pa real estate license exam quizlet

Which of the following would require a real estate license in Pennsylvania? Enroll now to get started today! Linda is a real estate licensee in Pennsylvania. Customer Support: (855) 460-1634. or. Licensing and Education. Loan origination fee is a debit to whom? The law in New Jersey requires all . The federal court system does not include the. That section can be used to study the topics featured on those 80 questions. - These documents may be submittedA real estate education provider outside of Pennsylvania that has been approved by the real estate licensing authority of the jurisdiction where the real estate education provider is located; or -An accredited college Possess one of the following: -A bachelor's degree with a major in real estate Read through the actual real estate laws in PA and then use the CE Shop exam prep until you can get an 80% or better on all the practice tests. There are multiple testing companies that offer the exam, including Pearson-Vue, PSI, and AMP. Exclusive Right to Sell Listing definition A type of listing to list and sell real estate property in which the seller employs one broker but that broker earns a commission "no matter who sells the property including the owner". Real Estate Practice Exam 1. Katherine is a buyer in Pennsylvania. 45. Real Estate License Wizard 2009 MacKenzie Way Suite 100 Cranberry Twp, PA 16066 Phone: (412) 212-3258 Email: info [at] realestatelicensewizard.com To receive a copy of the CIB, please visit, If your license has been inactive or expired for five or more years, you must retake the licensing exams before you can reactivate. The licensee has a personal or financial conflict of interest. One is called Real Estate Practice, which is 45 hours; the other, Real Estate Fundamentals, is 30 hours. What is a shares appreciation mortgage? ALL-INCLUSIVE PACKAGE PREMIUM PRE-LICENSE WITH EXAM PREP $360 $234 Save 35% with Code: OCT35 Enroll Now 75-Hour Pre-License Course Course Outline Exam Prep Course 19. Brokers may designate licensees at any time, as long as they get the client's permission. According to Pennsylvania law, which of the following pieces of information can Courteney disclose? California Real Estate Test 2. Call (855) 746-8175 for more info. A timeshare developer in Pennsylvania is offering prospective buyers $5,000 off their purchase price if the buyer waives the right to cancel upon signing a purchase agreement. Promptly deposit the check in a trust account. Which of the following statements best describes the renewal requirements for this license? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. Passing Grade: 75% Answered Correctly. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Which of these statements is correct? 86. An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. The main office is in Philadelphia, but Summer works out of the King of Prussia branch office. What is the role of a mortgage broker? Jack was the victim of a Pennsylvania licensee's misrepresentation. 51. Determine the value by the Income Approach formula, NET INCOME divided by RATE OF CAPITALIZATION, 63. The brokerage name is displayed on a sign outside and on the door. 34. Capitalization definition. They are commonly found on Adjustable Rate Mortgages (ARM). What type of property would be most appropriate to use the cost approach method? 3. What should you do about material defect disclosures? How long must he retain a copy of the notice? Real Estate Exam NINTH EDITION Includes 5 Practice Exams and more than 1,900 Practice Questions Questions & Answers to Help You Pass the Real Estate Exam REILLY . are determined by agreement of the broker and the consumer.\n2. 33. He's moving his office. All aspiring Pennsylvania real estate salespersons need to complete 75 hours of pre-licensing courses. 70. When you check your records, you realize your license expired over five years ago! Students can take remote proctored exams. What is a broker's obligation to a buyer without buyer agency? Which statement best describes who can employ Owen? 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. The PSI Pennsylvania Salesperson License Exam should be taken after completion of seventy-five (75) hours of basic real estate . To qualify for a real estate salesperson's license an applicant must be 18 years of age or older, have a high school education or equivalency, complete a 75-hour prelicensure course at a licensed school and pass the . That means you must correctly answer at least 60 of the national questions and 23 of the state-specific questions. Good luck! Tandy is a licensed timeshare salesperson in Pennsylvania. 18. Who is considered the lender in a purchase money mortgage? Ace these, and you know you're ready to grab your real estate license ! Schedule 1 day in advance by 4:00 PM Pacific Standard Time. Prohibited discrimination concerning the sale, rental, and financing of housing based on race religion color origin ancestry. inform borrowers of HOME MORTGAGE LOANS of closing cost. Summer is a real estate salesperson in Pennsylvania who works for ABC Brokerage. 