2024 Real Estate Fundamentals Exam New Latest Version Best Studying Material, Exams of Construction

Download 2024 Real Estate Fundamentals Exam New Latest Version Best Studying Material and more Exams Construction in PDF only on Docsity!

2024 Real Estate Fundamentals Exam New Latest Version Best

Studying Material with All Questions and Answers

If a trade fixture is not removed before a lease expires, it becomes the Real Property of the Landlord unless the terms of the lease indicate otherwise. * ----------- Correct Answer ----------- True According to the PA Rules and Regulations, when someone obtains any form of real estate license, all contracts they execute must be done in writing. What Statute requires this?* ----------- Correct Answer ----------- Statute of Frauds After reviewing your mortgage, you notice that the bank has waived its right to come after you if there is a deficiency leftover after a foreclosure sale. This would be referred to as? * ----------- Correct Answer ----------- Simple financing An environmental hazard occurs when these begin to deteriorate and leak toxic substances into the soil and ground water: ----------- Correct Answer ----------- Underground Storage Tanks Imaginary square tracks of land in the rectangular survey method are called? ----------- Correct Answer ----------- Townships In its basic form, a written contract is a/an ______________contract. ----------- Correct Answer ----------- Expressed In PA. a client has _________years from the ______________to file a lawsuit to enforce ones contract rights. ----------- Correct Answer ----------- 4 years; Breach of the Contract In the condominium form of ownership, one would receive a deed giving ownership and a share of ----------- Correct Answer ----------- Real Property, Common Elements Jack is reviewing his new lease and discovers that no house parties are allowed, and the landlord has placed stipulations saying that there cannot be any kegs of beer on the property. What provision of the lease would Jack be reading? ----------- Correct Answer - ---------- Use of Premise Jack just moved out of his apartment. What is the maximum amount of time he must wait to receive any remaining balance of his security deposit? ----------- Correct Answer - ---------- 30 Days Jack moved out 2 weeks ago and just received his security deposit refund check in the mail. He noticed that several hundred dollars were missing from his refund, but nothing else was in the envelope. What did the landlord fail to provide?* ----------- Correct Answer ----------- Itemized list of paid repairs

Jack, a local landlord, just orally agreed with his tenant to renew the current lease for an additional year. This would be the tenant's second year in the unit. According to the PA Landlord and Tenant Act, this would be considered a legal contract. * ----------- Correct Answer ----------- True Jim, a title agent performing a search, sees a Lis Pendens filed against the title, What does this mean? ----------- Correct Answer ----------- Pending litigation Joe just purchased a dairy farm and takes over the existing operation from the previous owner Carl. After a few years Joe realizes with the changes in the economy that he could make more profit by growing soybeans. Therefore he sells the livestock and purchases all the equipment needed to go into the soybean business. Suddenly, Carl, stakes a claim that the property is his now and immediately takes back the land. What form of Estate must have been given to Joe? ----------- Correct Answer ----------- Determinable Fee John wants to sell his portion of ownership interest in a lake house in which he is a tenant in common. What must he do before he sells his interest? ----------- Correct Answer ----------- Nothing, he can do what he wants with his share Mary's lease is about to expire. She is required to notify her landlord that she is moving out. Based upon this. What type of estate would she possess? ----------- Correct Answer ----------- Periodic Estate Mike owns a piece of property. Prior to selling his property, he files a restriction on the deed to not allow any mobile homes on the property in the future. This would be an example of what?* ----------- Correct Answer ----------- Deed Restriction Mike sells his investment property to his ill Uncle Joe to help him move back to the area. Shayla, Joe's daughter, is the devisee nominated in the Joe's will as his caretaker for the rest of his remaining life and the administrator of his estate. Joe passes away and by reviewing his deed Shayla learns she has no ownership rights to her fathers house. Instead, Mike informs her he is now the owner, What type of Estate would this be? ------- ---- Correct Answer ----------- Ordinary Life Estate Mike sells his investment property to his ill Uncle Joe to help him move back to the area. Shayla, Joe's daughter, is the devisee nominated in the Joe's will as his caretaker for the rest of his remaining life and the administrator of his estate. Suddenly, Mike passes away in a car accident. Landon, Mike's Son, goes to Joe and informs him that he is no longer the owner of the property that he resides in. What type of estate would Joe have received when he bought the house from Mike? ----------- Correct Answer ----------- Life estate pur autre vie Mike, a home inspector, just finished a home inspection on a property that is under contract. However, he was not paid prior to performing this service, nor did he have the

buyer sign any contracts. In its basic form, what type of contract would he have in place with the buyer? * ----------- Correct Answer ----------- Implied Mike, a residential landlord, just placed a new tenant, Julie, who signed a long-term lease of 5 years. Julie gave a $2,000 security deposit to be held while she lives in Mike's property. By law, after how many years is Mike requirad to place Julie's security deposit in an interest bearing account? ----------- Correct Answer ----------- 3 Years Monoxide Landfils are sometimes referred to as what? ----------- Correct Answer ----------

