Level 1 practice-land, real estate, real property and RELRA

Question 1

Property which includes the surface of the earth, down to the center of the earth, and upward infinitely into space; it also includes any items permanently attached to the land such as trees and water

Answer 1

Land

Question 2

Land, plus all things permanently attached to it, naturally or artificially

Answer 2

Real Estate

Question 3

Real estate, plus the interest, benefits and rights included with ownership

Answer 3

Real Property

Question 4

Anything that is not real property.

Answer 4

Personal Property

Question 5

Possession, Enjoyment, Exclusion, Control, Disposition are what type of rights?

Answer 5

real property ownership rights(5)

Question 6

4 Economic characteristics of real estate

Answer 6

Scarcity, improvements, permanence of investment, location or area preference

Question 7

3 physical characteristics of real estate

Answer 7

Immobility, Indestructibility, uniqueness

Question 8

Law that Governs the use of contracts, and the required elements to make a contract valid.

Answer 8

The law of contracts

Question 9

Law that covers the forms of ownership and tenancy in real property, and its distinction from personal property within the common law legal system

Answer 9

General property law

Question 10

Law that covers how an agency relationship is created, and the duties of an agent to the principal.

Answer 10

law of agency

Question 11

laws that relate to the requirements of a licensee when performing real estate activities within the state.

Answer 11

state-specific license laws

Question 12

Qualification’s for a broker’s license in PA

Answer 12

Receive a passing grade on the broker’s examination

21+ years of age

H.S. graduate or equivalent

240 hours in approved real estate instruction, including fair housing and ethics

Been engaged as a licensed real estate salesperson for at least 3 years (or have equivalent prior experience or education, to be determined by the Commission)

Question 13

Qualifications for a sales person license in PA

Answer 13

Qualifications for a sales person license in PA
Successful completion of the salesperson’s license examination

18+ years of age

60 hours in approved prelicense education, including fair housing and ethics

Question 14

4 Categories of Prohibited activities as a salesperson

Answer 14

Misrepresentation, Mishandling of funds, Receiving or paying undisclosed fees or paying or receiving fees other than through the appropriate licensed broker, False and misleading advertising

Question 15

Real estate recovery fund

Answer 15

This fund may cover damages when a guilty licensee (who will be suspended upon payout) cannot cover damages. Funds must be repaid, plus interest, before reinstatement.