Real Estate Fundamentals: Mid-term Exam

49 Questions | Total Attempts: 1734

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Real Estate Fundamentals: Mid-term Exam - Quiz

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Questions and Answers
  • 1. 
    How many members are on the Pennsylvania Real Estate Commission
    • A. 

      11

    • B. 

      9

    • C. 

      5

    • D. 

      7

  • 2. 
    Which of the following are required by law to be licensed or registered in Pennsylvania? 1. Brokers 2. Real Estate Salespersons 3. Cemetery Brokers 4. Cemetery Salespersons 5. Campground Membership Salespersons 6. Time-share Salespersons 7. Builder-owner Salespersons
    • A. 

      1, 2, 3, 4, and 7

    • B. 

      1, 2, 5, 6, and 7

    • C. 

      All 7

    • D. 

      1, 2, 3, 4, 5, and 6

  • 3. 
    Any person in the Commonwealth of Pennsylvania who engages in the selling of real estate without a license or registration certificate , or after the suspension or revocation of any such license or registration certificate, shall be guilty of:
    • A. 

      A misdemeanor with fines not to exceed $200 for the first offense

    • B. 

      A summary offense with fines not to exceed $500, plus imprisonment, not exceeding 3 months

    • C. 

      A felony offense with fines not to exceed $1000, plus imprisonment, not exceeding 12 months

    • D. 

      No penalty if the accused has had a Real Estate Fundaments and Practice

  • 4. 
    Which of the following do NOT need a real estate license to sell real estate in Pennsylvania. Remember your answer is either A, B, C, or D. 1. Employees of a public utility acting in the ordinary course of utility-related business, with respect to negotiating the purchase, sale or lease of a property. 2. A cemetary broker or salesperson. 3. A person acting as trusteen under the authority of a will. 4. A timeshare salesperson.
    • A. 

      Numbers 2, 3, and 4 do NOT need a license

    • B. 

      Numbers 1, 2, and 4 do NOT need a license

    • C. 

      Numbers 1 and 3 do NOT need a license

    • D. 

      Numbers 2 and 4 do NOT need a license

  • 5. 
    In order for a person to serve as a member of the Pennsylvania Real Estate Commission, he/she must be :
    • A. 

      Elected by the registered voters of the Commonwealth

    • B. 

      Elected by the Pennsylvania State Legislature

    • C. 

      Appointed by the Governor of Pennsylvania

    • D. 

      Appointed by the President of the Pennsylvania Association of Realtors

  • 6. 
    Applicants for a Pennsylvania Real Estate Salesperson license must be the following requirements:
    • A. 

      Be at least 18 years of age, a high school grad, and shall have completed 60 hours in real estate instruction

    • B. 

      Be at least 21 years of age, a high school grad, and shall have completed 60 hours in real estate instruction

    • C. 

      Be at least 18 years of age, a high school grad, and some experience as an assistant in a real estate office or related field

    • D. 

      Be at least 18 years of age, and shall have completed 60 hours in real estate instruction

  • 7. 
    The application for a Pennsylvania Real Estate license must be received by the PA Real Estate Commission within what period of time after the date upon which the applicant passed the exam?
    • A. 

      3 years

    • B. 

      3 months

    • C. 

      6 months

    • D. 

      1 year

  • 8. 
    Applicants for a Broker's license in Pennsylvania must meet the following requirements prior to taking the state exam:
    • A. 

      Must be at least 18 years of age, high school grad, and completed 60 hours in real estate instruction

    • B. 

      Must be at least 21 years of age, high school grad, and completed 60 hours in real estate instruction

    • C. 

      Must be at least 21 year of age, high school grad, completed 240 hours in real estate instruction

    • D. 

      must be at least 18 years of age, high school grad, completed 240 hours in real estate instruction

  • 9. 
    After passing the PA State Examination, the applicant for a Pennsylvania Salesperson license MUST apply for the license within:
    • A. 

      1 year

    • B. 

      3 years

    • C. 

      1 month

    • D. 

      3 months

  • 10. 
    Any licensee whose license remains inactive for a period of ____ years without renewing his license shall, prior to having a licensed reissued to him, submit to and pass the examination pertinent to the license for which the person is applying.
    • A. 

      2 years

    • B. 

      3 years

    • C. 

      4 years

    • D. 

