PA REAL ESTATE SALESPERSON EXAM -
STATE PORTION EXAM PREP LAW
QUESTIONS AND ANSWERS
CEMETERY COMPANY - CORRECT ANSWER -Any person who
offers or sells to the public the ownership, or the right to use, any
cemetery lot.
CEMETERY SALESPERSON - CORRECT ANSWER -Any person
employed by a broker or cemetery broker to perform duties as defined
herein under "cemetery broker."
COMMERCIAL PROPERTY - CORRECT 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 - CORRECT 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.
DESIGNATED AGENT - CORRECT ANSWER -One or more
licensees designated by the employing broker, with the consent of the
principal, to act exclusively as an agent or as agents on behalf of the
principal to the exclusion of all other licensees within the broker's
employ.
DISCLOSURE - CORRECT ANSWER -Provision of all relevant facts,
without reservation, ambiguity or distortion so as to enable a consumer
to understand the options and weigh the risks and benefits in order to
make a decision in his or her own best interest.
DUAL AGENT - CORRECT ANSWER -A licensee who acts as an
agent for the buyer and seller, or lessee and landlord, in the same
transaction.
AGENCY RELATIONSHIP - CORRECT 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 - CORRECT ANSWER -A broker employed
by another broker.
BROKER - CORRECT 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;
STATE PORTION EXAM PREP LAW
QUESTIONS AND ANSWERS
CEMETERY COMPANY - CORRECT ANSWER -Any person who
offers or sells to the public the ownership, or the right to use, any
cemetery lot.
CEMETERY SALESPERSON - CORRECT ANSWER -Any person
employed by a broker or cemetery broker to perform duties as defined
herein under "cemetery broker."
COMMERCIAL PROPERTY - CORRECT 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 - CORRECT 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.
DESIGNATED AGENT - CORRECT ANSWER -One or more
licensees designated by the employing broker, with the consent of the
principal, to act exclusively as an agent or as agents on behalf of the
principal to the exclusion of all other licensees within the broker's
employ.
DISCLOSURE - CORRECT ANSWER -Provision of all relevant facts,
without reservation, ambiguity or distortion so as to enable a consumer
to understand the options and weigh the risks and benefits in order to
make a decision in his or her own best interest.
DUAL AGENT - CORRECT ANSWER -A licensee who acts as an
agent for the buyer and seller, or lessee and landlord, in the same
transaction.
AGENCY RELATIONSHIP - CORRECT 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 - CORRECT ANSWER -A broker employed
by another broker.
BROKER - CORRECT 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;
