For years (since the 90s) we have been providing unique, cutting edge real estate exam preparation. The traditional rule (in the "Statute of Frauds") states that a listing agreement cannot be enforced in court unless it is in writing and signed by the party to be charged. Usually written into a mortgage to allow the lender to acceler…, The value of the real property established for tax purposes. Fairness and honesty are always a part of a property manager's responsibilities as a party of the duty of agency. 3. lender wants to sell the mortgage to the secondary market. The owner agrees not to sell the property to anyone else during the period of time specified in the option. 4. b. how it is described in a sale or lease contract. Here, the parcel that benefits from the easement is Parcel North because the easement allows the owner to cross over the westerly 8 feet of Parcel South to get access to the road. However, the Fifth Amendment to the U.S. Constitution does state that government entities exercising this power must pay the private property owners just or fair compensation. However, if only the life tenant life signs the loan documents, then the debt will die with her. The lot on the…, A distinguishing characteristic of owning property by land tru…, How does a creditor who has obtained a judgment get satisfacti…, Lillian is the grantee and Julia is the grantor. If you would have given permission to the neighbors to use your driveway, you would have effectively licensed the neighbors, not the property. 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. Plus, it contains a real estate math review and glossary for complete exam … We help thousands of people pass their exam each month and we can help you too. If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount. Also, when demand increases because of local changes, such as a new business coming to the area; or an influx of new residents, values will increase. The practice tests are free and includes scoring and both text and video … Generally the funds must be used only for their intended purpose; and an accounting of all expenditures must be provided to the principal. The owner can be, for example, an individual, a corporation, a governmental entity, a trust, or a partnership. To be valid, every deed must... 1. contai…, 3. It is the government taking private property for public good. jesstaylor666. Most states have very strict rules governing the handling of trust funds. The tenant is the lessee; or the person receiving the lease rights. Note: Prospective tenants could also enter into an option with owners regarding prospective leasehold property. A deed is delivered when there is intent to convey the property. In order to protect the lender's security interest in the event of the aunt's death, both the life tenant and the remainderman will need to sign the loan documents. The same would be true if the property were being sold: Both the life tenant and the remainderman would need to sign the deed in order to ensure that the buyer's ownership interest in the property would continue after the life tenant dies. With regard to federal lead-based paint disclosure rules, "target housing" includes residential dwellings built before January 1, 1978. FHA mortgage default insurance protects lenders in the event of borrower default. General liens are secured by the collective assets of the debtor. Discrimination on the basis of race in the purchase or leasing of real estate is always illegal--even when the goal is racial diversity. Copyright © 2009-2021 Tests.com LLC - All Rights Reserved. Since owners take title to their property subject to zoning laws, enforcement of the zoning laws is constitutional. Here, the legal description states that the purchased property is a quarter of a quarter of a section, thus, 40 acres. Deeds become valid upon delivery, acceptance and notification to the deliverer of the acceptance. It need not be discussed verbally or included in writing in the lease. Pennsylvania Real Estate License Exam Questions And Details Skip to main content The three parties to this legal instrument are the lender (beneficiary), the borrower (trustor) and the trustee (the third party to whom the borrower conveys bare legal title for the lifetime of the loan). Exams appointments are available on a first come, first served basis. ... To pass you must correctly answer at least 60 of the national questions and 23 of the state-specific questions. Finally, land is considered scarce because entire new parcels of real estate cannot be manufactured. If construction started on January 1, 1978, then the dwelling is not target housing, and the lead-based paint disclosure requirements do not apply. This power is called eminent domain. This page of example questions does not include the grading function as do the math exams… The sample was written by Karen Bohler and Tabitha May Hasin, who are both real estate instructors. 86.5% of CompuCram users pass their licensing exam the first time! A lienholder of a general lien is within its rights to foreclose on any of the assets of the debtor; whereas a lienholder of a specific lien may only foreclose on the specific collateral named in the lien. 