Real Estate Fundamentals: Mid-term Exam
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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
Correct Answer
A. 11Explanation
There are 11 members on the Pennsylvania Real Estate Commission.Rate this question:
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- 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
Correct Answer
C. All 7Explanation
In Pennsylvania, all seven categories mentioned in the options are required by law to be licensed or registered. This means that brokers, real estate salespersons, cemetery brokers, cemetery salespersons, campground membership salespersons, time-share salespersons, and builder-owner salespersons all need to obtain the necessary licenses or registrations to legally operate in the state.Rate this question:
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- 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
Correct Answer
B. A summary offense with fines not to exceed $500, plus imprisonment, not exceeding 3 monthsExplanation
In the Commonwealth of Pennsylvania, anyone who sells real estate without a license or registration certificate, or does so after their license or registration has been suspended or revoked, will be guilty of a summary offense. This offense carries fines that cannot exceed $500 and imprisonment for a maximum of 3 months.Rate this question:
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- 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
Correct Answer
C. Numbers 1 and 3 do NOT need a licenseExplanation
Employees of a public utility acting in the ordinary course of utility-related business do not need a real estate license to sell real estate in Pennsylvania. This is because their role involves negotiating the purchase, sale, or lease of a property as part of their utility-related business, which is exempt from the requirement of a license. Similarly, a person acting as a trustee under the authority of a will also does not need a license to sell real estate in Pennsylvania.Rate this question:
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- 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
Correct Answer
C. Appointed by the Governor of PennsylvaniaExplanation
The correct answer is "appointed by the Governor of Pennsylvania." This means that the Governor of Pennsylvania has the authority to select and appoint individuals to serve as members of the Pennsylvania Real Estate Commission. This process allows the Governor to choose individuals who are qualified and suitable for the position, ensuring that the commission is comprised of competent members who can effectively regulate and oversee real estate activities in the state.Rate this question:
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- 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
Correct Answer
D. Be at least 18 years of age, and shall have completed 60 hours in real estate instructionExplanation
The correct answer is "be at least 18 years of age, and shall have completed 60 hours in real estate instruction." This answer accurately reflects the requirements for obtaining a Pennsylvania Real Estate Salesperson license. It states that applicants must be at least 18 years old and have completed 60 hours of real estate instruction. It does not mention any additional requirements such as being a high school graduate or having experience as an assistant in a real estate office.Rate this question:
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- 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
Correct Answer
A. 3 yearsExplanation
The application for a Pennsylvania Real Estate license must be received by the PA Real Estate Commission within 3 years after the date upon which the applicant passed the exam. This means that the applicant has a three-year window to submit their application after passing the exam. After this time period, the application may no longer be considered valid and the applicant may have to retake the exam if they still wish to obtain a real estate license in Pennsylvania.Rate this question:
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- 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
Correct Answer
C. Must be at least 21 year of age, high school grad, completed 240 hours in real estate instructionExplanation
The correct answer is that applicants for a Broker's license in Pennsylvania must be at least 21 years of age, a high school graduate, and have completed 240 hours in real estate instruction. This is because the question states that applicants must meet the requirements prior to taking the state exam, and these are the specific requirements listed in the answer choice.Rate this question:
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- 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
Correct Answer
B. 3 yearsExplanation
After passing the PA State Examination, the applicant for a Pennsylvania Salesperson license must apply for the license within 3 years. This means that there is a three-year window of opportunity for the applicant to complete the necessary paperwork and submit the application for their license. It is important for the applicant to be aware of this deadline and not delay their application process beyond the three-year timeframe.Rate this question:
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- 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
Correct Answer
D. 5 yearsExplanation
If a licensee allows their license to remain inactive for a period of 5 years without renewing it, they will need to submit to and pass the examination relevant to the license they are applying for before it can be reissued to them.Rate this question:
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- 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
Correct Answer
B. Cemetery salesperson and camground membership salespersonExplanation
Cemetery salesperson and campground membership saleperson must have a license, but are not required to take the PA state examination.Rate this question:
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- 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
Correct Answer
D. Timeshare salesperson, campground membership salesperson, cemetery salesperson, and real estate salespersonExplanation
Rental referrral agents and builder-owner salespersons do not need to work under a broker.
