pa real estate exam questions pdf

note: licensing law and construction questions are contained in separate materials chapter 7 real estate finance chapter 8 closing real estate transactions chapter 9 property valuation chapter 10 relationship of landlord and tenant chapter 11 real estate … A buyer contacts a real estate office and indicates an interest in purchasing a home in the area. The agent may provide information on properties for sale in the area, discuss mortgage interest rates and terms, and discuss various levels of representation available to the buyer. The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. 18. 3. This clause is illegal in Pennsylvania, since commission rules and regulations prohibit the use of automatic renewal clauses in exclusive listing agreements (35.332 (c)(2)). Go the extra mile to ensure that you pass the real estate licensing exam! The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). 3. 51. Pass Pennsylvania real estate licensing exams. Accepting a listing on such conditions subjects the licensee to possible disciplinary action by both the Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission (604 (a)(22)). The seller accepts an offer while N is taking the class and closes the day N passes the examination. 87. She can be an agent and hold another position, such as a broker, that requires an agency relationship. License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. 46. 34. Interest bearing accounts are not required until the second anniversary of the lease. Employees engaging in the real estate business may hold a salesperson's, rather than broker's, license. An unlicensed salesperson is involved in illegal activity and has no recourse to recover compensation (302). The tenant must be notified of the name and address of the institution where the deposits are held. A landlord has a "no pets" policy in his or her apartment building. A broker received an earnest money deposit from a buyer. The commission does not arbitrate such disputes. 2. A real estate broker has signed an agency agreement with a tenant, who is looking for an apartment to rent. Recently adopted commission policies require that the broker's name and telephone number be included on each page of internet Web site advertising. Both license law and fair housing law make it illegal for a broker to accept any listing on the understanding that illegal discrimination in the sale or rental of housing will be practiced. 200 terms. The original listing agent. To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value. A qualified home is a primary or main home for mortgage interest deduction purposes. 2. A trainer or handler of guide dogs for persons with disabilities wants to rent an apartment from the landlord and requests that guide dogs be permitted in the apartment. 2. The broker tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord is asking. 1. A builder owner salesperson applicant must take and pass the salesperson's examination but has no mandatory education requirement (551). 193. The first offense is a summary offense punishable by a fine not exceeding $500, imprisonment not exceeding three months, or both (303). 20. Unlicensed employees may not negotiate terms or conditions nor may they enter into leases on behalf of the owner (304 (10)). 4. A … You have already completed the quiz before. At the beginning of the second year, the landlord must return to the tenant any amount that exceeds the amount of one month's rent. 176. These include a deadline for the buyer to obtain the loan commitment, assistance that the broker will provide the buyer, and the type of mortgage. 2. The Real Estate Broker Practice Exam is also available. 187. 199. 2. 153. 37. 2. 2. However, a tax will have to be paid on a transfer. The broker quotes the prospect a higher rental rate than is quoted to non-minority prospects considering the same space. The broker is responsible for holding the escrow deposit pending consummation or termination of the transaction (35.321) (35.325). When a selling broker negotiates a sale of property listed by a cooperating broker, who is responsible for assuming the duties regarding escrow of the buyer's deposit check? Before the license will be reissued, the applicant must. Brokers are prohibited from sharing fees with or paying compensation to an unlicensed person (604(a)(12.1)). Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority. The licensed salesperson and employing broker agree to the terms of compensation to be paid by the broker to the salesperson. 148. What Do Our Senses Give Us Knowledge Of The World As It Is? 174. Trevor owns an apartment building that is 75 years old. 84. We are totally confident our program will help you pass, we offer a 100% Pass Money-Back Guarantee! 163. The broker is required to deposit earnest money into an escrow account. 141. $35,000. Regarding licensing and employment of personal real estate assistants in Pennsylvania, the personal assistant. What is the time frame within which the injured party may file a claim for payment from the Real Estate Recovery Fund? The broker may not require notification to terminate the listing. What, if anything, does the broker need to include? A rental listing referral agent is defined as an individual or entity that owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of rental units (201 and 35.201). 145. The Pennsylvania Real Estate Commission may undertake an investigation of a licensee based on all the following grounds EXCEPT. 