      5 years

  • 11. 
    All of the following MUST take and pass the Pennsylvania State Examination except:
    • A. 

      Builder-owner salesperson, cemetery salesperson, and campground membership salesperson

    • B. 

      Cemetery salesperson and camground membership salesperson

    • C. 

      Cemetery broker and PA real estate broker

    • D. 

      PA salesperson, PA real estate broker and cemetery salesperson

  • 12. 
    All of the following MUST be actively supervised and trained by a licensed broker:
    • A. 

      Real estate salesperson, cemetery salesperson and rental referral agent

    • B. 

      Real estate salesperson, campground membership salesperson, and rental referral agent

    • C. 

      Campground membership salesperson, timeshare salesperson, and builder-owner salesperson

    • D. 

      Timeshare salesperson, campground membership salesperson, cemetery salesperson, and real estate salesperson

  • 13. 
    Which of the following statements concerning office requirements for brokers and cemetery brokers is TRUE?
    • A. 

      Licenses are issued by the PA Department of Labor & Industry

    • B. 

      They may only have one office per county

    • C. 

      The business name must be prominently displayed in a permanent fashion outside the office

    • D. 

      If the office is located in a private residence, the entrance to the office may be accessed from the residence

  • 14. 
    All of the following statements relating to a real estate branch office in Pennsylvania are True EXCEPT:
    • A. 

      A license for the branch office must be obtained from the Real Estate Commission

    • B. 

      A license for the branch office need not be in the same name as that listed at the main office

    • C. 

      Applicable fees for the branch office must be paid in order to receive a branch office license

    • D. 

      If the license of the broker is suspended or revoked, the branch office license is also terminated

  • 15. 
    The main or branch office of a broker shall be under the direction of a/an:
    • A. 

      Qualified person

    • B. 

      Licensed salesperson who has passed the PA state exam

    • C. 

      Broker or associate broker

    • D. 

      Licensed attorney

  • 16. 
    Which of the following must display their current license in a conspicuous place at the main office:
    • A. 

      Broker

    • B. 

      Cemetery broker

    • C. 

      Both A and B

    • D. 

      Neither A or B

  • 17. 
    The Pennsylvania Real Estate Commission or its authorized representatives may conduct a routine inspection of the main office or branch office of a broker, cemetery broker, or rental listing referral agent no more than how many times each year.
    • A. 

      1

    • B. 

      2

    • C. 

      3

    • D. 

      4

  • 18. 
    The PA Real Estate Commission will not authorize relicensure of an individual whose license has been revoked for at least how many years following the date of revocation.
    • A. 

      2

    • B. 

      3

    • C. 

      4

    • D. 

      5

  • 19. 
    Which of the following practices may NOT take place after the death of a broker with sole proprietorship?
    • A. 

      New licensees may be hired to help expedite the listing agreements

    • B. 

      New listings may not be entered into

    • C. 

      Unexpired listing agreements may be promoted unless the seller or lessor elects to cancel the agreement

    • D. 

      Another licensed broker may take over the deceased broker's business for 90 days

  • 20. 
    Which of the following is NOT correct for an individual who wants to take the broker's examination for a Pennsylvania broker's license?
    • A. 

      21 years of age or older

    • B. 

      High school grad or have passed a high school general equivalency exam

    • C. 

      Have worked at least 2 years as a licensed salesperson

    • D. 

      Submit official transcripts evidencing the acquisition of sufficient credit courses

  • 21. 
    Before one can sit for the broker's examination for a Pennsylvania broker's license one must have acquired 24 credits of classroom instruction time.
    • A. 

      True

    • B. 

      False

  • 22. 
    Before one can sit for the broker's examination for a Pennsylvania broker's license one must have acquired 240 hours of classroom instruction.
    • A. 

      True

    • B. 

      False

  • 23. 
    Contracts, commitments, and agreements by Pennsylvania licensees MUST be in writing.
    • A. 

      True

    • B. 

      False

  • 24. 
    A licensee may NOT give assurances or advice concerning an aspect of a real estate transaction that he knows, or reasonably should  be expected to know, is incorrect, inaccurate, or improbable.
    • A. 

      True

    • B. 

      False

  • 25. 
    A licensee MAY participate in a real estate transaction involving a property in which he has an ownership interest without disclosing his interest to the other parties concerned.
    • A. 

      True

    • B. 

      False

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