State RE exam

A Pennsylvania licensee was found guilty of defrauding several of his real estate clients. A court issued final judgments ranging from $1,000 to $30,000 dollars for each victim, for a total of $150,000. If the victims seek recovery from the Real Estate Recovery Fund, what's the most that will be paid out?

$100,000

Three days after signing a purchase contract, Emma has decided to cancel her purchase of a timeshare in Pennsylvania. How many days does the seller have to refund her deposit?

10

How old must you be in order to qualify for a salesperson license?

18 or older

Oscar is a certified residential real estate appraiser. Which of the following properties can he appraise?

A four-unit residential property valued at $400,000

Which of the following license holders in Pennsylvania can legally sell timeshares?

Arthur, Bonnie, and Charlene can all sell timeshares.

If the Pennsylvania State Real Estate Commission revokes a license, how long does the revocation usually last?

At least five years

Norma has just entered into an agreement to act as a buyer's agent. How long must this agency agreement be retained, according to Pennsylvania law?

At least three years

Kevin, a consumer, is selling his own property. Oscar, who is represented by a Pennsylvania licensee, is making an offer on Kevin's property. Who should expect to receive a statement of estimated expenses before the two parties enter into a sales agreement?

Both Kevin and Oscar as parties to the transaction

In Pennsylvania, a person who, under broker supervision, lists or sells lots where human remains may be interred or buried is a ______.

Cemetery broker

Which of the following individuals may qualify for appointment to the Pennsylvania State Real Estate Commission?

Dennis, who has been a licensed real estate broker for five years and has sold cemetery lots for 10 years

In Pennsylvania, who or what entity receives complaints filed against a licensee?

Department of State

It's a Tuesday afternoon and Pam, a Pennsylvania broker, just accepted an earnest money check from a buyer whose offer was accepted by Pam's seller. What does Pam need to do with this check?

Deposit the money in a trust account by the end of the day Wednesday.

Which of the following documents does a Pennsylvania broker need to retain for three years? Consumer Notice Sub-agent agreement Expired listing agreement Transaction licensee agreement

Expired listing agreement

To legally perform real estate activities in Pennsylvania, you must have a real estate license, pass the written exam, keep your license current by completing continuing education courses, and ______.

Follow the standards of conduct

According to Pennsylvania law, which statement is true regarding licensees and inspections?

Licensees aren't required to conduct an independent inspection of the property.

Maddox is a Pennsylvania licensee who violated license law by commingling trust and personal funds. He claims that his broker, Heather, didn't adequately train him. Heather claims that Maddox had access to Pennsylvania license law statutes and she was available to answer any questions, but says that she didn't know violations were made. Who is at fault?

Maddox is at fault for violating license law, but Heather may also be at fault for failure to supervise.

Sheila is unable to use her designated timeshare week this year. What will happen?

She can exchange the week for another.

Celia holds a cemetery salesperson's license in Pennsylvania. What can we reasonably assume about her?

She's at least 18.

Sally is applying for a reciprocal salesperson's license in Pennsylvania. She actively holds a license in another state that has a reciprocal agreement in place with Pennsylvania. Which of these is a requirement for obtaining her Pennsylvania license?

Submitting a statement that she's familiar with Pennsylvania laws

In Pennsylvania, if the loan balance doesn't exceed ______, the defaulting homeowner can simply bring payments up to date. The lender cannot require the entire amount due.

$50,000 In Pennsylvania, if the loan balance doesn't exceed $50,000, the defaulting homeowner can simply bring payments up to date. The lender cannot require the entire amount due.

Ursula is creating a qualified association in Pennsylvania to work under. Within how many days must she notify the commission?

30 days

Emma just signed a contract to purchase a timeshare in Pennsylvania. If she wants to cancel, within how many days must she act?

5

What constitutes as proof of ownership?

A deed and either certificate of title or Title insurance

Score! You've found the perfect house for your client, Kari. Even though Kari has been working with several brokers over the past several months, you will receive the broker fee. What type of agreement did she sign?

A non-exclusive buyer agency agreement

In Pennsylvania, a list of primary and secondary contaminants and their maximum allowable contaminant level is available. What agency maintains this list?

Bureau of Safe Drinking Water

Which lien has priority over any other lien, except acquisition and construction loans?

Mechanic's Lien on new construction

To practice real estate in Pennsylvania, you must have a real estate license and ______.

Pass a written exam

Which of the following statements about renewing your Pennsylvania license and continuing education is true?

Pennsylvania requires licensees to complete a specified number of continuing education hours each license period to keep their licenses current.

Steven is Pennsylvania salesperson. A buyer has given him an earnest money check. When must Steven turn that check over to his broker?

Promptly

Which of the following is true about easements appurtenant?

They can be terminated if dominant and servient lands are merged into one parcel.

Louis is a real estate broker in Pennsylvania. He's moving his office. What obligation does he have?

To notify the commission within 10 days after the move

Jerome, a condominium developer, fails to deliver a public offering statement to Nina, who has entered into a contract to buy a condominium from him. By law, if Nina elects to cancel the contract, she can recover a penalty of ________.

Up to 5% of the sales price (to a maximum of $2,000) or actual damages, whichever is greater

Samantha is a licensee in Pennsylvania. She owes all of the following duties to both consumers and clients EXCEPT which of the following options?

Keeping information disclosed by the party confidential

Aside from your name, your broker's name, and the city and state where your brokerage is located, what else must be included on every page of your website according to the State Real Estate Commission guidelines list?

The regulatory jurisdiction in which the brokerage is licensed

What happens to you if you are involved in a case and cannot pay the judgment amount, and the consumer is awarded money from Pennsylvania's Real Estate Recovery Fund?

You will be suspended and cannot be reinstated until you pay back the fund at 10% interest.

Zed owns a real estate brokerage in Pennsylvania. Associated with him are salesperson Yolanda and broker Xavier. Who employs who?

Zed employs Yolanda and Xavier.

Which Pennsylvania agency ensures that community drinking water is safe and that the water quality in rivers and streams is protected?

The Department of Environmental Protection

Timothy is applying for a timeshare salesperson's license in Pennsylvania. To apply, which of the following requirements must he meet?

Timothy must complete at least 30 days of on-site training at a timeshare facility.