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Real Estate Exam > Real Estate U exam Part 1 > Flashcards

Real Estate U exam Part 1 Flashcards

covers part 1 of the RealEstateU course

1
Q

Provides a visual layout of a subdivision using tracts, totl acreage, lot size, etc

A

Plat

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2
Q

Hospitals, Jails, Libraries, Public Schools

A

Community Facilities

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3
Q

Used to determine max allowable sqft on property

A

Floor Area Ration (FAR)

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4
Q

What are the symptoms of Carbon Monoxide exposure?

A

Headaches, drowsiness, nausea, dizziness, chest pain

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5
Q

What are the symptoms of Formaldehyde exposure?

A

Neurological issues, myeloid leukemia, sinonasal cancer, nasopharangeal cancer

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6
Q

These types of storage tanks are excluded from federal UST regulations, but may have state requirements

A

Underground oil heating tanks

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7
Q

Laws that cover lakes, rivers, springs, streams, and underground wells

A

Safe Water Drinking Act (SWDA)

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8
Q

An area where trash is buried with a liner and has anti-contamination procedures in place

A

Landfill

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9
Q

Active whether items are on or off

A

Electric Fields

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10
Q

Only active when items are turned on

A

Magnetic Fields

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11
Q

A mineral fiber that is dangerous when able to be scraped or ground into a powder.

A

Friable Asbestos

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12
Q

A foam that is sprayed into small, oddly shaped spaces

A

Urea Formaldehyde Foam Insulation (UFFI)

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13
Q

A gas that is heavier than air, and is the highest leading cause of cancer

A

Radon

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14
Q

Cools by asorbing heat as vapor in low pressure & released under high pressure, causing a depletion of the stratospheric ozone layer.

A

Clorofluorcarbons (CFCs)

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15
Q

sections are numbered Right to Left, then down and Left to Right, and repeated through all 36 sections

A

Township Sections

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16
Q

a.East to West
b.North to South

A

a.Baselines
b.Meridians

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17
Q

Lengths and Measurements used to legally describe a property

A

metes

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18
Q

Boundaries used to legally describe a property

A

bounds

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19
Q

professional who lays out details of subdivisions using blocks

A

Licensed Surveyor

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20
Q

Most accurate way of identifying property

A

Legal Description

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21
Q

describes location of land w/ grid lines cut into squares using prime meridians, base lines, guide meridians, townships, standard parallels, sections

A

Government Survey

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22
Q

1 mile squared in acres

A

640 acres

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23
Q

a quarter quarter section

A

40 acres

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24
Q

plotted sections containing number, lot & block in subdivision

A

Lots & Blocks

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25
Q

6mi x 6mi or 36sqmi

A

Territorial Subdivision

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26
Q

36 miles at 1sqmi

A

Township

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27
Q

Oldest system of land measurement in the US

A

Metes & Bounds

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28
Q

Appropration, Expropriation, Condemnation

A

Terms that are included under Eminent Domain

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29
Q

Right to restrict activity or use of property on someone else’s land

A

Negative Easement

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30
Q

the person who retains the life estate interest

A

Life Tenant

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31
Q

How can you find deed restrictions on a property?

A

by doing a title search

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32
Q

gives landlocked parcel access to the public road

A

Easement by Necessity

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33
Q

Rent increases based on what is agreed upon in the lease

A

Graduated Lease

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34
Q

a. Single Net Lease
b. Double Net Lease
c. Triple Net Lease

A

a. Rent & Property taxes
b. & Insurance
c. & Maintenance, etc.

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35
Q

How can one remove deed restrictions from a property

A

by going to court for a judge’s ruling

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36
Q

Gives municipal inspectors right to enforce building codes

A

Police Power

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37
Q

Judgement lien, tax lien, mechanics lien, etc

A

Types of involuntary liens

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38
Q

right to transfer property via a will at death

A

devisable

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39
Q

when a lessee finds a new tenant to take over their lease

A

sublease

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40
Q

possible judgement when neighbor has been using claimants property for a long time

A

adverse possession

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41
Q

right of owner to sell/transfer property to someone else

A

Alienable

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42
Q

property taxes on this type of lease are calculated based on the size of the space

