PA Real Estate Salesperson State
Portion Exam Prep -Solved 100%
AGENCY RELATIONSHIP - ANSWER-A relationship whereby the broker or licensees
in the employ of the broker act as fiduciaries for a consumer of real estate services by
the express authority of the consumer of real estate services.
ASSOCIATE BROKER - ANSWER-A broker employed by another broker.
BROKER - ANSWER-Any person who, for another and for a fee, commission or other
valuable consideration:
(1) negotiates with or aids any person in locating or obtaining for purchase, lease or an
acquisition of interest in any real estate;
(2) negotiates the listing, sale, purchase, exchange, lease, time share and similarly
designated interests, financing or option for any real estate;
(3) manages any real estate;
(4) represents himself to be a real estate consultant, counselor, agent or finder;
(5) undertakes to promote the sale, exchange, purchase or rental of real estate:
Provided, however, That this provision shall not include any person whose main
business is that of advertising, promotion or public relations;
(5.1) undertakes to perform a comparative market analysis; or
(6) attempts to perform any of the above acts.
BUILDER-OWNER SALESPERSON - ANSWER-Any person who is a full-time
employee of a builder-owner of single and multifamily dwellings located within the
Commonwealth and as such employee shall be authorized and empowered to list for
sale, sell or offer for sale, or to negotiate the sale or exchange of real estate, or to lease
or rent, or offer to lease, rent or place for rent, any real estate owned by his builder-
owner employer, or collect or offer, or attempt to collect, rent for the use of real estate
owned by his builder-owner employer, for and on behalf of such builder-owner
employer.
BUYER AGENT - ANSWER-Any licensee who has entered into an agency relationship
with a consumer buyer of real estate.
CAMPGROUND MEMBERSHIP - ANSWER-An interest, other than in fee simple or by
lease, which gives the purchaser the right to use a unit of real property for the purpose
, of locating a recreational vehicle, trailer, tent, tent trailer, pickup camper or other similar
device on a periodic basis pursuant to a membership contract allocating use and
occupancy rights between other similar users.
CAMPGROUND MEMBERSHIP SALESPERSON - ANSWER-A person who either as
an employee or an independent contractor sells or offers to sell campground
memberships. Such person shall sell campground memberships under the active
supervision of a broker. A person licensed as a broker, as a salesperson or as a time-
share salesperson shall not be required to be licensed as a campground membership
salesperson as a condition for selling or offering to sell campground memberships.
CEMETERY - ANSWER-A place for the disposal or burial of deceased human beings,
by cremation or in a grave, mausoleum, vault, columbarium or other receptacle, but the
term does not include a private family cemetery.
CEMETERY BROKER - ANSWER-Any person engaging in or carrying on the business
or acting in the capacity of a broker within this Commonwealth exclusively within the
limited field or branch of business which applies to cemetery lots, plots and mausoleum
spaces or openings.
CEMETERY COMPANY - ANSWER-Any person who offers or sells to the public the
ownership, or the right to use, any cemetery lot.
CEMETERY SALESPERSON - ANSWER-Any person employed by a broker or
cemetery broker to perform duties as defined herein under "cemetery broker."
COMMERCIAL PROPERTY - ANSWER-(1) Any property, or portion thereof, which is
used, occupied or is intended, arranged or designed to be used or occupied for the
purpose of operating a business, an office, a manufacturing facility or any public
accommodation. This paragraph does not include property which consists of less then
five residential dwelling units.
(2) Any vacant land offered for sale or lease, or held, for the purpose of constructing or
locating thereon a building, structure or facility, or portion thereof, which is intended,
arranged or designed to be used or occupied for the purpose of operating a business,
an office, a manufacturing facility or any public accommodation. This paragraph does
not include vacant land suitable only for construction or location of less than five
residential dwelling units.
COMPARATIVE MARKET ANALYSIS - ANSWER-A written analysis, opinion or
conclusion by a contracted buyer's agent, transactional licensee, or an actual or
potential seller's agent relating to the probable sale price of a specified piece of real
estate in an identified real estate market at a specified time, offered either for the
purpose of determining the asking/offering price for the property by a specific actual or
potential consumer or for the purpose of securing a listing agreement with a seller.
