PENNSYLVANIA REAL ESTATE FUNDAMENTALS FINAL EXAM
ACTUAL EXAM COMPLETE 300 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
the right to restrict people from blocking the view from your home is sometimes
called...? - ANSWER: Air rights
2nd National Bank has a mortgage on Victor's home. Victor doesn't pay his mortgage
and 2nd National Bank forecloses. The bank knows Victor has a valuable record
collection in his home and wants to keep it after the foreclosure. Victor files a
lawsuit. The mortgage says nothing about the record collection. The bank says it's
part of the house. Who wins? - ANSWER: Victor. The records are not fixtures.
Jim bought real property from Dale. Long before Dale owned the property, the Local
Power Company purchased an easement from an earlier owner to run power lines
underneath the land. The easement is recorded in the real estate records. Jim
decides that he doesn't like the power company using his property and files a lawsuit
to kick them off and remove the powerlines. Who wins? - ANSWER: The power
company, because their easement is a matter of record, and Jim bought the property
with the easement rights.
Glen wants to leave his real property to his son in his will. Can he do this? - ANSWER:
Yes, the right to devise and inherit are among the bundle of rights.
Which would be an acceptable exercise of the right of use? - ANSWER: Hosting a
casual dinner party with family members.
When a person owns land, what does that include? - ANSWER: Everything from the
surface to "heaven" and down to the center of the earth.
Otto is considering building a house on his raw land. What will the house do to the
value of the property? - ANSWER: Increasing the value
Brenda is buying a house. She loves the furniture and decorations in the house. How
should she write the contract? - ANSWER: All personal property stays with the
house.
Land is not a liquid asset because...? - ANSWER: It can easily be exchanged like
cash.Land is not a liquid asset because...?
What is the best way to make sure the buyer and seller know what is a fixture and
what is personal property? - ANSWER: The parties should be as detailed as possible
in their agreement.
,Roger owns a house in a subdivision with restrictive covenants. The covenants say
that all houses in the subdivision must be painted blue. Roger is a huge Atlanta
Falcons fan and paints his house red. The Homeowners Association sues Roger for
violating the covenants. Who will win? - ANSWER: The Association. Roger's deed and
right of ownership are subject to the covenants.
A television is likely to be considered what? - ANSWER: personal property
Biff is buying a house from Sloan. As they're deciding which items in the house stay
and which go, they come upon a heavy table. The table can be used in any large
room but has been in the house for 100 years. The contract says that all movable
property is to be removed and taken by the seller. Who gets the table? - ANSWER:
Sloan, because the table is adaptable to another setting.
Because land is unique, the value of land...? - ANSWER: increases
Which of the following improvements will most likely increase a home's value? -
ANSWER: Adding solar panels to the property
Adding a garage in the rear yard
Adding a bedroom to the house.
All of the answer choices provided are correct.
What is a trade fixture? - ANSWER: A fixture used in commercial property for
business or industry.
If a house is on the market without a sewer line, how well will it sell? - ANSWER: it
will likely not sell
When land is being sold, timber growing on the land is generally consider what? -
ANSWER: emblements
Which of these improvements by the city would increase property values? -
ANSWER: build good schools
Which of these is an emblement? - ANSWER: strawberries
What is added to land to change its category to real estate? - ANSWER: Man-made
structures like a house
Land is considered...? - ANSWER: indestructible
Bret buys a house next to a pig farm. The smell is terrible. Bret sues the pig farm for
damages and for the court to order them to leave. Who will win? - ANSWER: the pig
farm
Is land destructible? - ANSWER: yes it can be used up like oil
, Which of these is NOT part of the bundle of rights for a real property owner? -
ANSWER:
What is the maximum slope of a ramp under the ADA guidelines? - ANSWER: 1 inch
vertical rise for every 12 inches in length
According to the ADA, what is the minimum height requirement of handrails on
ramps? - ANSWER: 34 inches
Zoning ordinances, at their essence, were implemented to...? - ANSWER: Protect the
health and safety of the population
Mitchell has decided to sell a home in a covenanted community with HOA bylaws. A
potential buyer has a family member who is hearing impaired and is concerned
about traffic hazards. The buyer would like to learn if there are options to improve
community safety. Which governing body has jurisdiction over roadway signage,
traffic control devices, and speed limits? - ANSWER: Municipal Code Enforcement
HOA board members
All of the answer choices provided are correct
Department of Transportation Standards
What is the maximum allowed buildable square - ANSWER: 40,000 sq ft
Before advising a buyer-client to sign a contract to purchase a lot in a subdivision
under development, real estate agents should help them obtain a ............ which
discloses valuable information about the developer's obligations and construction
timelines. - ANSWER: comprehensive report
The ............. helped the insurance industry develop a survey for municipalities to
establish building guidelines in the early 20th century. - ANSWER: National Board of
Fire Underwriters (NBFU)
The Interstate Federal Land Sales Full Disclosure Act requires developers to provide
certain disclosures to...? - ANSWER:
Ken, a licensed real estate agent, is touring an established subdivision with a couple
interested in buying property in a gated community. After the couple find several
homes that have at least one large crack running from the floor to the ceiling, Ken
decides the builders must have used sub-quality processes and materials to lay the
foundation. He tells his clients they won't get approved for ............ financing unless
repairs are made before the appraisal, or they apply for a second loan to correct the
issues themselves. - ANSWER: FHA
Two building code standards that many states use to model their own policies after
are the 2015 International Code Council (ICC) code and the...? - ANSWER:
International Building Code
ACTUAL EXAM COMPLETE 300 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
the right to restrict people from blocking the view from your home is sometimes
called...? - ANSWER: Air rights
2nd National Bank has a mortgage on Victor's home. Victor doesn't pay his mortgage
and 2nd National Bank forecloses. The bank knows Victor has a valuable record
collection in his home and wants to keep it after the foreclosure. Victor files a
lawsuit. The mortgage says nothing about the record collection. The bank says it's
part of the house. Who wins? - ANSWER: Victor. The records are not fixtures.