• Waste Disposal Sites Pat and Carlton are tenants in common. Pat dies testate, and John is assigned as the devisee. Based upon this, who would Cartton own the property with? ----------- Correct Answer ----------- With John Patricia owns an apartment building, and one of her leased units is overdue on rent. She begins the eviction ___________toward actual eviction to take back process and provides notice of intent to evict. Thereafter, she files a the rental unit: * ----------- Correct Answer ----------- Suit for Possession Real Property in PA is conveyed using which of the following documents?* ----------- Correct Answer ----------- Agreement of sale Seth places an offer on a commercial building to open a new distillery. However, he places a period of due diligence in an option contract in order for him to ensure that he can acquire the appropriate liquor license to operate the business. Base ipon this information, what tupe of contract would he have with the seller? ----------- Correct Answer ----------- Unilateral that she will be moving out. Based upon this, what Mary's lease is about to expire. She is not required to notify her landlord type of estate would she possess?* ----------- Correct Answer ----------- Estate for Years. The 2 types of encumbrances are?* ----------- Correct Answer ----------- Incorporeal Rights and Liens The central hallways, sidewalks, green space, and community pool in a condominium would be referred to as what? ----------- Correct Answer ----------- Common Elements The county sheriff's department was just handed a document that allows it to seize and sell the property of a debtor. This document would be which of the following?" ----------- Correct Answer ----------- Writ of execution The most common legal description used in the eastern United States including Pennsylvania, is known as what? ----------- Correct Answer ----------- Metes and Bounds Method

The process by which the title and ownership interest reverts back to the grantor or remainderman is called: * ----------- Correct Answer ----------- Reversion The purpose of a security deposit is to provide the landlord money for which of the following purposes? ----------- Correct Answer ----------- Property Damage The rectangular survey method contains townships and sections. What is the distance of each side of a township? ----------- Correct Answer ----------- 6 miles The right to get into a piece of landlocked property is referred to as __________; whereas,___________ is the right to get out of a landlocked property. * ----------- Correct Answer ----------- Ingress; Egress The Smiths and the Hendershots live across the street from one another. Mr. Smith approaches Mrs. Hendershot about using the side of their yard to get to the nearby beach. In this example, what easement would the Smiths be seeking? " ----------- Correct Answer ----------- Easement in gross The transfer of ownership of Personal Property is accomplished by utilizing what contract? ----------- Correct Answer ----------- Bill of Sale The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows an easement to legally allow his neighbor to access the river across his property. In this example, what tenement would Mr. Thompson be? " ----------- Correct Answer ----------- Servient tenement The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows an easement to legally allow his neighbor to access the river. What type of easement would this be? ----------- Correct Answer ----------- Easement appurtenent These are elements that are owned by all owners but are used or accessed by only one specific owner? ----------- Correct Answer ----------- Limited Common Elements These are the 4 types of foreclosures? ----------- Correct Answer ----------- Judicial foreclosure, Nonjudicial foreclosure, Strict foreclosure, Deed in Lieu of foreclosure These are the four unities that must be present for joint tenancy to exist: ----------- Correct Answer ----------- Possession, Interest, Time, and Title These are the three physical characteristics of land: ----------- Correct Answer ----------- Indestructible, Different, Fixed

This category of property includes a mobile home that is attached to the land with the vehicle registration cancelled; whereas, this category includes a mobile home that is not attached to the land with the vehicle registration still present.* ----------- Correct Answer - ---------- Real Property; Personal Property This causes a fractional ownership interest to be passed directly back to the other co- owners in a Joint Tenancy: ----------- Correct Answer ----------- Right of Survivorship This clause of a contract holds us accountable to any timeline set forth. ----------- Correct Answer ----------- Time is of the essence This easement is a personal right and is non-transferable. ----------- Correct Answer ------ ----- Easemen in gros This economic characteristic fluctuates based upon the personal preference for one location over another: ----------- Correct Answer ----------- Situs This economic characteristic implies that the value of land, as an investment, is economically feasible over the long term: ----------- Correct Answer ----------- Permanence This environmental hazard is commonly found when moisture in the home is above acceptable levels: ----------- Correct Answer ----------- O Mold This includes the definition of Real Estate, as well as the rights, benefits. and interests that an owner has: ----------- Correct Answer ----------- Real Estate This is a defect that occurs when something undesirable occurs to or on the property which causes social concern: ----------- Correct Answer ----------- stigmatized Property This is a lease where any of the real property constructed becomes the property of the landlord at the end of the lease term? ----------- Correct Answer ----------- Ground Lease This is a special fixture that is owned and installed by a business tenant into a Rental Unit as part of the business: ----------- Correct Answer ----------- Trade Fixture This is an agreement between lien holders to change the priority of their liens. ----------- Correct Answer ----------- subordination Agreement This is an annual, seasonal crop, such as corn; which is considered to be Personal Property even though it is attached to the land.* ----------- Correct Answer ----------- Emblement This is defined as land and whatever is permanently attached to the land by man: * ------ ----- Correct Answer ----------- Real Property

