Pennsylvania Real Estate Exam
1,497+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Pennsylvania real estate salesperson exam.
Finance
157 questions- Under TRID, which document replaced the HUD-1 Settlement Statement for most closed-end mortgage loans?
- Which type of mortgage allows the interest rate to remain fixed for an initial period, then adjusts annually based on a market index?
- Pennsylvania's transfer tax on real estate is:
- What is the purpose of a mortgage amortization schedule?
- A 'balloon mortgage' requires the borrower to:
- In Pennsylvania, what is the maximum seller concession allowed on a conventional loan with a loan-to-value ratio of 90%?
- A mortgage with a fixed interest rate and fixed monthly payments over 30 years is known as a:
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A lender's 'points' are best described as:
- Private Mortgage Insurance (PMI) is typically required when a conventional borrower's down payment is less than:
- The FHA mortgage insurance premium (MIP) differs from PMI in that:
- A VA loan benefit includes:
- The debt-to-income (DTI) ratio most commonly used as a qualification benchmark for conventional loans is:
- A USDA Rural Development loan is designed for:
- An adjustable-rate mortgage (ARM) is characterized by:
- RESPA (Real Estate Settlement Procedures Act) requires that a Loan Estimate be provided to the borrower within how many business days of the loan application?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- A home equity line of credit (HELOC) is a:
- Fannie Mae and Freddie Mac are known as:
- A 'conforming loan' is a mortgage that:
- What does LTV (loan-to-value ratio) measure?
- An assumable mortgage allows a buyer to:
- A construction loan is typically characterized as:
- Which of the following is a characteristic of a reverse mortgage?
- Pre-qualification for a mortgage differs from pre-approval in that pre-qualification is:
- Pennsylvania's Realty Transfer Tax totals what percentage on most residential transfers?
- Philadelphia imposes an additional Realty Transfer Tax beyond the state 1%. What is Philadelphia's local transfer tax rate?
- A Pennsylvania conventional mortgage with less than 20% down payment typically requires:
- The Pennsylvania Housing Finance Agency (PHFA) primarily serves:
- In Pennsylvania, a mortgage lien is typically recorded to establish its priority. Priority among mortgage liens is generally determined by:
- A Pennsylvania ARM (adjustable-rate mortgage) cap structure of 2/2/5 means:
- Under federal RESPA rules applicable in Pennsylvania, a Good Faith Estimate (now Loan Estimate) must be provided to the borrower within:
- Pennsylvania's Act 6 of 1974 (Loan Interest and Protection Law) provides anti-predatory lending protections including:
- A home equity line of credit (HELOC) in Pennsylvania is secured by:
- Mortgage points paid at closing in Pennsylvania are primarily used to:
- A Pennsylvania borrower with a debt-to-income (DTI) ratio of 45% applying for a conventional loan may face:
- A Pennsylvania homeowner uses a reverse mortgage. Which statement is most accurate?
- Pennsylvania's Act 91 notice is related to:
- In Pennsylvania, mortgage foreclosure is a judicial process. This means:
- Predatory lending targeting elderly Pennsylvania homeowners with high-fee reverse mortgage products or excessive home equity loan terms may violate:
- A Pennsylvania lender charges 2 discount points on a $200,000 mortgage. How much do the points cost the borrower?
- A VA loan benefit available to eligible Pennsylvania military veterans includes:
- An FHA loan insured through HUD requires the borrower to pay:
- The loan-to-value (LTV) ratio on a Pennsylvania home purchase of $300,000 with a $60,000 down payment is:
- Negative amortization in a Pennsylvania mortgage occurs when:
- A Pennsylvania FHA loan requires a minimum down payment of:
- The Pennsylvania Housing Finance Agency's 'Keystone Advantage' program assists buyers with:
- A deed of trust differs from a standard Pennsylvania mortgage in that:
- RESPA (Real Estate Settlement Procedures Act) prohibits which of the following in Pennsylvania mortgage transactions?
- An 'assumable mortgage' in Pennsylvania allows:
- The Truth in Lending Act (TILA) requires disclosure of the Annual Percentage Rate (APR) because:
- A Pennsylvania home equity loan for $50,000 is approved at 8% for 10 years. The monthly interest for the first month is approximately:
- Pennsylvania's Community Development Block Grant (CDBG) program funds are distributed by:
- A 'bridge loan' in Pennsylvania real estate is used by buyers who need to:
- In Pennsylvania, USDA Rural Development loans are available for properties:
- Pennsylvania's Homeowner's Emergency Mortgage Assistance Program (HEMAP) provides:
- A 'balloon payment mortgage' in Pennsylvania has which characteristic?
- Pennsylvania's Construction-to-Permanent mortgage is used for:
- In Pennsylvania mortgage lending, 'seasoned funds' refers to:
- A 'buydown' mortgage in Pennsylvania typically means:
- The Community Reinvestment Act (CRA) requires Pennsylvania banks to:
- A Pennsylvania homebuyer with a DTI of 28% front-end (housing) and 38% back-end (total) would most likely:
- A seller carryback (purchase money mortgage) in Pennsylvania means:
- Pennsylvania's Act 6 right of redemption after a foreclosure sheriff's sale allows the former owner to:
- A bi-weekly mortgage payment plan in Pennsylvania results in the borrower making the equivalent of how many extra monthly payments per year?
- A Pennsylvania borrower applies for a mortgage on a property in a FEMA-designated Special Flood Hazard Area (SFHA). The lender must:
- A 'non-conforming loan' (jumbo loan) in Pennsylvania differs from a conforming loan in that:
- A Pennsylvania homeowner can deduct mortgage interest on their federal taxes if they:
- Private Mortgage Insurance (PMI) in Pennsylvania can be cancelled when:
- A Pennsylvania borrower uses a 203(k) FHA loan to purchase a home. This loan is designed for:
- In Pennsylvania, a 'due-on-sale' clause in a mortgage means:
- Pennsylvania's Act 91 of 1983 requires mortgage lenders to send a mandatory notice to delinquent borrowers before initiating foreclosure. This notice must be sent at least how many days before foreclosure filing?
- A Pennsylvania 'hard money loan' is characterized by:
- TRID (TILA-RESPA Integrated Disclosure) rules require the Loan Estimate to be provided within 3 business days of application and the Closing Disclosure 3 business days before closing. These rules apply to:
- A Pennsylvania borrower defaults on their mortgage. The lender sues for the full loan balance after a foreclosure sale that brings less than the outstanding debt. This lawsuit is called a:
- In Pennsylvania, the term 'assumption of mortgage' means the buyer:
- A Pennsylvania 'land contract' or 'agreement for deed' has which risk for the buyer?
- Pennsylvania's mortgage recording tax is:
- An interest-only loan in Pennsylvania requires the borrower to pay:
- A Pennsylvania commercial real estate lender evaluates a loan primarily based on the property's:
- A Pennsylvania condominium buyer may face a special assessment when:
- Pennsylvania law requires which type of borrower counseling for PHFA loans?
- In a Pennsylvania mortgage, the note is different from the mortgage in that:
- A Pennsylvania borrower with a 580 credit score seeking a 3.5% down payment loan should look at:
- A 'lock-in period' in a Pennsylvania mortgage means:
- A Pennsylvania borrower seeking to refinance their existing mortgage to a lower rate should be aware of the 'break-even point,' which is calculated by:
- Pennsylvania's 'first mortgage' requirement for FHA loans means:
- A Pennsylvania ARM (adjustable-rate mortgage) with a 5/1 structure means:
- A Pennsylvania lender who participates in FNMA (Fannie Mae) programs must originate loans that meet:
- A 'stated income' or 'no-doc' mortgage is considered predatory in Pennsylvania because:
- The 'ability to repay' rule under Dodd-Frank and federal Regulation Z requires Pennsylvania lenders to:
- A Pennsylvania 'short sale' occurs when:
- A Pennsylvania investor who purchases a property using a 'hard money' lender typically refinances to conventional financing because:
- A Pennsylvania homeowner's property is appraised at $350,000 and they have a $200,000 mortgage balance. How much equity do they have?
- A Pennsylvania borrower's PITI payment includes what four components?
- Pennsylvania's PHFA 'Mortgage Credit Certificate' (MCC) program provides qualifying first-time homebuyers with:
- A Pennsylvania homeowner who sells their primary residence may exclude from federal capital gains tax up to:
- Pennsylvania's PHFA loan programs generally require borrowers to be:
- A mortgage held 'in portfolio' by a Pennsylvania community bank means:
- Pennsylvania housing counseling agencies approved by HUD help consumers with which activities?
- A Pennsylvania home equity line of credit (HELOC) typically has which interest rate structure?
- A Pennsylvania condo buyer who finances their purchase may face which additional lender requirement not present in single-family home purchases?
- A 'graduated payment mortgage' (GPM) in Pennsylvania is designed for borrowers who expect:
- Pennsylvania's Act 91 notice process gives distressed homeowners how many days to contact a consumer credit counseling agency after receiving the Act 91 notice?
- A Pennsylvania commercial real estate loan with a 1.25 DSCR means:
- Pennsylvania mortgage lending requires 'Truth-in-Lending' disclosures primarily to inform borrowers about:
- A Pennsylvania homeowner whose property is worth less than the mortgage balance is described as being:
- A Pennsylvania borrower's 'front-end ratio' for mortgage qualification includes:
- PHFA's 'HFA Preferred' loan program offers which benefit compared to standard conventional financing?
- A Pennsylvania seller who agrees to pay buyer closing costs as a seller concession is typically limited by the lender to a maximum of:
- A Pennsylvania commercial real estate 'recourse' loan means:
- Under the Home Ownership Equity Protection Act (HOEPA), high-cost mortgages in Pennsylvania must include additional disclosures because:
- A Pennsylvania FHA streamline refinance allows existing FHA borrowers to refinance with:
- A Pennsylvania borrower who receives a gift for their down payment must:
- In Pennsylvania, 'title theory' versus 'lien theory' of mortgages matters to real estate professionals because:
- Pennsylvania's Homeowner Emergency Mortgage Assistance Program (HEMAP) is designed to:
- What is the Pennsylvania Realty Transfer Tax rate on a standard residential sale?
- In a Pennsylvania adjustable-rate mortgage (ARM), what is the 'index' and how does it affect the interest rate?
- What is 'private mortgage insurance' (PMI) and when is it required in Pennsylvania?
- What does 'escrow impound' mean in the context of a Pennsylvania mortgage?
- What is 'points' in mortgage financing, and how do they affect the cost of a Pennsylvania home loan?
- What is a 'bridge loan' and when might a Pennsylvania homebuyer use one?
- What is 'negative amortization' and why is it risky for Pennsylvania homebuyers?
- What is the purpose of the TRID (TILA-RESPA Integrated Disclosure) rule in Pennsylvania real estate transactions?
- What is an 'FHA loan' and how does it benefit Pennsylvania first-time homebuyers?
- What is a 'VA loan' and who qualifies for this mortgage benefit in Pennsylvania?
- What is the 'debt-to-income ratio' (DTI) and how does it affect Pennsylvania mortgage qualification?
- What is 'loan-to-value ratio' (LTV) and why does it matter in Pennsylvania mortgage lending?
- What is 'subordinate financing' and when is it used in Pennsylvania real estate transactions?
- What is a 'home equity line of credit' (HELOC) and how is it typically used by Pennsylvania homeowners?
- What is a 'satisfaction of mortgage' and why is it important in Pennsylvania real estate?
- What is 'mortgage acceleration' and when can a Pennsylvania lender invoke this right?
- What is 'Pennsylvania Housing Finance Agency' (PHFA) and what is its primary role in the Pennsylvania housing market?
- What is a 'reverse mortgage' and how does it benefit qualifying Pennsylvania homeowners?
- What is 'construction financing' and how does it differ from permanent mortgage financing in Pennsylvania?
- What is an 'interest rate cap' in an adjustable-rate mortgage and how does it protect Pennsylvania borrowers?
- What is 'private placement' financing and when is it used in Pennsylvania commercial real estate?
- What is an 'assumable mortgage' and are Pennsylvania mortgages typically assumable?
- What is 'portfolio lending' and why might a Pennsylvania buyer benefit from it?
- What is a 'stated income' mortgage and why are they rare in post-2010 Pennsylvania lending?
- What is 'land contract' (installment land contract or articles of agreement) and how is it used in Pennsylvania?
- What is a 'second mortgage' and how does it affect a Pennsylvania homeowner's financial position?
- What is the Pennsylvania Housing Finance Agency (PHFA) primarily known for providing?
- In Pennsylvania's judicial foreclosure process, approximately how long does the process typically take from initial default to sheriff's sale?
- Pennsylvania's Act 91 Notice of Intention to Foreclose must be sent to a homeowner at least how many days before a foreclosure complaint is filed?
- What is the primary difference between a conventional loan and an FHA loan available to Pennsylvania homebuyers?
- What is the purpose of Private Mortgage Insurance (PMI) on a conventional loan?
- What is the purpose of the Closing Disclosure (CD) in a Pennsylvania real estate transaction?
- An adjustable-rate mortgage (ARM) typically starts with a lower interest rate than a fixed-rate mortgage because:
- What is a 'short sale' in Pennsylvania real estate?
- What does loan 'amortization' mean in the context of a Pennsylvania residential mortgage?
- What is a 'balloon mortgage' and when might a Pennsylvania buyer encounter one?
- What is the purpose of a 'rate lock' in Pennsylvania mortgage lending?
- What is the 'debt-to-income ratio' (DTI) and why is it important to Pennsylvania mortgage applicants?
- What is the purpose of a 'title commitment' (also called a commitment for title insurance) in a Pennsylvania closing?
- What is the significance of RESPA's Good Faith Estimate (now replaced by the Loan Estimate) for Pennsylvania homebuyers?
- What is a 'bridge loan' and when might a Pennsylvania homeowner use one?
Contracts
153 questions- In Pennsylvania, a listing agreement is a contract between the:
- Which contingency in a purchase agreement gives the buyer the right to withdraw if they cannot secure financing on specified terms?
- An addendum to a purchase contract:
- The remedy of 'specific performance' in a real estate contract allows:
- Under Pennsylvania law, which type of deed is used most commonly in residential sales and provides full warranties of title?
- An agreement of sale in Pennsylvania is NOT binding until:
- In Pennsylvania, an Agreement of Sale for residential real estate must include which of the following to be enforceable?
- A contingency clause in a purchase agreement:
- Under Pennsylvania law, earnest money deposited by a buyer is:
- Which of the following best describes 'liquidated damages' in a real estate contract?
- A counteroffer in a real estate negotiation legally:
- The Statute of Frauds requires that real estate contracts be:
- In Pennsylvania, which party typically pays for the preparation of the deed?
- What does 'time is of the essence' mean in a real estate contract?
- A real estate contract signed under duress is:
- An option contract in real estate gives the optionee:
- Which of the following would make a real estate contract voidable?
- In a real estate contract, 'earnest money' serves as:
- A listing agreement in Pennsylvania is typically what type of contract?
- An open listing allows the seller to:
- An exclusive right to sell listing guarantees the broker a commission if the property sells:
- The 'as-is' clause in a purchase agreement means:
- In Pennsylvania, the Seller's Property Disclosure Statement is required by:
- Which type of lease gives the tenant the most long-term security?
- A right of first refusal in a real estate contract gives the holder:
- Specific performance as a remedy in a real estate contract means the court:
- In Pennsylvania, the standard Agreement of Sale for residential property is published by:
- Under Pennsylvania contract law, earnest money deposited with a broker must be placed in an escrow account within:
- Pennsylvania's Statute of Frauds requires real estate contracts to be:
- A buyer submits a written offer on a Pennsylvania property. The seller counter-offers at a higher price. The buyer then decides to withdraw before responding to the counter-offer. Which statement is correct?
- In Pennsylvania, what is the typical remedy for a seller who wrongfully refuses to close on an agreed sale?