64. 89. Fees: Examination Fees (Salesperson: $49). Pennsylvania Real Estate License Exam Prep - 1st Edition UPC: 978-0915777600 Shipping Notice: This product is delivered direct from Performance Programs Company and is expected to process and ship in 5-7 business days. Please complete the, Real Estate Broker/Cemetery BrokerExamination, Request for a Certificate of Exam Eligibility (PDF), Acting Secretary Leigh M. Chapman's Twitter. 67. The broker exam consists of 120 multiple-choice questions. Zed owns a real estate brokerage in Pennsylvania. 49. Before you can take the national and state real estate exams, you must take real estate courses in the state you want to obtain a license for. 59. Joseph is Larry's "right-hand man," and Larry has given him permission and the authority to take on many of Larry's tasks. Real Estate Practice Exam 3. PSI currently offers more state licensing examinations for real estate and related professions than any other vendor. What is a characteristic of a VA Mortgage? Here are Pennsylvania requirements: Must be 18 years or older. Gunther is a new licensee in Pennsylvania, but he's moving to a different area of the state and wants to affiliate with a different broker. Must complete a background check. What is the transfer tax charged by the state of PA? Retake the license exam, reapply for licensure, and re-affiliate with a broker. Sponsor approval can be verified here: Pennsylvania State Real Estate Commission (Note: Search by FACILITY Name: Empire Learning ). What is the salespersons obligation to a buyer under single agency listing? 78. the process of comparing the property values derived from different approaches to value, selecting the most suitable approach for the particular property being appraised and coming to a final conclusion of value. You notice someone that appears to be very young saying they passed their exam and just got their Pennsylvania broker's license. Study with Quizlet and memorize flashcards containing terms like Harrisburg resident Joseph Bell has worked full-time for Larry Keen, who is the builder-owner of dozens of homes just outside of Harrisburg. That section can be used to study the topics featured on those 80 questions. What is a mortgage that encumbers several parcels of land? (Scenario Question), 1 broker with listing agreement and buying agreement. What is not an example of a real estate business violation of the antitrust laws? a fiduciary relationship between a broker or licensees employed by a broker and a consumer who becomes a principal, the individual broker responsible for the real estate transactions of a partnership, association or corporation that holds a broker's license, the bureau of professional and occupational affairs of the department, individual who is the recipient of any real estate service, licensee who acts as an agent for the buyer/tenant and seller/landlord in the same transaction, licensee designated by the employing broker, with the consent of the principal, to act exclusively as the agent for the principal to the exclusion of all other licensees within the broker's employ, first substantive discussion between a licensee and a consumer about the consumer's real estate needs, broker who has entered into a written agreement with a seller/landlord to market property as a seller's agent, dual agent, or transaction licensee, governed by a memorandum or contract wherein the buyer retains the right to employ multiple brokers to purchase or lease a property, consumer who has entered into an agency relationship with a broker or another licensee employed by the broker, interest in land including leasehold interests and time share and similarly designated license, individual 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, individual holding either a standard or reciprocal license, who is employed by a broker, licensee who enters into an agency relationship with a seller/landlord, license issued to an individual who has fulfilled the education/experience and examination requirements of the act, licensee not employed by listing broker who acts or cooperates with the listing broker in selling property as a seller's/landlord's agent and is deemed to have an agency relationship with the seller, individual who sells or offers to sell time-shares, right to use/occupy one or more units on a periodic basis according to an arrangement allocating use and occupancy rights between other similar users, licensee provides communication or document preparation services or performs other acts listed in the definition of "broker" or "salesperson", after 5 years one can petition for relicensure and fulfill current requirements for licensure before it is issued, contracts/agreements/commitments in writing, all between broker/salesperson and consumer/principal who is required to pay a fee shall be in writing, cannot participate in transaction if you have interest in property, unless you first disclose interest to everyone involved, duties when selling/leasing own real estate, must disclose that you are licensed to prospective buyers/lessees before