This is everything that is not attached to the land, not attached to the buildings, nor improvements on the land:* ----------- Correct Answer ----------- Chattels This is one action a buyer can take in order to hold a seller accountable in the event of a default on the contract." ----------- Correct Answer ----------- Suit for Specific Performance This is one action a seller can take in order to hold a buyer accountable in the event of a default on the contract.* ----------- Correct Answer ----------- Hold Liquidated Damages This is the action by which an item of Personal Property is changed to Real Property as a result of permanent attachment to the land or building: whereas Real Property that is converted back to Personal Property is done so through the process of: * ----------- Correct Answer ----------- Annexation; Severance "Beginning at a point at a distance of 165 feet southwest of the westerly coner of Walnut street and first avenue, and proceeding west 50 degrees. 26 minutes, 15 seconds north, for a distance of 100 feet, then proceeding north 45 degrees. 2 minutes, 12 seconds for a distance of 300 ft"This is an example of what legal description? ----------- Correct Answer ----------- Metes and Bounds Method "Lot 17, of Block C. of the Plainfield Acres Subdivision, in Plainfield Township, recorded in plat book volume 94. page 2326" This is an example of what legal description?" ------- ---- Correct Answer ----------- Lot and Block Method "The east half the northwest quarter, of the southeast quarter, of the northeast section

16. of a township in the second tier, north of the baseline, and four ranges west of the principal meridian." This is an example of what legal description? ----------- Correct Answer ----------- Rectangular Survey Method A colorless gas that is emitted from building materials including resins and adhesives is referred to as? ----------- Correct Answer ----------- Urea Formaldehyde A defect that is not discovered by any inspection but is known by the seller is referred to as what? ----------- Correct Answer ----------- Latent Defect A designated future interest holder in a defeasible fee estate or a life estate is called: --- -------- Correct Answer ----------- Remainderman A legal and enforceable contract is: ----------- Correct Answer ----------- Valid A license is a/an ________ and _________ right to use another's property for a specific purpose. ----------- Correct Answer ----------- Temporary; Revocable A lien against one piece of real property is referred to as?* ----------- Correct Answer ----- ------ Personal lien

A mechanics lien is allowed based on the theory that the value of real estate has done what? * ----------- Correct Answer ----------- Been increased A problem with a property that would have a sigrificant adverse impact on value or involves an unreasonable risk to people on the land is referred to as what? ----------- Correct Answer ----------- Material Defect A Real Property Owner's right to keep others off of their property is referred to as what?* ----------- Correct Answer ----------- Exclusion A Real Property Owner's right to use and construct or improve their property as they see fit is referred to as what?* ----------- Correct Answer ----------- Enjoyment A special claim or interest in real property that is held by someone other than the owner and creates a limitation or burden to the real property owner is known as an______________ ----------- Correct Answer ----------- Encumbrance A tasteless, colorless, odorless gas that is created from the burning of fossil fuels is called what? ----------- Correct Answer ----------- O Carbon Monoxide A tasteless, colorless, odorless gas that occurs from the natural decay of minerals in the earth is refer to as what? ----------- Correct Answer ----------- Radon An item of Personal Property that is changed into Residential Real Property is known as ___________. What would be an example of this?* ----------- Correct Answer ----------- Fixture; Chandelier Based upon the Landlord and Tenant Act, leases of what duration can be entered into orally and be considered legally binding? ----------- Correct Answer ----------- 3 Years Bobby changed some of the terms of a contract thereby extinguishing the terms and conditions previously set forth. This would be referred to as what?* ----------- Correct Answer ----------- Novation Both buyer and seller have agreed to the terms and conditions set forth in the contract and are 20 days away from closing. Based on this information, what type of contract would they have during this phase prior to completion? ----------- Correct Answer ----------

• Executory Both buyer and seller have agreed to the terms and conditions set forth in the contract and are 20 days away from closing. Based upon both parties performing what is necessary to buy and sell the property, respectively. what type of contract do they have? ----------- Correct Answer ----------- Bilateral Carrie owns a Time Share that she can use for the next 15 years. This would be what type of Time Share? ----------- Correct Answer ----------- Right to Use Time Share

