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Real Estate Exam #1

Pennsylvania Real Estate Salesperson Exam Real Estate Exam #1
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  1. Question 1 of 50
    1. Question

    In Pennsylvania, The interest rate banks charge to their preferred customers is called:

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  2. Question 2 of 50
    2. Question

    In Pennsylvania, In order to set commission rates, the contract between the principal and broker should:

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  3. Question 3 of 50
    3. Question

    In Pennsylvania, A way of holding title to a property when the mortgagor does not actually own the property but instead has a recorded long-term lease on it is called a:

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  4. Question 4 of 50
    4. Question

    In Pennsylvania, When a value is placed on a property for the purpose of taxation, this is called a(n):

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  5. Question 5 of 50
    5. Question

    In Pennsylvania, The original amortization term minus the number of payments that have been applied is commonly referred to as:

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  6. Question 6 of 50
    6. Question

    In Pennsylvania, If a purchase contract for a property has no acceleration clause and no provisions in the contract prohibiting a resale or an assignment, the borrower could potentially:

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  7. Question 7 of 50
    7. Question

    In Pennsylvania, The right to occupy a property for a specified period of time without outside interference is known as:

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  8. Question 8 of 50
    8. Question

    In Pennsylvania, The nominal interest rate is:

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  9. Question 9 of 50
    9. Question

    In Pennsylvania, The civil penalty for a first violation of the Federal Fair Housing Laws can be as much as this amount if the Justice Department get involved:

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  10. Question 10 of 50
    10. Question

    In Pennsylvania, The investor criterion for a home mortgage is an uninsured loan-to-value ratio of 90% of the appraisal. The sales agreement and appraisal is in the amount of $180,000. Following underwriting guidelines, the buyer qualifies for a loan of $145,000. How much of the purchase will be financed by this investor?

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  11. Question 11 of 50
    11. Question

    In Pennsylvania, An index used to determine interest rate changes for certain adjustable rate loans is called:

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  12. Question 12 of 50
    12. Question

    In Pennsylvania, When the appraised value of a property is given, it is based on:

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  13. Question 13 of 50
    13. Question

    In Pennsylvania, A public official who establishes the value of a property for taxation purposes is called a(n):

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  14. Question 14 of 50
    14. Question

    In Pennsylvania, The relationship between economic life of a house and physical life of a house is:

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  15. Question 15 of 50
    15. Question

    In Pennsylvania, Instead of refinancing a mortgage, sometimes a lender will agree to do this instead:

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  16. Question 16 of 50
    16. Question

    In Pennsylvania, Chattel real can be interest of a lessee and is NOT:

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  17. Question 17 of 50
    17. Question

    In Pennsylvania, Which type of deed transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made?

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  18. Question 18 of 50
    18. Question

    In Pennsylvania, When someone is referred to as a “realtor”, they are referring to a person who is:

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  19. Question 19 of 50
    19. Question

    In Pennsylvania, Real Property is defined as land and appurtenances, including:

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  20. Question 20 of 50
    20. Question

    In Pennsylvania, What is the best way to determine if a neighboring property is encroaching on another?

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  21. Question 21 of 50
    21. Question

    In Pennsylvania, If a person agrees to pay a certain sum for a service deed to be done on a property while the other person simply agrees to do the service if their schedule permits for it, this kind of contract would be called:

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  22. Question 22 of 50
    22. Question

    In Pennsylvania, If a person borrows a monetary amount and issues a written promise to repay a specific amount over a specified period of time, the person is issuing a:

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  23. Question 23 of 50
    23. Question

    In Pennsylvania, The zoning of isolated properties for uses different from the uses specified by existing zoning laws refers to:

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  24. Question 24 of 50
    24. Question

    In Pennsylvania, Which of these is NOT an action that causes a real estate transaction to be considered “closed”?

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  25. Question 25 of 50
    25. Question

    In Pennsylvania, A fiduciary who holds or controls property for the benefit of another is called:

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  26. Question 26 of 50
    26. Question

    In Pennsylvania, The Transfer Disclosure Statement (TDS) form is required on:

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  27. Question 27 of 50
    27. Question

    In Pennsylvania, If a property is leveraged at 50%, this means that the debt on the property is which percentage of its value?