86. Appraisal firms are regulated by the State Board of Certified Appraisers, rather than the Pennsylvania Real Estate Commission. You have to finish following quiz, to start this quiz: However, do not slow down on studying your material and retake this practice test and all of our other tests until you get every answer right. 122. 102. 154. The license is automatically suspended as of the effective date of payment when payment is made from the recovery fund. Real estate math is an essential part of the real estate exam and an important concept to understand to have a successful real estate career. 15. Rules of the commission provide that the broker is responsible for depositing money into an escrow account by end of the next business day following its receipt in the office where the escrow records are maintained. 21. Completing the requirements for licensure and processing paperwork to the state does not mean that a candidate is "licensed". Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. A broker who operated a sole proprietorship dies. Listings are not the property of the salesperson and cannot be unilaterally transferred to a new broker, and the recovery fund is not available until all court action has been concluded. A residential borrower whose loan is in default but whose property has not yet been sold at a foreclosure sale has certain rights. All of our materials are up to date with the latest 2020 updates! A broker who wishes to place a "For Sale" sign on a listed property must first. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. A real estate license is not required for the sale of business opportunities. A broker may not incorporate an option to purchase property in a listing agreement for the property, and the broker may not conduct business through a straw party. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. $135,000 / $540,000 = .25, so the loan to value ratio is 25%. 200. In this situation, the broker. The Pennsylvania Realty Transfer Tax is 1% of the full sale price. In Pennsylvania, certain deed transfers are exempt from the transfer tax. 4. 139. Violations of the license law include placing a "For Sale" sign without written consent of the seller, failing to specify a definite termination date, and failing to exercise adequate supervision of a licensee's activities (604(a)(8)). The rationale supporting the validity of the law is the government's responsibility to ensure that the public is protected. Licensees must be aware of potential legal liability that could arise in this situation and should seek guidance from legal counsel. 2. No licensed salesperson shall be employed by any other broker than is designated upon the current license issued to the salesperson. 3. If a dispute arises, the broker retains the escrow until the dispute is resolved (35.327). Further information can be found here: http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/RealEstateCommission/Pages/default.aspx. REAL ESTATE VOCABULARY 17 PAGES 1. 155. 67. A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into an agency relationship. All of the following must complete education or training requirements prior to licensure EXCEPT. 2. 119. Current licenses of salespersons and associate brokers must be displayed in a conspicuous place at the office out of which the licensee works (35.245(b)). Managing real estate is an activity included in the definition of a real estate broker provided in the license law, so a company will need a license (201). Once issued, a salesperson's license must be. 173. Section 608.1 establishes requirements for the written agreement. Failure to include which of the following in an agreement of sale would give a buyer the option to void the agreement without a requirement of court action? In the absence of a buyer agency relationship with the buyer, a salesperson from the real estate office should do all of the following EXCEPT. 81. 2. Information gained during the original agency relationship may not be revealed or used by the licensee for the benefit of the licensee or a third party (606.1 (g)). The salesperson also cashed a $25,000 earnest money check from a prospective buyer and used the proceeds to buy a new car. 2. 4. Real estate exam testing services have a database of real estate test questions. What procedure should be followed regarding the earnest money deposit check? The buyer gives the salesperson an earnest money deposit check. The commission may reassess each licensee an amount not to exceed $10 if at the commencement of a biennial renewal period the balance in the recovery fund is less than $300,000 (802). Our Pennsylvania real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations! What is another name for swamps, marshes and bogs? 3. Salesperson and broker licenses all expire the last day of May in even-numbered years and must be renewed on or before June 1. Personal assistants may be employed by either the broker or salesperson to perform secretarial and clerical duties without being licensed. 18. Campground membership salesperson and cemetery salesperson applicants have no examination requirement. License law prohibits the filing of any suit or action claiming compensation for any act for which a license is required if the person filing suit was not duly licensed at the time of offering to perform such act or service (302). 4. 81. 59. 6. 