- The Pennsylvania Seller's Property Disclosure Statement (SPDS) is required for:
- A financing contingency in a Pennsylvania Agreement of Sale primarily protects:
- Under Pennsylvania law, if a buyer fails to close without legal justification, the seller's typical remedy is to:
- Pennsylvania's home inspection contingency typically gives the buyer how many days to conduct an inspection after a fully executed agreement?
- If the parties to a Pennsylvania Agreement of Sale want to extend the closing date, they should:
- An 'as-is' sale in Pennsylvania means:
- A Pennsylvania Agreement of Sale for new construction typically includes a contingency for:
- A Pennsylvania listing agreement is a contract between:
- An option contract in Pennsylvania gives the optionee (buyer) the:
- In Pennsylvania, a 'time is of the essence' clause in a real estate contract means:
- Pennsylvania's contractor registration law (Home Improvement Consumer Protection Act) applies to contractors performing home improvements of:
- A Pennsylvania real estate contract signed under duress is:
- Pennsylvania's 3-day right of rescission under TILA (Truth in Lending Act) applies to:
- A listing agreement clause that entitles the broker to a commission even if the property sells after the listing expires to a buyer found during the listing period is called a:
- In Pennsylvania, when a buyer makes an offer using the standard PAR Agreement of Sale, the offer becomes a binding contract when:
- A Pennsylvania buyer's home sale contingency allows the buyer to:
- A 'kick-out clause' in a Pennsylvania Agreement of Sale benefits the:
- The Pennsylvania Seller's Property Disclosure Statement must be delivered to the buyer:
- In Pennsylvania, an executory contract is one that:
- A Pennsylvania installment land contract (agreement for deed) transfers equitable title to the buyer while:
- A mutual rescission of a Pennsylvania real estate contract means:
- Which of the following would render a Pennsylvania real estate contract void (not merely voidable)?
- In Pennsylvania, a lease with an initial term of more than 3 years must be:
- A Pennsylvania real estate contract where one party has fully performed is called:
- Pennsylvania's Real Estate Seller Disclosure Law requires disclosure of known material defects in residential property. Which statement about this law is correct?
- Pennsylvania's Real Estate Seller Disclosure Law does NOT apply to which type of transfer?
- An 'addendum' to a Pennsylvania Agreement of Sale is:
- In Pennsylvania, a real estate contract for the sale of a property currently occupied by tenants should address:
- A buyer makes an offer on a Pennsylvania property with a 'Due Diligence' contingency period of 14 days. During this period, the buyer:
- Pennsylvania's Uniform Written Obligations Act requires that for a promise without consideration to be enforceable:
- A Pennsylvania buyer who removes an inspection contingency without completing an inspection is:
- An 'escalation clause' in a Pennsylvania buyer's offer allows the buyer to:
- In Pennsylvania, a lease-purchase agreement differs from a lease-option agreement in that the lease-purchase:
- A Pennsylvania Agreement of Sale clause stating 'This agreement is contingent upon the property appraising at or above the purchase price' is a(n):
- A Pennsylvania seller who receives an offer below asking price may choose to:
- A Pennsylvania Agreement of Sale includes a 'sold as-is' clause AND the Seller's Property Disclosure Statement reveals a leaking basement. The buyer:
- Under Pennsylvania law, a minor who purchases real estate:
- A Pennsylvania buyer's offer is 'irrevocable' for 48 hours under the contract terms. During those 48 hours, the seller receives a higher offer. The seller may:
- Pennsylvania's Residential Real Property Disclosure Act requires the seller to disclose which specific condition related to the structure?
- A Pennsylvania condominium resale requires the seller to provide the buyer with a 'resale certificate' that includes information about:
- A Pennsylvania real estate contract that is 'contingent upon approval of the homeowners association' gives the buyer the right to void if:
- In Pennsylvania, a contract signed by a person who was legally intoxicated at the time of signing is:
- A Pennsylvania Agreement of Sale clause stating 'Time is of the essence' means which deadline is most critical?
- A Pennsylvania real estate broker who prepares a purchase agreement for a buyer without a real estate license for the property being purchased may still earn compensation if:
- A counteroffer from a Pennsylvania seller that changes the closing date, but accepts all other terms, creates:
- Pennsylvania's 'Anti-Deficiency' protections for certain residential mortgages mean:
- A Pennsylvania lease must be in writing for a term of:
- A 'specific performance' lawsuit in Pennsylvania real estate is available because:
- When a Pennsylvania buyer waives the home inspection contingency, the buyer is accepting:
- A Pennsylvania real estate agent who prepares an Agreement of Sale that contains a fraudulent misrepresentation may be held liable for:
- A Pennsylvania buyer's Agreement of Sale requires the seller to provide clear title at closing. If a title search reveals an unsatisfied judgment lien, the seller must:
- Which party to a Pennsylvania real estate transaction typically pays for the owner's title insurance policy?
- A Pennsylvania residential lease for exactly 1 year (12 months) is:
- A 'novation' in Pennsylvania real estate means:
- A Pennsylvania real estate salesperson who writes a contract is practicing within their license authority because:
- A 'backup offer' in Pennsylvania is made when:
- Pennsylvania's Residential Real Estate Transfer Law requires the Seller's Property Disclosure Statement to be signed by:
- An 'earnest money dispute' arises in Pennsylvania when both buyer and seller claim the escrow funds after a failed transaction. The broker should:
- A 'rent-to-own' arrangement in Pennsylvania where a portion of rent credits toward the purchase price should be:
- A Pennsylvania Agreement of Sale that includes a 'first right of refusal' for the seller's neighbor means:
- A Pennsylvania 'net listing' is illegal primarily because:
- In Pennsylvania, which of the following would make a listing agreement void (rather than merely voidable)?
- A Pennsylvania seller who accepts a buyer's offer but fails to sign the contract is:
- A Pennsylvania commercial lease's 'holdover provision' typically states that if a tenant holds over after the lease term, the tenancy converts to:
- A 'merger doctrine' in Pennsylvania real estate law states that when a deed is delivered at closing:
- A Pennsylvania earnest money deposit is typically held in escrow by:
- A Pennsylvania buyer cancels a purchase contract under the inspection contingency after receiving a home inspection report revealing a cracked foundation. The buyer is entitled to:
- Under Pennsylvania's RELRA, for how long after a real estate transaction must a broker maintain copies of all transaction records?
- A Pennsylvania Agreement of Sale that lacks a consideration clause would be:
- A Pennsylvania licensed attorney reviewing a real estate contract for their client cannot be disciplined by PREC because:
- A Pennsylvania foreclosure sale that results in a 'deficiency' means the foreclosure sale price was:
- Pennsylvania's 'as-is' real estate contracts are generally enforceable. However, the as-is provision does NOT protect a seller from liability for:
- When a Pennsylvania seller accepts a buyer's offer and then realizes they made a mistake in the acceptance (signed the wrong counter-offer), they may:
- A Pennsylvania landlord who includes an 'exculpatory clause' in a residential lease — exempting themselves from liability for their own negligence — should know that Pennsylvania courts:
- A Pennsylvania seller's listing agreement typically provides that the seller owes commission if a sale occurs within the listing term when a ready, willing, and able buyer is produced. 'Ready, willing, and able' means the buyer:
- A Pennsylvania commercial lease tenant who installs specialized equipment as trade fixtures should negotiate which lease provision?
- A Pennsylvania agreement of sale includes an 'attorney review' contingency. During the review period, the buyer's attorney objects to a specific clause. This means:
- In Pennsylvania, 'consideration' in a real estate contract can consist of:
- A Pennsylvania broker who is the listing broker and buyer's broker in the same transaction must have written consent for dual agency from:
- A Pennsylvania buyer who is purchasing a property that has an existing tenant should receive which document at or before closing?
- In Pennsylvania, what is the legal effect of a buyer signing an Agreement of Sale that contains a mortgage contingency?
- What is the legal effect of a 'time is of the essence' clause in a Pennsylvania real estate contract?
- What is the purpose of a 'kick-out clause' in a Pennsylvania real estate contract?
- Under Pennsylvania law, when is a real estate contract considered 'fully executed'?
- In Pennsylvania, what is the significance of the 'entire agreement' (merger) clause in a real estate contract?
- In Pennsylvania, how does a buyer's 'right of first refusal' in a purchase contract work?
- What is the difference between an 'assignment' and a 'novation' in a Pennsylvania real estate contract?
- In Pennsylvania, what remedies are available to a seller when a buyer defaults on an Agreement of Sale?
- What does 'as-is' mean in a Pennsylvania real estate purchase agreement?
- In Pennsylvania, what is the 'statute of frauds' and how does it apply to real estate contracts?
- What is a 'contingency' in a Pennsylvania real estate contract and how does it protect the parties?
- What is an 'addendum' to a Pennsylvania real estate contract and when is it used?
- What is 'specific performance' as a remedy in a Pennsylvania real estate contract dispute?
- What is the difference between a 'bilateral' and a 'unilateral' contract in Pennsylvania real estate?
- What is an 'option to purchase' in Pennsylvania real estate and how does it differ from a right of first refusal?
- What is 'consideration' in a Pennsylvania real estate contract and why is it essential?
- What is 'mutual assent' (meeting of the minds) and why is it essential in a Pennsylvania real estate contract?
- In Pennsylvania, what is 'novation' as it applies to an assumed mortgage?
- What is an 'inspection contingency' in a Pennsylvania Agreement of Sale and what options does it give the buyer?
- What is 'fraud in the inducement' in a Pennsylvania real estate contract and what remedy does it provide?
- What is a 'liquidated damages clause' in a Pennsylvania real estate contract?
- What is the 'parol evidence rule' and how does it apply to Pennsylvania real estate contracts?
- What is 'material breach' in a Pennsylvania real estate contract and what are the non-breaching party's remedies?
- What is 'constructive fraud' in Pennsylvania real estate and how does it differ from actual fraud?
- What is 'unconscionability' in a Pennsylvania real estate contract and when might a court refuse to enforce it?
- In Pennsylvania, what is the 'mailbox rule' and how does it affect real estate contract formation?
- What is an 'amendment' versus a 'modification' to a Pennsylvania real estate contract?
- Under the Pennsylvania Association of Realtors (PAR) Standard Agreement for the Sale of Real Estate, what is the default period for a buyer to conduct a home inspection?
- In Pennsylvania, a real estate sales contract becomes legally binding when:
- Pennsylvania's Seller's Property Disclosure Law requires the disclosure statement for:
- What does the 'time is of the essence' clause in a Pennsylvania real estate contract mean?
- What is the purpose of an escalation clause in a Pennsylvania real estate offer?
- In Pennsylvania, the earnest money deposit in a real estate transaction is typically held by:
- In Pennsylvania, the Statute of Frauds' requirement as applied to real estate contracts means:
- A Pennsylvania real estate contract that lacks consideration is:
- A contingency in a Pennsylvania real estate contract protects the buyer by:
- In Pennsylvania, 'liquidated damages' in a real estate contract typically refers to:
- What is the difference between a void and voidable contract in Pennsylvania real estate?
- An 'option contract' in Pennsylvania real estate gives the optionee the:
- What is an 'addendum' in a Pennsylvania real estate transaction?
- In Pennsylvania real estate, 'specific performance' is a legal remedy that:
- What is a 'right of first refusal' clause in a Pennsylvania real estate context?
Property Ownership
151 questions- In Pennsylvania, how many 'unities' are required to create a joint tenancy?
- A condominium owner's property interest includes:
- Which type of deed restriction can limit how a property may be used by future owners and is typically found in residential subdivisions?
- A prescriptive easement is most similar to adverse possession in that it requires:
- Which type of encumbrance is a financial claim against a property as security for a debt?
- In Pennsylvania, tenancy by the entireties is available only to:
- Under a life estate, the life tenant has the right to:
- A fee simple absolute estate is best described as:
- A cooperative (co-op) owner holds:
- An easement appurtenant runs with the land, meaning:
- Which type of deed provides the greatest protection to the buyer?
- A quitclaim deed conveys:
- A 'bundle of rights' associated with real property ownership includes all of the following EXCEPT:
- Pennsylvania uses what type of recording system for real property?
- Which of the following is an example of a freehold estate?
- Adverse possession in Pennsylvania requires continuous, open, notorious, hostile, and actual possession for a period of:
- An encroachment occurs when:
- The doctrine of riparian rights applies to property owners whose land:
- Personal property differs from real property in that personal property is:
- A fixture is an item that was once personal property but has become real property because:
- An appurtenant easement requires:
- A license in real property law differs from an easement in that a license:
- The Uniform Residential Landlord and Tenant Act (URLTA) standardizes:
- Which of the following is an example of real property?
- The right of survivorship in a joint tenancy means that:
- Under Pennsylvania law, a deed conveying property to 'John and Mary Smith, husband and wife' creates what type of ownership?
- A key characteristic of tenancy by the entireties in Pennsylvania is:
- Pennsylvania abolished dower rights in 1992. This means:
- The PA Condominium Act governs condominiums created after which year?
- Under the PA Planned Community Act, a declarant must provide a public offering statement to a buyer of a unit in a planned community. The buyer has how many days to rescind after receiving the statement?
- A life estate in Pennsylvania terminates upon:
- In Pennsylvania, an easement appurtenant runs with the land and benefits:
- A Pennsylvania property owner whose land is landlocked relies on what doctrine to establish a right of access across a neighboring parcel?
- Pennsylvania's adverse possession statute requires continuous, open, notorious, hostile, and exclusive possession for at least:
- Under the PA Condominium Act, a condominium unit owner's monthly assessment pays for:
- Under Pennsylvania law, a deed must be delivered and accepted to be effective. If a grantor signs a deed but locks it in a safe without delivering it, the result is:
- A fee simple absolute estate in Pennsylvania grants the owner:
- In Pennsylvania, when two or more persons hold title as joint tenants, which element distinguishes joint tenancy from tenancy in common?
- A Pennsylvania property owner's right to use their land for any lawful purpose is limited by which government power?
- A Pennsylvania seller's deed that contains the covenant 'I warrant the title only against claims arising through me' is a:
- The concept of 'bundle of rights' in Pennsylvania real estate includes the right to:
- A Pennsylvania deed that simply transfers whatever interest the grantor has with no warranties is called a:
- Pennsylvania's Right-to-Farm Act protects agricultural operations from:
- Riparian rights in Pennsylvania give a landowner whose property borders a stream the right to:
- An encroachment in Pennsylvania real estate occurs when:
- The PA Condominium Act requires that a unit owner receive the condominium's declaration, bylaws, and rules before closing. The buyer's right to rescind within how many days if these documents were not provided?
- A Pennsylvania homeowner's association (HOA) in a planned community may foreclose on a unit for non-payment of assessments. Under the PA Planned Community Act, the HOA's lien for assessments:
- An oil and gas lease on Pennsylvania farmland grants the lessee the right to:
- A Pennsylvania property sold 'subject to' an oil and gas lease means the buyer:
- The dominant tenement in an easement relationship is:
- A Pennsylvania municipality that condemns private property for a public park must pay the owner:
- A Pennsylvania coal deed that separates surface rights from coal rights results in the coal company owning:
- Pennsylvania's Coal Mine Subsidence and Land Conservation Act requires purchasers of property over certain coal seams to be notified of:
- A Pennsylvania property held in trust is titled in the name of:
- In Pennsylvania, a cooperative (co-op) apartment building structure means the resident:
- A Pennsylvania homeowner who wants to grant a neighbor an easement across their property to access a rear lot should use:
- Under the PA Condominium Act, common elements versus limited common elements differ in that:
- In Pennsylvania, 'constructive notice' is provided by:
- A Pennsylvania property that is part of an estate must typically be sold by:
- A Pennsylvania property owner who grants a conservation easement to a land trust gives up the right to:
- In Pennsylvania, a 'dedication' of land occurs when:
- Which of the following is an example of personal property (personalty) that typically does NOT convey with Pennsylvania real estate?
