Exam (elaborations)
PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
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PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
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PA REAL ESTATEEXAM QUESTIONS
AND ANSWERS
Susie Salesperson works for broker Bill at XYZ Realty. Susie places the following ad in
the local paper, " Beautiful four bedroom home, scenic view, easy terms of financing,
available now. Call Susie on her cell phone at 426-667-8900." Is this a satisfactory
advertisement? - Answers -No, the name of the brokerage company must always been
included in the advertisement, as well as the broker's phone when a salesperson uses
her phone.
What is an acknowledgement? - Answers -It is a signature by a consumer who is
recognizing the importance of a written disclosure notice.
When a sole proprietor broker dies, his estate must notify the Commission within 15
days of the death to tell the Commission of another licensed broker who will serve as a
termination broker. Which of the following statements is NOT true? - Answers -New
licenses may be hired to help with the transitions.
A new salesperson wants to make an impression on the neighborhood so he places lots
of for sale signs on homeowner's yards. When he does this, it causes the homeowner
and prospective buyers to call the new agent for information. Is this a legitimate
business practice? - Answers -No, every "for sale" sign must first have a written consent
of the owner of the property.
Which of the following does not need to be disclosed to a prospective buyer at the initial
interview? - Answers -A statement of the flat fee that the broker charges for a
commission.
A dual agency agreement most nearly means: - Answers -The seller and buyer have
both signed a written disclosure for equal representation.
, After the Complaint Office receives a complaint, who investigates it? - Answers -The
Department of Justice
Internet advertisement is an important part of the real estate business in the 21st
century. The broker must do all of the following to do internet advertising EXCEPT: -
Answers -The advertisement must contain the phone number including area code.
Jack has committed several violations of the Act and has been found guilty. His license
has been suspended. What must Jack do? - Answers -Jack must return his license to
the SREC
What does a salesperson do if she wishes to change employment brokers? - Answers -
She notifies the Commission in writing no later than ten days after the intended date of
change and returns her license.
The Low Country Cemetery Company sells its own property and other property as burial
plots to customers in Pennsylvania. The company actively advertises in the newspaper
and holds public information meetings. This is a for-profit company. What does this
describe? - Answers -This is a cemetery company selling burial plots to the public. It
should be registered with the Commission.
Pennsylvania law requires that the seller must disclose material facts to the buyer.
When must this be done? - Answers -Prior to the time the sales contract is written
Susie is a real estate salesperson, licensed in Pennsylvania. She is a top producer and
likes to maintain her independence. She sets up her office in her home, independent of
the broker. She maintains her own telephone, secretary, administrative assistant and
cell phone. She communicates with her broker once a week or he comes to see her at
her home office. Is this an acceptable situation? - Answers -No, because Susie is not
under the direct supervision of the broker.
The ad reads: Home for Sale; Three bedrooms, 2 baths, great location, easy access to
schools. Call 467-458-9783. The prospective buyer calls and discovers that the phone
number listed is a real estate brokerage company. Is this an acceptable advertisement?
- Answers -This ad is deceptive advertising since every brokerage ad is required to
have the business name of the broker.
The broker, the seller and the buyer all agree that the broker does not need to hold
escrow money for the buyer in his escrow account. The money instead is given to the
seller who is supposed to credit the money to the buyer's account. All parties to the
contract agree to this arrangement. When the transaction closes, the seller will not give
credit to the buyer and the buyer files a complaint against the broker with the
Commission. Why does the buyer think he can do this? - Answers -The buyer can
charge the seller based on the standard that no broker can relieve himself of escrow
responsibility whether the buyer and seller sign or not.
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