Download Pennsylvania Real Estate Salesperson Exam Prep: Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!
PA REAL ESTATE SALESPERSON EXAM - STATE PORTION EXAM PREP
QUESTIONS AND ANSWERS (100% PASS)
"BUYER AGENT - CORRECT ANSWER Any licensee who has entered into an agency relationship
with a consumer buyer of real estate."
"CEMETERY - CORRECT ANSWER A place for the disposal or burial of deceased human beings,
by cremation or in a grave, mausoleum, vault, columbarium or other receptacle, but the term does not include a private family cemetery."
"CEMETERY BROKER - CORRECT ANSWER Any person engaging in or carrying on the business
or acting in the capacity of a broker within this Commonwealth exclusively within the limited field or branch of business which applies to cemetery lots, plots and mausoleum spaces or openings."
"CEMETERY COMPANY - CORRECT ANSWER Any person who offers or sells to the public the
ownership, or the right to use, any cemetery lot."
"CEMETERY SALESPERSON - CORRECT ANSWER Any person employed by a broker or
cemetery broker to perform duties as defined herein under "cemetery broker.""
"DESIGNATED AGENT - CORRECT ANSWER One or more licensees designated by the
employing broker, with the consent of the principal, to act exclusively as an agent or as agents on behalf of the principal to the exclusion of all other licensees within the broker's employ."
"DISCLOSURE - CORRECT ANSWER Provision of all relevant facts, without reservation,
ambiguity or distortion so as to enable a consumer to understand the options and weigh the risks and benefits in order to make a decision in his or her own best interest."
"DUAL AGENT - CORRECT ANSWER A licensee who acts as an agent for the buyer and seller, or
lessee and landlord, in the same transaction."
"PRINCIPAL - CORRECT ANSWER A consumer of real estate services who has entered into an
agency relationship with a broker."
"STANDARD LICENSE - CORRECT ANSWER Any license issued under this act that is not a
reciprocal license."
"SALESPERSON - CORRECT ANSWER Any person employed by a licensed real estate broker to
perform comparative market analyses or to list for sale, sell or offer for sale, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate or to negotiate a loan on real estate or to lease or rent or offer to lease, rent or place for rent any real estate or collect or offer or attempt to collect rent for the use of real estate for or in behalf of such real estate broker. No person employed by a broker to perform duties other than those activities as defined herein under "broker" shall be required to be licensed as a salesperson."
"What constitutes a Quorum of the Real Estate Commission? - CORRECT ANSWER A majority
of the members currently serving on the commission shall constitute a quorum." "In addition to regularly scheduled meetings, how many Public Meetings must the PA Real Estate
Commission hold each year and where are they held? - CORRECT ANSWER In addition to
regularly scheduled meetings of the commission, there shall be at least one public meeting each year in Pittsburgh, one public meeting each year in Philadelphia and one public meeting each year in Harrisburg."
"BROKER - CORRECT ANSWER Any person who, for another and for a fee, commission or other
valuable consideration: (1) negotiates with or aids any person in locating or obtaining for purchase, lease or an acquisition of interest in any real estate; (2) negotiates the listing, sale, purchase, exchange, lease, time share and similarly designated interests, financing or option for any real estate; (3) manages any real estate; (4) represents himself to be a real estate consultant, counselor, agent or finder; (5) undertakes to promote the sale, exchange, purchase or rental of real estate: Provided, however, That this provision shall not include any person whose main business is that of advertising, promotion or public relations; (5.1) undertakes to perform a comparative market analysis; or (6) attempts to perform any of the above acts."
"BUILDER-OWNER SALESPERSON - CORRECT ANSWER Any person who is a full-time employee
of a builder-owner of single and multifamily dwellings located within the Commonwealth and as
"SUBAGENT - CORRECT ANSWER A broker, not in the employ of the listing broker, who is
engaged to act for, or cooperate with, the listing broker in selling property as an agent of the seller. A subagent is deemed to have an agency relationship with the seller. "TIME SHARE." The right, however evidenced or documented, to use or occupy one or more units on a periodic basis according to an arrangement allocating use and occupancy rights of that unit or those units between other similar users. As used in this definition, the term "unit" is a building or portion thereof permanently affixed to real property and designated for separate occupancy or a campground or portion thereof designated for separate occupancy. The phrase "time share" does not include campground membership."
"SCHOOL - CORRECT ANSWER Any person who conducts classes in real estate subjects but is
not a college, university or institute of higher learning duly accredited by the Middle States Association of Colleges and Secondary Schools or equivalent accreditation."
"RENTAL LISTING REFERRAL AGENT - CORRECT ANSWER Any person who owns or manages a
business which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units. The term "rental listing referral agent" shall not include any employee or official of any public housing authority created pursuant to State or Federal law."