- The legal test most commonly applied in Pennsylvania to determine if an item is a fixture (real property) rather than personal property is:
- Pennsylvania's 'Marketable Record Title Act' helps clear title by:
- A Pennsylvania property bought in a divorce settlement and conveyed to one spouse requires a deed from:
- A quitclaim deed in Pennsylvania conveys:
- Under Pennsylvania law, a landlord's wrongful retaliatory eviction of a tenant occurs when the landlord evicts because the tenant:
- Pennsylvania's Landlord-Tenant Act allows a landlord to deduct from a security deposit for:
- In Pennsylvania, a 'prescriptive easement' is established by:
- Pennsylvania's 'Landlord Identity' statute requires landlords to disclose their name and address to tenants because:
- A Pennsylvania property transferred through intestacy (death without a will) passes under:
- A Pennsylvania property with a 'deed restriction' prohibiting commercial use is an example of a:
- When a Pennsylvania couple divorces and the marital home was held as tenants by the entireties, the divorce:
- An 'in gross' easement in Pennsylvania is held by:
- Pennsylvania requires a deed to be acknowledged (notarized) primarily for the purpose of:
- A Pennsylvania homestead exemption reduces property taxes by allowing certain qualifying homeowners to:
- A Pennsylvania tenant who holds over after their lease expires without the landlord's permission becomes a:
- Pennsylvania's Disproportionate Tax Assessment law (Act 42) allows property owners to challenge their assessment when:
- Under Pennsylvania law, what is the minimum interest rate on security deposits held in interest-bearing accounts?
- A Pennsylvania homeowner who installs a fence 2 feet inside their actual property line, then sells the property, may create a title issue because:
- A Pennsylvania landlord who discriminates against a tenant based on the tenant's HIV-positive status violates:
- A Pennsylvania real estate investor who purchases several properties in a LLC (Limited Liability Company) structure benefits primarily from:
- Pennsylvania's recording act protects which type of party against prior unrecorded interests?
- A Pennsylvania mineral deed or coal deed that separates the subsurface minerals from the surface estate creates:
- In Pennsylvania, 'title by descent' means property passed through:
- A Pennsylvania homeowner who transfers their property to a revocable living trust retains:
- Pennsylvania law generally provides that improvements made by a tenant permanently attached to the property become:
- A 'lot and block' legal description in Pennsylvania references:
- Pennsylvania's 'Real Estate Tax Sale' process has two stages. The first stage is called an 'upset sale' because:
- A Pennsylvania property owner who grants a license to a neighbor to park in their driveway creates:
- In Pennsylvania, the concept of 'seisin' in a deed means the grantor:
- A Pennsylvania property purchase by a married person, titled in only one spouse's name, creates what ownership form?
- Under Pennsylvania's Abandoned Property Law, when an owner of real property in Pennsylvania dies without known heirs and with no will, the property may eventually:
- A 'possessory interest' in Pennsylvania real estate includes which of the following?
- In Pennsylvania, a ground lease is characterized by:
- In Pennsylvania, a 'fee simple defeasible' estate includes which key characteristic?
- Pennsylvania's 'Apartment Act' (formerly the Landlord-Tenant Act) provides protections for tenants. Which of the following is a tenant right under this law?
- A Pennsylvania homeowner's property is subject to a private deed restriction prohibiting business use. A later municipal zoning ordinance permits business use in the area. Which controls?
- A Pennsylvania 'time-share' interest in a vacation property creates what type of ownership?
- Under Pennsylvania's Landlord-Tenant Act, a week-to-week tenancy requires how many days notice to terminate?
- A Pennsylvania homeowner with an undisclosed zoning violation (illegal addition) who sells without disclosing the violation may face:
- Pennsylvania's 'Keystone Opportunity Zone' (KOZ) tax benefits for real property located in a KOZ include:
- A Pennsylvania easement that benefits a specific parcel of land is called an easement:
- Under Pennsylvania law, who holds title in a mortgage lien theory state?
- A Pennsylvania property owner dedicates a strip of land along their frontage to the municipality for road widening. This dedication must be:
- A Pennsylvania property described as a 'leasehold condominium' means:
- Under Pennsylvania law, 'constructive eviction' occurs when a landlord:
- A Pennsylvania 'community development corporation' (CDC) typically:
- A Pennsylvania homeowner who has paid off their mortgage but the satisfaction of mortgage has not been recorded should:
- The 'bundle of rights' in Pennsylvania real property does NOT typically include the right to:
- A Pennsylvania county assessor's 'reassessment' changes property values throughout the county. An owner who disagrees with the new assessed value should file an appeal with the:
- A Pennsylvania 'life estate deed' naming an elderly parent as life tenant and children as remaindermen would help the family by:
- Under Pennsylvania law, eminent domain requires the condemning authority to provide the property owner with:
- Pennsylvania's 'Neighbor Notification Act' (related to gas drilling) requires drillers to notify property owners within what distance of a proposed well?
- A Pennsylvania property affected by 'spot zoning' involves:
- What is a 'ground lease' and how is it commonly used in Pennsylvania commercial real estate?
- In Pennsylvania, how is a condominium's 'common elements' distinguished from a unit owner's 'limited common elements'?
- What type of ownership interest does a time-share owner typically hold in Pennsylvania?
- What is a 'life estate' and what rights does the life tenant have in Pennsylvania?
- What is an 'easement by necessity' and when does it arise in Pennsylvania?
- Under Pennsylvania's Planned Community Act, what document creates a planned community and establishes the legal rights and obligations of owners?
- What does 'chain of title' mean in Pennsylvania real estate?
- What is a 'partition action' in Pennsylvania and when is it used in real estate?
- In Pennsylvania, what is the 'bundle of rights' concept in real estate ownership?
- In Pennsylvania, what is 'adverse possession' and what are the key requirements to acquire title this way?
- What is a 'deed restriction' (covenant) and how does it limit a Pennsylvania property owner's rights?
- What is a 'reversionary interest' in Pennsylvania real estate?
- What is 'air rights' in Pennsylvania real estate and how are they used?
- In Pennsylvania, what is the 'homestead exemption' and how does it benefit property owners?
- What is 'mineral rights' and how are they typically handled in Pennsylvania real estate transactions?
- What is a 'cooperative' (co-op) and how does it differ from a condominium in Pennsylvania?
- What is a 'tenancy at sufferance' in Pennsylvania and how is it created?
- In Pennsylvania, what is a 'right-of-way' and how does it differ from an easement?
- What is a 'prescriptive easement' in Pennsylvania and how does it differ from adverse possession?
- What is a 'declaration of taking' in Pennsylvania eminent domain proceedings?
- What is a 'condominium hotel' (condo-hotel) and how is it regulated in Pennsylvania?
- In Pennsylvania, what is the difference between 'real property' and 'personal property'?
- What is a 'fee simple defeasible' estate in Pennsylvania real estate?
- In Pennsylvania, what is 'constructive eviction' and what must a tenant prove to claim it?
- In Pennsylvania, when a married couple takes title as 'tenants by the entireties,' what is the primary advantage?
- Under Pennsylvania law, Marcellus Shale gas rights are classified as:
- A Pennsylvania property owner discovers there is a coal mine beneath their property. What disclosure obligation exists?
- Under the Pennsylvania Condominium Act (68 Pa. C.S. §3101 et seq.), what document establishes the fundamental legal framework for a condominium?
- What is an 'easement appurtenant' as it applies to Pennsylvania real property?
- What does 'adverse possession' require in Pennsylvania for a successful claim?
- What is a 'life estate' in Pennsylvania real property law?
- Under Pennsylvania law, a 'deed of trust' differs from a standard mortgage primarily in that:
- In Pennsylvania, a 'joint tenancy with right of survivorship' requires which four unities at creation?
- What is a 'license' in Pennsylvania real property law (distinct from a real estate license)?
- Pennsylvania's 'Homestead Exemption' as enacted locally under Act 50 provides:
- A 'fee simple absolute' estate in Pennsylvania real estate is best described as:
Real Estate Math
141 questions- A Pennsylvania home sells for $425,000. Realty transfer tax is 2% of the sale price, split equally between buyer and seller. How much does the seller pay?
- A property has a list price of $350,000. After 60 days it sells for 97% of the list price. The listing agent earns 3% and the buyer's agent earns 2.5% of the sale price. How much does the buyer's agent earn?
- A buyer makes a 15% down payment on a $280,000 home. What is the loan amount and what is the LTV ratio?
- An investment property was purchased for $200,000 five years ago and is now sold for $265,000. What is the percentage gain on the original purchase price?
- A seller lists their home for $425,000 and agrees to pay a 5% commission. What is the total commission?
- A property sells for $310,000. Pennsylvania state transfer tax is 1% and local transfer tax is 1%, split equally between buyer and seller. How much does the buyer pay in transfer tax?
- A buyer takes out a $240,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A property has a net operating income of $45,000 per year. Using a capitalization rate of 7.5%, what is the estimated value?
- A seller nets $280,000 after paying a 6% commission. What was the original sales price?
- An investor buys a rental property for $180,000 and rents it for $1,600/month. What is the annual gross rent multiplier?
- A rectangular lot is 150 feet wide and 200 feet deep. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A buyer pays 2.5 discount points on a $200,000 mortgage. How much does the buyer pay in points?
- Property taxes are $4,200 per year. The closing occurs on April 15 (day 105 of the year). Using a 365-day year, how much tax has the seller accrued and must credit the buyer at closing?
- A commercial property generates gross rental income of $120,000 annually. Operating expenses total $48,000. What is the net operating income?
- A home sells for $385,000. The seller agrees to pay the buyer's closing costs of 3%. What are the buyer's closing costs paid by the seller?
- A buyer makes a $35,000 down payment on a $350,000 home. What is the LTV ratio?
- An investor owns a 12-unit apartment building. Each unit rents for $950/month. What is the potential gross annual income?
- Using the correct calculation from the previous question: A 12-unit building at $950/month per unit has a 5% vacancy rate. What is the effective gross income?
- A property's assessed value is $220,000 and the assessment ratio is 80%. What is the full (market) value used by the assessor?
- A commercial building has a NOI of $80,000 and sells for $1,000,000. What is the capitalization rate?
- A broker charges a 5.5% commission on a sale of $460,000. The listing agent receives 60% of the broker's commission. How much does the listing agent receive?
- A rectangular commercial space measures 80 feet by 120 feet. The annual rent is $18 per square foot. What is the monthly rent?
- A property owner paid $280,000 for a home 5 years ago. It is now appraised at $336,000. What percentage did the property appreciate?
- A mortgage has a balance of $160,000 at 7.5% annual interest. What is the monthly interest charge?
- A Pennsylvania home sells for $320,000. The state Realty Transfer Tax is 1% and the local municipality tax is 1%. The buyer and seller split the tax equally. How much does each party pay?
- A salesperson earns a 3% commission on a $425,000 sale. The broker retains 40% of the commission and the salesperson keeps 60%. How much does the salesperson earn?
- A rectangular lot in suburban Philadelphia measures 150 feet wide by 200 feet deep. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A Pittsburgh investment property generates $48,000 annual gross rent. Operating expenses total $18,000. The investor paid $300,000. What is the cap rate?
- A Pennsylvania home purchased for $250,000 is assessed at 75% of market value. The local millage rate is 40 mills. What is the annual property tax?
- A buyer in Pennsylvania secures a $280,000 mortgage at 6.5% annual interest. What is the monthly interest-only payment for the first month?
- A Pennsylvania broker charges 6% commission on a sale. After paying a 50/50 split to the cooperating buyer's broker, each side earns how much on a $380,000 sale?
- An Allentown duplex produces $2,200/month from each unit. What is the annual gross rent income?
- A seller wants to net $200,000 after paying a 6% commission. What must the property sell for?
- A Pennsylvania property has an assessed value of $160,000 and a millage rate of 25 mills. What are the annual property taxes?
- A Pennsylvania commercial lease requires rent of $18 per square foot per year on 2,500 square feet. What is the monthly rent?
- An investor purchases a Philadelphia rental property for $400,000 with 25% down. The down payment amount is:
- A Pennsylvania home's assessed value is $180,000 and the assessment ratio is 80%. What is the estimated market value?
- A listing broker offers 3% buyer-agent co-op commission on a $500,000 sale. The buyer's broker splits 50/50 with their salesperson. What does the buyer's salesperson earn?
- A property in Lehigh County has a market value of $350,000, an assessment ratio of 100%, and a millage rate of 18.5 mills. What is the annual tax?
- Prorating property taxes at closing: the seller owns the first 8 months of the year (240 days) before closing. Annual taxes are $4,200. How much does the seller owe at closing using a 360-day year?
- A Pennsylvania buyer pays 1.5 points to buy down their 7% rate. On a $240,000 loan, what is the cost of the points?
- A Pennsylvania income property has a potential gross income of $90,000, a 5% vacancy rate, and $30,000 in operating expenses. What is the net operating income (NOI)?
- A square lot in Pennsylvania is 1 acre. If the lot is perfectly square, approximately how many linear feet is each side?
- A Pennsylvania home appreciates 4% per year. If purchased for $275,000, what is the value after 2 years?
- A Pennsylvania listing has 5% total commission. The listing broker takes 45% of the total and pays 55% to the cooperating buyer's broker. On a $280,000 sale, how much does the cooperating broker receive?
- A Pennsylvania home is assessed at $210,000 with a tax rate of 22 mills. The homeowner qualifies for a $10,000 homestead exemption. What are the annual taxes?
- A 30-year mortgage of $200,000 at 5% interest has a monthly payment of $1,073.64. How much of the FIRST payment goes to interest?
- A property sells for $450,000. The buyer obtains an 80% LTV mortgage. What is the loan amount?
- A Pennsylvania commercial property produces a 9% cap rate and the NOI is $63,000. What is the property value?
- A Pennsylvania broker charges a 6% commission on all sales. A property sells for $375,000. What is the total commission?
- Depreciation in the cost approach on a 20-year-old building with a 50-year economic life using straight-line method is:
- At a Pennsylvania closing, the seller has prepaid taxes of $6,000 for the full year. The closing is on September 1 (day 244 of 365). How much does the buyer owe the seller as a tax proration credit?
- A buyer purchases a home for $300,000, making a 10% down payment and financing the rest. The buyer also pays 2 points. What are the total upfront costs (down payment + points)?
- A square mile contains how many acres?
- A Pennsylvania property has a gross rent multiplier (GRM) of 140 and sells for $350,000. What is the monthly gross rent?
- An Allentown home sells for $210,000. The total Realty Transfer Tax rate is 2%. The buyer and seller agree the buyer will pay 1.5% and the seller will pay 0.5%. How much does the buyer pay?
- A Pittsburgh investor buys a $500,000 property with 30% down and finances the rest at 5.5% for 30 years. What is the loan amount?
- A Pennsylvania property sells at a 12% loss from the original purchase price of $250,000. What is the sale price?
- How many square feet are in a rectangular parcel that is 1/4 mile wide and 1/4 mile deep?
- A seller nets $225,000 from a sale after paying a 5% commission. What was the sale price?
- A Pennsylvania mortgage has an outstanding balance of $175,000 at 6%. What is the monthly interest portion for that month?
- A rectangular lot in Chester County, PA has 200 feet of street frontage and is 300 feet deep. The property sells for $10 per square foot. What is the total sale price?
- A Pennsylvania tenant pays $1,500/month rent. The landlord increases rent by 8%. What is the new monthly rent?
- A Pennsylvania investment property with a $300,000 purchase price generates $36,000 annual gross rent. What is the gross rent multiplier (GRM)?
- A 6% commission on a $450,000 sale is split 50/50 between listing and cooperating brokers. The listing broker then splits 60/40 (broker/agent) with their salesperson. What does the listing salesperson earn?
- A Pennsylvania commercial property has monthly net income of $8,500. Using a 7.5% cap rate, what is the estimated property value?
