The lender charges 2 points. How much commission will an agency receive on a sale of $200,000 if they receive 6% on the first $120,000 and 3% on everything over $120,000? There is always the possibility that the dual agent will not treat the buyer and seller equally. The document used in a real estate sale that establishes the legal rights of the buyer and seller is the, The buyer says in front of witnesses, "I will pay you $200,000 for your property at 23 Smith Street." The Pennsylvania Real Estate Commission has the authority to. Even after an offer has accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather then proceed to closing. In Pennsylvania, certain deed transfers are exempt from the transfer tax. 2. Free Washington Real Estate Exam Prep. Under the Federal Fair Housing Law, which of the following is considered discriminatory advertising? Owners of real estate conducting business with respect to their own property are not required to be licensed. 16. If some person other than the mortgagor redeems the real estate, the borrower becomes responsible to that person for the amount of the. Under what circumstance may a broker deposit his or her own money into his or her escrow account? 12. There is no requirement that a commercial listing must be an exclusive-right-to-sell contract. A broker operating branch offices must maintain a list of all licensees at the main office with references to which branch office the license is displayed at. 3. An individual holding a salesperson's license issued by another jurisdiction must prove that this license has been active within five years prior to submission of the application. A comparable house is 75 square feet larger than the subject property. Subsequently, a foreclosure sale takes place and the property sells for $10,000 less than the mortgage loan balance. If a broker's office is removed from the location designated in the license, all licensees working at that location shall make application to the commission designating the new location of the office. When a listing broker is preparing an Offer to Purchase for a buyer customer, contingencies involving inspections or approval by a third party should? 179. We are totally confident our program will help you pass, we offer a 100% Pass Money-Back Guarantee! In addition, Pennsylvania law permits the local taxing districts to impose an additional transfer tax. The commission prescribes subjects for testing, but the department contracts with a professional testing service to write and administer exams (403). 158. In the absence of a buyer agency relationship with the buyer, a salesperson from the real estate office should do all of the following EXCEPT. Which of the following is true of Harold's lease? 34. Salesperson Susan was at the local coffee shop with some agents from other offices. 1. A licensee may enter into an oral open listing agreement if he or she provides the seller or lessor with a written memorandum stating the terms of the agreement (35.281 (b)). Advertisements by a broker about production or position in the market must identify the municipality that the market comprises (35.307 (b)). What is the agent's commission for selling a $182,000 property if the commission rate schedule is 7% of the first $150,000, 5% of the next $100,000 and 3% of the balance. An officer of a corporation is designated by the corporation to handle the sale of a parcel of real estate owned by the corporation. TEACHER. To renew a license in Pennsylvania, a salesperson or broker must. 2. seller had contracted for sale of the entire property without the knowledge or consent of the other joint tenant. What is the best course of action for the licensee to follow? In analyzing a mortgage loan application, a lender would not consider: originates, services, and perhaps sells the instruments to others. Created by. 27. 3. Bob and Julie Adkin buy a lot for $10,000. 194. To the nearest dollar, what is their monthly principal and interest payment? Which of the following candidates for licensure is required to take the standard real estate salesperson's license examination and score a passing grade but is not required to complete any mandatory education requirement prior to taking the exam? 112. 2. The rules do provide that the office must have a separate entrance, that the business name be displayed, and that the office allow for business to be conducted privately (35.342). 26. require the buyer to acknowledge disclosure of the presence of any known lead paint. Which of the following best describes the responsibility of the broker in this situation? If the quarterly interest is $1,562 on a 11% mortgage, what did the property sell for if 80% of its value was financed? There is no provision in the commission rules for interviewing consumers or members of the public (35.246 (d)). 1. 110. What are the consequences when a real estate salesperson is found guilty of violating any provision of the Pennsylvania Human Relations Act? 42. 77. An equal housing opportunity notice MUST be? 3. Pennsylvania has reciprocity agreements with the following states: All above information should be confirmed with licensing commission. 