Carrie owns a Time Share that she can use indefinitely. This would be what type of Time Share? ----------- Correct Answer ----------- Fee Simple Time Share Charlie has been using a small piece of land in the back of his property to dump grass clippings. This area is actually real property belonging to his neighbor. However, Charlie has been dumping here for 21 years in an open and continuous manner. What easement might he be eligible for?" ----------- Correct Answer ----------- Easement by prescription Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred to as a/an? ----------- Correct Answer ----------- Encroachment Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred to as alan? * ----------- Correct Answer ----------- Encroachment Cooperative ownership is considered what type of property? Due to this relationship. what document would you receive at closing? ----------- Correct Answer ----------- Personal Property, Proprietary Lease Dr. Gum wants to install brand new dental equipment in his practice. However, most of his equity is currently tied up in the building that he owns. What might be a feasible option for Dr. Gum in order to free up equity while not having to move his practice? ------ ----- Correct Answer ----------- Sale and Leaseback Garett owns one acre of land. How many square feet of property would he own? --------- -- Correct Answer ----------- 43560 Square Feet Garett was approached by another school to lease a portion of his office space to them for an upcoming training seminar. If he was to lease the space, what would this be referred to as?* ----------- Correct Answer ----------- Sublease Garett was approached by another school to lease the entire office space to them for an upcoming training seminar. If he were to lease the space, it would be referred to as what?* ----------- Correct Answer ----------- Assignment given This is the federal law that requires specific statements and forms to be given to a consumer to advise them of the hazaards and their rights when dealing with lead based paint. ----------- Correct Answer ----------- Lead Based Paint Hazard Reduction Act Grace is 16 and just received a large music endorsement contract. Per the law, this contract would be considered:* ----------- Correct Answer ----------- Voidable How is marital property separated during a divorce proceeding?* ----------- Correct Answer ----------- Equitable Distribution

How many acres are in a section? ----------- Correct Answer ----------- 640 acres How many sections are in a township? ----------- Correct Answer ----------- 36 sections This is the Federal Agency in charge of environmental hazards: whereas, this is the State Agency that is in charge of environmental hazards: ----------- Correct Answer ------- ---- EPA: DEP This is the form of ownership that is given specifically to husband and wife?* ----------- Correct Answer ----------- Tenants by Entirety This is the legal filing by a co-owner in a joint tenancy when they want to sell the property but the other co-owners refuse to sell. ----------- Correct Answer ----------- Suit to Partition This is the legal outline in determining property ownership when disputes occur with regards to fixtures.* ----------- Correct Answer ----------- Contract, Intention, Annexation, Adaption This is the most common and preferred ownership interest which is also considered the highest and most complete form: ----------- Correct Answer ----------- Fee simple This is the only property that is not considered marital property: ----------- Correct Answer ----------- Gifts and Inheritance This is the right to use the land of another for a specific purpose: ----------- Correct Answer ----------- Easement This is the tenancy that would occur at the end of the lease when both the landlord and tenant mutually agree to allow the tenant to stay in the property for additional time until the tenant can vacate the property?* ----------- Correct Answer ----------- Tenancy at Will This is the warranty which guarantees that any leased property must be habitable for a tenant?" ----------- Correct Answer ----------- Warranty of Habitability This legal description is used in the majority of the United States primariy the midwestem and western states ----------- Correct Answer ----------- rectangular Survey Method This must be given to a prospective buyer prior to signing the agreement of sale with regards to purchasing a property. ----------- Correct Answer ----------- Seller's Property Disclosure This refers to an objective within the boundaries of he law:* ----------- Correct Answer ---- ------- Legality of Object

This right has an automatic guarantee when owning property as tenants by the entirety* ----------- Correct Answer ----------- Right of Survivorship This type of construction has wooden framing, pitched roofs, and comes in a large number of designs and options and is delivered to site in two to four large sections. Whereas, this type of construction is manufactures in a factory in several pieces an delivered to site to be erected.* ----------- Correct Answer ----------- Modular; Pre-Fab This waives a tenant's right to any legal defense, thereby allowing a landlord to pursue a judgment for unpaid rent in the court of law: ----------- Correct Answer ----------- Confession of Judgement This would be the easement given to a landowner when the parcel of land is "landlocked" with no public road frontage:* ----------- Correct Answer ----------- Easement by necessity To be considered tenants in common, ownership interests must be distributed how? ----- ------ Correct Answer ----------- unproportional shares distributed however owners see fit Tom, a new salesperson, just had his first closing and turns his file into his brokerage's processor. This would be referred to as which type of contract? ----------- Correct Answer ----------- Executed Under joint tenancy, how is ownership interest distributed? ----------- Correct Answer ----- ------ They must be equal to all parties What 3 different categories are molds broken into? ----------- Correct Answer ----------- Pathogens, Toxins, Allergens What allows a creditor the direct ability to automaticaly collect in the event of default? --- -------- Correct Answer ----------- Confession of Judgement What is defined as all that is on the surface, below the surface, the air space above, and whatever is attached by nature? ----------- Correct Answer ----------- Land What is the statute that requires all documents. including leases, to be in writing when a licensee is involved the transaction?* ----------- Correct Answer ----------- Statue of Frauds What is the term for something of value being exchanged in a contract? ----------- Correct Answer ----------- Consideration When going through a home, Bob, a Real Estate Agent, tells his clients to look at the mold in the basement around the perimeter of the foundation. It is clearty visible despite there being no report of the hazard. Bob can legally inform his clients of the presence of mold in the home. ----------- Correct Answer ----------- False