- A property is assessed at $195,000 with a county millage of 15 mills and a school district millage of 28 mills. What are the total annual taxes?
- An investor buys a Pennsylvania property for $400,000 and sells it 3 years later for $460,000. What is the percentage profit on the original investment?
- A buyer's real estate agent receives a 3% commission on a $330,000 home purchase. The agent's broker takes 30% and the agent keeps 70%. What does the agent net?
- A Pennsylvania home buyer puts 5% down on a $340,000 home and must pay PMI of 0.8% of the loan amount annually. What is the monthly PMI cost?
- An Allentown duplex has annual gross rent of $28,800, operating expenses of $9,500, and a mortgage payment of $12,000/year. What is the cash flow before taxes?
- A Pennsylvania lot is described as being 200' × 100'. How many square feet is this lot?
- A salesperson's annual income from commissions is $95,000. If their average commission is $7,500 per transaction, how many transactions did they complete?
- A Pennsylvania rental property has a purchase price of $250,000 and generates $22,500 annual gross rent. What is the GRM (using annual rent)?
- A Pennsylvania property was purchased for $180,000 and the buyer paid 4 points. What were the total points cost on an 80% LTV loan?
- A Pennsylvania investor wants a 12% return on their $150,000 investment. What annual NOI is required to meet this return target?
- A 3-unit Pennsylvania property generates $3,600/month total rent (all units). Operating expenses are 35% of gross income. What is the monthly NOI?
- A Pennsylvania county has a Common Level Ratio (CLR) of 65%. A property has an assessed value of $130,000. What is the implied market value?
- A Pennsylvania listing expires after 90 days and the property did not sell. The agent had invested $500 in marketing costs. The agent's compensation is:
- A property worth $425,000 has an 80% first mortgage and an 85% combined LTV with a second mortgage. What is the second mortgage amount?
- A Pennsylvania commercial property's annual gross rent is $200,000. Vacancies run 8% and operating expenses are $75,000. What is the NOI?
- A home in Delaware County is assessed at $256,000 with a school millage of 22.4 mills and county millage of 6.2 mills. What are the combined annual taxes?
- A Pennsylvania seller received a net of $198,000 from a sale after paying the 3% listing commission, 3% buyer-agent commission, and $3,500 in other closing costs. What was the sale price?
- A Pennsylvania sales agent earns 2.5% commission on each closed transaction and closes $4,200,000 in sales volume annually. What is their gross commission income?
- A property purchased for $320,000 with 20% down payment financed at 6% for 30 years. The monthly payment on a 30-year amortizing loan at this rate is approximately $1,534. How much total interest would be paid over the full 30-year term?
- A Pennsylvania property management company charges 8% of collected rents. If a building collects $180,000 in rent annually and has a 5% vacancy rate, what is the management fee?
- A Chester County lot sells for $5 per square foot. The lot is 2 acres. What is the sale price?
- A Pennsylvania tenant pays $2,400/month rent. The lease specifies a 3% annual increase. What is the rent in month 13 (year 2)?
- An investor purchases a 4-unit property in Scranton for $280,000. Each unit rents for $850/month. What is the gross rent multiplier (GRM) using monthly rent?
- A Pennsylvania salesperson has a 70/30 split with their broker (70% to salesperson). They close 3 transactions at $4,500 commission each. What does the broker retain?
- A Pennsylvania county assesses property at 100% of market value. The annual tax rate is 26 mills. A home sells for $285,000. What are the annual property taxes?
- A buyer obtains a 30-year fixed mortgage of $225,000 at 5.75%. What is the approximate monthly interest for month one?
- A Pennsylvania commercial tenant occupies 3,500 square feet at $24 per sq ft per year on a gross lease. What is the monthly rent?
- A buyer in Delaware County makes an offer of $375,000 on a home with combined 2% transfer tax. The seller and buyer agree the seller pays 1% and the buyer pays 1%. How much does each pay?
- A 5-unit apartment building in Harrisburg generates $85,200 annual gross rent with 3% vacancy and $28,000 operating expenses. Calculate the NOI.
- A Pennsylvania commercial property sells for $1,200,000. The broker charges 5%. How much is the commission?
- A home in York, PA listed at $235,000 receives an offer for 97% of list price. What is the offer amount?
- A Pennsylvania investment property purchased for $350,000 produces annual cash flow of $21,000 after all expenses and debt service. What is the cash-on-cash return if the investor put 25% down?
- A Pennsylvania property is listed for $325,000 and the seller offers to pay 3% of the sale price toward closing costs. If the property sells at full list price, how much is the seller concession?
- A Pennsylvania home buyer's monthly gross income is $7,500. Using the 28% front-end ratio guideline, what is the maximum monthly PITI they should pay?
- A property sells for $410,000. The buyer finances 90% and pays a 0.9% PMI rate. What is the annual PMI cost?
- A Pennsylvania broker's office monthly expenses are $18,000. The office expects to close $400,000 in commission revenue monthly. What is the expense ratio?
- A 20-year-old building cost $300,000 to construct and has a 50-year estimated economic life. Using straight-line depreciation, what is the total depreciation accrued?
- A Pennsylvania buyer obtains a 30-year $240,000 mortgage. After 5 years of payments, the balance has been reduced to $230,000. How much principal was paid in 5 years?
- A Pennsylvania property has a market value of $280,000 and is assessed at 75% of market value. The millage rate is 22 mills. What is the annual property tax?
- A Pennsylvania property sells for $425,000. The state Realty Transfer Tax is 1% and the local tax is 1%, split equally between buyer and seller. How much does the buyer pay in transfer taxes?
- A Pennsylvania investor purchases a rental property for $350,000, collects $2,800/month rent, and has $14,400 in annual operating expenses. What is the cap rate?
- A Pennsylvania buyer obtains a $300,000 mortgage at 6.5% annual interest. What is the approximate monthly interest for the first month?
- A Pennsylvania seller nets $245,000 after paying a 5% commission on their home sale. What was the sale price?
- A Pennsylvania property has a GRM of 12 and generates $24,000 in annual gross rent. What is the estimated market value?
- A Pennsylvania investment property has annual NOI of $45,000 and the market cap rate is 7.5%. What is the property's estimated value?
- A Pennsylvania salesperson earns a 60% split of a 5% commission on a $380,000 sale. How much does the salesperson earn?
- A property in Allentown, PA, sold for $315,000 with 4% seller concessions. What did the buyer effectively pay (net of concessions)?
- A Pennsylvania property was purchased for $180,000 and sold five years later for $225,000. What was the percentage appreciation?
- A Pittsburgh, PA, office building has 50,000 sq ft of leasable space at $18/sq ft/year. The vacancy rate is 10% and operating expenses are $350,000/year. What is the NOI?
- A Pennsylvania buyer purchases a home for $340,000 with a 10% down payment. What is the loan amount and the approximate monthly PMI (at 0.8% per year)?
- A Pennsylvania property has a potential gross income of $120,000, a 5% vacancy rate, and operating expenses of $48,000. What is the operating expense ratio?
- A Pennsylvania buyer finances $270,000 at 7% for 30 years. Using the mortgage factor of $6.65 per $1,000, what is the approximate monthly payment?
- A Pennsylvania investor buys a duplex for $280,000 with a 25% down payment. The annual NOI is $22,000. What is the cash-on-cash return?
- A Pennsylvania property's assessed value is $180,000. The county CLR (Common Level Ratio) is 80%. What is the implied market value?
- A Lancaster County, PA, farm of 85 acres sells for $1.275 million. What is the price per acre?
- A Pennsylvania agent lists a property at $385,000. After 45 days, the seller reduces the price by 4%. What is the new listing price?
- A Philadelphia condominium has a monthly HOA fee of $450, property taxes of $4,800/year, and a mortgage payment of $1,650/month. What is the total monthly housing cost?
- A Pennsylvania 30-year mortgage for $250,000 at 6.75% requires a monthly payment of approximately $1,621. What is the total interest paid over the life of the loan?
- A Pennsylvania investor purchases a commercial property at a 6.5% cap rate for $1.2 million. What is the annual NOI?
- A Pennsylvania residential property has an appraised value of $310,000. The buyer makes a 20% down payment. What is the LTV ratio and the mortgage amount?
- A Pennsylvania broker charges 6% commission on sales up to $200,000 and 3% on the amount above $200,000. A property sells for $350,000. What is the total commission?
- A Pennsylvania property has a $400,000 market value, a $150,000 mortgage, and a $20,000 home equity line. What is the owner's equity?
- A Pennsylvania property sells for $350,000. The combined Realty Transfer Tax is 2%, customarily split equally between buyer and seller. How much does the buyer pay?
- A Pennsylvania home is assessed at $180,000 with a total mill rate of 25 mills. What is the annual property tax?
- A buyer obtains a Pennsylvania mortgage for $280,000 at 6.5% annual interest. What is the first month's interest payment?
- A broker charges a 5% commission on a $425,000 sale, split evenly between listing and buyer sides. The listing agent earns 60% of the listing side. How much does the listing agent earn?
- A Pennsylvania income property has an annual NOI of $48,000. If the market cap rate for similar properties is 6%, what is the estimated value using the income approach?
- A Pennsylvania seller nets $285,000 after paying a 5% broker commission and $8,000 in closing costs. What was the selling price?
- A Pennsylvania apartment building has 12 units renting at $1,200 per month, a 5% vacancy rate, and operating expenses equal to 40% of effective gross income. What is the annual NOI?
- Using the IRV formula, if a Pennsylvania property's annual NOI is $54,000 and the market cap rate is 7.2%, what is the estimated property value?
- A Pennsylvania property has a gross rent multiplier (GRM) of 120. Monthly gross rent is $2,500. What is the estimated property value?
- A Pennsylvania buyer makes a $40,000 down payment on a $320,000 home. What is the loan-to-value (LTV) ratio?
- A Pennsylvania seller paid $275,000 for a home 5 years ago and sells it today for $342,000. What is the percentage gain?
- A Pennsylvania property assessed at $240,000 has a common level ratio of 80%. What is the estimated market value?
- A Pennsylvania investor buys a property for $400,000 and sells it 3 years later for $472,000. What is the annual appreciation rate?
Property Valuation
138 questions- The cost approach to value estimates a property's value by:
- Comparative market analysis (CMA) and an appraisal are different in that:
- Which principle of value states that overimprovement of a property reduces value relative to the investment made?
- Curable depreciation in the cost approach refers to items where:
- The sales comparison approach to value is most appropriate for:
- In the income capitalization approach, the capitalization rate is derived by:
- Functional obsolescence in a property refers to:
- External (economic) obsolescence is different from functional obsolescence because it:
- The cost approach to value is most useful when appraising:
- Which of the following best describes the principle of substitution?
- An appraisal report in Pennsylvania is typically prepared by a licensed or certified appraiser. The term 'market value' means:
- When making an adjustment in the sales comparison approach, if the comparable sale has a feature the subject lacks, the appraiser:
- Effective age of a building differs from actual age because:
- The gross rent multiplier (GRM) is calculated as:
- Plottage refers to the increase in value that results from:
- The principle of contribution in appraisal states that:
- Depreciation for appraisal purposes is:
- When using the sales comparison approach, which factor would an appraiser adjust for if the comparable sold 18 months ago in a rising market?
- Regression in property valuation means:
- In the cost approach, the reproduction cost differs from replacement cost in that:
- Highest and best use is defined as the use that is:
- A property is assessed at $180,000 and the local millage rate is 25 mills. What is the annual property tax?
- The principle of conformity holds that:
- The income capitalization approach is most often used to appraise:
- The sales comparison approach to value is most reliable when:
- In a Pennsylvania CMA (Comparative Market Analysis), a licensee should use comparable sales from within what time frame to be most meaningful in a stable market?
- Functional obsolescence in real estate refers to:
- The income capitalization approach to value divides a property's net operating income (NOI) by the:
- An appraisal of a property in the Pittsburgh market shows a 3-bedroom home with only one bathroom in a neighborhood where similar homes have two bathrooms. This represents which type of depreciation?
- When appraising a Pennsylvania historic building, the appraiser should:
- The 'principle of substitution' underlying appraisal theory states that:
- An appraiser uses the gross rent multiplier (GRM) method. A Pennsylvania duplex rents for $2,000/month total and comparable properties sell at a GRM of 120. What is the estimated value?
- External obsolescence affecting a Pennsylvania property near a newly opened chemical plant is considered:
- Highest and best use analysis considers which four criteria?
- An appraiser performing a Pennsylvania residential appraisal must be licensed or certified under which federal-state framework?
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Pennsylvania appraisers to:
- A Harrisburg commercial property generates $120,000 NOI annually and is sold at a 8% cap rate. What is the sale price?
- Paired sales analysis is used by Pennsylvania appraisers to:
- The cost approach is most reliable for appraising:
- An appraiser estimates the reproduction cost of a 1920s Philadelphia row home at $350,000 and calculates 40% total depreciation. What is the depreciated value of the improvements?
- A land residual analysis in Pennsylvania appraisal is used to:
- Reconciliation in a Pennsylvania appraisal refers to:
- An effective age is different from actual age in property valuation because effective age reflects:
- The 'principle of conformity' in Pennsylvania real estate appraisal suggests that:
- An appraiser inspecting a Philadelphia brownstone notes evidence of a previous fire that was repaired. This represents which type of depreciation?
- An appraiser's 'comparable sale' (comp) for a Bucks County home should ideally meet which criteria?
- An appraisal conducted for a Pennsylvania federally related mortgage transaction must be performed by a:
- The 'sales price to list price ratio' (SP/LP ratio) in Pennsylvania market analysis indicates:
- An appraiser in Pittsburgh makes a negative adjustment to a comparable sale because the comp has a feature the subject property lacks. This adjustment:
- Economic base analysis in Pennsylvania real estate market analysis examines:
- A 'before and after' appraisal technique in Pennsylvania condemnation cases is used to:
- A Pennsylvania appraiser's assignment conditions for a retrospective appraisal (historical date of value) would use market data from:
- The 'market extraction method' for deriving a capitalization rate uses:
- A Pennsylvania appraiser must retain a copy of completed appraisal reports for at least:
- When appraising a historic rowhouse in Philadelphia, the appraiser identifies that the plaster walls and ornate details are a market preference among buyers in that neighborhood. This represents:
- A Pennsylvania appraiser is engaged to value a proposed apartment complex not yet built. This is called a(n):
- An appraiser in Allegheny County (Pittsburgh) must obtain market data for the subject neighborhood's:
- An appraisal 'adjustment' for a superior feature in a comparable property is always:
- Mass appraisal techniques used by Pennsylvania county assessment offices differ from individual appraisals in that mass appraisal:
- The 'principle of regression' in Pennsylvania appraisal theory states that:
- A Pennsylvania appraiser must sign a certification with their appraisal report that includes statements about:
- When Pennsylvania property values in a neighborhood are declining due to economic factors, an appraiser noting this would classify it as:
- A Pennsylvania land survey reveals that a neighbor's fence encroaches 18 inches onto the subject property. When appraising the subject, the appraiser should:
- Pennsylvania's Board of Assessment Appeals allows property owners to challenge their assessment. The owner bears the burden of proving:
- The 'principle of anticipation' in Pennsylvania real estate appraisal states that:
- An appraiser notes that a Bucks County neighborhood has been appreciating at 5% annually. This market trend information is reflected in the appraisal through:
- The 'cost to cure' in Pennsylvania appraisal refers to:
- A Pennsylvania income property has an effective gross income (EGI) of $100,000 and an operating expense ratio of 40%. What is the NOI?
- An appraiser in Montgomery County uses the 'sales comparison approach' for a single-family home. After making all adjustments, the three comps indicate values of $310,000, $315,000, and $322,000. The appraiser reconciles to $315,000. This suggests:
- A Pennsylvania appraiser must determine the 'scope of work' for each assignment. Scope of work means:
- A Pennsylvania condominium unit is being appraised. The appraiser should consider which unique valuation factor?
