PA Appraisers License Study guides, Class notes & Summaries

PA RE Practice Unit 14: RE Industry Overview Exam with Questions and Answers

PA RE Practice Quiz 1 with Questions and Answers Mortgage banking and brokering activities and appraisal activities are governed by separate laws from the laws governing real estate licensees. a. True b. False ANSWER A. TRUE Appraisal activities, as well as mortgage banking and brokering activities, are governed by separate laws, copies of which can be obtained from the State Board of Certified Appraisers and the Department of Banking, respectively, in Harrisburg. Prices will go ...

PA RE Practice Unit 20, Financing Real Estate Exam with Questions and Answers Credit Score ANSWER Computer-generated analysis of factors characteristic or indicative of repayment; te most common one was developed by FICO Fair, Issac & Co.; An objective way of reporting an analysis of factors indicative of credit risk which influences the interest rate a lender will charge FACTA Fair & Accurate Credit Transactions Act ANSWER Federal law which requires ea of the major credit bureaus to provi...

PA RE Practice Exam Attempt 8 with Questions and Answers When a contract is terminated without undoing anything that has been done so far, the action is called ANSWER cancellation When waterborne silt is deposited in a lake or river bed, the land gradually increases by the process of ANSWER Accretion ________ __________ is given when the first substantive meeting takes place ANSWER Consumer Notice used in refrigeration, air conditioning, insulation, and aerosol propellants ANSWER CFC...

PA RE Practice Exam Attempt 6 with Questions and Answers An individual or entity that negotiates an option contract for another and receives a fee is known as a/an: ANSWER Broker The salesperson has violated _______- ____by encouraging an individual to break a contract with a third party. ANSWER License Law The Pennsylvania Human Relations Act prohibits discrimination in advertising against persons of what minimum age? The Pennsylvania law recognizes persons ________ or older as a prot...

PA RE Practice Exam Attempt 9 with Questions and Answers A section of a township contains ANSWER 640 acres An individual who is limited to showing properties, soliciting and listing properties for sale as well as assisting a broker in managing property is known as a/an: ANSWER salesperson Buy side order of docs: Consumer Notice, buyer representation agreement, agreement of sale ANSWER yeah The taking of private property for public use is called ANSWER condemnation A 10-unit apartm...

RE Practice Quiz 4 with Questions and Answers The failure to comply with fair housing laws is grounds for disciplinary action against a licensee and is both a civil and criminal violation. a. True b. False ANSWER A. TRUE The U.S. Congress and the Supreme Court have created a legal framework that preserves the constitutional rights of all citizens. Real estate licensees cannot allow their own prejudices to interfere with the ethical and legal conduct of their business. However, failu...

PA RE Practice Quiz 5 with Questions and Answers An agency contract is an employment contract rather than a real estate contract. a. True b. False ANSWER A. TRUE Most business relationships in real estate are created by written agreement. An agency contract may be used to hire the broker to represent the buyer, the seller, the landlord, or the tenant. These are employment contracts rather than real estate contracts. They contract for the personal professional services of the broker;...

PA RE Practice Exam Attempt 5 with Questions and Answers The Real Estate Commission establishes procedures for submitting documentation and fees to renew a license. Currently, the period of time between each license renewal period is: ANSWER 2 years An owner of real property may sell any or all of his/her property on his own behalf ________ ___ ____ ______ license. ANSWER without a real estate license. If a license is not renewed and remains inactive for more than 5 years, the license h...

PA RE Practice Quiz 7 with Questions and Answers The application for credit gathers certain basic information about the property that will be used for collateral. a. True b. False ANSWER A. TRUE The application for credit (typically, the Fannie Mae/Freddie Mac Uniform Loan Application) gathers certain basic information about the prospective borrower and the property that will be used for collateral. The information provided in a loan application must be verifiable. a. True ...