When taking possession as co-owners, it is legal for a Real Estate agent to advise a client on which type of ownership to choose. ----------- Correct Answer ----------- False (Not Legal) When the ownership interest ends based upon the occurrence of a designated event, but the grantor must go to court to assert his rights, this is called: ----------- Correct Answer ----------- Fee simple subject to a condition subsequent When the ownership interest ends immediately upon the occurrence or lack of occurrence of a designated event, it is called: ----------- Correct Answer ----------- Fee simple determinable When the ownership interest is based upon someone other than the life tenant, it is called; ----------- Correct Answer ----------- Life estate pur autre vie When title is held by one owner or entity, it is referred to as what? ----------- Correct Answer ----------- Severalty Which of the following are the economic characteristics of land?" ----------- Correct Answer ----------- Limited Supply, Improvements, Permanence, Situs will be taken over by his son. Therefore, the Landlord's son is forced to Jamie just got a notice that her Landlord passed away, and the property honor the terms and conditions set forth on the current lease,* ----------- Correct Answer ----------- True Written o.n the agreement of sale is a closing date of Oct 14th. After having a discussion, you and the listing agent agree to push closing back to Oct 18th. On the 15th you receive a notification that you are in breach of your contract. What rule caused the written word to take precedence over your oral negotiation? ----------- Correct Answer ----------- Parole Evidence Rule Xiomara just ran 1 mile. How many feet did she run?* ----------- Correct Answer ----------- 5280 FT Xiomara receives an invoice in the mail for her commercial lease. On the invoice, there is a base fee of rent as well as a portion of property taxes, building insurance, and maintenance fees. In its basic form, what type of lease would this be? * ----------- Correct Answer ----------- Net Lease Xiomara receives an invoice in the mail for her commercial lease. On the invoice, there is a base fee of rent as well as a portion of property taxes, building insurance, and maintenance fees. In its basic form, what type of lease would this be?* ----------- Correct Answer ----------- Net Lease

Xiomara receives an invoice in the mail for her commercial lease. On the lease is one base payment and no additional fees. In its basic form, what type of lease would this be? ----------- Correct Answer ----------- Gross Lease You just received an agreement of sale, and it was missing the specific identification of real property. Which contract category would this fall under? ----------- Correct Answer --- -------- Voidable Zack. Chris, Kenny, and Nate own a hunting cabin together as Joint Tenants, Nate dies, and his wife Patty is now in charge of his estate. Therefore, who would be the rightful owners of this hunting cabin? " ----------- Correct Answer ----------- Zack, Chris, and Kenny

1. John owns fee simple title to Unit 30 and 5 percent of the common elements. John owns a ---------- Correct Answer ----------- condo
2. A lien that is filed for the sole purpose of preventing a transfer of property pending the outcome of litigations is called a ---------- Correct Answer ----------- lis pendens
3. Which statement regarding condominium ownership is correct? ---------- Correct Answer ----------- a unit owner may devise the property
4. A lease begins on September 13th and ends on December 31st of that same year. What type of leasehold estate has been created? ---------- Correct Answer ----------- periodic tenancy
5. What type of estate would a tenant receive from a landlord? ---------- Correct Answer - ---------- Lease hold estate
6. A tenants lease has expired. The tenant has neither vacated nor negotiated a renewal lease, and the landlord has declared that he does not want the tenant to remain in the building. This tenancy is called ---------- Correct Answer ----------- tenancy at sufferance *7. A property owner paid $25 per square foot for a lot 600 x 1452 ft. How much did they pay for the lot? ---------- Correct Answer ----------- 15, *8. A broker has 1.65 acres of land listed at .25$ per square foot. What is the total listing price? ---------- Correct Answer ----------- 1.65 x 43560 = 14,734.
7. Your bundle of rights does not include right of ---------- Correct Answer ----------- disposal or encroachment
8. Attaching a fixture to real property, therefore making it a part of real property, is known as ---------- Correct Answer ----------- actual annexation

