Pennsylvania Seller Property Disclosure requires the disclosure of - ✔️✔️source of
drinking water
, Which is the value used in calculating annual taxes ? - ✔️✔️Assessment
disclosure 10 . Under what environmental law are landowners held liable when a
release of a hazardous material occurs on their land ? - ✔️✔️CERCLA
What is TRUE about all unilateral contracts ? - ✔️✔️Only one party is obligated to act .
What inspection is required for federally funded projects ? - ✔️✔️Environmental impact
statement
13 projects Which is characteristic of a metes - and - bounds legal description ? -
✔️✔️Point of beginning
The surveyor has been asked to identify the location , size , and shape of the buildings
on the lot . This is a - ✔️✔️spot survey
Which is acceptable evidence of marketable title ? - ✔️✔️Title insurance policy
What type of properties always include an elevation measurement ? -
✔️✔️Condominiums
The Commission requires a specific form for - ✔️✔️purchase agreements .
Which is considered a defeasible fee ? - ✔️✔️Fee simple
21 The owner of 50 acres of land with 500 feet of frontage on a desirable recreational
lake wishes to subdivide the parcel into salable lots . She wants to retain control over
the lake frontage while allowing lot owners to have access to the lake . What type of
access rights should she give prospective lot purchasers ? - ✔️✔️An appurtenant
easement
Two partners bought a store building taking title as tenants in common . One partner
died testate . The other partner now owns the store - ✔️✔️as a tenant in common with
his partner's heirs .
What rights are those of a property owner along a river ? - ✔️✔️Riparian rights
24. The condemnation of private property for public use is allowed under the state's
right of - ✔️✔️eminent domain
Loan servicing includes all activities EXCEPT - ✔️✔️taking loan applications
final exam A
A father and son have decided to sell the family farm that they have co - owned for 35
years . The deed that will be delivered at settlement of such a sale is a - ✔️✔️warranty
deed
The seller conveyed a quitclaim deed to the buyer . Upon receipt of the deed , the buyer
may be certain that - ✔️✔️the seller has no further interest in the property .
An owner leases store space to a tenant to operate a restaurant . The tenant has
installed ovens , booths , counters , and other equipment . When would these items
become real property ? - ✔️✔️The items do not become real property , and they
remain the tenant's personal property
1 . The clause in a trust deed or mortgage that permits the lender to declare the entire
unpaid balance immediately due and payable upon default is the - ✔️✔️acceleration
clause .
The phrase " bundle of legal rights " is properly included in - ✔️✔️the definition of real
property .
In Pennsylvania , mine subsidence refers to - ✔️✔️subsurface rights .
A subdivider divided the acreage in to lots and built the streets . As the development
grows , the subdivider intends to give the streets to the local municipality . This is an
example of - ✔️✔️dedication
tenant's personal property . What is the general real estate tax that generates the most
revenue ? - ✔️✔️Ad valorem tax
In regulations regarding lead - based paint , the Department of Housing and Urban
Development ( HUD ) requires that - ✔️✔️known paint hazards must be disclosed .
The purpose of the Recovery Fund is to enable - ✔️✔️people to receive payment of
uncollected judgments licensees .
The Pennsylvania Seller Property Disclosure requires the disclosure of - ✔️✔️source of
drinking water
, Which is the value used in calculating annual taxes ? - ✔️✔️Assessment
disclosure 10 . Under what environmental law are landowners held liable when a
release of a hazardous material occurs on their land ? - ✔️✔️CERCLA
What is TRUE about all unilateral contracts ? - ✔️✔️Only one party is obligated to act .
What inspection is required for federally funded projects ? - ✔️✔️Environmental impact
statement
13 projects Which is characteristic of a metes - and - bounds legal description ? -
✔️✔️Point of beginning
The surveyor has been asked to identify the location , size , and shape of the buildings
on the lot . This is a - ✔️✔️spot survey
Which is acceptable evidence of marketable title ? - ✔️✔️Title insurance policy
What type of properties always include an elevation measurement ? -
✔️✔️Condominiums
The Commission requires a specific form for - ✔️✔️purchase agreements .
Which is considered a defeasible fee ? - ✔️✔️Fee simple
21 The owner of 50 acres of land with 500 feet of frontage on a desirable recreational
lake wishes to subdivide the parcel into salable lots . She wants to retain control over
the lake frontage while allowing lot owners to have access to the lake . What type of
access rights should she give prospective lot purchasers ? - ✔️✔️An appurtenant
easement
Two partners bought a store building taking title as tenants in common . One partner
died testate . The other partner now owns the store - ✔️✔️as a tenant in common with
his partner's heirs .
What rights are those of a property owner along a river ? - ✔️✔️Riparian rights
24. The condemnation of private property for public use is allowed under the state's
right of - ✔️✔️eminent domain
Loan servicing includes all activities EXCEPT - ✔️✔️taking loan applications