- A Pennsylvania appraiser determines that the 'as-is' value of a property needing a new roof ($15,000 cost) is $200,000. The 'as-repaired' value would be approximately:
- Pennsylvania's Clean and Green Act assessment of farmland affects appraisals because the appraiser must:
- An appraisal using the 'income approach' that produces a value of $1,200,000 while the sales comparison approach indicates $1,050,000 for the same property. The appraiser would likely give more weight to:
- A Pennsylvania appraiser completing a 1004 UAD residential appraisal form for a conventional loan must use:
- A Pennsylvania appraiser determines the subject property's neighborhood has an absorption rate of 2 months of supply. This indicates:
- An appraiser in northeastern Pennsylvania computes a cost approach for an anthracite coal region property. The appraiser should note that coal deed severances may:
- An 'as-stabilized' appraisal of a Pittsburgh apartment building under construction estimates value:
- A Pennsylvania appraiser performing a review appraisal (review of another appraiser's report) must:
- A 'gross lease' used for some Pennsylvania office buildings means the tenant pays:
- When appraising a Pennsylvania mixed-use building (retail/residential), the appraiser should:
- A Pennsylvania appraiser's 'extraordinary assumption' in an appraisal report means the appraiser:
- In Pennsylvania, an appraiser who determines a property is worth less than the contract price should:
- A Pennsylvania appraiser evaluating a solar panel installation on a home should consider:
- A Pennsylvania appraiser uses a 'capitalized income loss' adjustment for functional obsolescence when:
- The 'plottage value' or 'assemblage' premium in Pennsylvania real estate occurs when:
- A Pennsylvania appraiser estimating the value of a 10-acre commercial parcel uses which unit of comparison?
- In appraising a Pennsylvania shopping center, the appraiser uses the 'band of investment' method to derive the overall capitalization rate by:
- A Pennsylvania appraiser completing an appraisal for estate tax purposes must value the property as of:
- A Pennsylvania appraiser for a divorce case is typically asked to value the marital home as of:
- A Pennsylvania appraisal report that contains a 'limiting condition' stating 'no physical inspection of the interior was made' is describing what type of appraisal?
- When appraising a Pennsylvania contaminated property under Act 2 cleanup, an appraiser may use a 'stigma' adjustment to account for:
- An appraiser in the Pocono Mountains region of Pennsylvania values a ski resort property using primarily which approach?
- A Pennsylvania appraiser who determines that a property is not at its highest and best use (e.g., a single-family home in a commercial zone) must:
- A Pennsylvania appraiser's 'gross living area' (GLA) calculation for a residential property includes:
- When a Pennsylvania appraiser notes that a comparable sale involved 'seller concessions' (closing cost credits), the appraiser should:
- A Pennsylvania appraiser using the income capitalization approach for a small apartment building would compute annual potential gross income by:
- Pennsylvania appraisers distinguish between 'reproduction cost' and 'replacement cost' in the cost approach. The difference is:
- An appraiser in Montgomery County Pennsylvania notes that a new highway interchange has been announced near a commercial property. This is a:
- The 'economic life' of a Pennsylvania building differs from 'physical life' in that:
- A Pennsylvania appraiser must inform the client if an assignment involves a 'hypothetical condition.' A hypothetical condition is:
- In Pennsylvania, the 'excess land' versus 'surplus land' distinction in an appraisal means:
- A 'discounted cash flow' (DCF) analysis in Pennsylvania commercial real estate appraisal is used to:
- A Pennsylvania appraiser who completes an 'as-improved' appraisal for a construction loan must estimate value assuming:
- When appraising a property using the sales comparison approach, a Pennsylvania appraiser adjusts comparable sales for differences in:
- What is 'economic obsolescence' and how might it affect a Pennsylvania property's value?
- What does the 'capitalization rate' indicate when applied to income-producing property?
- When using the cost approach to valuation in Pennsylvania, how is 'accrued depreciation' defined?
- In a Pennsylvania residential appraisal, what is the significance of 'concessions' when analyzing comparable sales?
- What is a 'drive-by appraisal' (exterior-only inspection), and when might it be used in Pennsylvania?
- What is 'reconciliation' in the appraisal process and why is it important in Pennsylvania residential appraisals?
- In Pennsylvania, what is the 'assessed value ratio' (CLR) and how does it affect property tax appeals?
- What is 'paired sales analysis' in real estate appraisal and why is it important?
- What is a 'desk review' appraisal and when might a Pennsylvania lender order one?
- What is the 'cost approach' to appraisal and when is it most reliable in Pennsylvania?
- What is 'market rent' versus 'contract rent' in income property appraisal, and how does the difference affect value?
- What is 'highest and best use' analysis and why is it the foundation of real estate valuation in Pennsylvania?
- What is 'regression and progression' as applied to real estate value in Pennsylvania?
- What is a 'review appraisal' and under what circumstances might a Pennsylvania lender order one?
- What is a 'gross lease' versus a 'net lease' and how do they affect income property appraisal in Pennsylvania?
- What is 'frontage' and how does it affect the value of commercial property in Pennsylvania?
- What is 'Automated Valuation Model' (AVM) technology and how is it used in Pennsylvania real estate?
- What is 'functional obsolescence' and give an example relevant to a Pennsylvania property?
- What is 'land residual technique' in real estate appraisal and when is it applied?
- What is the 'income capitalization approach' and when is it most appropriate for Pennsylvania property valuation?
- What is a 'plottage increment' (assemblage value) in real estate and how might it affect a Pennsylvania urban property?
- What is an 'appraisal management company' (AMC) and how does it affect Pennsylvania real estate transactions?
- What is a 'summary appraisal report' versus a 'restricted use appraisal report' in Pennsylvania appraisal practice?
- When using the sales comparison approach in Pennsylvania, if a comparable sale has a feature the subject property lacks, the appraiser will:
- For Pennsylvania property tax assessment purposes, what is the 'common level ratio' (CLR)?
- What is the primary appraisal method used to value income-producing commercial properties in Philadelphia?
- The appraisal concept of 'highest and best use' requires the use to meet all of the following criteria EXCEPT:
- What is 'depreciation' as used in real property appraisal (distinct from tax depreciation)?
- External obsolescence affecting a Pennsylvania property's value is best described as:
- In Pennsylvania's Pittsburgh market, a comparable sale that closed 8 months ago may require what type of appraisal adjustment?
- When using the cost approach to value a Pennsylvania property, the formula is:
- What is 'functional obsolescence' as encountered in Pennsylvania real estate appraisal?
- Reconciliation in a Pennsylvania appraisal report refers to:
Pennsylvania License Law
125 questions- Which state agency licenses and regulates real estate brokers and salespersons in Pennsylvania?
- How many hours of pre-license education are required to obtain a Pennsylvania real estate salesperson license?
- The Pennsylvania real estate licensing exam consists of how many questions, and what is the minimum passing score?
- In Pennsylvania, a salesperson license must be held under:
- Pennsylvania requires sellers of residential property to complete which disclosure document?
- How long is a Pennsylvania real estate salesperson license valid before renewal is required?
- How many hours of continuing education must Pennsylvania licensees complete per 2-year renewal period?
- Under the Pennsylvania Real Estate Licensing and Registration Act (RELRA), which of the following is a violation that can lead to license revocation?
- The Pennsylvania Real Estate Recovery Fund provides compensation to consumers who:
- Which of the following activities does NOT require a Pennsylvania real estate license?
- In Pennsylvania, within how many days must a broker deposit earnest money into their escrow account?
- Under Pennsylvania law, which type of listing agreement gives only ONE broker the right to sell the property and requires the seller to pay commission even if the seller finds their own buyer?
- How many hours of continuing education must a Pennsylvania real estate licensee complete each two-year renewal cycle?
- What is the minimum number of years of active salesperson experience required before applying for a Pennsylvania broker license?
- How many hours of pre-license education are required to obtain a Pennsylvania broker license?
- A Pennsylvania real estate license that is not renewed by the expiration date automatically becomes:
- The Pennsylvania Real Estate License and Registration Act is commonly referred to as:
- Under Pennsylvania law, who may collect a real estate commission?
- When a Pennsylvania salesperson changes employing brokers, what must happen to the license?
- Pennsylvania's Real Estate Recovery Fund is designed to:
- A Pennsylvania broker is required to keep transaction records for a minimum of how many years?
- Which of the following activities requires a Pennsylvania real estate license?
- A Pennsylvania real estate license is valid for a period of:
- An unlicensed assistant working for a Pennsylvania real estate broker may lawfully:
- The Pennsylvania State Real Estate Commission has the authority to:
- An associate broker in Pennsylvania is a broker who:
- Under Pennsylvania law, it is illegal for a licensee to pay an unlicensed person a referral fee for sending real estate clients. This rule is intended to:
- Under RELRA, how many hours of continuing education must a Pennsylvania real estate salesperson complete each license renewal period?
- A Pennsylvania salesperson license expires and the licensee fails to renew within the allowed grace period. What must the licensee do to practice again?
- Which of the following activities requires a real estate license in Pennsylvania?
- The Pennsylvania Real Estate Commission is composed of how many members?
- A Pennsylvania broker who wishes to operate as a sole proprietor must:
- Under Pennsylvania law, within how many days must a salesperson notify the Real Estate Commission of a change of employing broker?
- RELRA stands for:
- A Pennsylvania real estate licensee who violates RELRA may have their license:
- Which of the following is NOT required for a Pennsylvania broker license application?
- A Pennsylvania licensee who receives a consumer complaint must cooperate with the Real Estate Commission investigation. Failure to cooperate may result in:
- A Pennsylvania broker's license allows the holder to:
- A licensee convicted of a crime involving moral turpitude in Pennsylvania may:
- Pennsylvania requires a real estate licensee to disclose their license status when:
- A Pennsylvania licensee who engages in 'net listing' — agreeing to accept anything above a minimum price as their compensation — is:
- An unlicensed personal assistant working under a Pennsylvania licensee may legally:
- Under RELRA, a Pennsylvania real estate broker must keep transaction records for at least:
- A Pennsylvania real estate salesperson who wants to become a broker must have at least:
- If a Pennsylvania real estate broker dies, what happens to the licensees affiliated with that broker?
- The Pennsylvania Real Estate Commission has the authority to:
- A Pennsylvania licensee who places a 'For Sale' sign on a property must ensure the sign:
- Which of the following persons is EXEMPT from Pennsylvania real estate license requirements?
- A Pennsylvania licensee who practices real estate under a name other than their own licensed name must:
- The pre-license education requirement for a Pennsylvania real estate salesperson applicant is:
- A Pennsylvania broker wishing to open a branch office must:
- RELRA permits a Pennsylvania real estate licensee to be compensated only by:
- Which statement about Pennsylvania's real estate license renewal is accurate?
- A Pennsylvania real estate licensee convicted of a fair housing violation may face which PREC consequence?
- A Pennsylvania broker who wishes to advertise team names or group names within a brokerage must ensure:
- A Pennsylvania salesperson who is disciplined by PREC has what right?
- Pennsylvania's RELRA requires which of the following in all real estate advertisements by licensees?
- A Pennsylvania real estate licensee who engages in 'commingling' violates RELRA by:
- A Pennsylvania broker who allows their license to expire while continuing to manage properties is:
- A licensee in Pennsylvania must disclose their licensed status in writing when:
- Pennsylvania's Real Estate Commission has how many total members, including the consumer/public members?
- A Pennsylvania broker's escrow account must be reconciled:
- A Pennsylvania broker who discovers a licensee in their office has falsified a buyer's financial documents in a loan application must:
- The Pennsylvania Real Estate Commission conducts license examinations through:
- Under RELRA, which of the following actions by a Pennsylvania licensee would constitute 'misrepresentation'?
- A Pennsylvania real estate student who passes the state exam and applies for a salesperson license must have their application sponsored by:
- The Pennsylvania Subdivided Land Disclosure Act requires developers selling subdivided lots to:
- A Pennsylvania associate broker differs from a licensed salesperson in that an associate broker:
- Which statement about Pennsylvania real estate license renewal is CORRECT?
- A Pennsylvania real estate licensee who is also a mortgage loan originator must:
- A Pennsylvania real estate broker's license is required for which activity?
- The Pennsylvania Real Estate Commission can impose sanctions on a licensee who is found guilty of:
- Under RELRA, a Pennsylvania licensee must disclose all known material defects about a property to:
- Pennsylvania licensees who participate in internet-based real estate activities must ensure their websites:
- A Pennsylvania real estate licensee who wishes to operate under a 'team name' must ensure the team name:
- A foreign licensed real estate broker (licensed in another state) wants to assist with a Pennsylvania property transaction. They must:
- The 'inactive' license status in Pennsylvania means the licensee:
- Under RELRA, what must a Pennsylvania broker do when a salesperson's license is terminated?
- What is the maximum fine PREC may impose per violation for a Pennsylvania real estate licensee?
- Under RELRA, who is responsible for supervising salespersons and associate brokers working in a Pennsylvania real estate brokerage?
- What is a 'transaction licensee' under Pennsylvania RELRA?
- A Pennsylvania real estate licensee is also a licensed mortgage loan originator. What disclosure must they make when providing both services to the same client?
- What is the 'Real Estate Recovery Fund' administered by PREC, and who may make a claim against it?
- Under RELRA, a Pennsylvania real estate licensee may have their license revoked for which of the following acts?
- What continuing education requirements apply to Pennsylvania real estate licensees seeking to renew their license?
- What is the difference between a 'broker' and a 'salesperson' license in Pennsylvania?
- A Pennsylvania broker advertises 'zero commission' to attract sellers. Under RELRA, what must the broker disclose about their compensation?
- What is Pennsylvania's 'Seller Property Disclosure Statement' requirement under the Real Estate Seller Disclosure Law?
- Under RELRA, what is required for a Pennsylvania salesperson to become a broker?
- A Pennsylvania licensee receives a referral from an out-of-state agent for a Pennsylvania client. How should the referral fee be handled?
- What Pennsylvania law, in addition to RELRA, governs the conduct of real estate licensees in residential transactions?
- What is a 'pocket listing' and what disclosure obligations does it create for a Pennsylvania licensee?
- What is required for a Pennsylvania real estate licensee to advertise a property on the internet?
- Under Pennsylvania's Real Estate Seller Disclosure Law, what properties are exempt from the mandatory disclosure requirement?
- What is PREC's authority over unlicensed activity in Pennsylvania real estate?
- What is Pennsylvania's 'Do Not Call' requirement for real estate licensees?
- What is the Pennsylvania real estate license exam format and what topics does it cover?
- What is Pennsylvania's 'errors and omissions insurance' requirement for real estate licensees?
- Under RELRA, how long must a Pennsylvania real estate broker retain transaction records?
- What is the 'CE Requirements for First Renewal' for a new Pennsylvania real estate salesperson?
- What is Pennsylvania's 'team name' regulation and what must a team's marketing include?
- What is Pennsylvania's 'Reciprocal License' provision, and which states have reciprocity with Pennsylvania?
- Under RELRA, what happens if a Pennsylvania salesperson changes employing brokers?
- What is the PREC's disciplinary process when a complaint is filed against a Pennsylvania licensee?
- Under RELRA (63 P.S. §455), which of the following actions requires a Pennsylvania real estate license?
- What is the minimum pre-licensing education requirement to become a real estate salesperson in Pennsylvania?
- The Pennsylvania Real Estate Commission (PREC) is empowered to do all of the following EXCEPT:
- A Pennsylvania real estate salesperson's license must be held by:
- Under RELRA, what is the penalty for practicing real estate without a license in Pennsylvania as a first offense?
- How often must Pennsylvania real estate licensees renew their licenses, and how many continuing education hours are required per renewal period?