A

Double Net Lease

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43
Q

landlord pays taxes, maintenance, and operating fees

A

Gross Lease

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44
Q

Rent for this type of lease is based on tenant’s sales

A

Percentage Lease

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45
Q

land decreaes & water increases

A

erosion

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46
Q

tenant pays base rent plus taxes, insurance, & maintenance

A

Triple Net Lease

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47
Q

transfer of easement to another party by owner & current easement

A

Easement by grant

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48
Q

legal preferences for how liens are handled at sale of land

A

Priority

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49
Q

land increases & water decreases

A

Accretion

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50
Q

holdover tenancy

A

Estate at Sufferance

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51
Q

leasehold w/no set time period & ability for any to end it

A

Estate at Will

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52
Q

Owner dies w/o heirs & property reverts to the state

A

Escheat

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53
Q

tenant of home is responsible for property taxes, maintenance, property insurance

A

Life Tenant

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54
Q

Conditions, Restrictions, and Covenants

A

Deed Restrictions

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55
Q

Right to use of river & streams on or bordering property

A

Riparian Rights

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56
Q

open, hostile, & continuous use of a sub estate by the dominant estate

A

Easement by prescription

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57
Q

the type of interest the lessee has in a leasehold estate

A

personal property interest

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58
Q

aka Judgement lien

A

aka equitable lien

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59
Q

Easement by condemnation

A

Eminent Domain

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60
Q

The process when property taxes are not paid

A

a lien is placed, then foreclosure can be filed, followed by a forced sale

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61
Q

police power that limits how much landlords can charge for rent

A

rent controls

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62
Q

how long can ground leases last

A

99 years

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63
Q

leasehold with set period but no end date (month to month)

A

Periodic Estate

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64
Q

unwanted use of owners land by neighbor

A

encroachment

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65
Q

used to hold money for property taxes or to hold money before a sale is completed

A

Escrow account

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66
Q

gives permission to cross land

A

Affirmative easement

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67
Q

loss of land by action of bordering water

A

Avulsion

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68
Q

leasehold set for definite period of time

A

Estate for years

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69
Q

right of way/ use of another’s property

A

easement

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70
Q

the money or valuable item exchanged in a sale or lease contract

A

Consideration

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71
Q

a lien is a type of

A

encumbrance

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72
Q

distinguishing feature of joint tenancy

A

right of survivorship

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73
Q

Types of buildings that can be structured as a cooperative

A

apartment buildings

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74
Q

how can a tenant in common transfer their share of property

A

executing a deed of transfer, leaving property in a will or a trust

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75
Q

what kind of ownership does a condo resident have of their unit?

A

Fee Simple

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76
Q

What happens to a joint tenant’s share of a property at their death?

A

The share of the property passes to the other named joint tenant

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77
Q

Who can own property in severalty?

A

an individual, business entity, or trust

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78
Q

Who can own property in severalty?

A

an individual, business entity, or trust

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79
Q

What is the interest in property of a spouse whose name is not on the title?

A

Marital Interest

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80
Q

What is the definition of ownership in severalty?

A

one person owns all the rights associated with ownership of property

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81
Q

What are residents of a cooperative responsible for?

A

Utilities and interior maintenance of their unit

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82
Q

What kind of trust comes into being at the point of the grantor’s death?

A

testamentory trust

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83
Q

what is the legal proceeding that officialy severs co-ownership of property

A

Partition

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84
Q

What are the transfer rights of an owner in severalty?

A

To lease to, sell to, or put a mortgage on the property

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85
Q

this evidences a cooperative residents ownership rights

A

a certificate for shares of stock in the cooperative

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86
Q

individuals who inherit property or other assets from a trust

A

beneficiaries

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87
Q

for instance: siblings who own a divided portion of the entirety of a parcel of land

A

tenants in common

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88
Q

property acquired by one spouse that is not designated as separate ownership

A

community property

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89
Q

the type of ownership that a condo resident has of their unit

A

fee simple

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90
Q

Cooperatives are usually managed by

A

a board of directors

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91
Q

Reasons to create a trust include:

A

to limit federal and state estate taxes, to avoid probate, to prepare for blended families

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92
Q

tenants by the entirety include:

A

married couples

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93
Q

Terms for a person creating a trust include:

A

Settlor, Grantor, Trustor

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94
Q

How is the public made aware of a property tranfer through a deed?

A

By recording is with the county clerk, it is counted as public knowledge

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95
Q

What is the purpose of a notary seal on a deed?

A

It ensures that the parties signing the deed are who they claim to be.

96
Q

Who may file an involuntary lien against a property?