36. The exam prep and practice tests from The CE Shop helped me pass in Maryland and Colorado. What refund would he get from a purchaser if he sold the house and the taxes were prorated as of September 15th? 184. Real Estate Salespersons 3. (BE SURE TO USE THE AMORTIZATION TABLE.). 1. We'll bring you back here when you are done. 1. 104. 69. Real Estate Practice Exam 3. A developer owns 12 acres of land and is required to reserve 72,000 square feet for roads. Which of the following is true? When is a violation of the license law on the part of a salesperson grounds for revocation or suspension of the license of the employing broker? They asked to look at two listings in a nonminority neighborhood. 2. The license cannot be reinstated until the licensee repays the amount of the claim plus interest at 10 percent per year. 1. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. 200. We also offer real estate exam flashcards, real estate prep test videos with a licensed real estate instructor. To the nearest dollar, what should the selling price be to net her $45,000? The broker hires an unlicensed individual for the purpose of managing and maintaining the property. 21. A prospective seller asks a salesperson to recommend a listing price for a property. The Commission does not have the power to: When a salesperson assists an appraiser with the preparation of an appraisal, the salesperson: A written memorandum stating the terms of the agreement shall be provided by the broker to the seller when entering into: The Pennsylvania Human Relations Act prohibits discrimination based on: race, color, religion, sex, ancestry, national origin, handicap, disability, and the use of a guide or support animal. The application must be received by the commission within three years of the date of passing the license exam (512 (c)). A house has increased in value 5% every year over the previous year's value. 2. 4. Mandatory provisions of an agreement of sale include disclosure to the parties regarding the role of the broker, the existence of the Real Estate Recovery Fund, and the zoning classification of property (608.2). 194. Of the following licensed individuals, who must complete 14 hours of mandatory continuing education as a condition of license renewal? EASILY PASS . 179. Such activities include holding open houses for the public, preparing comparative market analyses, and negotiating loans on real estate. Give legal effect to agreements bargained for electronically, as long as they meet all other provisions of contract law. 70. 129. Davis put up 40% and Hernandez put up $22,500. 1. A man purchased a home to be financed by an 80% loan at 11% interest. All of the following are mandatory provisions of a sales contract EXCEPT. The taxes on a house were $726. The Commission can also take action in an attempt to recover monies paid out of the fund. 1. asking the courts to address a disputed escrow deposit. 93. And what dollar amount has been depreciated? When showing another company's listing, what obligation does the licensee have to the seller and the listing broker at the other company? A lot measures 250' x 200'. a document must be in writing and properly executed (signed). The salesperson wants to pay the assistant a percentage of the commission, "because the assistant has really earned it." 164. It would cost $150,000 to replace the building structure today, but the improvements have depreciated 20%. There is no education or examination requirement for licensure. Real Estate Salesperson Premium Practice Test - 500 items Designed to simulate your test-day experience, our practice tests mirror the national test's objectives and feature sample questions similar to those you'll see on the actual test with: Testing and Training modes Custom tests to focus on target areas Question help in Training mode That section can be used to study the topics featured on those 85 questions. 169. 1. suggest the buyer ask a lawyer to furnish the wording. Exercise During Pregnancy : An Important Part Of Being Healthy For People Of All Ages. Which of the following is not true? What is the value if land is selling for $420 an acre? Cram has partnered with the National Tutoring Association, Advantages And Disadvantages Of Dual Agents, Importance Of Listing Your Contract With A Sole Agency, Orwell 's 1984 : A Great Piece Of Literature. Lenders are not permitted to charge prepayment penalties on mortgage loans insured or guaranteed by the federal government. Which is true? The seller flatly denies that the structure and the property have ever been flooded. Which of these, if performed, would violate duties Quincy owes in the transaction licensee capacity? Cemetery Brokers 4. Brokerage fees are established by agreement between the broker and the consumer to whom the broker provides service. License law requires the broker to keep records relating to a real estate transaction for three years following consummation of the transaction (604 (a)(6)). 119. Our team of customer service representatives, proctors, and project managers are well recognized for their subject matter expertise and commitment to the success of your program: #1 Real Estate test provider with 35 contracts A lender is willing to make an 80% loan. 44. Which of the following circumstances would NOT give either party a justifiable reason to insist on a mutual release? With a total of 120 questions (80 national and 40 state), that means the score to pass is 60 for the national and 30 for the state. 