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  28. Question 28 of 50
    28. Question

    In Pennsylvania, In regards to the borrower in a mortgage agreement, they would NOT be called the:

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  29. Question 29 of 50
    29. Question

    In Pennsylvania, A real estate agent should disclose any environmental hazards or conditions that could have an affect on the property except in which case?

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  30. Question 30 of 50
    30. Question

    In Pennsylvania, David, a broker, has recently finalized a deal for the purchase of one of his listings. The buyer has given him earnest money. What must David do next with the earnest money?

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  31. Question 31 of 50
    31. Question

    In Pennsylvania, If a homeowner protects their property from flood waters by means of sandbags and subsequently diverts the flood water directly into another homeowner’s property which causes substantial damage, this would be:

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  32. Question 32 of 50
    32. Question

    In Pennsylvania, A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court is called a:

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  33. Question 33 of 50
    33. Question

    In Pennsylvania, A person makes an offer to purchase a property that was shown to them by their broker, but then waits to present the offer to the seller until later that day. In the meantime, two more offers were submitted on the property. Under the rule of agency, the offer:

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  34. Question 34 of 50
    34. Question

    In Pennsylvania, When someone is having their credit history checked by a lender for use in the loan qualification process, their creditworthiness is being determined by use of:

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  35. Question 35 of 50
    35. Question

    In Pennsylvania, What does the Real Estate Settlements Procedures Act cover?

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  36. Question 36 of 50
    36. Question

    In Pennsylvania, If you obtain liability insurance, which is usually part of a homeowner’s insurance policy, it will:

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  37. Question 37 of 50
    37. Question

    In Pennsylvania, An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage, is called:

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  38. Question 38 of 50
    38. Question

    In Pennsylvania, In every loan payment that includes interest, the loan payments consist of a portion that is applied to pay the accruing interest and a portion applied to the principal. As time goes on, the interest portion does NOT _______________ as the loan balance _______________.

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  39. Question 39 of 50
    39. Question

    In Pennsylvania, When the principal balance of a loan, bond, or other financial instrument becomes due and payable, this is called the date of:

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  40. Question 40 of 50
    40. Question

    In Pennsylvania, Which of these is a congressionally chartered, shareholder owned company that is the nation’s largest supplier of home mortgage funds?

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  41. Question 41 of 50
    41. Question

    In Pennsylvania, If the expiration of time has passed in regards to the communication of acceptance by the seller from the buyer, this offer is considered:

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  42. Question 42 of 50
    42. Question

    In Pennsylvania, Restrictive covenants included in deeds for all properties within a subdivision can dictate:

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  43. Question 43 of 50
    43. Question

    In Pennsylvania, The four components of a monthly mortgage payment on impounded loans are:

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  44. Question 44 of 50
    44. Question

    In Pennsylvania, The appraised value of a subject property is presented in a Certificate of Reasonable Value in which type of loan?

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  45. Question 45 of 50
    45. Question

    In Pennsylvania, A report of an individual’s credit history and is used by a lender in determining a loan applicant’s creditworthiness is prepared by a:

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    Incorrect
  46. Question 46 of 50
    46. Question

    In Pennsylvania, Ben is a property owner who is selling. He has made an arrangement with Jerry to provide financing in combination with an assumable mortgage. What type of agreement has been made?

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    Incorrect
  47. Question 47 of 50
    47. Question

    In Pennsylvania, Toby has made arrangements with his creditors to repay delinquent installments or advances. This type or arrangement is called a:

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    Incorrect
  48. Question 48 of 50
    48. Question

    In Pennsylvania, If a real estate agency relationship is to be enforceable, which of these needs to happen:

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  49. Question 49 of 50
    49. Question

    In Pennsylvania, If a seller refuses to fill out their section of the Transfer Disclosure Statement (TDS), the seller’s agent is advised to:

    Correct
    Incorrect
  50. Question 50 of 50
    50. Question

    In Pennsylvania, If Jerome, a buyer, takes over the mortgage of Henry, a seller, this type of transaction is called a(n):

    Correct
    Incorrect
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