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. Of course, if the purchase contract specifically includes a certain item with the sale of the property, that item must be regarded as a fixture, whether it meets the legal definition of fixture or not. All of our 1,000 Pennsylvania real estate practice exam questions are similar to the ones you will find on the actual Pennsylvania real estate exam, and are written by a Licensed Real Estate … Real Estate Exam Practice Sample Math Test: Sample math questions related to real estate that can be found within the paid subscriber area. Equity is not directly affected by the purchase price for the property; nor is it directly affected by the amount of down payment put forth at the time of the purchase. Learn exam pa real estate practice with free interactive flashcards. An option is a contractual agreement between an owner (the "optionor") and a prospective buyer (the "optionee"). Most students are able to schedule exams about one week in advance. Ownership in severalty occurs when there is only one owner of a parcel of real estate. Don't rely on the outdated material on other real estate practice exam sites. A quarter of a quarter section has 40 acres (160 ÷ 4 = 40). Please … A CMA is not an appraisal - and should n…, protect the lender due to the low down payments made by FHA bo…, Place the beneficiary in a precarious position should the borr…, A foreclosure by one of the joint tenants. Land is characterized as immovable because an entire parcel of real estate cannot be moved to another site. Please choose another answer. When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property. Investment in vacant land is a low-risk investment because vacant land does not tend to depreciate as much or as fast as improved land; and the cost to purchase vacant land is usually lower than the cost to purchase improved land. While both types of liens require collateral, general liens are actually secured by more collateral than specific liens. During this option term, if the prospective buyer decides to exercise the option, the seller will sell the property to the prospective buyer at a price both parties have agreed to in the option agreement. One square mile contains 640 acres. Real estate can be defined as... a. lan…. 0% Complete Free Practice Test … Are You Preparing To Take and Pass the Real Estate Exam? In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; this includes about 60-80 state-specific questions, and about 80-100 questions … Test-Taking Tip: Race is the only protected class in the Civil Rights Act of 1866. You get to practice test … However, in most cases, the listing agents in an open listing are not apt to market the property as aggressively if there is a possibility that another firm could find the buyer. Here, the owner is promising not to sell the property to anyone else until the prospective buyer decides either to buy (i.e., perform) or not buy. In an exclusive agency listing agreement, if a buyer is found, the licensee will earn a commission, unless the seller finds the buyer. There are the three mathematical relationships related to the Gross Rent Multiplier you should know for your exam: Investing in real estate is the act of giving up money that could be spent elsewhere in exchange for the potential for profit in the future. When you use our Pennsylvania real estate … However, the property manager has no obligation to the principal to stay informed on market value of the building. For many jurisdictions across the United States, this promise of a habitable living environment is implied by law in residential leases. The Real Estate Broker Practice Exam is also available. In order to maintain a Gross Rent Multiplier of 200, Jordan's offer for this additional property should be $500,000. Of the 100-150 questions, 60-80 will be state-specific questions, while the other 80-100 will be general real estate concepts. (The word "license" is not typically used as an adjective for the word property.). Blockbusting, for the most part, is no longer a common practice, although it may happen indirectly through inappropriate conversations and statements by real estate licensees. An open listing gives any real estate licensee who has a listing agreement with the seller the right to a commission if he finds the buyer for the home. The owner of a parcel of real estate burdened with a servient tenement cannot unilaterally terminate an easement appurtenant. Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions … If construction started on December 31, 1977, then the residential dwelling is target housing, and lead-based paint warnings must be given to prospective buyers and tenants. If the money is not used for its intended purpose, it must be returned to the principal. 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). There are many ways to study for the real estate exam. Specify questionable items of property in the written sales…. The PSI Pennsylvania Salesperson License Exam should be taken after completion of seventy-five (75) hours of basic real estate courses and our optional PSI Exam … The likelihood of a profit is called the risk. Real Estate Exam Info Looking for online pre-licensing courses for Pennsylvania? Finally, the exclusive agency listing agreement is a bilateral contract. We have powerful test … The practice exam questions and answers were created by industry experts and are constantly updated to Pennsylvania’s licensing requirements. A final HUD -1 statement must be given to buyers one day prior to the signing of the documents. PA real estate exam. The test question states that the listing agreement was formalized in writing. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. Julia is the…, The transfer of land from father to son, upon the father's dea…, Police Power, Eminent Domain, Taxation, Escheat, Abandonment (dying with no will and no heirs with the property…, Loan amount divided by sale price or appraised value (whicheve…. YOU MIGHT ALSO LIKE... 11. The method of legal acceptance of a deed varies by state. Also, the licensee has a limited, clearly-defined period of time in which to find a buyer. 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