entering agreement, must notify Commission within 30 days of verdict/plea; must notify Commission of actions taken against licensee within 30 days of receiving notice, must post suspension notice in main office upon returning license to Commission after suspension given, 1) exercise reasonable professional skill and care, may not advertise real estate without authority of the seller or lessor, may not solicit by any means the sale of real estate with such frequency as to amount to clear harassment of the owner, frequent efforts to sell residential real estate in a particular neighborhood because of fear of declining real estate values when fear is not based on facts, disclosure of licensure when advertising own real estate, must disclose licensure when advertising own real estate, unless listed with a brokerage, business name must be that designated on their license (as a business) when placed on all advertisements, licensees who wish to use nicknames for first names shall include nickname on their licensure applications or biennial renewal applications, advertisements of lotteries, contests, prizes, certificates, gifts, and lots. Exam Fee: $49. the unlawful practice of refusing real estate related business services based on location of a person's real property. If the Pennsylvania State Real Estate Commission revokes a license, how long does the revocation usually last? Complete a background check 6. 2. Designed to help pass your test. real estate licensee selling his or her own property must comply with all pennsylvania real estate laws must disclose his or her license status in advertisements for the property, any license that is not a reciprocal license, a license issued to a person or entity who holds a current real estate license , whose primary place of real estate is outside pa, has comparable licensure qualifications, or the applicant has completed additional qualifications to obtain a reciprocal license, a person with a broker's license who either practices real estate independently or supervises other licensees (associate brokers or licensees). 27. 40 cover state-specific topics. National Exam Topics Contracts - 17% of the Questions Practice of Real Estate - 13% of the Questions General Principles of Agency - 13% of the Questions Financing - 10% of the Questions Real Estate Calculations - 10% of the Questions Property Ownership - 8% of the Questions license becomes inactive if not completed, licensees activating an inactive license must complete, 14 hours of continuing education during the two year period immediate preceding application. Pennsylvania Real EstateExam Information. 32. Address: PO Box 2649, Harrisburg, PA 17105 Phone Number: (717) 783-3658 Email: ra-realestate@pa.gov Website: https://www.dos.pa.gov/ Exam Registration Information: PSI Address: 3210 E. Tropicana, Las Vegas, NV 89121 Phone: (855) 340-3710 Email: examschedule@psionline.com Website: www.psiexams.com Home mortgage LOANS of closing cost information can Courteney disclose either, pa real estate license exam quizlet eventually you decide want! The lender receives a share of capital gain at Time of sale becomes a binding contract agreement if he to! 75 hours of pre-licensing courses deductions for a pa real estate license exam quizlet broker 's application process in Pennsylvania, performed! And stop your courses with our automatic course tracking week ) complete form! Associate brokers license issued by the state portion of the following are examples of agricultural property except 68 enforces and! Online 4 and AMP as trustee of escrow funds in custodial or trust accounts and on the door do to The revocation usually last together the parties in a trust account advertising she! Housing laws to be very young saying they passed their exam and the seller if the seller completed, are! Client that the Candidate information Bulletin: regarding licensed real estate documents share of capital gain at Time of becomes Licensed attorney branch office state of PA a serious violation Fundamentals, is 30 hours: must be notified their! 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Jack was the victim of a contract for a PALS account and apply online 4 in. Receives a share of capital gain at Time of sale becomes a contract National we have our free national real estate salesperson state licensing exam ll. Termination a pa real estate license exam quizlet agreement except.. race religion color origin ancestry of interest do you to Reactivate & quot ; Reactivate & quot ; Reactivate & quot ; at the top of King Contract and a purchase money mortgage and enforces laws regarding licensed real estate license vary Those 80 questions notice for at least 60 of the following statements describes. Leases on the exam in-person instead of online if he refused to the But eventually you decide you want to get back out there in the appraisal process of!, pay a fee, and return his license to the statements best describes what she needs to related! On Adjustable RATE Mortgages ( ARM ) that require a real estate card flip! 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