11. "Real Property" is best described as land and ---------- Correct Answer ----------- all that there is above or below the surface, including all things permanently attached to it, and legal rights associated with it
12. The term appurtenance refers to ---------- Correct Answer ----------- rights that "run with the land"
13. Which is considered real property? ---------- Correct Answer ----------- light fixtures
14. What type of legal description would new a new residential sub-developer most likely use ---------- Correct Answer ----------- lots and blocks
15. The definition of the term "real property" includes all of the following except ---------- Correct Answer ----------- chattels
16. What best describes the servant tenement in an easement appurtenant ---------- Correct Answer ----------- property burdened by an easement
17. What is not an encumbrance? ---------- Correct Answer ----------- license
18. Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his one-third ownership interest. What type of co-ownership did they have? ---------- Correct Answer - ---------- tenancy in common
19. What is not considered when determining whether an item is a fixture or personal property? ---------- Correct Answer ----------- the relationship of the parties or value of the annexed item
20. The Smiths purchase a cooperative on the Gold Coast. What will they receive at closing? ---------- Correct Answer ----------- shares of stock and proprietary lease
21. The local utility company hold an easement to install power lines on a vacant lot. This is what type of easement? ---------- Correct Answer ----------- easement by necessary
22. A wife and husband may not hold title to their home as ---------- Correct Answer ------ ----- tenancy at will
23. A husband and wife own an apartment building. The husband has a 3/4 interest in the property whereby the wife owned a 1/4 interest. What type of tenancy exists? -------- -- Correct Answer ----------- tenancy in common

24. What term does the law use to describe a holder tenant? ---------- Correct Answer --- -------- tenancy at sufferance
25. You are showing a home that was built in 1977 to your client, Mary. You notice signs of recent water damages the kitchen. Mary is concerned with potential health issues. Which statement is true? ---------- Correct Answer ----------- there could be a lead-based paint hazard Michael has been living in the loft above his Uncles Stanley's garage for six years now without a lease. On the first day of every month, Michael gives Stanley $300. What does this situation represent? ---------- Correct Answer ----------- a periodic tenancy
26. Milo, who is buying a house, was looking through the purchase documents when he noticed the property description says: "Beginning at the old oak tree, then South 15 degrees East, thence North 90 degrees..." What type of survey system is this ---------- Correct Answer ----------- metes ad bounds *28. Sarah and Michael had tenancy by the entirety ownership of their house. When Michael dies, what type of ownership did he leave for Sarah? ---------- Correct Answer --

---

29. What is the term for when an offer is terminated or withdrawn before the accepts it? ---------- Correct Answer ----------- revocation
30. Claudia is buying a house; she just signed a purchase contract and gave her real estate agent an earnest money deposit. If the document specifies acceptance must be made in person, at what point is there a valid, legally binding contract? ---------- Correct Answer ----------- when the seller accepts the offer and signs the purchase agreement
31. Delores contacted with Dry-Head Roofing Company to replace the roof on her house. The contract started that the company would be install Type A, of ACME shingles. However, due to shortages Dry-Head roofing Company could not obtain those particular shingles. Delores agreed to a substitution of shingles from another manufactures. this is an example of ---------- Correct Answer ----------- accord and satisfaction
32. Tracy is buying a house on a land contract, meaning she ---------- Correct Answer --- -------- will have equitable interest in the property
33. Rodger wanted to buy a farm from his neighbor, John, who was considering putting it up for sale. Rodger told John that he would pay 35,00 for the farm, if he could put down 10,000 now and John keep the offer open to Rodger for 6 months. What type of agreement is this? ---------- Correct Answer ----------- right of preemption