- The Pennsylvania Real Estate Commission's Real Estate Recovery Fund compensates consumers who:
- A Pennsylvania broker must maintain transaction records — contracts, disclosure forms, and correspondence — for a minimum of:
- A Pennsylvania broker who serves as the 'primary broker' or broker of record is responsible for:
- Under RELRA, a Pennsylvania licensee must disclose their license status when:
- A Pennsylvania real estate licensee who also holds a mortgage originator license may receive compensation for both services in the same transaction only if:
- How often must Pennsylvania real estate licensees complete continuing education requirements to renew?
- Which of the following is NOT a requirement for obtaining a Pennsylvania real estate broker's license?
- When a Pennsylvania broker places a licensee's license on inactive status, that licensee may:
- Under RELRA, a Pennsylvania salesperson who has just passed the licensing exam must do what before practicing real estate?
- Which of the following best describes 'commingling' of funds as prohibited by RELRA?
- What does 'procuring cause' determine in Pennsylvania real estate commission disputes?
- Which of the following advertising practices is prohibited under PREC regulations?
- A Pennsylvania licensee who receives a gift card worth $50 from a buyer for helping find the buyer's new home:
- Under RELRA, which of the following is a requirement for maintaining an active Pennsylvania real estate broker's office?
- Under RELRA (63 P.S. §455), Pennsylvania real estate salesperson applicants must complete how many hours of pre-license education?
Environmental
123 questions- Pennsylvania's Sewage Facilities Act requires that:
- Lead-based paint disclosure is required for the sale of homes built before:
- Radon is a naturally occurring gas that forms from the decay of:
- CERCLA (the Superfund law) holds which parties liable for environmental cleanup costs?
- Asbestos in a building is considered most dangerous when:
- Underground storage tanks (USTs) are a concern in real estate transactions primarily because:
- A Phase I Environmental Site Assessment (ESA):
- Urea formaldehyde foam insulation (UFFI) is a concern because:
- Wetlands on a property are regulated primarily because they:
- A property located in a FEMA Special Flood Hazard Area (SFHA) with a federally backed mortgage:
- Mold in a residential property is primarily a health concern because:
- The presence of polychlorinated biphenyls (PCBs) in a building is associated with:
- An innocent landowner defense under CERCLA requires that the buyer:
- Pennsylvania's Clean Streams Law primarily regulates:
- Carbon monoxide (CO) is a hazard in homes because it:
- A soil percolation test (perc test) is typically required before:
- The Toxic Substances Control Act (TSCA) gives the EPA authority to:
- Electromagnetic fields (EMFs) near high-voltage power lines are a concern in real estate because:
- Pennsylvania's Act 2 (Land Recycling Program) provides a framework for:
- A 'sick building syndrome' issue refers to:
- Pennsylvania's Act 2 (Land Recycling and Environmental Remediation Standards Act) establishes cleanup standards for contaminated properties. Successful completion provides the remediation party with:
- The Marcellus Shale formation in Pennsylvania is significant in real estate because:
- Pennsylvania's coal mine subsidence disclosure requirement mandates that sellers of real property in certain counties:
- Radon is a particular concern in Pennsylvania because:
- Under federal CERCLA (Superfund), a Pennsylvania property buyer who conducts a Phase I Environmental Site Assessment before purchase may qualify for which defense?
- A Phase II Environmental Site Assessment differs from a Phase I in that it:
- Pennsylvania's Storage Tank and Spill Prevention Act requires owners of underground storage tanks (USTs) to:
- Lead-based paint disclosure under federal law applies to residential properties built before:
- Asbestos-containing materials (ACM) in a Pennsylvania commercial building being sold must be:
- The Pennsylvania Department of Environmental Protection (PADEP) has jurisdiction over which of the following in real estate transactions?
- Pennsylvania's Clean Streams Law (Act 394 of 1937, as amended) is primarily concerned with:
- A Pennsylvania home buyer discovers high radon levels (8 pCi/L) during the inspection period. The EPA action level is 4 pCi/L. What should the buyer do?
- A Phase I Environmental Site Assessment (ESA) for a Pennsylvania commercial property purchase is considered part of:
- Pennsylvania requires inspection of on-lot septic (sewage disposal) systems in some counties before sale. A failing septic system in Pennsylvania is considered:
- Pennsylvania's Hazardous Sites Cleanup Act (HSCA) is Pennsylvania's state equivalent of federal:
- Wetlands on a Pennsylvania property may significantly affect development potential because:
- A Pennsylvania real estate licensee who suspects a property has an underground storage tank (UST) should advise the buyer to:
- Formaldehyde is an indoor air quality concern in Pennsylvania homes primarily from:
- Under Pennsylvania's Sewage Facilities Act (Act 537), before a subdivision can be approved, municipalities must:
- A brownfield property in Pennsylvania is defined as:
- Pennsylvania's Radiation Protection Act regulates radon testing and mitigation in real estate by:
- A Pennsylvania home buyer discovers mold during an inspection. The listing agent should:
- Pennsylvania properties near former coke ovens and steel mills should be evaluated for potential contamination with:
- Pennsylvania's Growing Greener Program provides state funds for:
- A Pennsylvania buyer is considering a property with a private well and septic system. Key due diligence items include:
- Carbon monoxide is a hazard in Pennsylvania homes primarily produced by:
- When should a Pennsylvania real estate licensee recommend an environmental assessment to a buyer?
- Pennsylvania's Coal and Clay Mine Subsidence Insurance covers damage caused by:
- The term 'environmental lien' in Pennsylvania real estate refers to:
- A seller's property disclosure statement in Pennsylvania specifically asks about which of the following environmental conditions?
- Pennsylvania's Growing Greener II Program bond funds were used for:
- Polychlorinated biphenyls (PCBs) in older Pennsylvania buildings are typically found in:
- A Pennsylvania buyer purchasing farmland should investigate which potential agricultural contamination issues?
- A Pennsylvania real estate licensee has a duty to visually inspect the property. If the licensee observes signs of potential environmental contamination during the inspection, they should:
- Pennsylvania's Stormwater Management Act (Act 167) requires municipalities to adopt plans that:
- A Pennsylvania brownfield developer who completes cleanup under Act 2 and receives a release of liability from the Commonwealth:
- Pennsylvania requires permits for activities in and around wetlands under Chapter 105 of the Clean Streams Law. A general permit (as opposed to an individual permit) for wetland impacts typically applies when:
- A Pennsylvania homeowner who discovers gasoline contamination on their property from a neighbor's leaking UST has legal remedies including:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA/Superfund) imposes cleanup liability on:
- Pennsylvania's 'right-to-know' law regarding hazardous materials in the workplace affects real estate when:
- A Pennsylvania homebuyer asks whether the home they are purchasing is on the National Priorities List (NPL / Superfund list). The buyer's agent should:
- Pennsylvania's Nutrient Management Act affects real estate transactions involving farms with:
- A Pennsylvania commercial property's Phase I ESA identifies a 'Recognized Environmental Condition' (REC). This means:
- Pennsylvania's 'Environmental Good Samaritan Act' encourages voluntary cleanup of abandoned mine drainage by providing:
- In Pennsylvania, properties in a 100-year floodplain designated by FEMA are typically required to have:
- Pennsylvania's Oil and Gas Conservation Law and related regulations require natural gas drillers to:
- A Pennsylvania waterfront property along the Susquehanna River may be subject to which primary regulatory jurisdiction affecting development?
- A Pennsylvania property with a former dry cleaning facility is most likely to be contaminated with:
- Homes with polybutylene (PB) pipes, found in some Pennsylvania homes built between 1978–1995, face what risk?
- A Pennsylvania buyer purchasing a home near a highway should be aware of which environmental concern from highway operations?
- Pennsylvania's PENNVEST program provides low-interest loans to Pennsylvania municipalities for:
- A Pennsylvania seller must disclose on the SPDS whether they know of existing environmental problems with the property, including:
- Pennsylvania's 'Environmental Cleanup Responsibility Act' (ECRA, predecessor to Act 2) required environmental assessment before sale of certain properties. Act 2 replaced it with:
- A Pennsylvania property buyer who wants to understand if the property is near any sites on EPA's Superfund National Priorities List (NPL) can check:
- Pennsylvania's Uniform Construction Code (UCC) requires radon-resistant construction features in:
- Pennsylvania homeowners near former coal mining areas should be especially aware of which water quality issue?
- A Pennsylvania seller who is aware of a PADEP cleanup order on their property must:
- Pennsylvania's Act 101 (Municipal Waste Planning, Recycling, and Waste Reduction Act) affects real estate by requiring:
- A Pennsylvania home buyer who is concerned about the property's proximity to a natural gas pipeline should review:
- A Pennsylvania commercial property owner who self-reports a release of hazardous material to PADEP may receive favorable treatment because:
- Pennsylvania's Coastal Plain region along the Delaware Bay has specific environmental significance for real estate because:
- A Pennsylvania property owner who wants to remove a large tree on their property near a stream should first check:
- A Pennsylvania Chesapeake Bay watershed municipality must adopt which specific environmental ordinances?
- Pennsylvania's Radiation Control Act requires PADEP to certify radon measurement and mitigation contractors. When a Pennsylvania home buyer requests radon mitigation, they should verify the contractor holds:
- A Pennsylvania property with an old home-heating oil tank (above-ground storage, AST) that shows signs of leakage should be treated as:
- What is the Pennsylvania DEP's Land Recycling Program (Act 2) primarily designed to accomplish?
- Pennsylvania homeowners in areas with uranium-bearing geology should be particularly concerned about which indoor environmental hazard?
- What are 'underground storage tanks' (USTs), and how do they affect Pennsylvania real estate transactions?
- What are 'deed restrictions' related to environmental remediation, and why are they important in Pennsylvania?
- What is 'lead-based paint' disclosure, and what are the requirements for Pennsylvania residential properties built before 1978?
- What Pennsylvania law regulates the oil and gas industry, including Marcellus Shale drilling operations?
- What is a 'Phase I Environmental Site Assessment' and when is it required in Pennsylvania commercial transactions?
- What is 'asbestos' and what are a Pennsylvania licensee's obligations when showing a pre-1980 commercial property?
- What is 'coal mine subsidence' insurance and why is it particularly important in parts of Pennsylvania?
- What is 'stormwater management' and why is it a significant issue in Pennsylvania land development?
- What is 'polychlorinated biphenyl' (PCB) contamination and how does it affect Pennsylvania commercial property transactions?
- What is 'wetlands regulation' and how does it affect Pennsylvania land development?
- What is 'brownfield' redevelopment and why is Pennsylvania a leader in this area?
- What is a 'wellhead protection area' in Pennsylvania and how does it affect land use?
- What is 'CERCLA' and how does it affect Pennsylvania property transactions involving contaminated sites?
- What is 'indoor air quality' (IAQ) and what pollutants are most commonly found in Pennsylvania homes?
- What is an 'acid mine drainage' (AMD) problem and how does it affect real estate in Pennsylvania's coal regions?
- What is 'fracking' (hydraulic fracturing) and what environmental concerns does it raise in Pennsylvania?
- What is 'environmental due diligence' and why is it essential before purchasing Pennsylvania commercial property?
- What is Pennsylvania's 'Act 167' (Stormwater Management Act) and how does it affect development?
- What is a 'voluntary cleanup program' under Pennsylvania's Act 2 and what benefits does it provide?
- What is an 'environmental covenant' (land use restriction) under Pennsylvania Act 2, and how long does it remain in effect?
- What is a 'mine subsidence' map and how should Pennsylvania buyers use it when purchasing property?
- What is 'PADEP's Water Quality Management Permit' and when is it required in Pennsylvania?
- Which Pennsylvania agency oversees brownfield redevelopment and contaminated site cleanup?
- Pennsylvania's Land Recycling Program (Act 2) is designed primarily to:
- Which area of Pennsylvania is most associated with Marcellus Shale natural gas development requiring mineral rights disclosure?
- What federal law requires disclosure of known lead-based paint hazards in homes built before 1978?
- Radon is a significant concern in Pennsylvania because:
- CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) is significant in Pennsylvania real estate because:
- Asbestos is most commonly found in Pennsylvania homes built before which year?
- A Phase I Environmental Site Assessment (ESA) is designed to:
- Underground storage tanks (USTs) are a significant environmental concern in Pennsylvania commercial real estate because:
- What is a wetland as defined under federal and Pennsylvania environmental law, and why is it important in real estate?
- Under Pennsylvania law, who is responsible for disclosing a known water supply (well) problem on a rural property?
- Pennsylvania's Sewage Facilities Act requires that on-lot sewage systems (septic systems) be:
- Mold in a Pennsylvania rental property is a landlord's responsibility when:
- A Pennsylvania property is found to have a PADEP-regulated brownfield. Which of the following accurately describes the buyer's potential liability?
Fair Housing
116 questions- Which Pennsylvania law supplements the federal Fair Housing Act by adding additional protected classes?
- Under the Fair Housing Act, a landlord who refuses to accept a reasonable accommodation request from a tenant with a disability is:
- Redlining is the illegal practice of:
- A seller tells their agent, 'I only want to sell to a family of the same religion as mine.' The agent should:
- The federal Fair Housing Act prohibits discrimination based on which protected classes?
- Pennsylvania's Human Relations Act adds which protected class not covered by federal Fair Housing law?
- Steering is defined as:
- Blockbusting refers to:
- Redlining is the practice of:
- Under the Fair Housing Act, which of the following is a permissible exemption from the prohibition on discrimination?
- A disabled tenant requests that a landlord allow them to install grab bars in the bathroom. The landlord must:
- Familial status under the Fair Housing Act protects:
- The 'Mrs. Murphy' exemption applies to:
- Which federal agency primarily enforces the Fair Housing Act?
- What is the purpose of the Americans with Disabilities Act (ADA) as it relates to commercial real estate?
- Under the Fair Housing Act, a seller who refuses to sell their home to a buyer because of the buyer's religion is:
- The practice of requiring different lease terms or conditions from members of a protected class is called:
- What is the maximum civil penalty for a first-time violation of the Fair Housing Act by a private respondent?
- An advertisement that includes only photos of members of one race for a property that is open to all buyers:
- A 'testers' program in fair housing enforcement involves:
- Which of the following is considered a reasonable accommodation under the Fair Housing Act for a disabled resident?
- Which federal law prohibits discrimination in residential mortgage lending based on race, color, religion, national origin, sex, disability, or familial status?
- The Community Reinvestment Act (CRA) encourages financial institutions to:
- An owner of a four-unit residential building who lives in one of the units may be exempt from the Fair Housing Act under the 'Mrs. Murphy' exemption. However, they may NOT:
- The Pennsylvania Human Relations Act (PHRA) prohibits discrimination in housing based on which protected class NOT covered by the federal Fair Housing Act?
- Under the PA Human Relations Act, housing complaints must be filed with the Pennsylvania Human Relations Commission (PHRC) within:
- A Philadelphia landlord refuses to rent to a family with three children citing a two-person occupancy limit. This likely violates:
- Blockbusting in Pennsylvania real estate involves:
- Redlining in real estate refers to:
- A Pennsylvania landlord is not required to allow a tenant with a disability to make reasonable modifications if:
- Steering violates fair housing laws by:
- The maximum civil penalty under the federal Fair Housing Act for a first-time violation is:
- Under the Fair Housing Act, a person with HIV/AIDS is protected under which class?
- Pittsburgh passed local fair housing ordinances that provide protections beyond the PHRA. This illustrates that:
- A Pennsylvania landlord who refuses to allow a deaf tenant to install a visual doorbell/fire alarm system is likely violating:
- Under the Fair Housing Act, a 'reasonable accommodation' for a person with a disability means:
- A real estate agent in Lancaster, PA shows a Muslim buyer only properties in certain neighborhoods while avoiding showing properties in other areas. This is an example of:
- The Fair Housing Act's familial status protections apply to families with children under age:
- An advertisement for a Pennsylvania rental that states 'No Section 8' may constitute:
- A HUD complaint alleging fair housing discrimination in Pennsylvania must be filed within:
- Which federal act prohibits discrimination in mortgage lending based on race, color, religion, sex, national origin, disability, or familial status?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against borrowers based on:
- A Pennsylvania landlord may legally ask a prospective tenant about:
- The Americans with Disabilities Act (ADA) applies to Pennsylvania real estate primarily in the context of:
- A Pennsylvania real estate broker who receives a complaint from a buyer claiming a licensee made discriminatory statements is required to:
- Which of the following is an example of a lawful practice under the federal Fair Housing Act?