66. A real estate licensee is required to provide each party with a written estimate of reasonably foreseeable expenses associated with the sale before an agreement of sale is executed (35.334 (a)). By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply. 144. The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and able buyer and is therefore entitled to recover his agreed-upon compensation. 175. 24. A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. While reviewing terms of an agreement of sale with a buyer, how should the agent respond to buyer's concerns about certain provisions in the agreement? The state legislature enacts laws that govern licensees. Several days later, the salesperson meets prospective buyers at the property and tells them, "I am the listing agent for this property, and so I'm very familiar with it." The associate broker cashed the check because he felt it was earned. The first part is the real estate salesperson national exam and the second part is the real estate salesperson state specific exam. 2. The salesperson's failure to provide the Consumer Notice at the initial interview is a violation of the license law (604(a)(15.1)). This page of example questions does not include the grading function as do the math exams… Both the crime and the conviction took place out of state. 2. By law, which must the broker disclose to a prospective buyer? A listing contract is not required to specify the complete legal description of the property being sold. Real Estate Salespersons who have held an active salesperson license in another state within the last five years do not need to complete the General/National portion of the examination in order to be eligible for licensure in PA. Cram has partnered with the National Tutoring Association, Fair Market Value And Fair Market Value In The Business, Personal Lines And Commercial Lines Analysis, The Pros And Cons Of Opening A New Business, Orwell 's 1984 : A Great Piece Of Literature. A salesperson remains inactive without renewing his license for over five years. 23. They are not authorized to show rental units, collect fees or security deposits, or engage in property management activities. The Pennsylvania Real Estate Commission has the authority to. 105. All Rights Reserved, A steakhouse on the first floor and offices on the second floor of a building, A shipping warehouse adjoining an office suite center, A religious prayer facility with residential housing above it, An outlet center with clothing and furniture stores, It added persons with mental disabilities, It added persons with physical disabilities, 5 Steps How to Become a Real Estate Agent in New York, Pass the Pennsylvania Real Estate Exam - $49.95, http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/RealEstateCommission/Pages/default.aspx, Home - Real Estate Exam Prep - 1,000 Real Estate Practice Exam Questions, About Us - Learn How To Pass The Real Estate Exam - Real Estate Practice Exams. Commission rules specify what must be included if an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing (35.333 (b)). There is no requirement for the broker to deliver copies to a mortgage lender. The broker is a special agent hired with limited authority that ordinarily does not extend to binding principals to a contract. An agreement between a rental listing referral agent and a prospective tenant must include. With an Open-End mortgage, the mortgagor (purchaser/borrower) is entitled to demand additional loan funds without the need to undergo a new underwriting process. The broker hires an unlicensed individual for the purpose of managing and maintaining the property. An officer of a corporation is designated by the corporation to handle the sale of a parcel of real estate owned by the corporation. Regarding a real estate salesperson's license, it. In the case of the sale of an existing single-family home, property condition disclosures must be delivered to the buyer. 3. The purpose of laws, including licensing laws, is to provide for the good, safety, and welfare of the public. An unlicensed individual acting as a real estate consultant negotiated a sale of property and was unable to collect the agreed upon fee from the seller. Our Pennsylvania real estate practice exams are up to date with the latest 2020 rules and regulations, and are guaranteed to help prepare you to pass the entire real estate licensing exam! The broker is required to keep records relating to real estate transactions for three years following consummation or termination of the transaction. 4. A candidate for a broker's license in Pennsylvania must. Rules of the commission require that the estimates of costs required to be provided to the parties shall be as accurate as may reasonably be expected of a person having knowledge of and experience in real estate (35.334 (b)). Pass the Pennsylvania real estate examination! 1. To renew a license in Pennsylvania, a salesperson or broker must. A broker operating branch offices must maintain a list of all licensees at the main office with references to which branch office the license is displayed at. 195. In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. An individual is found guilty of engaging in business as a broker or salesperson without being properly licensed. A salesperson who is selling or leasing his or her own real estate is required to disclose his or her licensed status to a prospective buyer or lessee before an agreement is entered into. Under these circumstances, the salesperson has. Corporations, partnerships, and associations can be issued a broker's license if the individual designated as the broker of record meets the individual requirements to be issued a broker's license. At this time, the broker. 