Jim bought real property from Dale. Long before Dale owned the property, the Local
Power Company purchased an easement from an earlier owner to run power lines
underneath the land. The easement is recorded in the real estate records. Jim
decides that he doesn't like the power company using his property and files a lawsuit
to kick them off and remove the powerlines. Who wins? - ANSWER: The power
company, because their easement is a matter of record, and Jim bought the property
with the easement rights.
Glen wants to leave his real property to his son in his will. Can he do this? - ANSWER:
Yes, the right to devise and inherit are among the bundle of rights.
Which would be an acceptable exercise of the right of use? - ANSWER: Hosting a
casual dinner party with family members.
When a person owns land, what does that include? - ANSWER: Everything from the
surface to "heaven" and down to the center of the earth.
Otto is considering building a house on his raw land. What will the house do to the
value of the property? - ANSWER: Increasing the value
Brenda is buying a house. She loves the furniture and decorations in the house. How
should she write the contract? - ANSWER: All personal property stays with the
house.
Land is not a liquid asset because...? - ANSWER: It can easily be exchanged like
cash.Land is not a liquid asset because...?
What is the best way to make sure the buyer and seller know what is a fixture and
what is personal property? - ANSWER: The parties should be as detailed as possible
in their agreement.
,Roger owns a house in a subdivision with restrictive covenants. The covenants say
that all houses in the subdivision must be painted blue. Roger is a huge Atlanta
Falcons fan and paints his house red. The Homeowners Association sues Roger for
violating the covenants. Who will win? - ANSWER: The Association. Roger's deed and
right of ownership are subject to the covenants.
A television is likely to be considered what? - ANSWER: personal property
Biff is buying a house from Sloan. As they're deciding which items in the house stay
and which go, they come upon a heavy table. The table can be used in any large
room but has been in the house for 100 years. The contract says that all movable
property is to be removed and taken by the seller. Who gets the table? - ANSWER:
Sloan, because the table is adaptable to another setting.
Because land is unique, the value of land...? - ANSWER: increases
Which of the following improvements will most likely increase a home's value? -
ANSWER: Adding solar panels to the property
Adding a garage in the rear yard
Adding a bedroom to the house.
All of the answer choices provided are correct.
What is a trade fixture? - ANSWER: A fixture used in commercial property for
business or industry.
If a house is on the market without a sewer line, how well will it sell? - ANSWER: it
will likely not sell
When land is being sold, timber growing on the land is generally consider what? -
ANSWER: emblements
Which of these improvements by the city would increase property values? -
ANSWER: build good schools
Which of these is an emblement? - ANSWER: strawberries
What is added to land to change its category to real estate? - ANSWER: Man-made
structures like a house
Land is considered...? - ANSWER: indestructible
Bret buys a house next to a pig farm. The smell is terrible. Bret sues the pig farm for
damages and for the court to order them to leave. Who will win? - ANSWER: the pig
farm
Is land destructible? - ANSWER: yes it can be used up like oil
, Which of these is NOT part of the bundle of rights for a real property owner? -
ANSWER:
What is the maximum slope of a ramp under the ADA guidelines? - ANSWER: 1 inch
vertical rise for every 12 inches in length
According to the ADA, what is the minimum height requirement of handrails on
ramps? - ANSWER: 34 inches
Zoning ordinances, at their essence, were implemented to...? - ANSWER: Protect the
health and safety of the population
Mitchell has decided to sell a home in a covenanted community with HOA bylaws. A
potential buyer has a family member who is hearing impaired and is concerned
about traffic hazards. The buyer would like to learn if there are options to improve
community safety. Which governing body has jurisdiction over roadway signage,
traffic control devices, and speed limits? - ANSWER: Municipal Code Enforcement
HOA board members
All of the answer choices provided are correct
Department of Transportation Standards
What is the maximum allowed buildable square - ANSWER: 40,000 sq ft
Before advising a buyer-client to sign a contract to purchase a lot in a subdivision
under development, real estate agents should help them obtain a ............ which
discloses valuable information about the developer's obligations and construction
timelines. - ANSWER: comprehensive report
The ............. helped the insurance industry develop a survey for municipalities to
establish building guidelines in the early 20th century. - ANSWER: National Board of
Fire Underwriters (NBFU)
The Interstate Federal Land Sales Full Disclosure Act requires developers to provide
certain disclosures to...? - ANSWER:
Ken, a licensed real estate agent, is touring an established subdivision with a couple
interested in buying property in a gated community. After the couple find several
homes that have at least one large crack running from the floor to the ceiling, Ken
decides the builders must have used sub-quality processes and materials to lay the
foundation. He tells his clients they won't get approved for ............ financing unless
repairs are made before the appraisal, or they apply for a second loan to correct the
issues themselves. - ANSWER: FHA
Two building code standards that many states use to model their own policies after
are the 2015 International Code Council (ICC) code and the...? - ANSWER:
International Building Code
