PA Exam Recap 2/26 Test Questions with Answers
Bill is moving from his Florida apartment to his first home. He has also just purchased a
new golf cart that he wants to protect from weather. Therefore Bill wants a home with a
Page | 1 two- car garage that also has a golf cart parking space. In selecting a new home, Bill will be
specifically applying which economic principle to this property search? - -
Affordability
Proximity
** Utility
Diminishing
Which of the following economic characteristics is true? - -Land is plentiful
Properties are very liquid and can move quickly.
Real estate can respond quickly to changes in the market.
<< Supply Cannot be moved to a high demand area
The most important factor influencing demand for homes in a market is which of these? -
-Quality of life
<< Employment Availability (Jobs)
Access to shopping
Neighborhood environment
, Which of these actions is not a violation of Sherman Antitrust? - -<<<The Broker at
Hometown Realty meets with his affiliated salesperson and tells them that the standard
commission rate for their office is 6%
Page | 2
Home Realty meets with Parch realty to decide which areas of town each company will
take
Georgetown real Estate and Development Company tells its agents that the sale of any new
home is conditioned on the buyer agreeing to list the home with them if they want to resell
Several brokerage firms in town agree not to do business with the one firm in town that
offers discount rates.
Greg grew up in and lives in a rural area. He's very comfortable selling that type of property
and knows he can work well with clients in that area. What property type will be his
specialty? - -<<Special Purpose
Agricultural
Commercial
Recreational
What was the important ruling in Jones v. Mayer? - -Age became a protected class.
The definition of race was expanded to include ancestry
The definition of handicap was expanded to include use of guide or support animals far
deaf and blind individuals.
, <<Discrimination on the basis of race is strictly prohibited, meaning no exceptions
whatsoever
Page | 3 A principal role of the Pennsylvania Real Estate Commission is to: - -Establish real
estate schools to meet educational requirements.
Promulgate regulations.
??Enact real estate law.
File suit in court against violators Of the law.
Gladys learns from her agent Phil that he has just received a full price offer from a minority
couple. She tells Phil to pull her property off the market. Phil calls the buyers and tells them
that the home is no longer for sale. Who is guilty of violating Fair Housing Law? - -
Gladys
Neither
Gladys nor Phil
<<Both Gladys and Phil
Which law extended discrimination to include handicap and familial status? - -Jones
vs Mayer
Housing and Community Development Act
<<Civil Rights Act of 1968
Fair Housing Amendment Act
, Real estate agents are authorized to do which of these? - -Act directly on a client's
behalf
Page | 4 Make deposits into their own escrow accounts
Take on listing responsibilities for other MLS listing
<<<Perform all activities in the name of the broker
Patrick has a written independent contractor agreement with his broker Tami. Last year,
about 25% of his income came from sales commissions. The other 75% came from an
hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick
as: - -An independent contractor
A self-employed person
<<An employee
A real estate assistant
Seller Jim tells his agent Brenda that he does not want his home marketed to families with
children. Brenda refuses. Which statement is true? - -Brenda must follow all of Jim's
instructions
Brenda has violated the fiduciary duty of obedience to Jim.
Brenda could be liable for a breach of the listing contract terms.
<<Brenda has not violated any fiduciary duty
Bill is moving from his Florida apartment to his first home. He has also just purchased a
new golf cart that he wants to protect from weather. Therefore Bill wants a home with a
Page | 1 two- car garage that also has a golf cart parking space. In selecting a new home, Bill will be
specifically applying which economic principle to this property search? - -
Affordability
Proximity
** Utility
Diminishing
Which of the following economic characteristics is true? - -Land is plentiful
Properties are very liquid and can move quickly.
Real estate can respond quickly to changes in the market.
<< Supply Cannot be moved to a high demand area
The most important factor influencing demand for homes in a market is which of these? -
-Quality of life
<< Employment Availability (Jobs)
Access to shopping
Neighborhood environment
, Which of these actions is not a violation of Sherman Antitrust? - -<<<The Broker at
Hometown Realty meets with his affiliated salesperson and tells them that the standard
commission rate for their office is 6%
Page | 2
Home Realty meets with Parch realty to decide which areas of town each company will
take
Georgetown real Estate and Development Company tells its agents that the sale of any new
home is conditioned on the buyer agreeing to list the home with them if they want to resell
Several brokerage firms in town agree not to do business with the one firm in town that
offers discount rates.
Greg grew up in and lives in a rural area. He's very comfortable selling that type of property
and knows he can work well with clients in that area. What property type will be his
specialty? - -<<Special Purpose
Agricultural
Commercial
Recreational
What was the important ruling in Jones v. Mayer? - -Age became a protected class.
The definition of race was expanded to include ancestry
The definition of handicap was expanded to include use of guide or support animals far
deaf and blind individuals.
, <<Discrimination on the basis of race is strictly prohibited, meaning no exceptions
whatsoever
Page | 3 A principal role of the Pennsylvania Real Estate Commission is to: - -Establish real
estate schools to meet educational requirements.
Promulgate regulations.
??Enact real estate law.
File suit in court against violators Of the law.
Gladys learns from her agent Phil that he has just received a full price offer from a minority
couple. She tells Phil to pull her property off the market. Phil calls the buyers and tells them
that the home is no longer for sale. Who is guilty of violating Fair Housing Law? - -
Gladys
Neither
Gladys nor Phil
<<Both Gladys and Phil
Which law extended discrimination to include handicap and familial status? - -Jones
vs Mayer
Housing and Community Development Act
<<Civil Rights Act of 1968
Fair Housing Amendment Act
, Real estate agents are authorized to do which of these? - -Act directly on a client's
behalf
Page | 4 Make deposits into their own escrow accounts
Take on listing responsibilities for other MLS listing
<<<Perform all activities in the name of the broker
Patrick has a written independent contractor agreement with his broker Tami. Last year,
about 25% of his income came from sales commissions. The other 75% came from an
hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick
as: - -An independent contractor
A self-employed person
<<An employee
A real estate assistant
Seller Jim tells his agent Brenda that he does not want his home marketed to families with
children. Brenda refuses. Which statement is true? - -Brenda must follow all of Jim's
instructions
Brenda has violated the fiduciary duty of obedience to Jim.
Brenda could be liable for a breach of the listing contract terms.
<<Brenda has not violated any fiduciary duty