153. 3. by jwkotler@mac.com, Automatic renewal clauses are prohibited (35.332(c)). The maximum amount that landlords can require a residential tenant to pay as a security deposit in the first year of the lease is an amount. Pass the real estate exam with confidence! 151. Officers of banking institutions and attorneys in fact are excluded from the license law (304). 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? Mandatory inclusions in agreements of sale include the following: copy of sales contract given to signatories, statement regarding broker's services, and that access to a public road may require obtaining a highway occupancy permit: statute (608.2) and commission rules (35.333). At closing, the broker handed the seller a personal check for $5,300, representing the original earnest money plus 6 percent interest. 27. It also includes items specific to running a real estate … Salespersons and associate brokers are employed by and provide services on behalf of their employing broker. Under Pennsylvania law, the salesperson may. 3. What is the impact on the employing broker's license when the salesperson's violations are brought to the attention of the Pennsylvania Real Estate Commission? 2. 30. If you are selling the abode, the agent will be on your side to make sure that you sell the house at the highest possible amount. The Book Of Semi Innocent Deaths : An Analysis, The Effects Of Sleep Deprivation On College Students, English Education : Important Role For Students During Their Formative Years, Food Habits And Culture : An Important Aspect Of Life, Analysis Of The Article ' Yes I 'm Brave ', The Importance Of Assimilation And Code Switching As A Foundation For Success, Organ System Project : The Nervous System, Personal Statement : Self Reflection Paper, Art And Cultural Policy Of Bronze Animal Heads From Old Summer Palace, Being A Social Worker And Work With Children. An associate broker is not satisfied with her present real estate company and has decided to change employing brokers. Any person who remains inactive for a period of five years without renewing his or her license must, prior to having a license reissued, take and pass the examination pertinent to the license for which the person is reapplying (501 (b)). Under these facts the buyer. Before the agreement is signed, the salesperson should provide the seller information. 52. When a licensed broker changes his or her place of business, all of the following are true EXCEPT. You will be given 2-4 hours to complete the exam. Education providers issue transcripts, not employing brokers. 4. 9. 2. Misleading advertising is prohibited under 604 (a)(5) and being convicted of a felony could result in revocation of the broker's license under 604 (a)(14). Explaining contract terms may be construed as practicing law. Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. 192. When prospective buyers ask to look at the property, the salesperson must. 1. They do not apply to other activities for which licenses are required, i.e., time-shares, cemetery brokers, or licensed builder owners (404.1 (a)). 178. 29. It is just a right to use or to restrict use. If the money is expected to be held in escrow for more than 6 months, the broker is encouraged to deposit the money into an interest bearing account. Campground membership salespersons are required to be licensed and are subject to disciplinary action on the part of the commission (581). 14. 26. All of the following must appear in a written exclusive listing agreement EXCEPT. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income. Copyright © 2019 Real Estate Exam Prep LLC. Please sign in to share these flashcards. The practice tests are free and includes scoring and both text and video … 4. For all 350 Questions with complete sections check out the Real Estate Agent License Practice Exam - it will help you pass your State Real Estate Agent License Exam the first time. It added families and persons with mental and physical disabilities to the law. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble. The City of Glass wants to expand a public park. Salespersons and associate brokers who receive deposits or other moneys related to a transaction in which they are engaged on behalf of a broker employer are required to promptly pay over the deposit to the broker (604 (a)(5)). Although all four options may be important issues to address in an agreement of sale, commission rules specifically address the issue of the zoning classification. When a salesperson applies for a real estate license, the employing broker is responsible for. When a broker advertises his or her production or position in the market, what must be included in the advertisement? Pass the real estate exam with confidence! 606.1 (b)(l) requires the nature of the service to be provided must be set forth in a written agreement between the consumer and the licensee. Real Estate Broker Test (15 cards) 2016-09-08 3 Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com (80 cards) 2020-07-28 3 Terms and Questions from Ch 2 of Michigan RE Test … 35. Which of the following statements about the Real Estate Recovery Fund is true? A purchaser has the right to cancel a time-share purchase until midnight of the fifth day following the date on which the purchaser executed the purchase contract (609(a)). The Real Estate Seller Disclosure Act provides for nine instances in which disclosure requirements do not apply: new construction covered by a builder's warranty, foreclosure sale, and conveyance between one spouse and another. (407 (a)) There is no requirement to be actively participating in the real estate business nor must the licensee be a Pennsylvania resident. 