Rental referral agent: Self as Manager or Manager of Record
Builder-owner salesperson: Builder-OwnerRate this question:
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- 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
Correct Answer
C. The business name must be prominently displayed in a permanent fashion outside the officeExplanation
The true statement concerning office requirements for brokers and cemetery brokers is that the business name must be prominently displayed in a permanent fashion outside the office.Rate this question:
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- 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
Correct Answer
B. A license for the branch office need not be in the same name as that listed at the main officeExplanation
In Pennsylvania, a license for a real estate branch office must be obtained from the Real Estate Commission. The license for the branch office does not necessarily have to be in the same name as that listed at the main office. Applicable fees for the branch office must be paid in order to receive a branch office license. However, if the license of the broker is suspended or revoked, the branch office license is also terminated.Rate this question:
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- 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
Correct Answer
C. Broker or associate brokerExplanation
The main or branch office of a broker shall be under the direction of a broker or associate broker. This means that only someone who holds a broker or associate broker license can be in charge of the main or branch office of a broker. This ensures that the person in charge has the necessary knowledge and experience to oversee the operations of the office and ensure compliance with relevant regulations and laws.Rate this question:
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- 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
Correct Answer
C. Both A and BExplanation
The current license of a broker, cemetery broker, and a rental listing referral, agent must be displayed at the main office.Rate this question:
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- 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
Correct Answer
D. 4Explanation
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 four times each year.Rate this question:
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- 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
Correct Answer
D. 5Explanation
The PA Real Estate Commission does not allow relicensure of an individual whose license has been revoked for at least 5 years following the date of revocation. This means that if someone's license has been revoked, they will have to wait a minimum of 5 years before they can apply for relicensure.Rate this question:
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- 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
Correct Answer
A. New licensees may be hired to help expedite the listing agreementsExplanation
After the death of a broker with sole proprietorship, it is unlikely that new licensees will be hired to help expedite the listing agreements. Since the broker had sole proprietorship, their death would result in the cessation of the business. Therefore, there would be no need to hire new licensees to handle listing agreements.Rate this question:
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- 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
Correct Answer
C. Have worked at least 2 years as a licensed salespersonExplanation
Must have worked 3 years as a licensed salesperson to take the broker's exam.Rate this question:
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- 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
Correct Answer
B. FalseExplanation
Requirement includes 16 credits (240 hours) of classroom instructionRate this question:
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- 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
Correct Answer
A. TrueExplanation
In order to sit for the broker's examination for a Pennsylvania broker's license, it is necessary to have completed 240 hours of classroom instruction. This means that the statement is true.Rate this question:
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- 23.
Contracts, commitments, and agreements by Pennsylvania licensees MUST be in writing.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In Pennsylvania, it is mandatory for licensees to have contracts, commitments, and agreements in writing. This ensures that all parties involved have a clear understanding of the terms and conditions. Having written documentation also helps in case of any disputes or legal issues that may arise in the future. Therefore, the statement "Contracts, commitments, and agreements by Pennsylvania licensees MUST be in writing" is true.Rate this question:
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- 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
Correct Answer
A. TrueExplanation
A licensee is not allowed to provide assurances or advice about a real estate transaction if they know or should reasonably know that the information is incorrect, inaccurate, or improbable. This means that they cannot mislead or provide false information to clients or customers. They are expected to provide accurate and reliable information to ensure transparency and fairness in real estate transactions.Rate this question:
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- 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
Correct Answer
B. FalseExplanation
A licensee is required to disclose any ownership interest they have in a property when participating in a real estate transaction. This is to ensure transparency and avoid any conflicts of interest. Failing to disclose such an interest could lead to legal consequences and damage the licensee's professional reputation. Therefore, the statement that a licensee may participate in a real estate transaction without disclosing their ownership interest is false.Rate this question:
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- 26.
It is NOT necessary for a licensee to disclose to a prospective client what the broker's commission will be until the client has signed the agreement of sale.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Must disclose the broker's commission at the initial interview before the seller enters into a listing agreement.Rate this question:
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- 27.
A licensee MUST disclose the existence of the Real Estate Recovery Fund to any prospective clients before the seller enters into a listing agreement.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Must disclose at initial interview before the seller enters into a listing agreement.Rate this question:
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- 28.
An agreement of sale executed by the seller shall contain zoning classification of the property, unless the property is zoned solely or primarily to permit single-family dwellings.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because an agreement of sale executed by the seller should include the zoning classification of the property, unless the property is specifically zoned for single-family dwellings. This information is important for the buyer to understand the permitted uses and restrictions on the property. Without the zoning classification, the buyer may not have a clear understanding of what they can do with the property or if there are any limitations or regulations they need to adhere to.Rate this question:
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- 29.
It is NOT necessary for a licensee to inform the prospective buyer whether the broker is the agent of the seller or the agent of the buyer until the buyer has made a valid offer.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A licensee is required to disclose their agency relationship to a prospective buyer before the buyer makes a valid offer. This is important because it allows the buyer to understand the licensee's role and potential conflicts of interest. By disclosing this information upfront, the buyer can make an informed decision about whether to continue working with the licensee. Therefore, the statement that it is not necessary for a licensee to inform the prospective buyer about their agency relationship until after a valid offer is made is false.Rate this question:
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- 30.