- Pennsylvania's Human Relations Act (PHRA) enforcement body is the:
- A Pennsylvania landlord can legally inquire about whether a service animal has been trained if:
- The Fair Housing Act requires multifamily housing built after March 13, 1991 (4+ units with elevators, first floor without elevators) to include accessible design features. These requirements are called:
- A real estate licensee in Pennsylvania who advertises a property as 'walking distance to a good church' may be:
- The concept of 'disparate impact' in fair housing means that:
- Under Pennsylvania fair housing law, a 'qualified individual with a disability' requesting a reasonable accommodation must:
- Pennsylvania's 'source of income' as a protected class in some municipalities means landlords cannot discriminate against tenants who pay rent with:
- A real estate agent who shows a buyer only properties in neighborhoods of a particular racial composition, regardless of the buyer's stated preferences, is committing:
- Housing for older persons (55+ communities) in Pennsylvania is exempt from the Fair Housing Act's familial status provisions if:
- A Pennsylvania landlord who imposes a minimum income requirement of 3x monthly rent applied equally to all applicants is:
- Which of the following actions by a Pennsylvania lender would constitute illegal redlining?
- A Pennsylvania real estate licensee is asked by a seller to 'not show my house to certain types of people.' The licensee should:
- The 1968 federal Fair Housing Act was passed in the aftermath of:
- A Pennsylvania real estate brokerage refuses to hire agents from a specific religious group. This potentially violates:
- A Pennsylvania Section 8 voucher holder applies for an apartment in Philadelphia. The landlord rejects the application stating the voucher 'creates too much paperwork.' Under Philadelphia law, this is:
- The 'interactive process' in fair housing disability accommodation means:
- A Pennsylvania licensee who is a member of a religious group lists a property for sale. A buyer from a different religion makes an offer. The licensee must:
- Which federal law requires lenders and mortgage companies to report loan application data by race, ethnicity, income, and geography?
- A property owner in rural Pennsylvania rents one room in their private home to a single boarder. They want to limit renters to persons of their same religion. Under the Fair Housing Act, this is:
- A disability-related accommodation request that would fundamentally alter the nature of the housing or impose an undue financial burden is considered:
- A Pennsylvania landlord has a '2 persons per bedroom' occupancy standard. Under fair housing law, this standard:
- A Pennsylvania real estate agent asks a prospective buyer 'Are you married or single?' before showing properties. This question:
- National origin discrimination under the Fair Housing Act protects persons from discrimination based on:
- A Pennsylvania landlord's policy of 'no criminal background — ever' is being challenged as a fair housing violation. The challenge is based on:
- A Pennsylvania developer's new condominium development markets exclusively to adults 55 and older. Under the Fair Housing Act, this is:
- A real estate licensee who teases that an area 'isn't what it used to be' to encourage a homeowner to sell quickly is engaging in:
- In Pennsylvania, a housing provider who receives a reasonable accommodation request must respond:
- Pennsylvania's Human Relations Act covers which types of housing beyond the federal Fair Housing Act?
- A Pennsylvania property management company sends marketing materials only to certain ZIP codes and excludes ZIP codes with predominantly minority populations. This practice may constitute:
- Pennsylvania's PHRC (Pennsylvania Human Relations Commission) may award which remedies in a successful housing discrimination case?
- Under the Fair Housing Act, the term 'dwelling' includes which of the following?
- A Pennsylvania real estate professional who witnesses another agent making discriminatory statements to clients should:
- A Philadelphia condo association that refuses to accommodate a wheelchair user's request for a parking space closer to the elevator is likely violating:
- A Pennsylvania real estate agent who shows a buyer only properties priced above their stated budget, justified by their assumption the buyer can 'really afford more,' may be engaging in:
- Pennsylvania fair housing law provides protection against retaliation for:
- A Pennsylvania landlord who requires a higher security deposit from minority applicants than from white applicants is committing:
- A Pennsylvania real estate agent who advertises homes exclusively through channels that systematically exclude certain racial or ethnic groups may violate fair housing through:
- The Fair Housing Amendments Act of 1988 added which two protected classes to the original Fair Housing Act?
- Under Pennsylvania's Human Relations Act, which entity investigates complaints of housing discrimination?
- Under Pennsylvania fair housing law, which of the following is an example of 'redlining'?
- Under the Fair Housing Act, a landlord may legally refuse to rent to a person with a disability who:
- Which of the following constitutes 'discriminatory advertising' under the Fair Housing Act?
- What is 'steering' in the context of Pennsylvania real estate practice?
- Under the Fair Housing Act, what is a landlord's obligation regarding 'reasonable accommodations' for disabled tenants?
- What is the 'disparate impact' theory in Pennsylvania fair housing enforcement?
- What is 'source of income' discrimination, and how does it apply in Pennsylvania?
- What is 'blockbusting' (also called 'panic peddling') in Pennsylvania real estate?
- Under the Fair Housing Act, what is a 'reasonable modification' for a tenant with a disability?
- What are the federally protected classes under the Fair Housing Act?
- What is the 'Mrs. Murphy exemption' to the Fair Housing Act?
- What is a 'testers' program in fair housing enforcement and how has it been used in Pennsylvania?
- Under Pennsylvania law, can a landlord refuse to rent to someone based on a prior eviction record?
- What is the 'first right of refusal' exemption in fair housing law for members-only housing?
- What is the 'Housing for Older Persons Act' (HOPA) exemption to the Fair Housing Act's familial status protection?
- What is 'discriminatory zoning' and how has it been challenged under fair housing law?
- What is 'discriminatory financing' (reverse redlining) and how does it violate fair housing law?
- What is the 'accessibility requirements' provision of the Fair Housing Act for new multifamily construction?
- What is 'disparate treatment' in fair housing law and how does it differ from disparate impact?
- What is the 'advertising exception' for senior housing under HOPA, and how does it apply in Pennsylvania?
- What is an 'affirmative marketing plan' and when is it required in Pennsylvania?
- What is the 'Equal Credit Opportunity Act' (ECOA) and how does it relate to real estate transactions in Pennsylvania?
- What is 'sexual harassment' in housing and how does it violate Pennsylvania fair housing law?
- The Pennsylvania Human Relations Act (PHRA) extends fair housing protections beyond the federal Fair Housing Act by explicitly adding which protected class?
- Under the federal Fair Housing Act, which of the following is an example of illegal 'steering'?
- Philadelphia has a local fair housing ordinance that includes which additional protected class beyond state and federal law?
- Under the Fair Housing Act, which of the following is an example of illegal 'blockbusting'?
- A disabled tenant in Pennsylvania asks a landlord for permission to install grab bars in the bathroom at the tenant's expense. Under the Fair Housing Act, the landlord:
- Under the Fair Housing Act's familial status protections, which of the following is prohibited?
- Redlining in Pennsylvania real estate refers to:
- The Americans with Disabilities Act (ADA) applies to Pennsylvania commercial real estate primarily by requiring:
Agency
107 questions- Pennsylvania's Consumer Notice must be provided to a consumer by a licensee:
- A Pennsylvania buyer's agent owes the buyer the duty of confidentiality. This means the agent:
- In Pennsylvania, 'transaction licensee' status means the licensee:
- Dual agency in Pennsylvania requires:
- Which of the following is an example of an agent's duty of 'reasonable care and diligence'?
- Agency by estoppel is created when:
- In Pennsylvania, when must a licensee provide the Consumer Notice to a buyer or seller?
- In Pennsylvania, a 'Consumer Notice' is best described as:
- A transaction licensee in Pennsylvania:
- The fiduciary duty of 'loyalty' in a buyer agency relationship requires the agent to:
- A seller's agent who learns that the seller is willing to accept $20,000 below the listing price should:
- A buyer's agent discovers that the property has a material defect not disclosed by the seller. The agent should:
- An agent who represents a buyer in one transaction and the seller in another, on different properties, with no overlap, is best described as:
- In Pennsylvania, 'designated agency' allows a broker to:
- Which of the following is NOT a fiduciary duty owed by a seller's agent to the seller?
- If a Pennsylvania licensee represents a buyer in purchasing a property that is listed by their own brokerage, the licensee should consider:
- Which duty does a seller's agent owe to an unrepresented buyer?
- In Pennsylvania, the Consumer Notice must be signed by the prospective buyer or seller to indicate that they:
- A buyer's agent who fails to disclose that their buyer is pre-approved for financing when the seller asks may be:
- An agency relationship may be created by all of the following EXCEPT:
- Under Pennsylvania agency law, when must a licensee provide the Consumer Notice to a potential buyer or tenant?
- In Pennsylvania, a 'designated agency' arrangement means:
- A Pennsylvania buyer's agent owes which fiduciary duty that specifically requires acting in the buyer's best financial interest?
- Pennsylvania's Consumer Notice must be provided using the form approved by:
- If a Pennsylvania listing broker and buyer's broker are from the same company, this is most accurately described as:
- A seller's agent learns that their client is in financial distress and must sell quickly. What must the agent do with this information when the buyer asks?
- In Pennsylvania, a transaction licensee (facilitator) owes which of the following duties?
- Under Pennsylvania agency law, an agent's duty of 'obedience' means:
- A Pennsylvania buyer's agent discovers a material defect in the home their buyer client wants to purchase. What must the agent do?
- The Pennsylvania Consumer Notice requirement applies to licensees working with:
- A Pennsylvania buyer's agent who learns their buyer is willing to pay significantly more than the asking price must:
- Pennsylvania allows 'dual agency' — representing both buyer and seller in the same transaction — only if:
- The termination of an agency relationship in Pennsylvania can occur by:
- A Pennsylvania seller's agent who discovers that their listed property has an undisclosed material defect must:
- The Pennsylvania Consumer Notice must be retained by the licensee for a minimum of:
- A Pennsylvania listing agent receives two offers simultaneously. The agent's duty to the seller requires:
- When a Pennsylvania buyer's agent represents a buyer purchasing a For Sale By Owner (FSBO) property, compensation is typically addressed by:
- Pennsylvania law requires a buyer's agent to disclose known material facts about a property to their buyer client. Which of the following is a material fact the agent must disclose?
- A Pennsylvania sub-agency arrangement means:
- A Pennsylvania licensee who fails to promptly present all written offers to the seller is in violation of which duty?
- A Pennsylvania licensee who assists both buyer and seller in the same transaction without representing either party is functioning as a:
- In Pennsylvania, a buyer's agent's duty of 'accounting' requires the agent to:
- A Pennsylvania listing broker's duty to disclose material facts extends to:
- A Pennsylvania licensee's fiduciary duty of 'care' requires the agent to:
- A listing in Pennsylvania expires before the property sells. The agent continues to show the property without a new agreement. The agent is potentially acting as:
- A Pennsylvania seller's agent discloses that the seller will accept a lower price than the listed price. This action:
- In Pennsylvania, which party pays the real estate commission is determined by:
- A Pennsylvania buyer's representative agreement that is 'exclusive' means:
- A Pennsylvania listing agent who 'pocket lists' a property (not entering it into the MLS) may be:
- An agent who creates a blog post containing testimonials from past clients must in Pennsylvania ensure:
- A Pennsylvania listing broker who knows the property has an active termite infestation must:
- A Pennsylvania buyer's agent who has a personal interest in the property being shown to their buyer client must:
- The scope of a listing agent's authority under a Pennsylvania exclusive right-to-sell agreement typically includes:
- Pennsylvania's Consumer Notice requires disclosure of which agency relationships?
- A Pennsylvania licensee who represents a buyer and has been asked by a seller's agent to 'disclose your buyer's bottom line' should:
- A Pennsylvania real estate licensee must avoid making which type of statement about property location that could violate fair housing laws?
- A Pennsylvania licensee who receives compensation from more than one party to a transaction must:
- After a Pennsylvania listing agreement expires, the seller immediately lists with a new broker who sells the property. The original broker:
- A Pennsylvania buyer's agent who represents a buyer making an offer on a FSBO property should:
- Under Pennsylvania agency law, the death of a principal (client) in a real estate transaction typically:
- Pennsylvania's Consumer Notice was created to address which consumer protection concern?
- A Pennsylvania listing agent who prepares a Competitive Market Analysis (CMA) for a potential seller client should advise the seller that the CMA is:
- A Pennsylvania seller's agent who learns that the prospective buyer is emotionally attached to the property and will pay any price should:
- Pennsylvania's Consumer Notice must be provided at what point in a relationship between a licensee and a consumer?
- A Pennsylvania designated agency arrangement is most appropriate when:
- A Pennsylvania real estate licensee who uses social media to advertise properties must:
- A Pennsylvania licensee who is approached by a prospective client who already has signed a buyer representation agreement with another agent should:
- In Pennsylvania, a broker of record for a real estate company is responsible for:
- A Pennsylvania buyer's agent is asked by the buyer to write an offer substantially below market value. The agent should:
- A Pennsylvania licensee who advertises on behalf of their brokerage using their personal name (without the brokerage name) is:
- A Pennsylvania real estate broker representing a seller discovers the buyer is being represented by a licensee from another brokerage. What agency relationship exists?
- When does a Pennsylvania listing agent show the seller's property to a buyer who has not signed a buyer agency agreement, what disclosure must the agent provide?
- When does a Pennsylvania buyer's agency agreement typically terminate?
- A seller instructs their listing agent not to disclose that the basement floods during heavy rain. What should the Pennsylvania licensee do?
- What is the difference between 'express authority' and 'implied authority' as they apply to a Pennsylvania real estate broker's agency relationship?
- What is 'ratification' of an agent's unauthorized act in Pennsylvania real estate?
- In Pennsylvania, what obligation does a buyer's agent have if they discover a material defect in a property their client is considering purchasing?
- What is 'puffing' in real estate practice, and how does it differ from actionable misrepresentation?
- In Pennsylvania, what is the effect of an agent's 'undisclosed dual agency'?
- What is a 'net listing' and why is it generally discouraged or prohibited in Pennsylvania?
- In Pennsylvania, what is 'designated agency' and how does it differ from dual agency?
- What is 'subagency' in Pennsylvania real estate and how has its prevalence changed?
- What fiduciary duty requires a Pennsylvania agent to disclose all material information to their client?
- What is the 'duty of accounting' owed by a Pennsylvania real estate agent to their principal?
- What is the duty of 'obedience' owed by a Pennsylvania real estate agent to their principal, and what are its limits?
- What is the 'duty of confidentiality' owed by a Pennsylvania agent to their client, and when does it end?
- What is 'apparent authority' in Pennsylvania real estate agency and how can it create liability for a principal?
- What is 'portfolio agency' in Pennsylvania real estate (also called designated agency by a team)?
- What is 'buyer's remorse' and does it entitle a Pennsylvania buyer to rescind a real estate contract?
- What is 'estoppel' as it applies to a Pennsylvania real estate agent's representations?
- In Pennsylvania, what is the 'fiduciary duty of loyalty' owed by an agent to their client?
- What is an 'exclusive right to sell' listing agreement in Pennsylvania and how does it protect the broker?
- Under Pennsylvania RELRA, what is a 'buyer's agent's' obligation regarding the seller's disclosures?
- What is an 'exclusive buyer agency agreement' and how does it protect both the buyer and agent in Pennsylvania?
- What is a 'listing broker's' responsibility when another agent's client makes a verbal offer on their listing?
- What is the 'procuring cause' doctrine and how does it resolve commission disputes between Pennsylvania brokers?
