Real Estate Express PA 30 Hour Final
Exam Prep With 100% Correct Answers
Under the _______ of recording, title passes when the conveyance is registered on the title
certificate. - correct answers ✔✔Torrens System
Ownership of a property reverted to the grantor of the estate when its usage failed to conform
to a stated condition in the grant. What type of estate existed? - correct answers ✔✔Fee Simple
Defeasable
How does Planned Unit Development zoning differ from ordinary zoning? - correct answers
✔✔It requires that multiple tracts of land be developed according to a single design for efficient
use of space.
Seller Monica is selling her property to Harriet. What is Monica's primary responsibility at
closing? - correct answers ✔✔To deliver marketable title
Unlike buyer/seller agency agreements that create _________, the management agreement
creates ________. - correct answers ✔✔Special agency, General agency
A cooperative is a type of - correct answers ✔✔Residential property
What is a forecast of income and expenses that can be projected over five years? - correct
answers ✔✔Stabilized Budget
What is another common name for the lot and block system of legal descriptions? - correct
answers ✔✔Recorded Plat Method
, Which of the following types of property sales typically requires a property condition
disclosure? - correct answers ✔✔A three unit, multi-family dewlling
Mary abandoned her property by failing to pay its property taxes, and the property reverted to
the state. This is an example of - correct answers ✔✔Escheat
A(n) ________ is one that conflicts with the ordinances that were enacted after the use
commenced. - correct answers ✔✔Legal nonconforming use
Which of the following would be found in a management proposal? - correct answers
✔✔Schedule of maintenance requirements
The size of jurisdiction's tax base is derived by - correct answers ✔✔subtracting exemptions
from assessed values
Which of the following would be considered community property in a community property
state? - correct answers ✔✔A car the spouses bought together after the marriage
Homeowner Louise has been lax in protecting her property rights. According to the
___________, Louise may lose those property rights. - correct answers ✔✔Doctrine of Laches
Justin defaulted on his home mortgage payments. The lender obtained a court order to
foreclose on the property. At the foreclosure sale, Justin's house sold for $339,000 and the
unpaid balance of his loan is $400,000. What must the lender do to recover the $61,000 Justin
still owes? - correct answers ✔✔Seek a deficiency judgment.
Gerald is 55, single, and resides on his 3 acre property. Why will Gerald qualify for a homestead
exemption? - correct answers ✔✔Because he lives on the property
Exam Prep With 100% Correct Answers
Under the _______ of recording, title passes when the conveyance is registered on the title
certificate. - correct answers ✔✔Torrens System
Ownership of a property reverted to the grantor of the estate when its usage failed to conform
to a stated condition in the grant. What type of estate existed? - correct answers ✔✔Fee Simple
Defeasable
How does Planned Unit Development zoning differ from ordinary zoning? - correct answers
✔✔It requires that multiple tracts of land be developed according to a single design for efficient
use of space.
Seller Monica is selling her property to Harriet. What is Monica's primary responsibility at
closing? - correct answers ✔✔To deliver marketable title
Unlike buyer/seller agency agreements that create _________, the management agreement
creates ________. - correct answers ✔✔Special agency, General agency
A cooperative is a type of - correct answers ✔✔Residential property
What is a forecast of income and expenses that can be projected over five years? - correct
answers ✔✔Stabilized Budget
What is another common name for the lot and block system of legal descriptions? - correct
answers ✔✔Recorded Plat Method
, Which of the following types of property sales typically requires a property condition
disclosure? - correct answers ✔✔A three unit, multi-family dewlling
Mary abandoned her property by failing to pay its property taxes, and the property reverted to
the state. This is an example of - correct answers ✔✔Escheat
A(n) ________ is one that conflicts with the ordinances that were enacted after the use
commenced. - correct answers ✔✔Legal nonconforming use
Which of the following would be found in a management proposal? - correct answers
✔✔Schedule of maintenance requirements
The size of jurisdiction's tax base is derived by - correct answers ✔✔subtracting exemptions
from assessed values
Which of the following would be considered community property in a community property
state? - correct answers ✔✔A car the spouses bought together after the marriage
Homeowner Louise has been lax in protecting her property rights. According to the
___________, Louise may lose those property rights. - correct answers ✔✔Doctrine of Laches
Justin defaulted on his home mortgage payments. The lender obtained a court order to
foreclose on the property. At the foreclosure sale, Justin's house sold for $339,000 and the
unpaid balance of his loan is $400,000. What must the lender do to recover the $61,000 Justin
still owes? - correct answers ✔✔Seek a deficiency judgment.
Gerald is 55, single, and resides on his 3 acre property. Why will Gerald qualify for a homestead
exemption? - correct answers ✔✔Because he lives on the property