A

a judgement or creditor

97
Q

why would a statutory lien be filed on a property

A

when there are unpaid assessments that were stated in the bi-laws and covenants

98
Q

written report of a chain of title

A

abstract of title

99
Q

a lien on all real estate in that county owned by the debtor

A

general lien

100
Q

what kind of deed is in place when a mortgage deed is in default & goes to foreclosure

A

Deed under Power

101
Q

how do corporations convey property through a deed

A

via a designated representative

102
Q

what may cause a break in the chain of title

A

a seller who was not a buyer in a previous deed

103
Q

What is one thing all parcels of real estate have in common

A

title history

104
Q

What is the purpose of a lien

A

to ensure a creditor is paid, either by the debtor or through the sale of the property

105
Q

the party selling or conveying real property

A

grantor of deed

106
Q

what is the purpose of a deed

A

conveys and proves ownership of the property

107
Q

what is constructive notice

A

the process of recording a deed with public records thereby making the record public knowledge

108
Q

to complete the transfer of real estate, what must happen with the deed?

A

it must be handed to the buyer/grantee

109
Q

what type of lien is a mortgage

A

a voluntery lien

110
Q

a conveyance of real estate, clear of liens

A

warranty deed

111
Q

when the court awards money to the claimant that puts them into the same financial position they were in prior to the breech of contract

A

compensatory damages award

112
Q

a complete contract that has been laid out in writing

A

express contract

113
Q

when is the doctrine of impossibility most often applied

A

when the property is destroyed or rendered unusable

114
Q

who has the duty to perform in good faith

A

it is mutually binding by both parties

115
Q

a listing agreement that is illegal in most states

A

net listing agreement

116
Q

how does the court see it when one party does not say ‘yes’ to an offer

A

as a rejection

117
Q

who has legal capacity to sign a contract

A

an adult with full understanding of the contract

118
Q

clause that warns parties that failure to meet contract parameters within a certian period of time may cause a breech

A

time is off the essence clause

119
Q

Under the statute of frauds, a contract for sale of land must be

A

a written contract

120
Q

what are the 4 essential elements of a contract

A

offer & acceptance, consideration, legal purpose, & legal capacity

121
Q

what is the most common way a contract can discharge

A

full performance of the contract

122
Q

why might a court need to interpret a contract

A

if it is poorly drafted, one party sues the other for failure to perform, or here is a disagreement btwn parties

123
Q

a real estate contract is commonly described as

A

an express, bilateral contract

124
Q

when the ourt orders someone to do or not do a certain action

A

injunction

125
Q

a listing agreement where the listing agent receives any $ amount over a price set by the seller

A

a net listing agreement

126
Q

how can an otherwise valid contract become void

A

if a law is passed that makes the purpose of the contract illegal

127
Q

these are potential awards in a contract suit

A

injuction, specific performance, expectation damages, recission, reformation, compensatory damages

128
Q

what are examples of an assignment

A

selling a mortgage loan, selling a subway token, assigning a lease to a new tenant

129
Q

The most common cause of default by homeowners

A

not paying on-time payments

130
Q

buying back one’s property after a judicial sale

A

redemption

131
Q

clause allowing lenders to increase or decrease interest rates at any time without notice

A

escalator clause

132
Q

In title theory states, who maintains the legal title on a home

A

The trustee maintains it until the debt is paid in full

133
Q

the collateral used on a deed of trust

A

The home itself is used as collateral

134
Q

Failure to uphold a duty or promise, or to discharge an obligation

A

Default

135
Q

An obligation to pay the remaining owed debt after the home is sold for less than the loan owed.

A

a deficiency judgement

136
Q

The party responsible for recording the mortgage process

A

A title agency will likely handle it, but the responsibility is the lenders

137
Q

What is the best type of loan for someone who will not live in the home long-term.

A

Interest-only loans (also known as a straight loan) are good for the short-term. The borrower will have a lower monthly payment, but they must pay back the entire loan amount when they sell the property.

138
Q

the difference between a home loan and a mortgage

A

mortgage is the legal process, while a home loan is the financing for it.

139
Q

How long does the judicial foreclosure process take?

A

three to four months, depending on state laws

140
Q

what happens in a non-judicial foreclosure?

A

The trustee involved will sell the home at an auction. The home may revert back to the lender if no buyer is found.

141
Q

How does the world know that propety is transferred through a deed?

A

by recording the deed in the county real estate records

142
Q

Why does the date on the deed matter?

A

to know the order of when the property was conveyed to determine owndership and lien rights

143
Q

An express contract with all of the required elements was written up and signed by both parties, however there was no notary present. Is the contract valid?