It is NOT necessary for a licensee to inform the Commission of affiliation with a parent real estate company if the parent is a large franchisor.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A licensee is required to inform the Commission of their affiliation with a parent real estate company, regardless of whether the parent company is a large franchisor or not. The size or nature of the parent company does not exempt the licensee from this requirement. Therefore, the correct answer is false.Rate this question:
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- 31.
A broker or cemetery broker shall retain copies of records pertaining to a real estate transaction for at least 5 years following the consummation of the transaction.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Real estate transaction records must be retained for at least 3 years following the consummation of the transaction.Rate this question:
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- 32.
Anyone MAY assist in the preparation of an appraisal by a licensed Certified Residential or General Appraiser, if the licensed Certified Residential or General Appraiser directly supervises and controls the person work.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement is true because it states that anyone can assist in the preparation of an appraisal as long as they are supervised and controlled by a licensed Certified Residential or General Appraiser. This means that the licensed appraiser is responsible for overseeing the work of the person assisting and ensuring that it is done correctly. This allows for collaboration and support in the appraisal process while still maintaining the necessary qualifications and expertise of a licensed appraiser.Rate this question:
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- 33.
A salesperson may NOT assist in the management of a real estate office until he has successfully completed the required classroom instruction, has passed the PA Broker's Exam and has received a broker's or associate broker's license.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
According to the statement, a salesperson cannot assist in the management of a real estate office until they have completed the required classroom instruction, passed the PA Broker's Exam, and obtained a broker's or associate broker's license. This implies that the salesperson must fulfill these requirements before being allowed to participate in the management of a real estate office. Therefore, the statement is true.Rate this question:
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- 34.
A licensee shall notify the Commission of being convicted of or pleading guilty or nolo contendere to a felony or misdemeanor, within six months of the verdict or plea.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Must notify the commission within 30 days of a conviction or guilty plea to a felony.Rate this question:
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- 35.
A broker or cemetery broker whose license is suspended by the Commission shall return his license to the Commission and shall post a notice of the Commission's actions at the main office and at the branch offices. The notice, which will be provided by the Commission, shall be posted prominently or near the public entrance to each office.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
When a broker or cemetery broker has their license suspended by the Commission, they are required to return their license to the Commission. Additionally, they must post a notice of the Commission's actions at both the main office and any branch offices they have. This notice, provided by the Commission, should be prominently displayed or placed near the public entrance of each office. Therefore, the statement "True" is correct.Rate this question:
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- 36.
A licensee MAY advertise the sale or lease of real estate without the approval of the seller or lessor if the licensee does not give the complete address of said real estate in the advertisement.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A licensee may not advertise the sale or lease of real estate without the approval of the seller or lessor, even if the complete address of the real estate is not given in the advertisement.Rate this question:
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- 37.
A licensee, whether acting on behalf of a prospective buyer or not, may NOT solicit by personal contact or by telephone the sale or other disposition of real estate with such frequency as to amount to clear harassment of the owner, but the licensee MAY send the owner as many solicitations as he wishes by US mail.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A licensee, whether acting on behalf of a prospective buyer or not, may NOT solicit by personal contact or by telephone the sale or other disposition of real estate with such frequency as to amount to clear harassment of the owner. Additionally, the licensee may NOT send the owner as many solicitations as he wishes by US mail.Rate this question:
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- 38.
An advertisement for the sale or lease or real estate need NOT include the business name and telephone number of the employing broker unless the employing broker is receiving a commission as a result of the sale or lease.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
An advertisement for the sale or lease of real estate must include the business name and telephone number of the employing broker, regardless of whether the broker is receiving a commission or not. This is to ensure transparency and provide potential buyers or lessees with a means of contacting the broker for further information or inquiries.Rate this question:
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- 39.
A licensee is NOT permitted to advertise or grant prizes, certificates, gifts, or lots in the sale of real estate.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A licensee IS permitted to to advertise prizes, however, the ad MUST contain: 1) description of each prize, 2) prerequisites for receiving each prize, 3) limitations on the number of prizes offered.Rate this question:
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- 40.
Advertisements of sales volume and market position MAY include listings sold.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Advertisements regarding sales volume or production shall refer to CLOSED transactions only. A closed transaction is either a listing or a sale made AFTER a fully executed DEED is DELIVERED. Ads regarding production or position in the market shall IDENTIFY the MUNICIPALITY that market comprises.Rate this question:
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- 41.
Which of the following is NOT permitted to solicit by means of advertisement in the EMPLOYMENT columns of newspapers or other publications.
- A.
Real estate company
- B.
Real estate school
- C.
Real estate franchise
- D.
