Modern Real Estate Practice in Pennsylvania (units 1-2) Exam Questions and Answers

Which phrase BEST defines real estate? - Answer-Land and all things permanently affixed to it. The term non-homogeneity refers to: - Answer-uniqueness The bundle of rights is included in the definition of: - Answer-real property The bundle of legal rights includes all of the following rights EXCEPT: - Answer-use the property for any purpose, legal or otherwise Which of the following would NOT be a consideration when determining whether an item is real property? - Answer-Cost of the item when purchased Which of the following is a physical characteristic of real estate? - Answer-Indestructability Which of the following is NOT an economic characteristic of real estate? - Answer-Indestructability Real property can be converted into personal property through: - Answer-Severance The tenant of a single family home install an awning over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is true? - Answer-The awning is considered a fixture. Which entity is generally responsible for creating the requirements for a real estate license? - Answer-Individual State Law The buyers have asked their real estate agent to help them determine the correct way to take title to their new home. In this situation the real estate agent should: - Answer-Suggest the that the buyers consult with an attorney. What is the purpose of real estate license laws? - Answer-To protect the public from fraud, dishonesty and incompetence Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the: - Answer-Coal Notice