A

No, the notary seal makes it legal

144
Q

Promises regarding ownership and title to the propery made by the owner

A

warranties

145
Q

In general, what gives a lien highest priority?

A

the lien recorded first has highest priority, unless a state law says otherwise

146
Q

What happens to real estate when the owner dies?

A

Property passes to the owner’s estate

147
Q

Upon the purchase of a parcel of real estate and a title insurance policy, the buyer finds an unpaid tax lien on the title from before closing. What is their next step?

A

make a claim on the title insurance policy to pay off the lien

148
Q

Upon the purchase of a parcel of real estate and a title insurance policy, the buyer finds an unpaid tax lien on the title from before closing. What is their next step?

A

make a claim on the title insurance policy to pay off the lien

149
Q

a written explanation of the boundaries of a property in relation to the neighboring real estate

A

legal description

150
Q

What causes a person to lose their real estate in bankruptcy?

A

Trustee takes the property to pay off debts

151
Q

A general lien covers what property?

A

all real estate in that county owned by the debtor

152
Q

How are deeds and other real estate records maintained?

A

Deeds are catalogued by book and page based on their order of recoding by the county real estate records clerk

153
Q

What is constructive notice?

A

by recording a deed in the public land records, everyone is deemed to have notice of the recording of the deed, even if they physically don’t see it.

154
Q

Which type of deed offers the least amount of protection for the buyer?

A

Quitclaim deed

155
Q

A lien that is placed automatically due to lack of payment of assessments per a condo’s covenants and state laws.

A

Statutory Lien

156
Q

How is a property conveyed from a deceased person to their heirs, when there is a will?

A

By executor’s deed, according to the will

157
Q

What is covereed by an extended coverage title insurance policy?

A

Matters, such as liens, not found in a search of the written title records

158
Q

the power used by the court to involuntarily convey real property

A

Equity Power

159
Q

What type of deed should be used to convey property along with its associated mortgage lien?

A

Quitclaim Deed

160
Q

What is special about a tax deed?

A

tax deeds are superior in the chain of title to nearly all other types of interests

161
Q

How does a judgement lien cause involuntary alienation?

A

Property is sold by judgment creditors to pay off debt

162
Q

when the court awards a non-breaching party a money award that places them in the same financial position they were in prior to the breached contract

A

Compensatory damages award

163
Q

A seller asks an agent to help him sell his house. The seller finds a buyer themselves, an the agent receives a commission from the sale. What type of listing agreement did they make?

A

exclusive right to sell listing

164
Q

A complete contract that has been reduced to writing

A

an express contract

165
Q

A contract that lacks consideration

A

a void contract

166
Q

If a party does not respond “yes” to an offer, what does the court consider the party’s response to be?

A

a rejection

167
Q

When an expert in their field buys something they know to be quite valuable for significantly less than it is worth, the sale can be considered void on what grounds?

A

Unconscionability

168
Q

A seller asks an agent to help sell their house. The seller finds a buyer themselves and the agent does not receive a commission from the sale. What type of listing agreement did they make?

A

An exclusive agency listing

169
Q

The type of contract between an agent and their brokerage firm stating that the agent will receive commissions on their sales and not a salary wage.

A

an independent contractor agreement

170
Q

a contract between a minor and an adult is considered

A

a voidable contract

171
Q

The statute of frauds requires what kind of contracts to be in writing?

A

Contracts involving the sale of land

172
Q

Offer, rejection, counteroffer, and acceptance altogether can be called:

A

bargaining, a meeting of the minds, and/or contract negotiation

173
Q

A seller asks several real estate agents to help sell their house. A buyer is found and no one receives a commission check. What type of listing agreement was made?

A

An open listing

174
Q

When a court orders a party to perform the exact obligations set forth in the contract

A

A specific performance award

175
Q

This is not grounds for voiding a contract

A

a breach of contract

176
Q

A provision in a contract that provides damages to one party in the event that an act of god prevents completion of the contract

A

liquidated damages provision

177
Q

A contract that lacks an essential element

A

an unenforcable contract

178
Q

When a party agrees to do something they aren’t legally obligated to do, or refrain from doing something they have the right to do.

A

legal detriment

179
Q

when a party threatens another party in order to persuade them into doing something

A

coercion

180
Q

When one person agrees to take on the duties and benefits of another’s contract

A

Assignment

181
Q

What type of real estate contract does not usually mention a purchase price?

