Pennsylvania Real Estate Practice Exam

When a licensee provides a statement of estimated cost and return to parties involved in a transaction, the statements:

All of the following are requirements to obtain a property through adverse possession in Pennsylvania except:

A broker lists a commercial property for sale. The listing:

Bauer, a salesperson’s licensed assistant worked late nights and weekends to help ensure the successful completion of a difficult transaction. Bauer’s extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller’s counteroffer. Largely because of Bauer’s efforts, the sale went through with no problem. The salesperson wants to pay Bauer a percentage of the commission, “because Bauer has really earned it.” Under Pennsylvania law, the salesperson may:

Protected groups under the Pennsylvania Human Relations Act include:

Stephen hires his unemployed friend Bob to help him. In the state of
Pennsylvania, Bob cannot do which of the following without a license?

Which of the following options would require the Pennsylvania Real Estate Commission to suspend a licensee’s license?

The Pennsylvania Real Estate Commission has the authority to:

Of the following, who would be subject to disciplinary action by the Pennsylvania Real Estate Commission?

Nelson, a broker is employed as a property manager. The building owner and Nelson agree that the building air conditioning system needs to be replaced, and Nelson is authorized to contract for the work to be done. Without the knowledge of the owner, Nelson and the contractor selected to do the work agree that as a condition of receiving the contract the contractor will install central air conditioning in the personal residence of Nelson at no charge to Nelson. Could this action result in disciplinary action against Nelson by the commission?

Who is exempt from the provisions of the Pennsylvania Real Estate Licensing and Registration Act?

All of the following must complete education or training requirements prior to licensure except:

In reference to license laws and rules and regulations of the commission, what does the term “broker of record” refer to?

The maximum compensation that will be paid from the Real Estate Recovery Fund to satisfy claims against a licensee is:

How many members of the Pennsylvania Real Estate Commission are required to be licensed real estate brokers at the time of their appointment?

A commercial office building sold for $1,000,000. The buyer paid $400,000 as a down payment and secured a $600,000 first mortgage loan. How much is the Pennsylvania state transfer?

In order to become a member of the Pennsylvania Real Estate Commission, a candidate must:

All of the following provisions are included in the Pennsylvania Real Estate Commission’s rules regarding exclusive listing agreements except:

A licensed salesperson may hold an active license with more than one
Pennsylvania broker under which of the following circumstances?

Jones, a broker, signs a 3-month listing agreement with a seller. The agreement contains the following clause: “If the Property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional 3 month periods thereafter until the property is sold.” In Pennsylvania,
this clause is:

In a dual agency situation, a broker may collect compensation from both the seller and the buyer if:

The Pennsylvania Real Estate Commission may assess an additional fee against licensees in order to increase the balance in the Real Estate Recovery Fund if:

During a listing presentation, the prospective seller informs Jones, the salesperson of his intent to refuse to sell the property to Australians. What is the best course of action for Jones in this situation?

All of the following are mandatory provisions of a sales contract except: