Real Estate Fundamentals: Mid-term Exam
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- 1.How many members are on the Pennsylvania Real Estate Commission
- A.
11
- B.
9
- C.
5
- D.
7
- 2.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 33.
- A.
True
- B.
False
- 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
- 35.
- A.
True
- B.
False
- 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
- 37.
- A.
True
- B.
False
- 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
- 39.
- A.
True
- B.
False
- 40.
- A.
True
- B.
False
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
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