A

A lease

182
Q

where can one go to find the record of deed and title?

A

The registrar of deeds or county recorder

183
Q

A trustee in a non-judicial state says a borrower must make payment in full. Does the borrower have recourse?

A

they may be able to pursue renegotiation of the loan, refinancing of the loan, or a sale of the home. Some lenders may allow for catch-up of payments.

184
Q

What is a secured loan?

A

A loan backed by some type of collateral, usually the value of the home itself.

185
Q

How do discount points help with lowering the monthly payment of a home loan?

A

Paying interest upfront in the form of points will reduce the monthly payment

186
Q

What is the benefit of a mortgage-backed security to a home buyer?

A

With mortgage-backed securities, lenders sell loans in packages across the country, making it possible for borrowers in low-income areas to qualify for loans

187
Q

If a borrower pays off their home right away, will they still pay interest on the home?

A

Yes, they will still have to pay closing costs and prepayment penalties

188
Q

How do lenders in the primary mortgage market profit from the home buying process?

A

Interest rate fees and secondary market security bundles

189
Q

Is it likely that a home buyer would have an unsecured loan for buying a home?

A

no, nearly all home loans are secured loans

190
Q

How can a lender help a borrower who is struggling to remember to make their tax payments?

A

The lender can collect taxes and insurance along with the mortgage loan payments and hold them in escrow to make the payments

191
Q

What does it mean to have a loan with an escalator clause?

A

It means the lender can increase or decrease the interest rates at any time with notice

192
Q

who services the mortgage in a lien theory state?

A

The lender

193
Q

Who handles the process in a deed of trust when there is a default on the loan?

A

The Trustee

194
Q

What happens when a homeowner in a lien title state is behind on the morgage payments?

A

The lender can take legal steps to foreclose on the loan

195
Q

Aside from paying the monthly payment, what does the mortgagor promise to do?

A

They must meet all duties outlined in the morgage document.

196
Q

If a house fails to sell at auction, can the defaulted borrower have the home back?

A

They may be able to obtain a new loan from a new lender to purchase the home from the previous lender, who takes possession in this case.

197
Q

How much is one point in interest worth?

A

One point is worth one percent of the borrowed amount

198
Q

If a homeowner is moving but doesn’t want to sell their home, what can they do transfer the loan to another person?

A

They must get approval from the lender for the Assumption Clause

199
Q

Who has priority over the value of a home sold in a foreclosure sale?

A

The priority of the liens are outlined with the recording of the mortgage

200
Q

Why does the Fed increase rates?

A

to grow profits and to control inflation, to build the economy

201
Q

In a non-judicial foreclosure, who holds the title up until the auction?

A

The trustee

202
Q

How can one avoid foreclosure in a non-judicial situation?

A

They can work with the trustee to catch up on debts and follow all requirements set by the trustee

203
Q

What type of foreclosure involves the court system?

A

Judicial foreclosure

204
Q

How can a borrower who is behind on payments determine their options in order to avoid foreclosure?

A

The lender will send a letter outlining what the homeowner must do to avoid foreclosure.

205
Q

Does a homeowner always maintain legal title for a home?

A

No, in title theory states, the trustee maintains it until the debt is paid in full

206
Q

Is catching up on loan payments enough to avoid foreclosure?

A

Not always, sometimes lenders fees must be paid if it is possible to get caught up.

207
Q

Who is the trustor in a deed of trust?

A

The home buyer

208
Q

Who holds the deed for the property in a lien theory state?

A

The homeowner

209
Q

What will happen to a homeowner in the event of a non-judicial foreclosure?

A

The trustee involved will sell the home at an auction. The home may revert back to the lender if no buyer is found.

210
Q

What is the first step in getting a home for a potential buyer?

A

Securing a home loan/getting pre-qualified

211
Q

A legally binding promise to pay

A

Promissory Note

212
Q

What is the job of a trustee in real estate

A

The trustee holds the legal title of the property until the debt is paid off

213
Q

Will a lender allow a buyer to buy a duplex to rent half out to a friend?

A

An Assignment of Rent allows for this and is laid out at the time that the loan is secured.

214
Q

What happens to the equity on a home once the house is sold?

A

After the home loan is paid off, the remaining value is paid to the seller

215
Q

a purchaser shall have the right to cancel the purhase of a time-share or campground membership until midnight of the ______ day following the date on which the purchaser executed the purchase contract

A

5th

216
Q

How many hours of approved study must one complete in order to take the Pennsylvania Real Estate Exam?