2. An associate broker is changing his employing broker. We're pulling for you! Return of the property to the original owner. The lease does NOT contain an automatic renewal clause. True or False The statute of frauds in Pennsylvania requires contracts for more than two years duration to be in writing. Failure of a real estate agent to comply with Fair Housing practices is punishable by? When advertising an individual property for sale, the broker must also include. The associate broker may manage a branch office on behalf of the broker. In MOST listing contracts, the broker has earned his commission when? There is no requirement that the money MUST be repaid, it must be repaid in order to reinstate a license. One of the broker's duties is to collect rent due from the tenants. What amount will be credited to the seller if settlement is March 4, the tax rate is $5.88/$100 and the assessed value is $16,400? 22. This map is also known as the: A transaction broker should disclose his or her agency relationship to prospective buyers and sellers. What was the total cost of land and improvements? Which of the following is NOT one of the reasons why a valid and enforceable contract does not exist? The tenant must be notified of the name and address of the institution where the deposits are held. 1. 38. The Department of Housing and Urban Development generally handles fair housing, not licensing issues. 61. A house valued at $20,000 appreciates a total of 30% in three years. All parties must have a full disclosure as to which broker is holding the deposit in escrow. In Pennsylvania, it is four years from the date the contract is breached. License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. The amount of the purchase price would be: A man agreed to buy a home for $100,000 deposit and a $25,000 down payment. 186. Which of the following statements is FALSE regarding the distribution of funds? 83. The governing body of a municipality is responsible for enacting the comprehensive plan, zoning, and subdivision ordinances in accordance with procedures in the Pennsylvania Municipalities Planning Code. State law limits the time within which parties to a contract may bring legal suit to enforce their rights. They may appoint a planning commission to be responsible for formulating the recommended plans and ordinances. In selling his house, an owner received a net amount of $30,225 after paying the broker his commission. A licensed broker receives an earnest money deposit from a buyer and promptly. Recommendations are required for licensure as a broker, rather than a condition of taking the examination. A mortgage that encumbers several parcels of real estate? For help with the national portion we have our national practice quiz. A broker's compensation is negotiable between the parties. 2. 117. Hello, welcome to our Pennsylvania Real Estate Practice Exam. The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. Psi Exams Cosmetology Practice Test - 11/2020 PSI Cosmetology Practice Test . Which restrictive covenant would be considered illegal? 3. A charge of violation of Federal Fair Housing laws can be heard by an administrative law judge within the Department of Housing and Urban Development (HUD) or by a Federal district court judge in Federal court. Inform the seller of the legal obligation to disclose facts regarding flood plains. The effect of an easement may be removed by: can be held by two persons at the same time. To remain in active practice, the affiliates are required to find new employing brokers. A licensee has an agency representation agreement with a buyer. For Pennsylvania taxes, however, an LLC is treated as a corporation but may be considered an S corporation if it meets the requirements for this type of an organization. by jwkotler@mac.com, an individual entrepreneur who ones serval apartment buildings. The broker may not share these fees with an unlicensed individual (604 (a)(12.1)). A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. When must a licensee provide statements of estimated costs to parties involved in a purchase of real estate? 107. In order to be licensed as a salesperson, the candidate must submit a license application with a sworn statement from the broker certifying that the broker will actively supervise and train the applicant (35.223 (a)). A second or subsequent offense is a felony of the third degree and involves payment of a fine between $2,000 to $5,000 and/or imprisonment for one to two years. 74. 4. The Pennsylvania Human Relations Commission does not have the power to suspend or revoke licenses. Which of the following BEST describes this relationship? A licensed salesperson may prepare a comparative market analysis when the. The Adkins intend to build a home in a few years. He wishes to earn 14% on his investment. A major difference between freehold and nonfreehold estates is that all freehold estates. The unlicensed person may do nothing. 106. 90. in a certain neighborhood. 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