45-hour PAReal Estate Practices PRACTICE EXAM

Who works on behalf of landlords and property management companies to collect rent and provide customer service for renters and tenants? A leasing consultant An arbitrator A broker An escrow agent - Answer- A leasing consultant What are two types of breach of contract damages? Punitive damages and non-punitive damages Conveyance damages and actual damages Damages by design and fraud damages Loss of bargain damages and special damages - Answer- Loss of bargain damages and special damages What is a promissory note? A contract that the lender will provide the required mortgage money A letter of loan approval A note that is not secured A contract that is a promise to pay back a loan - Answer- A contract that is a promise to pay back a loan If product price increases, demand is increasing in relation to: deficiency. price. supply. debt. - Answer- supply. Mediation is often used to avoid a civil penalty. attorneys. taking a case to court. having a felony on record. - Answer- taking a case to court. What causes population shifts away from or toward a certain locale? Emotional attachment Environmental consciousness Area preference Functional utility - Answer- Area preference What is a legal remedy intended to mitigate or correct an ethical issue? A government regulation A