A

75

217
Q

Agreements btwn Broker and Principal, or btwn Broker and Consumer, if the consumer is required to pay a fee and the agreement must be in writing, require all of the following statements:

A
  1. A statement identifying any possibility that the broker, or employee of the broker, may provide services to more than one consumer in a single transaction.
  2. A statement describing the purpose of the Real Estate Recovery Fund.
  3. A statement regarding any possible conflicts of interest and the duty to continue to disclose any.
218
Q

Examples of violations of the “Pennsylvania Human Relations Act” that could lead to imposition of a fine and/or the suspension or revocation of your license:

A
  1. giving false info for purposes of discrimination in the rental or sale of housing
  2. Accepting listings on the understanding that illegal discrimination in the sale or rental of housing is to be practiced
  3. Making distinctions in the locations of housing or dates of availability of housing for purposes of discrimination in the rental or sale of such housing.
219
Q

The name of the act that governs much of the practice of real estate in Pennsylvania is the:

A

Real Estate Licensing and Registration Act (RELRA)

220
Q

An advertisement by a broker about “sales volume” or “productions” shall refer only to closed transactions. What is a “closed transaction”?

A

either a listing sold or a sale made after a fully executed deed is delivered

221
Q

An exclusive listing agreement must contain all of the following:

A
  1. The commission, fees, or other compensation expected on the sale or lease price
  2. The sale or lease price
  3. The duration of the agreement
222
Q

Violaions of RELRA can be classified as _____ or _____

A

Unlicensed activity or violations of the rules and regulations of RELRA

223
Q

If a sales agreement is conditioned upon the ability of the buyer to obtain a mortgage, it shall contain all of the following:

A
  1. The deadline for the buyer to obtain the morgage
  2. The maximum interest rate of a mortgage
  3. The type of mortgage
224
Q

Any prize, gift, award, or bonus offered in relation to the offering of sale of real property must include, for all prizes offered, a statement of _____

A

Fair Market Value

225
Q

How many days maximum do you have to notify the Commission after you change your employer/broker?

A

10 days

226
Q

How many years must you work as a licensed salesperson in the state of Pennsylvania before you can take the Broker’s exam?

A

3 years

227
Q

These are things that may happen if a claim is filed against you with the Real Estate Recovery Fund and a settlement is reached with the victim:

A
  1. Your license is suspended on the date the claim is paid.
  2. A petition is filed with a court to enter judgment against you for the amount of the claim paid on your behalf.
  3. You must repay the funds, plus interest, before your license can be reinstated.
228
Q

an advertisement by a licensee for the solicitation, sale, or offering for sale of real estate that employs lotteries or contests, or that offers prizes, certificates, gifts, or free lots shall contain all of the following:

A
  1. a description of each prize, certificate, gift or lot offered
  2. limitation on the number of prizes, certificates, gifts, or lots offered
  3. the prerequisites for receiving each prize, certificate, gift or lot offered
229
Q

How many hours of commission approved continuing education must one take in order to renew their real estate salespersons license every 2 years?

A

14 hours

230
Q

Can a broker’s escrow duty be waived or altered by an agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers involved in the transaction?

A

No

231
Q

Each of the following persons are members of the Commission

A
  1. Three members who shall be persons representing the general public
  2. The Director of the Bureau of Consumer Protection, or their designee
  3. Commissioner of Professional and Occupational Affairs
  4. Five licensed real estate brokers, including one cemetery broker
232
Q

A person who owns or manages a business, which collects rental information for the purpose of referring prospective tenants to rental units or to the locations of such units, is known as:

A

A rental listing referral agent

233
Q

This is used to compensate victims of fraud, misrepresentation, or deceit by a salesperson, broker, or anyone else holding a real estate related license

A

Real Estate Recovery Fund

234
Q

The Commission could impose a fine, suspend, or revoke your license if you fail to keep real estate records for how many years?

A

3 years

235
Q

After a disciplinary hearing, a report must be submitted to the Commission after which time the Commission may do any of the following:

A
  1. Request additional testimony
  2. Adopt the findings in the report
  3. Enter its conclusions of law and order
236
Q

All of these are reasons your license could be suspended or revoked:

A
  1. Using misleading or untruthful advertising
  2. Making any substantial misrepresentation
  3. Obtaining by false representation or fraudulent act or conduct

Real Estate Exam (2 decks)

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