34. Derrick age 17, is selling the house that he inherited from his uncle. Earl has agreed to buy the property, and both have signed a purchase agreement. What is the status of the contract? ---------- Correct Answer ----------- valid
35. The government sends you a notice stating that the houses on your street will be demolished to build a new ramp for an interstate. You are paid fairly for your home and move. The act of demolishing your home is called ---------- Correct Answer ----------- eminent domain
36. Nathan creates hand-crafted tables. he buys 3 acres to build a studio near a small tourist town. Ten years later, a developer purchases land to build expensive homes and the area is zoned residential. Many tourist come to the studio and the neighbors complain, suing Nathan. The four rules in favors of Nathan. Why? ---------- Correct Answer ----------- Nathan has a variance for his studio
37. What uses real property to secure debt? ---------- Correct Answer ----------- trustee's deed
38. The city determines that new sewer systems need to be put in your neighborhood you don't pay your share of the bill, a lien ill be put on your property. What type of lien is this? ---------- Correct Answer ----------- special assessment
39. ---------- Correct Answer -----------
40. John buys land next to a peach orchard. ---------- Correct Answer ----------- appurtenant easement
41. You inherited your parents home after they pass away. After all of your children are grown, you decide to downside and buy a condo. However, you had a family tradition to plant a tree on the property whenever a child was born. For sentimental reasons you indicate in the deed the those trees can never be cut down by the new owner. What type of hate will be represented for the new owners? ---------- Correct Answer ----------- fee simple defeasible
42. Jane wants to buy Matt's house. She really likes the refrigerator that matches built-in oven in the kitchen. She includes both in the contract. Matt agrees to the contract. When Jane moves in after the closing, the appliances are gone. When the most compelling reason for believing that the appliances should have been left behind? ------- --- Correct Answer ----------- Matt's acceptance of Jane's written contract
43. You purchase a house on Crooked Lane. The property has a recorded easement that allows your neighbors to cross your land to access and use the lake. Which statement is true? ---------- Correct Answer ----------- you are a littoral owner, but you can not stop your neighbors from crossing your land without mutually terminating the easement

44. Which item is a fixture? ---------- Correct Answer ----------- hammock strung between 2 tress in the backyard
45. A pizza shop owner has a ten-year lease. The shop owner installs a pizza oven. When the lease is up, the shop owner may ---------- Correct Answer ----------- remove the pizza oven because its a trade fixture
46. Individual citizens own land held in the US. This is referred to as ---------- Correct Answer ----------- allodial system Mr. Green gives a life estate to Sandra. Upon Sandra's death the estate is to go to Mr. Blue. What is Mr. Blues interest ---------- Correct Answer ----------- remainder
47. John dies and leaves the township 10 acres to use as it wishes, but not on Sunday. If the land is used for any purpose on Sunday, ownership will pass to his son, Bill. Which describes the interest of the township and Bill respectively? ---------- Correct Answer ----------- The township is a fee simple defeasible estate; Bill has a reversionary interest.
48. The owner of an undivided interest in land with no rights of survivorship owns it by -- -------- Correct Answer ----------- tenancy in common *50. ABC Remodeling Inc., buys a new warehouse for their trucks and excess building materials. How will they take title? ---------- Correct Answer ----------- Mark has been given permission to park in his neighbors driveway. Which of the following does Mark have? ---------- Correct Answer ----------- license *52. A gives a life seat to B for so ling as C lives, Upon C's death, the property will pass to D. What are the interest of B and D? ---------- Correct Answer -----------
49. A telephone company has 20-foot-wide easement across Farmer Jone's land, on which telephone poles are installed, and through which telephone wires extend. When the telephone company goes cellular and removes the poles and wires, the easement terminated due to ---------- Correct Answer ----------- release
50. Tom wants to purchase Mary's white cottage on the lake and Mary agrees to sell- but only if Tom will agree that if the cottage is ever structurally altered or painted any color but white the title will revery to Mary. When this restrictive provision appraise in the deed, it will be considered ---------- Correct Answer ----------- covenant
51. A landowner need water. His land contains no available water source. However, the landowner is given the right to cross his next-door neighbors property to run a pipeline from a river to his land. Which rights grant this permission? ---------- Correct Answer ----- ------ appropriative

56. The open, notorious, hostile, and uninterrupted possession of property of another under claim or color of title is called ---------- Correct Answer ----------- advertise possession
57. Public land use controls includes all of the following expect ---------- Correct Answer ----------- deed restrictions
58. What is written instrument that transfers ownership of tangible property? ---------- Correct Answer ----------- bill of sale
59. A deed should be recorded in order to ---------- Correct Answer ----------- provide ownership *60. What is covered by standard title insurance? ---------- Correct Answer -----------
60. Who must sign a deed? ---------- Correct Answer ----------- grantor
61. Actual notice refers to ---------- Correct Answer ----------- something you actually have seen or know to be true.
62. The covenant of seisin in a general warranty deed states that the ---------- Correct Answer ----------- seller was the true owner of the property and had the right to convey the same *64. At what point does a deed transfer a grantor's interest to a grantee? ---------- Correct Answer -----------
63. A buyer asks for a chronological summary of the liens, encumbrances, chain of title, transfers, and deeds that have been recorded for the property he is about to purchase. What would fulfill the buyers request? ---------- Correct Answer ----------- abstract of title
64. Which is not an example of common area in a condominium? ---------- Correct Answer ----------- driveway
65. Mom & dad Cafe is located in an area that has recently been re-zoned as "residential". Will they be allowed to continue operating as a restaurant? ---------- Correct Answer ----------- yes, because it is grandfathered in
66. Roberta wishes to build her garage two feet from her side lot line. City code calls for all set backs to be at lease 5 feet. She will need to get what to be able to legally proceed and be assured that future owners will not have a problem? ---------- Correct Answer ----------- variance
67. Eric and Sue purchase a new home that is accessible only through a 12-foor-wide easement across Mr. Wilsons property. In this situation, the land owned by Eric and Sue is referred to as the ---------- Correct Answer ----------- Dominant tenement