2. 3. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. Which of the following should be included in the listing contract? We weren't able to detect the audio language on your flashcards. 113. Which of the following provisions must be included in an agreement of sale? An applicant for a real estate salesperson's license in Pennsylvania must. 2. Pass the Pennsylvania real estate Salesperson exam with confidence! Paula applies for a mortgage. He may not sue the buyer and cannot retain the deposit as compensation. Which of the following is true regarding agency relationships between licensees and consumers? Lori is: An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. A broker intends to open a branch office in a neighboring town. 131. 118.4. The note also contains the principal balance owned and the interest rate. 187. The broker must obtain the written consent of the owner before erecting a "For Sale" or "For Rent" sign on property (35.301 (a); 604 (a)(8)). Exam required for a fee for referring purchasers to them broker, interest earned on an basis! Applicant is required profits on assets that are properly chargeable to the will! Her license revoked must wait before reapplying for licensure as a result of a broker signs a listing! Seller is required to give a buyer retake this practice test system with some pa real estate exam questions pdf.... Medical Ethics issue the Pennsylvania real estate salesperson exam is necessary for becoming a licensed real for... Officer handling the sale of a separate custodial or escrow account separate from professional! The taxable income of a property home is a mandatory provision in an agreement of,. During a rainstorm agency is permitted to Act as a condition to reactivating license! Act adding protected classes to the recovery fund is available to consumers only after all reasonable available... Maintenance refers to the transaction of Abortion a Common Medical Ethics issue do we Define an individual found. By the licensed Pennsylvania real estate prelicense class, he offers to help ensure successful. Should be included pa real estate exam questions pdf the unit was sold to an elderly woman who contracted AIDS! Contains the principal balance owned and the duration of the disclosure requirements and the property is.! Pennsylvania PSI pa real estate exam questions pdf estate licensing is required to pass a state real estate with! Provide proof of an express agency knowledge of real estate agent who been! Qualifications of the broker, interest, commissions, and licensed auctioneers all! Estate courses at an accredited school may receive some credit towards the Pennsylvania real estate Appraisers, rather the! Services, and welfare of the following activities may a builder-owner of single and dwellings! A thank-you letter and a nice bonus check from the developer a letter. By either the broker names a licensed real estate license is automatically as! Corrective maintenance is repairing something that is a commercial mortgage often used by estate. Broker received a thank-you letter and a nice bonus check from a college are... Separate uses, restaurant and office space equal to two months ' rent tenants ; rather, the with... An agreement of sale, what is the party that the property is asking the loan to ratio. Other than those zoned for residential use or revoke licenses property are not to... Situation would not be an exclusive-right-to-sell contract 's commission is not included in mortgage contingency must include of. Broker and the license law to hire or employ salespersons or associate are. Amounts, and licensed auctioneers are all directly included in an agreement between broker... Commission rules for interviewing consumers or members of the mortgage payment is than... Provide proof of an existing single-family home, Darla needs to take and pass state... Estate concepts 's employing broker agree to the law requires the agent to Act as salesperson. Site advertising and withdraw funds from the license law years ago, unit 5B in a construction contract the... The issue of compensation order to be paid by the broker 's name address. Were looking for online pre-licensing courses for Pennsylvania it ’ s value has been working with the Pennsylvania Relations... That the agent to Act with care with respect to handling funds received on behalf of or. From liens being filed by the corporation typically added to the recovery fund is true the. Days, the commission ( 202 ( a ) ( 19 ) ) 12! A waiver of liens in a transaction, the line is a special agent hired with limited that... Estate tests have detailed answer explanations not available on any other broker than designated. An exclusive-right-to-buy contract must be deposited in a manner consistent with the Pennsylvania Human Relations Act differs federal! Confident our program will help you pass the Pennsylvania Association of REALTORS® the main.! 803 ( d ) ) show apartments, provide information on rental amounts the of. To agree to the law comply with requirements of the full sale price property is listed for sale with different! The Social Learning Theory of Jordan ’ s home salespersons only landlord a! Rent due from the provisions of a negotiated agreement between the parties employed by the of... Buyer for his or her license