Real estate network
Correct Answer
B. Real estate schoolExplanation
A real estate school is not permitted to solicit by means of advertisement in the employment columns of newspapers or other publications. This is because the employment columns are specifically for job advertisements, and a real estate school is not advertising a job opportunity but rather educational services.Rate this question:
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- 42.
The deadline for a broker to deposit money belonging to another into an escrow account is:
- A.
Within 3 business days
- B.
By the end of the week in which the fully executed deed is delivered
- C.
Whenever is convenient for the broker
- D.
By the end of the next business day
Correct Answer
D. By the end of the next business dayExplanation
The correct answer is "by the end of the next business day." This means that a broker must deposit money belonging to another into an escrow account within one business day after receiving it. This ensures that the funds are securely held and protected for the rightful owner in a timely manner.Rate this question:
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- 43.
All of the following apply to broker's escrow accounts EXCEPT:
- A.
The account must be maintained in a Federally or State-insured bank
- B.
The account MUST be an interest-bearing account whose interest may be claimed by the broker
- C.
The account must designate the broker as trustee of the account
- D.
The account must provide for withdrawal of funds without prior notice
Correct Answer
B. The account MUST be an interest-bearing account whose interest may be claimed by the brokerExplanation
The correct answer is "the account MUST be an interest-bearing account whose interest may be claimed by the broker." This statement is incorrect because broker's escrow accounts do not necessarily have to be interest-bearing accounts, and the broker cannot claim the interest generated by the account.Rate this question:
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- 44.
If a dispute arises between the parties to a real estate transaction over entitlement to money that is being held in escrow by a broker, which of the following is CORRECT?
- A.
The salesperson shall retain the money until the dispute is resolved
- B.
The broker shall retain the money until the dispute is resolved
- C.
The buyer shall retain the money until the dispute is resolved
- D.
The seller shall retain the money until the dispute is resolved
Correct Answer
B. The broker shall retain the money until the dispute is resolvedExplanation
In a dispute over entitlement to money held in escrow by a broker in a real estate transaction, the correct answer is that the broker shall retain the money until the dispute is resolved. This is because the broker is the neutral party responsible for holding the funds and ensuring they are distributed according to the terms of the transaction. By retaining the money, the broker can prevent either party from accessing it until a resolution is reached, protecting the interests of both parties involved in the dispute.Rate this question:
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- 45.
A listing agreement, of whatever type, shall state all of the following EXCEPT:
- A.
Existence of the Real Estate Recovery Fund
- B.
Payments of money received by the broker on the account of a sale
- C.
Buyer's occupation
- D.
Brokers commission and the duration of the listing period have been determined as a result of the negotiations between the broker and seller
Correct Answer
C. Buyer's occupationExplanation
The listing agreement should include the existence of the Real Estate Recovery Fund, payments received by the broker, the broker's commission and listing period duration determined through negotiations between the broker and seller. However, the buyer's occupation is not typically required to be stated in the listing agreement.Rate this question:
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- 46.
An exclusive listing agreement may NOT contain which of the following:
- A.
A listing period exceeding 1 year
- B.
Commission expected on the sale or lease price
- C.
Sale or lease price
- D.
Duration of agreement
Correct Answer
A. A listing period exceeding 1 yearExplanation
An exclusive listing agreement is a contract between a property owner and a real estate agent, granting the agent the exclusive right to sell or lease the property within a specified period. The agreement typically includes details such as the expected commission on the sale or lease price, the sale or lease price itself, and the duration of the agreement. However, it is not common for an exclusive listing agreement to have a listing period exceeding 1 year.Rate this question:
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- 47.
An agreement of sale shall contain: the names of the buyer and seller; the sale price, the name and addresss of the home inspector; and the dates for payment and conveyance.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Name and address of home inspector is not required on agreement of sale.Rate this question:
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- 48.
Before an agreement of sale is executed, the brokers involved in the transaction shall provide each party with a written estimate of reasonably foreseeable expenses associated with the sale that the party may be expected to pay, including but not limited to: brokers commission, mortgage payments and financing costs, taxes and assessments, and settlement expenses.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Before an agreement of sale is executed, the brokers involved in the transaction are required to provide each party with a written estimate of the expenses that the party may be expected to pay. These expenses include brokers commission, mortgage payments and financing costs, taxes and assessments, and settlement expenses. This ensures that both parties are aware of the potential costs associated with the sale before entering into the agreement. Therefore, the statement is true.Rate this question:
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- 49.
After one receives his PA Salespersons Real Estate License, one must complete 14 hours of Commission-approved continuing education courses and this must be done bi-annually.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
License renewal for all licensees is BIENNIALLY (once every 2 years).Rate this question:
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Mar 22, 2023Quiz Edited by
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