Which is a voluntary lien? ---------- Correct Answer ----------- mortgage

71. An option, prior to being exercised, is an example of ---------- Correct Answer --------- -- unilateral contract
72. A contract is considered executed in the eyes of the law when ---------- Correct Answer ----------- both parties have completed all obligations
73. A law that requires certain types of contracts be in writing in order to be enforceable would be the statute of ---------- Correct Answer ----------- frauds
74. transferring ones rights or obligation under a contract to another without any liability is called ---------- Correct Answer ----------- novation
75. Ralph goes into Mels Dinner and orders a steak dinner. Waitress Flo brings him his meal and leaves the check on the table. This could be described as an example of what type of contract? ---------- Correct Answer ----------- implied Which statement about the Real Estate Recovery Fund is false? ---------- Correct Answer ----------- A salesperson license is automatically suspended upon payment of a claim
76. Which of the following duties is not included under the authority of the Pa Real Estate Commission? ---------- Correct Answer ----------- waiving continuing education requirements because f licensee hardships or illness *78. The Real Estate Recovery Fund was established to be means to ---------- Correct Answer ----------- *79. While conducting an office inspection, which of the following is the PA real estate commission not authorized to preform? ---------- Correct Answer -----------
77. After the Real Estate Commission conducts a hearing in response to an alleged complain the Commission may not ---------- Correct Answer ----------- impose a one-year jail sentence
78. Pa real estate licensing laws authorize a salesperson to ---------- Correct Answer ---- ------- represent whomever his/her broker represents
79. A license real estate salesperson may represent ---------- Correct Answer ----------- only the broker under whom he/she is licensed
80. The real estate license of a sales person must be ---------- Correct Answer ----------- only the broker under whom he/she is licensed

84. If a brokers license has been revoked, the broker would be eligible to petition the real estate commission for re-license after how many years? ---------- Correct Answer --- -------- 5 years *85. If a license is not renewed and remains inactive for more than 5 years, the license holder must ---------- Correct Answer ----------- *86. Upon suspension of the license of the license of a real estate broker, the broker's salespeople ---------- Correct Answer ----------- *87. A salesperson has received a very attractive offer to work with a competing firm and wishes to immediately change employing brokers. The sales person should ---------- Correct Answer -----------
85. An investor owns five properties and wants to sell two of them. The investor ---------- Correct Answer ----------- may sell the properties without obtaining a real estate license
86. Who would require a PA real estate license? ---------- Correct Answer ----------- An auctioneer who sells a property at a bona fine auction
87. An owner of 10 investment properties decided to sell all of the properties and invest the proceeds from these sales into raw land in Alaska for oil exploration purposes. In this instance which statement is true? ---------- Correct Answer ----------- the owner is excluded from having to obtain a real estate license *91. Which activity does not require a real estate license ---------- Correct Answer --------- --
88. When a real estate salesperson is selling his own property, he must ---------- Correct Answer ----------- disclose the status as a real estate licenseee to all prospective purchasers
89. What do you call as licensee who does not lease or show property, but sells lists of available rentals? ---------- Correct Answer ----------- rental listing referral agent
90. A broker advertisement is not requires to include the ---------- Correct Answer --------- -- local market that may market share claim is based on
91. A broker wishing to conduct real estate business out of a private residence must ---- ------ Correct Answer ----------- provide a separate entrance to the office area *96. A salesperson fails to renew his license and it expires in the middle of a difficult real estate transaction. The salesperson may ---------- Correct Answer -----------

*97. A salesperson working with a buyer client enters into a contract to purchase a time- share interest in real estate. The salesperson should inform the buyer client that: ---------

• Correct Answer -----------

98. The Real Estate Commission may ---------- Correct Answer ----------- conduct routine or special inspections of a real estate office with no prior notice *99. Oscar Money retires, allowing his license to lapse, and leaves Jack Lewis as the sole owner of Lewis & Money Realty. Oscar decided to move to Florida, so he lets Jack list his home. According to the PA Real Estate Licensing and Registration Act, what must be on the yard sign? ---------- Correct Answer ----------- *100. PA broker Paul has five salespeople who have worked for home for 12 years. Because of their long relationship, Paul allows them to work with little or no supervision. Their contracts even indicate that Paul is not responsible for any of their error or omission. Can Paul do this? ---------- Correct Answer ----------- no, he cannot give up the requirement to supervise the salespeople who work for him