PA Appraisers License Study guides, Class notes & Summaries

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 ...

PA RE Practice Quiz 3 with Questions and Answers An agency relationship is one whereby the licensees in the employ of the broker act in a fiduciary capacity for a consumer, with the express authority of the broker. a. True b. False ANSWER B. FALSE. By definition in the real estate licensing law, an agency relationship is one whereby the broker or licensees in the employ of the broker act in a fiduciary capacity for a consumer of real estate services, with the express authority of th...

PA RE Practice Quiz 6 with Questions and Answers Often a buyer has the required information well in advance of making an offer because the law is very specific about time frames for providing various disclosures. a. True b. False ANSWER A. TRUE The law requires the Consumer Notice, disclosure of agency relationships, the seller's property disclosure statement that the buyer is required to read and acknowledge before signing an agreement of sale, estimated statements of cost and r...

PA RE Practice Quiz 8 with Questions and Answers For appraisers performing appraisals for federally related transactions, all states are required to establish uniform certification procedures. a. True b. False ANSWER A. TRUE All states are required to establish uniform certification procedures for appraisers performing appraisals for federally related transactions. The Board of Certified Real Estate Appraisers has been created and the Real Estate Appraisers Certification Act has bee...

Para Pro Assessment (Praxis) with Questions and Answers Predicate ANSWER the part of a sentence or clause containing a verb and stating something about the subject (e.g., went home in John went home ). Quotient ANSWER The answer to a division problem. Product ANSWER The result of multiplying. Difference ANSWER The result of subtracting one number from another. Then vs. Than ANSWER Then is used when one is talking about something in relation to time. Than is used when discussing c...

PA RE EXAM: Practice Exam Attempt 2 with Questions and Answers Occasionally, the Real Estate Recovery Fund may experience a shortfall due to payment of claims against the fund. This shortfall is made up by which of the following means? ANSWER -$10 license renewal fee The Commission may assess each licensee an amount not to exceed $10 at the time of license renewal. The Real Estate Recovery Fund has a min balance of... ANSWER $300,000 The real estate license of a salesperson must be ma...

PA State RE Practice Exam with Questions and Answers What is the highest amount you can be fined by the Pennsylvania Real Estate Commission for a serious violation? $1,000 $10,000 $100,000 $50,000 ANSWER $1,000 What does Pennsylvania law dictate related to a dual agency situation? Dual agency can be practiced with verbal consent from both parties. Dual agency is prohibited. Dual agents can't take any action that would be to the detriment of either party's interest in the transacti...

PA Re Practice Quiz 10 with Questions and Answers The three principal responsibilities of the property manager are to achieve the objectives of the property owners, generate income for the owners, and preserve and/or increase the value of the investment property. a. True b. False ANSWER A. TRUE. The property manager carries out the goals of the property owners, and these will vary depending on the owner. In Pennsylvania, property managers may either be employees of the owners of ...