Portion Exam Prep -Solved 100%
AGENCY RELATIONSHIP - ANSWER-A relationship whereby the broker or licensees
in the employ of the broker act as fiduciaries for a consumer of real estate services by
the express authority of the consumer of real estate services.
ASSOCIATE BROKER - ANSWER-A broker employed by another broker.
BROKER - ANSWER-Any person who, for another and for a fee, commission or other
valuable consideration:
(1) negotiates with or aids any person in locating or obtaining for purchase, lease or an
acquisition of interest in any real estate;
(2) negotiates the listing, sale, purchase, exchange, lease, time share and similarly
designated interests, financing or option for any real estate;
(3) manages any real estate;
(4) represents himself to be a real estate consultant, counselor, agent or finder;
(5) undertakes to promote the sale, exchange, purchase or rental of real estate:
Provided, however, That this provision shall not include any person whose main
business is that of advertising, promotion or public relations;
(5.1) undertakes to perform a comparative market analysis; or
(6) attempts to perform any of the above acts.
BUILDER-OWNER SALESPERSON - ANSWER-Any person who is a full-time
employee of a builder-owner of single and multifamily dwellings located within the
Commonwealth and as such employee shall be authorized and empowered to list for
sale, sell or offer for sale, or to negotiate the sale or exchange of real estate, or to lease
or rent, or offer to lease, rent or place for rent, any real estate owned by his builder-
owner employer, or collect or offer, or attempt to collect, rent for the use of real estate
owned by his builder-owner employer, for and on behalf of such builder-owner
employer.
BUYER AGENT - ANSWER-Any licensee who has entered into an agency relationship
with a consumer buyer of real estate.
CAMPGROUND MEMBERSHIP - ANSWER-An interest, other than in fee simple or by
lease, which gives the purchaser the right to use a unit of real property for the purpose
, of locating a recreational vehicle, trailer, tent, tent trailer, pickup camper or other similar
device on a periodic basis pursuant to a membership contract allocating use and
occupancy rights between other similar users.
CAMPGROUND MEMBERSHIP SALESPERSON - ANSWER-A person who either as
an employee or an independent contractor sells or offers to sell campground
memberships. Such person shall sell campground memberships under the active
supervision of a broker. A person licensed as a broker, as a salesperson or as a time-
share salesperson shall not be required to be licensed as a campground membership
salesperson as a condition for selling or offering to sell campground memberships.
CEMETERY - ANSWER-A place for the disposal or burial of deceased human beings,
by cremation or in a grave, mausoleum, vault, columbarium or other receptacle, but the
term does not include a private family cemetery.
CEMETERY BROKER - ANSWER-Any person engaging in or carrying on the business
or acting in the capacity of a broker within this Commonwealth exclusively within the
limited field or branch of business which applies to cemetery lots, plots and mausoleum
spaces or openings.
CEMETERY COMPANY - ANSWER-Any person who offers or sells to the public the
ownership, or the right to use, any cemetery lot.
CEMETERY SALESPERSON - ANSWER-Any person employed by a broker or
cemetery broker to perform duties as defined herein under "cemetery broker."
COMMERCIAL PROPERTY - ANSWER-(1) Any property, or portion thereof, which is
used, occupied or is intended, arranged or designed to be used or occupied for the
purpose of operating a business, an office, a manufacturing facility or any public
accommodation. This paragraph does not include property which consists of less then
five residential dwelling units.
(2) Any vacant land offered for sale or lease, or held, for the purpose of constructing or
locating thereon a building, structure or facility, or portion thereof, which is intended,
arranged or designed to be used or occupied for the purpose of operating a business,
an office, a manufacturing facility or any public accommodation. This paragraph does
not include vacant land suitable only for construction or location of less than five
residential dwelling units.
COMPARATIVE MARKET ANALYSIS - ANSWER-A written analysis, opinion or
conclusion by a contracted buyer's agent, transactional licensee, or an actual or
potential seller's agent relating to the probable sale price of a specified piece of real
estate in an identified real estate market at a specified time, offered either for the
purpose of determining the asking/offering price for the property by a specific actual or
potential consumer or for the purpose of securing a listing agreement with a seller.