"RECIPROCAL LICENSE - CORRECT ANSWER A license issued under section 602 (a) through
(e)."
"REAL ESTATE SERVICE - CORRECT ANSWER An act or acts requiring a real estate license."
"REAL ESTATE - CORRECT ANSWER Any interest or estate in land, whether corporeal,
incorporeal, freehold or nonfreehold, whether the land is situated in this Commonwealth or elsewhere including leasehold interests and time share and similarly designated interests. A sale of a mobile home shall be deemed to be a transfer of an interest in real estate if accompanied by the assignment of the lease or sale of the land on which the mobile home is situated."
"The State Real Estate Commission is hereby created and shall consist of the - CORRECT
ANSWER Commissioner of Professional and Occupational Affairs;
Director of the Bureau of Consumer Protection, or his designee; three members who shall be persons representing the public at large;
five other persons, each of whom shall at the time of his appointment be a licensed and qualified real estate broker under the existing law of this Commonwealth, and shall have been engaged in the real estate business in this Commonwealth for a period of not less than ten years immediately prior to his appointment; and one other person who shall have been licensed as a real estate broker, or cemetery broker, for a period of at least five years and shall have been engaged in selling cemetery lots for at least ten years immediately prior to his appointment."
"Who is responsible for appointing the members of the PA Real Estate Commission? - CORRECT
ANSWER Each of said members of the commission shall be appointed by the Governor."
"The term of office of each member of the Real Estate Commission shall be... - CORRECT
ANSWER five years from his appointment, or until his successor has been appointed and
qualified but not longer than six months beyond the five-year period. In the event that any of said members shall die or resign during his term of office, his successor shall be appointed in the same way and with the same qualifications as above set forth and shall hold office for the unexpired term." "How many days in advance must a Public Meeting of the PA Real Estate Commission be
publicized and where? What is the purpose of the meetings? - CORRECT ANSWER At least 15
days prior to the holding of any public meeting pursuant to this subsection, the commission shall give public notice of the meeting in a newspaper of general circulation in each of the areas where the public meeting is to be held. The purpose of these special meetings shall be to solicit from members of the public, suggestions, comments and objections about real estate practice in this Commonwealth."
"Who is exempt from needing a Real Estate License in PA? - CORRECT ANSWER It shall be
unlawful for any person, directly or indirectly, to engage in or conduct, or to advertise or hold himself out as engaging in or conducting the business, or acting in the capacity of a real estate licensee in PA without first being licensed or registered unless he is exempted from obtaining a license or registration certificate under the provisions of section 304. Except as otherwise provided in this act, the provisions of this act shall not apply to the following: (1) An owner of real estate with respect to property owned or leased by such owner. In the case of a partnership or corporation, this exclusion shall not extend to more than five of its partners or officers, respectively, nor to other partnership or corporation personnel or employees.
"CAMPGROUND MEMBERSHIP SALESPERSON - CORRECT ANSWER A person who either as an
employee or an independent contractor sells or offers to sell campground memberships. Such person shall sell campground memberships under the active supervision of a broker. A person licensed as a broker, as a salesperson or as a time-share salesperson shall not be required to be licensed as a campground membership salesperson as a condition for selling or offering to sell campground memberships."
"COMPARATIVE MARKET ANALYSIS - CORRECT ANSWER A written analysis, opinion or
conclusion by a contracted buyer's agent, transactional licensee, or an actual or potential seller's agent relating to the probable sale price of a specified piece of real estate in an identified real estate market at a specified time, offered either for the purpose of determining the asking/offering price for the property by a specific actual or potential consumer or for the purpose of securing a listing agreement with a seller."
"TRANSACTION LICENSEE - CORRECT ANSWER A licensed broker or salesperson who provides
communication or document preparation services or performs acts described under the definition of "broker" or "salesperson" for which a license is required, without being an agent or advocate of the consumer."
"SELLER AGENT - CORRECT ANSWER Any licensee who has entered into an agency
relationship with a seller of real estate."
"$60 - CORRECT ANSWER Each member of the commission other than the Commissioner of
Professional and Occupational Affairs shall receive reimbursement for reasonable expenses in accordance with Commonwealth regulations and per diem compensation at the rate of $_______ per day for the time actually devoted to the business of the commission." "Under which circumstances may a Real Estate Commission member be excused from a meeting?
- CORRECT ANSWER The commission shall elect a chairman, vice-chairman and secretary from among its members. A commission member who fails to attend three consecutive meetings shall forfeit his seat unless the Commissioner of Professional and Occupational Affairs, upon written request from the member, finds that the member should be excused from a meeting because of illness or the death of a family member."
