Real Estate Practice Exam 2 AceableAgent Questios with 100% Correct Answers

Real Estate Practice Exam 2 AceableAgent Questios with 100% Correct Answers Which of these is a red flag for predatory lending? - answerThere are unexpected, undisclosed lender fees that appear at closing. Percy is a broker who oversees three agents. If one of the agents violates the law, which of the following is TRUE of Percy? - answerBecause of his vicarious liability Percy may be held liable for the agents actions. The government seizes Farsch's property to expand a highway. What is this an example of? - answerEminent domain and involuntary alienation What do the statute of limitations and the doctrine of laches have in common? - answerBoth are concerned with making sure legal claims are made within a reasonable time frame. What is the maximum amount the Pennsylvania recovery fund will pay for a single transaction? - answer$20,000 What is a lien that applies to a certain property only? - answerSpecific Lien Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does that equal? - answer$63,360 A 10-foot river runs along the border of Royce's property. What rights govern his use of this water? - answerRiparian Rights All of the following are examples of material facts requiring disclosure in a real estate transaction EXCEPT: - answerFamilial status of the previous occupants What is panic peddling? - answerThe illegal practice of causing owners to sell their homes by creating fear that members of a protected class are moving into the area. College Town, USA has a uniform percentage of 50%. A property in College Town has a market value of $150,000. What is the assessed value of the property? - answer$75,000 The interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to the original owner (grantor) is known as: - answerRevisionary interest During the option period, Kat, the buyer, decides that she wants to change the closing date so that the seller has enough time to make repairs. She should request: - answerAn amendment to the contract A listing agreement and buyer representation agreement are the best tools for creating: - answerExpress agency A certificate of occupancy is issued by a governmental authority to indicate that a building is: - answerReady and fit for inhabitants In Pennsylvania, who does a closing agent typically represent? - answerThe title company or an attorney The harsh winter months are coming up, so property manager Katie arranges for an inspection of the pipes and the roof for potential leaks. This is an example of: - answerPreventative Maintenance What, if known, could cause a buyer or seller of real estate to take a different course of action or make a different decision regarding the property purchase? - answerMaterial facts Emily signed a document that created the debt she was assuming on a home loan and spelled out the terms of the loan. It was one of two documents that make up a mortgage loan agreement. What document did she sign? - answerPromissory n