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Real Estate PA > Other Cards > Flashcards

Other Cards Flashcards

1
Q

Certain topics must be included in exclusive listing agreements or the licensee may face disciplinary action. What doesn’t have to be included?

A

Broker Protection Clause

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2
Q

If a licensed salesperson, without the knowledge or consent of the employing broker, violates requirements regarding delivery of a Consumer Notice at the initial interview, what are the consequences?

A

The salesperson may have her license suspended or revoked

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3
Q

An unlicensed individual who engages in activities for which a real estate license is required is subject to which penalty upon conviction for a first offense?

A

Fine not to exceed $500

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4
Q

An associate broker leaves and goes to another brokerage. What has to be done before they start selling for the new company?

A

the associate broker must notify the commission no later than 10 days after the intended date of change, pay the required fee, and return her current license to the commission.

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5
Q

Who does not need to complete education or training requirements prior to licensure?

A

Cemetery Salespeople

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6
Q

In Pennsylvania, the real estate license law is administered by the

A

real estate commission

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7
Q

If the real estate commission receives a copy of a complaint filed with the Pennsylvania Human Relations Commission alleging that a licensee has violated a provision of the Pennsylvania Human Relations Act, what is the waiting period before the real estate commission may proceed with its own disciplinary action against the licensee?

A

90 days if it is an initial complaint against the licensee

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8
Q

A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. What is the time frame within which the injured party may file a claim for payment from the real estate recovery fund?

A

One year after termination of the proceedings in connection with the judgment awarded to the consumer

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9
Q

A buyer has just entered into a contract to buy a time-share interest in a unit from the developer. This new buyer has a right to cancel the contract

A

within five days from the date the new buyer executed the contract.

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10
Q

How many people are on the real estate commission?

A

11

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11
Q

How are the people for the real estate commission chosen?

A

By the governor for staggered five-year terms

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12
Q

Single Agency

A

One party at a time

Seller OR Buyer
Landlord OR Tenant

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13
Q

Dual Agency

A

Both parties at the same time

Must have both parties knowledge and consent in writing

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14
Q

Transaction Licensee

A

Not an agent for either party
May generally talk price and terms
Is a facilitator, not a fiduciary

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15
Q

Designated Agent

A

Used to avoid dual agency.
When two agents in the same office represent a buyer and the seller, the broker is a dual agent. The individual agents are the designated agents that represent the specific party

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16
Q

Subagent Broker

A

not an employee of the listing broker but cooperating as an agent for the seller

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17
Q

What does a mortgage contingency have to include?

A
  1. Deadline for the buyer to obtain the mortgage
  2. The type of mortgage
  3. Max interest rate
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18
Q

What is a requirement regarding escrow accounts maintained by a PA broker?

A

The account must provide for withdrawal of funds without prior notice

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19
Q

What do agreements of sale have to disclose about the real estate recovery fund?

A

Must contain disclosure language advising the parties of the existence of the fund with a phone number to call for complete details

20
Q

How long do brokers have to keep transaction records?

A

3 years

21
Q

If a license has been revoked, how many years must the licensee wait before reapplying?

A

5 years

22
Q

Subordination Agreement

A

Places the line of credit in a junior position to a new loan

23
Q

What duties do real estate professionals have to consumer they don’t represent?

A

Honesty
Disclosure of Material Facts
Accounting of all Funs

24
Q

What is the primary survey line running east and west in the rectangular survey system?

A

The Base Line

25
Q

What is the primary survey line running north and south in the rectangular survey system?

A

The Principal Meridian

26
Q

When is a salesperson considered an employee and not an independent contractor?

A

When the earnings are more than half in non-commissions

27
Q

Power-of-Sale Clause in a mortgage

A

Permits the lender to foreclose and sell a mortgaged property that is in default without any court action

28
Q

How many acres are in 1 square mile?

A

640 acres

29
Q

Where can you obtain an FHA-insured mortgage loan?

A

Any FHA-approved lending institution

30
Q

Executory Purchase Contract

A

Both parties have reached mutual agreement and are both bound to the complete contract

31
Q

What is the exclusion amount for couples filing jointly on the gain realized on the sale of their primary residence?

A

$500,000

32
Q

What automatically terminates a residential lease?

A

Total destruction of the property

33
Q

How does a lender increase yield on a loan?

A

Discount points rates

34
Q

Latent Defect

A

a hidden structural defect that is not easily discovered during property inspection

35
Q

Easement in Gross

A

individual rights to use someone’s land

ex) utility company

36
Q

Easement by Necessity

A

created by a court when an owner sells a parcel of land that has no access to a public way except over seller’s remaining land

37
Q

Easement by Prescription

A

Acquired when a person makes continuous and visible use of another’s land for certain period of time without the owner’s permision

38
Q

Granting Clause in Deed

A

Conveys the rights and privileges of ownership

39
Q

To create joint tenancy in the ownership of real estate, there must be unities of

A 
PITT
Possession 
Interest 
Time
Title
40
Q

Blockbusting

A

Frightening owners into selling

41
Q

Common Law of Agency

A

The rules of law that apply to the responsibilities and obligations of a person who acts for another

42
Q

Novation

A

A new contract replacing the old with the full release of liability

43
Q

National Flood Insurance Reform Act of 1994

A

If a lender discovers that a property is in a flood zone area, the lender must notify the borrower

44
Q

What does a home warranty program cover?

A

Plumbing
Electrical and Heating
Water Heaters
Appliances

45
Q

How many square feet are in a square yard?

A

9 square feet

46
Q

What is the right of a borrower who defaulted on a loan to redeem their property after foreclosure

A

statutory right of redemption

Real Estate PA (22 decks)

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