Real Estate Practice Exam 2 Aceable Agent Questions
and Answers
Which of these is a red flag for predatory lending? - ANSWER There are
unexpected, undisclosed lender fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law,
which of the following is TRUE of Percy? - ANSWER Because of his vicarious
liability Percy may be held liable for the agents actions.
The government seizes Farsch's property to expand a highway. What is this an
example of? - ANSWER Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? -
ANSWER Both are concerned with making sure legal claims are made within a
reasonable time frame.
What is the maximum amount the Pennsylvania recovery fund will pay for a single
transaction? - ANSWER $20,000
What is a lien that applies to a certain property only? - ANSWER Specific Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does
that equal? - ANSWER $63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use
of this water? - ANSWER Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate
transaction EXCEPT: - ANSWER Familial status of the previous occupants
What is panic peddling? - ANSWER The illegal practice of causing owners to sell
their homes by creating fear that members of a protected class are moving into the
area.
College Town, USA has a uniform percentage of 50%. A property in College Town
has a market value of $150,000. What is the assessed value of the property? -
ANSWER $75,000
The interest in an estate wherein, upon the death of the life estate owner, full
ownership reverts back to the original owner (grantor) is known as: - ANSWER
Revisionary interest
During the option period, Kat, the buyer, decides that she wants to change the
closing date so that the seller has enough time to make repairs. She should request:
- ANSWER An amendment to the contract
, A listing agreement and buyer representation agreement are the best tools for
creating: - ANSWER Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a
building is: - ANSWER Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - ANSWER The title
company or an attorney
The harsh winter months are coming up, so property manager Katie arranges for an
inspection of the pipes and the roof for potential leaks. This is an example of: -
ANSWER Preventative Maintenance
What, if known, could cause a buyer or seller of real estate to take a different course
of action or make a different decision regarding the property purchase? - ANSWER
Material facts
Emily signed a document that created the debt she was assuming on a home loan
and spelled out the terms of the loan. It was one of two documents that make up a
mortgage loan agreement. What document did she sign? - ANSWER Promissory
note
What is a group of investors that get together and combine resources to make
investments they wouldn't be able to make on their own? - ANSWER Syndicate
What kinds of loans are eligible for a three-day right of rescission under Regulation
Z? - ANSWER Loans where already owned homes are used as collateral
Emory is a Pennsylvania broker. He knows he must maintain trust account records
for 3 years if a transaction is consummated, but how long must he maintain records if
the transaction is NOT consummated? - ANSWER 6 months
According to the "I" in MARIA (intent), something that was intended to be permanent,
like a built-in bookcase: - ANSWER Is probably a fixture
Eli, a broker in Pennsylvania, is nearing the end of a transaction. What does he need
to give his client before the parties sign the contract? - ANSWER Estimated closing
costs
Which of these describes a situation where a subordination agreement would be
used? - ANSWER A homeowner with a home equity loan wants to refinance their
primary loan but the lender wants priority over the home equity loan
What is NOT a requirement for an independent contractor? - ANSWER An
independent contractor has less freedom than an employee would terms of how they
accomplish their work
Valeria has not been very lucky lately. In the past month, she's discovered that her
home:
and Answers
Which of these is a red flag for predatory lending? - ANSWER There are
unexpected, undisclosed lender fees that appear at closing.
Percy is a broker who oversees three agents. If one of the agents violates the law,
which of the following is TRUE of Percy? - ANSWER Because of his vicarious
liability Percy may be held liable for the agents actions.
The government seizes Farsch's property to expand a highway. What is this an
example of? - ANSWER Eminent domain and involuntary alienation
What do the statute of limitations and the doctrine of laches have in common? -
ANSWER Both are concerned with making sure legal claims are made within a
reasonable time frame.
What is the maximum amount the Pennsylvania recovery fund will pay for a single
transaction? - ANSWER $20,000
What is a lien that applies to a certain property only? - ANSWER Specific Lien
Cameron lives exactly 12 miles away from his friend Jeremy. How many feet does
that equal? - ANSWER $63,360
A 10-foot river runs along the border of Royce's property. What rights govern his use
of this water? - ANSWER Riparian Rights
All of the following are examples of material facts requiring disclosure in a real estate
transaction EXCEPT: - ANSWER Familial status of the previous occupants
What is panic peddling? - ANSWER The illegal practice of causing owners to sell
their homes by creating fear that members of a protected class are moving into the
area.
College Town, USA has a uniform percentage of 50%. A property in College Town
has a market value of $150,000. What is the assessed value of the property? -
ANSWER $75,000
The interest in an estate wherein, upon the death of the life estate owner, full
ownership reverts back to the original owner (grantor) is known as: - ANSWER
Revisionary interest
During the option period, Kat, the buyer, decides that she wants to change the
closing date so that the seller has enough time to make repairs. She should request:
- ANSWER An amendment to the contract
, A listing agreement and buyer representation agreement are the best tools for
creating: - ANSWER Express agency
A certificate of occupancy is issued by a governmental authority to indicate that a
building is: - ANSWER Ready and fit for inhabitants
In Pennsylvania, who does a closing agent typically represent? - ANSWER The title
company or an attorney
The harsh winter months are coming up, so property manager Katie arranges for an
inspection of the pipes and the roof for potential leaks. This is an example of: -
ANSWER Preventative Maintenance
What, if known, could cause a buyer or seller of real estate to take a different course
of action or make a different decision regarding the property purchase? - ANSWER
Material facts
Emily signed a document that created the debt she was assuming on a home loan
and spelled out the terms of the loan. It was one of two documents that make up a
mortgage loan agreement. What document did she sign? - ANSWER Promissory
note
What is a group of investors that get together and combine resources to make
investments they wouldn't be able to make on their own? - ANSWER Syndicate
What kinds of loans are eligible for a three-day right of rescission under Regulation
Z? - ANSWER Loans where already owned homes are used as collateral
Emory is a Pennsylvania broker. He knows he must maintain trust account records
for 3 years if a transaction is consummated, but how long must he maintain records if
the transaction is NOT consummated? - ANSWER 6 months
According to the "I" in MARIA (intent), something that was intended to be permanent,
like a built-in bookcase: - ANSWER Is probably a fixture
Eli, a broker in Pennsylvania, is nearing the end of a transaction. What does he need
to give his client before the parties sign the contract? - ANSWER Estimated closing
costs
Which of these describes a situation where a subordination agreement would be
used? - ANSWER A homeowner with a home equity loan wants to refinance their
primary loan but the lender wants priority over the home equity loan
What is NOT a requirement for an independent contractor? - ANSWER An
independent contractor has less freedom than an employee would terms of how they
accomplish their work
Valeria has not been very lucky lately. In the past month, she's discovered that her
home:
