PA REAL ESTATE STATE EXAM
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A listing agreement must contain all of the following EXCEPT
A. a description of the services to be provided
B. the duration of the listing
C. the broker’s license number
D. the broker’s compensation
Which of the following is NOT a requirement of a valid exclusive listing agreement?
A. it must be in writing
B. it must contain a specific duration
C. it must be on a state-approved listing agreement form
D. it must describe the services to be performed
A listing agreement must contain all of the following EXCEPT
A. a description of the services to be provided
B. the duration of the listing
C. the broker’s license number
D. the broker’s compensation
a license advertises prizes as part of a promotion for the sale of real estate, which of the following MUST be included in the advertisement?
A. The fair market value of the prize
B. Where the prizes was manufactured
C. How many others have won similar prizes
D. The names of any stores that will exchange the prize
A salesperson is selling an apartment building that he owns. The property is not listed with any real estate company. When he places an ad for the property, he MUST include
- that he is a real estate licensee
- his name and license number
- the name of his employing broker
- that the offer is registered with the real estate Commission
You are a licensed salesperson and a partner in a corporation that invests in real estate. Your corporation may purchase a property listed with your brokerage ONLY if you
a. obtain the written consent of your supervising broker.
b. disclose to the owner your interest in the corporation.
c. do not handle the closing of the transaction yourself.
D. did not procure the listing yourself.
When representing a seller, which of the following is a TRUE statement regarding the duties a licensee owes to the principal?
a. A licensee’s obligation of confidentiality ends at the conclusion of the listing contract
b. A licensee is not obligated to disclose the existence of another offer during negotiations on a purchase contract
c. A licensee is required to keep confidential the price the seller would accept if lower than the list price
d. A licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker
Disciplinary action would NOT be taken against a salesperson for
A. accepting a bonus commission from a seller
B. failing to tell a buyer that a roof has a leak
C. disclosing to a buyer that the salesperson is working for the seller
D. taking a listing on a property 2 weeks before another exclusive listing on the same property has expired
After writing a purchase contract on behalf of a buyer , the license leaves a copy with the buyer. With the listing agent present , the licensee then presents the offer to the seller, who accepts and signs it.The licensee MUST now give a copy of the offer to
a. the seller only
b.the buyer only
c.the seller and buyer
d.his broker with the original to the seller
The Pennsylvania Real Estate Commission has received a written complaint that a licensee is engaging in an activity which is prohibited by the Real Estate Licensing and Registration Act.
What action is the Commission empowered to take?
A. Suspend the licensee’s license for a period not to exceed 6 months.
B. Ascertain the facts and, if warranted, hold a hearing.
c. Serve the licensee with a cease and desist order.
D. Transfer the matter to civil authorities in the county in which the alleged activity occurred.
A salesperson is contacted by a buyer who wants her to put an offer on one of her listings for $40,000 under the selling price, the licensee should
A. draft the offer and present it to the seller according to the buyers instructions
B. refuse to draft the offer because it will offend the seller and jeopardize the principal-agent relationship
C. recommend that the buyer obtain another broker to draft the offer
D. tell the buyer that drafting the offer would be a violation of her fiduciary duties
The promotion of a timeshare project includes the offer of a prize. Such a promotion MUST
- Require attendance at a sales presentation
- limit the number of prizes to be awarded
- disclose that the purpose is to solicit timeshare purchases
- deliver the exact prize offered in an advertisement without substitution
A broker advertised that during the year, his company had $92,000,000 of volume. Upon investigation, his records indicated that he listed $92,000,000 of real estate but closed only $27,000,000. This is an example of
- untruthful or misleading statements in advertising
- puffing
- a valid advertisement if the municipality that compromises the market is specified
- a felony related to the profession
When a land owner uses his land as security for a loan, the…
When a land owner uses his land as security for a loan, the ecumbrance created is called
a. a special security
b. a mortgage or deed of trust lien
c. an involuntary lien
d a gratuitous privelige
If an owner wants to list a property for sale “as is,” the listing agent should?
A) assume that the owner will accept a relatively low price for the property.
B) conclude that he is relieved of any responsibility if the buyer later discovers defects that were not disclosed.
C) question the seller as to any know defects.
D) assume that the house is a “fixer-upper.”
In leasing a residential or commercial property, the consumer notice only needs to
- be signed by the landlord
- be provided if the property is over 1000 square feet
- show the property address, date and the name of the client
- be provided orally if the contact with the customer is by phone
A valid exclusive listing contract in Pennsylvania must contain all of the following EXCEPT
A. the duration of the listing
B. the commission expected
C. the listing price of the property
D. the automatic renewal clause
In the normal course of practicing real estate, a licensed real estate salesperson may?
A. directly receive a commission from the buyer as well as the seller
B. pay a referral fee directly to another licensed salesperson
C. receive commission and bonuses through his broker
D. agree to split commission with another licensee and pay the split directly to the other licensee
What is the maximum length of time may a salesperson’s real estate license be inactive before reactivation ceases to be possible without retaking and passing the licensing examination?
A. 2 years
B. 3 years
C. 4 years
D. 5 years
A salesperson owns a residence and wishes to sell it without listing it. Under Pennsylvania license law, the salesperson must
a. list the property with his firm
b. disclose in all advertising that the owner of the property is a real estate licensee
c. offer a sales commission or fee to cooperating brokers
d. have an active license
A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were from members only. Is the club in violation of the federal fair Housing Act , and if so how?
- yes, because when race is involved, no exceptions to the federal fair Housing Act exist
- yes, because the club had minority members, and therefore were not eligible for exemption from the federal fair Housing Act
- no, because as an integrated club, they could discriminate on the basis of race in renting facilities
- no, because a private club may restrict the rental of its own lodging to its members as long as the lodgings are not operated commercially
inactive real estate license may be reactivated within 5 years. How must the licensee demonstrate that she is still knowledgeable in real estate law and practice?
a. by completing the 14 hours of continuing education required for license renewal
b. by completing the 14 hours of continuing education required for license renewal during the period the license has been expired, along with an additional continuing education course in recent legal changes
c. by taking the reinstatement examination
d. the licensee does not need to demonstrate her knowledge since she has already done so by passing the original licensing examination
All exclusive listing agreements MUST
a) be for less than 180 days
b) state a definite duration
c) include the terms and conditions under which the property is to be shown
d) include a provision for commission as proceeds over and above the selling price