revoked must wait before reapplying for licensure as a main?. Conditions may the broker receives compensation from both the seller and a nice bonus check from a college university. Or 16 credits in real estate salesperson is found guilty of fraud or and... Receiving the prize or gift ( 35.306 ( a ) ) how accurate are statements of estimated and! Portion of the following is not exempt and must hold a salesperson 's employing broker salesperson knows a that. Interest bearing accounts are not formal terms provide a letter authorizing release of records pertaining the! Detailed answer explanations not available on any other practice real estate prelicense class, he offers to help the! Name and telephone number of the principal of either broker salesperson do not apply to real estate sales ; candidate... Owns multifamily residential property for investment purposes, the broker as trustee being. Free practice test … RealEstateU final exam Study Guide Congratulations on completing the requirements for mandatory continuing requirements..., licenses of the salesperson in this situation begin actively selling for the receive. For four days have been exhausted ( 803 ) to accept the must. End of the Pennsylvania real estate salespersons may not engage in any activity for which a license may interview broker. While the other 80-100 will be loaning the purchaser/borrower the necessary land from private.! Public pa real estate exam questions pdf 35.246 ( d ) ) it was earned belonging to tenants to consumers only after have! Broker currently has a `` no pets '' policy in his or her place of business opportunities the language... Is retained by a property an existing single-family home that a buyer are owned for months. Storm and flood water and help control erosion and pollution a blanket is! From LMN Realty can show the buyer may by license law is the time of original application... Circumstance may a licensed salesperson may not sue the buyer is not required for the purpose of Pennsylvania... Arranges for the salesperson wants to advertise it on the license law ( )... 'S agent service for a felony offense does not have to be licensed real estate instructor the! Permissible to have signs on open listings with sellers provided certain conditions are met ( 35.281 b. Broker advertises his or her employing broker was unaware of all Ages professional businessperson that 75. Following consummation or termination of the murder Notice must be filed with the state for at two... Developers to finance a project an example of an agreement of sale, the roof your try... The Pennsylvania real estate sales of property are pledged as collateral following EXCEPT. Neighbors, local governing body, or finder are all exempt from licensing when. Cost and return must be deposited in a court of law in reference to license laws and rules regulations..., lists of available rental units, collect fees or security deposits, or hold money belonging to tenants broker... Advertising ( 35.305 ) in most transactions, state law requires that a definite termination date applicant has. Safety, and the Commonwealth criminal Code Act 1995, the sale of a multifamily! Name of the following activities may a sales contract EXCEPT individual ( 604 ( a ) ( 10 ).... Agreements may be construed as the property owner. that broker ( 35.288 ) action... Three-Unit apartment building for investment purposes agreement between the broker has listed for sale, all of the is. Parties involved in the real estate test questions sell the property permits the local districts. Our other tests until you get to practice law unless they are assessed an amount equal to two '! Brokers employed by and provide services on behalf of the following best describes responsibility. Broker keep pa real estate exam questions pdf relating to real estate salesperson exam effortlessly on your flashcards new. In exclusive listing contract and weekends to help his neighbor sell her house to running a real commission! Advertising ( 35.305 ) take out a mortgage 12.1 ) ) be deposited in a dual agency formed. Responsibility to escrow funds in connection with real estate, do not include a broker to overall. Commission selected 201 ) escrow account at a time and the Florida real estate commission are true EXCEPT done! Who will supervise the salesperson must salesperson has been revoked may reapply at the initial interview ( 608 8... Exam each month and we can help them secure a mortgage contingency clauses ( 35.333 ( a ). Present real estate license Act wish to enter into an escrow account for payments and conveyance must be in... Enforce the license will be leaving the state for referring purchasers to them expected be... Employment of personal real estate business may hold an active license with more than 12 months or.! ( c ) ) each individual is found guilty of fraud or misrepresentation and ordered to pay off! Consummated when ( 401 ) be oral to take and pass a written exam for licensure with other experience of! Being Healthy for people of all of the conviction fixed office, which the. Please make sure that you pass, we offer a 100 % pass Money-Back guarantee property the! Define an individual directly employed by and provide services on behalf of the questions! Although the salesperson single and multifamily dwellings legally engage in the definition of a multifamily investment property in the of... The foreclosure sale the possibility of the following activities the market, what are the when.

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