- In Pennsylvania, what is a 'co-broke' (cooperating broker) arrangement and how is compensation structured?
- In Pennsylvania, what document must a licensee provide to a consumer at the first substantive contact?
- When a Pennsylvania broker represents both the buyer and seller in the same transaction with full informed written consent from both parties, this is called:
- Designated agency in Pennsylvania means:
- A Pennsylvania listing agent receives an offer from an unrepresented buyer. The agent's primary fiduciary duty runs to:
- A Pennsylvania buyer's agent owes the buyer all of the following fiduciary duties EXCEPT:
- In Pennsylvania, a licensee acting as a 'transaction licensee' (non-agent) owes which duties to the consumer?
- Pennsylvania's Consumer Notice form is required to be provided to consumers:
- The fiduciary duty of 'obedience' in a Pennsylvania agency relationship means the agent must:
- In Pennsylvania, a listing agreement is a contract between:
- In Pennsylvania, what is 'sub-agency' in real estate transactions?
Escrow & Title
105 questions- In Pennsylvania, which professional typically conducts the real estate closing and handles the disbursement of funds?
- A 'chain of title' refers to:
- Which type of title insurance covers title defects that existed before — but were not discovered at — the time of purchase?
- In Pennsylvania, the deed is recorded in:
- Pennsylvania is considered an 'attorney closing state,' which means:
- In Pennsylvania, the transfer tax is:
- Title insurance in Pennsylvania protects against:
- A lender's title insurance policy protects:
- A chain of title refers to:
- Marketable title means:
- A mechanic's lien in Pennsylvania can be filed by:
- What does a title search typically examine?
- A HUD-1 Settlement Statement has been replaced for most residential closings by which document?
- In an escrow arrangement, the escrow agent's duties include:
- In Pennsylvania, who typically conducts the real estate closing?
- A marketable title in Pennsylvania means:
- An owner's title insurance policy in Pennsylvania protects:
- A Pennsylvania title search examines which public records to verify ownership and encumbrances?
- In Pennsylvania, earnest money deposited with a broker must be held in:
- A lis pendens recorded against a Pennsylvania property means:
- Pennsylvania's recording act protects subsequent purchasers who record their deed. This means a later buyer who pays value and records first will generally prevail over:
- At a Pennsylvania closing, which document transfers ownership from seller to buyer?
- Title insurance premiums in Pennsylvania are paid:
- A general warranty deed in Pennsylvania provides the grantee with which covenants?
- A Pennsylvania title insurance commitment (binder) is issued:
- In Pennsylvania, a judgment lien attaches to all real property owned by the judgment debtor in which geographic area?
- A Pennsylvania deed must include which essential element to be valid?
- A settlement agent in Pennsylvania preparing a Closing Disclosure must provide it to the borrower at least:
- An 'abstract of title' in Pennsylvania is:
- A Pennsylvania property has a mechanic's lien filed against it. This means:
- The transfer of title in a Pennsylvania real estate transaction is complete when the deed is:
- A Pennsylvania property being sold 'subject to' an existing mortgage means:
- In Pennsylvania, the county Recorder of Deeds office performs which function essential to real estate?
- A title company in Pennsylvania that discovers an undisclosed lien after issuing a title insurance policy will typically:
- A Pennsylvania deed recorded without being notarized is:
- An 'owner's policy' versus a 'lender's policy' of title insurance in Pennsylvania differs in that:
- A tax sale in Pennsylvania occurs when:
- A 'survey exception' in a Pennsylvania title insurance policy excludes coverage for:
- Pennsylvania's Real Estate Transfer Tax is paid:
- In Pennsylvania, a 'chain of title' search typically goes back how many years to establish a marketable title?
- A Pennsylvania ALTA Extended Coverage owner's title insurance policy differs from a standard policy in that it provides additional protection against:
- A Pennsylvania homebuyer is purchasing a property with an existing mortgage. At closing, the existing mortgage must be:
- What is the purpose of a Pennsylvania title company's 'closing protection letter' (CPL)?
- A Pennsylvania deed must describe the property being conveyed with sufficient certainty. Acceptable legal descriptions include:
- At a Pennsylvania closing, the 'Closing Disclosure' (CD) must be provided to the borrower at least:
- In Pennsylvania, when does a deed take effect between the grantor and grantee?
- A Pennsylvania buyer's lender requires a 'mortgagee title insurance policy' (also called a lender's policy). This policy protects:
- Under Pennsylvania law, a broker's escrow account may NOT be used to:
- A 'satisfaction of mortgage' in Pennsylvania is recorded when:
- A Pennsylvania title company that discovers an undisclosed heir who may claim a deceased seller's property should:
- In Pennsylvania, a 'deed in lieu of foreclosure' is an arrangement where:
- A Pennsylvania 'sheriff's deed' conveys title to the purchaser at a:
- In a Pennsylvania real estate closing, 'proration' of property taxes means:
- A 'waiver of subrogation' in a Pennsylvania title insurance policy means:
- A Pennsylvania property inherited by the heirs of a deceased owner must be sold through the:
- A Pennsylvania lender's title insurance policy protects the lender for how long?
- A 'title defect' discovered after closing in Pennsylvania that was known to the seller but not disclosed may give the buyer grounds for:
- A Pennsylvania home seller's existing mortgage balance at closing is $150,000 on a $275,000 sale. The closing costs total $20,000. What does the seller receive?
- A Pennsylvania title search reveals that a 1955 deed in the chain of title was signed by only one spouse when the property was held as tenants by the entireties. This creates a:
- A Philadelphia row home is being sold, and the title search reveals a 1987 judgment lien in the seller's name. The seller claims the debt was paid years ago. To close, the seller must:
- In Pennsylvania, a 'release deed' or 'satisfaction of mortgage' is recorded when:
- A Pennsylvania title insurance company that is asked to insure a property where the previous transfer was a sheriff's sale should:
- Pennsylvania's Uniform Fraudulent Transfer Act affects title searches because:
- A Pennsylvania property owner who discovers their neighbor has been adversely possessing a portion of their land can stop the clock on the adverse possession period by:
- A Pennsylvania 'interpleader' action by a broker holding disputed earnest money involves:
- A Pennsylvania title company that issues a 'hold harmless' letter at closing agrees to:
- Pennsylvania's 'Race-Notice' recording statute means that between two competing claimants, who prevails?
- A 'certificate of title' in Pennsylvania real estate means:
- In Pennsylvania, the phrase 'time of essence' when applied to a closing means the parties:
- A Pennsylvania deed that purports to convey property using the legal description 'all my land in Bucks County, Pennsylvania' is:
- A Pennsylvania 'title plant' maintained by a title company contains:
- A Pennsylvania title company issuing an owner's policy on a property purchased at a tax sale would typically require:
- A 'quiet title action' in Pennsylvania is a court proceeding used to:
- In Pennsylvania, what does 'constructive notice' mean in the context of recording documents?
- In Pennsylvania, what is a 'sheriff's deed' and when is it issued?
- In Pennsylvania, what is the purpose of a 'title commitment' (preliminary title report)?
- What is 'title insurance' and what does an owner's policy protect against in Pennsylvania?
- In Pennsylvania, what is the role of the 'settlement agent' at a real estate closing?
- In Pennsylvania, what is a 'lis pendens' and how does it affect property transactions?
- In Pennsylvania, when must transfer taxes be paid and by whom?
- What is a 'mechanic's lien' and how does it affect Pennsylvania property owners?
- What is the 'chain of title' search period required for Pennsylvania title insurance?
- What is a 'warranty deed' and what protections does it provide a Pennsylvania buyer?
- What is a 'subordination agreement' and when is it used in Pennsylvania real estate?
- In Pennsylvania, what is a 'judgment lien' and how does it affect real property?
- What is 'title by estoppel' (after-acquired title) in Pennsylvania and when does it apply?
- What is a 'subordination, non-disturbance, and attornment agreement' (SNDA) in Pennsylvania commercial real estate?
- What is a 'deed in lieu of foreclosure' and how does it work in Pennsylvania?
- In Pennsylvania, what is 'equitable title' and who holds it during the executory period of a real estate contract?
- What is a 'release clause' in a Pennsylvania blanket mortgage and why is it important in land development?
- What is 'actual notice' versus 'constructive notice' in Pennsylvania real estate law?
- In Pennsylvania, what is a 'quiet title action' and when is it used?
- What is a 'title plant' and how do Pennsylvania title companies use it?
- What is 'survey' insurance in a Pennsylvania title insurance policy?
- What is 'gap coverage' in Pennsylvania title insurance and why is it important in purchase transactions?
- What is a 'hold harmless' clause in a Pennsylvania real estate contract and why might a seller request one?
- What is an 'ALTA survey' and why might a Pennsylvania commercial buyer require one?
- In Pennsylvania, how is the Realty Transfer Tax customarily split between buyer and seller?
- What is the Pennsylvania state Realty Transfer Tax rate?
- A title insurance policy in Pennsylvania primarily protects against:
- In Pennsylvania, who typically conducts the real estate closing (settlement)?
- A 'mechanic's lien' in Pennsylvania can attach to a property when:
- A 'chain of title' in Pennsylvania real estate refers to:
- A 'deed restriction' (restrictive covenant) in Pennsylvania runs with the land, meaning:
- What is 'prorating' at a Pennsylvania real estate closing?
Land Use & Zoning
100 questions- A nonconforming use in zoning is best defined as:
- A zoning variance is:
- In Pennsylvania, zoning laws are administered under:
- A special use permit (conditional use permit) differs from a variance in that:
- Eminent domain allows the government to:
- A restrictive covenant differs from a zoning ordinance in that it is:
- Spot zoning refers to:
- A buffer zone in zoning is used to:
- Pennsylvania's Agricultural Security Area (ASA) program:
- Setback requirements in zoning specify:
- A Pennsylvania municipality's comprehensive plan is best described as:
- The Pennsylvania Municipalities Planning Code (MPC) grants which powers to local governments?
- A nonconforming use in Pennsylvania zoning law refers to:
- A variance in Pennsylvania zoning allows a property owner to:
- A 'special exception' in Pennsylvania zoning differs from a variance in that:
- Eminent domain in Pennsylvania allows the government to take private property:
- Pennsylvania's Flood Plain Management Act requires municipalities to:
- A subdivision plat in Pennsylvania must generally be approved by:
- Pennsylvania's Agricultural Security Area (ASA) program protects farmland by:
- In Pennsylvania, a 'taking' may occur when government regulation goes too far and effectively deprives the owner of all economic value. This concept is called:
- Pennsylvania's Agricultural Land Preservation Program purchases agricultural conservation easements (ACE) from willing landowners to:
- A 'density bonus' in Pennsylvania zoning allows developers to:
- The Pennsylvania Municipalities Planning Code (MPC) gives property owners the right to appeal zoning decisions to the:
- A Pennsylvania historic district designation affects property owners by:
- Pennsylvania's 'builder's remedy' legal doctrine allows a developer to build higher-density housing if:
- A 'buffer zone' in Pennsylvania zoning typically refers to:
- A Pennsylvania landowner who is denied all economically viable use of their property by a regulation may file what type of claim?
- Pennsylvania's Farmland and Forest Land Assessment Act (Clean and Green Act) allows qualifying rural land to be assessed at:
- A 'Planned Unit Development' (PUD) in Pennsylvania allows:
- Pennsylvania's Keystone Opportunity Zones (KOZ) program provides which incentive to real estate development?
- A Pennsylvania municipality that imposes an 'impact fee' on new residential development is charging for:
- A 'use variance' in Pennsylvania zoning law allows a property to be used for a purpose:
- Pennsylvania's Storm Water Management Act requires municipalities in designated watersheds to develop stormwater management plans. This affects real estate development by:
- An 'inclusionary zoning' ordinance in Pennsylvania requires:
- A Pennsylvania property owner who believes a zoning ordinance has deprived their property of all economically viable use should first appeal to the:
- A Pennsylvania 'mixed-use zone' permits which types of uses?
- Pennsylvania's Oil and Gas Act (Act 13) primarily governs:
- A 'transferable development right' (TDR) program in Pennsylvania allows:
- Pennsylvania municipalities are required under the MPC to create which type of body to hear zoning appeals?
- A Pennsylvania subdivision that creates more than a certain number of lots typically must comply with:
- A Pennsylvania municipality's zoning ordinance that prohibits all multi-family housing in the entire municipality may be challenged as:
- Pennsylvania's Act 537 (Sewage Facilities Act) regulates the planning for sewage facilities and affects real estate development by:
- A 'taking' in Pennsylvania eminent domain law requires the condemning authority to pay 'just compensation.' For a partial taking, just compensation includes:
- A Pittsburgh Urban Redevelopment Authority (URA) uses tax increment financing (TIF) to fund infrastructure for a development project. TIF works by:
- A Pennsylvania developer who purchases land zoned for commercial use discovers after the purchase that the municipality has rezoned the land to agricultural use. The developer may seek:
- In Pennsylvania's State College area (Centre County), which university-related land use principle may affect local zoning and real estate values?
- A Pennsylvania 'cluster development' allows homes to be built on smaller lots than normally required if:
- A Pennsylvania property in a historic district that is being renovated must typically receive approval from:
- A Pennsylvania 'redevelopment authority' has the power to:
- A Pennsylvania landowner in an agricultural zone wants to operate a bed and breakfast (B&B) in their historic farmhouse. They would typically need:
- Pennsylvania's Municipalities Planning Code (MPC) allows municipalities to create which type of zone specifically for transit-oriented development?
- A Pennsylvania property owner whose land is in a floodplain may receive a Letter of Map Amendment (LOMA) from FEMA that:
- Pennsylvania's 'Right to Farm' Act most directly benefits a Pennsylvania farmer when:
- An 'area variance' in Pennsylvania zoning law differs from a 'use variance' in that an area variance:
- Pennsylvania's Growing Greener and Community Development Block Grant programs, along with local TIF districts, are examples of:
- A Pennsylvania developer who seeks to develop a large tract that crosses multiple municipalities would benefit from which planning tool?
- A Pennsylvania brownfield redevelopment project in an older industrial city may utilize which financing tool that defers property taxes?
- A Pittsburgh 'urban heat island' effect is addressed in real estate and land use through:
- Pennsylvania's 'Keystone Principles for Growth, Investment and Resource Conservation' provide statewide guidance for:
- A Pennsylvania municipality's adoption of a 'form-based code' differs from conventional use-based zoning in that form-based codes regulate:
- Pennsylvania's 'complete streets' policy encourages municipalities to design streets that accommodate:
- A Pennsylvania property in a 'conservation subdivision' or 'open space development' must set aside what minimum percentage of the tract as open space?
- Pennsylvania Act 537 (Sewage Facilities Act) municipalities adopt 'Section 537 Plans' that identify the type of sewage facilities for each area of the municipality. Before a developer can build, they must show:
- Pennsylvania municipalities can regulate 'accessory dwelling units' (ADUs) — secondary housing units on single-family lots. ADUs are significant for real estate because they:
- Pennsylvania's Historic Tax Credit program encourages rehabilitation of historic properties by providing:
- What is a 'variance' in Pennsylvania zoning law?
- What Pennsylvania statute governs the planning and zoning authority of municipalities?
- What is a 'special exception' under Pennsylvania's Municipalities Planning Code?
- What is 'spot zoning' and why is it legally problematic in Pennsylvania?
- What is a 'conservation easement' and how is it used in Pennsylvania agricultural preservation?
- What is a 'nonconforming use' under Pennsylvania zoning law, and what protections does it receive?
- What is Pennsylvania's 'builder's remedy' and how does it affect municipalities that lack adequate affordable housing plans?
- What is a 'Transfer of Development Rights' (TDR) program, and how has it been used in Pennsylvania?
- What is an 'overlay district' in Pennsylvania zoning and how does it function?
- What is Pennsylvania's 'Agricultural Security Area' (ASA) program?
- What is Pennsylvania's 'Right-to-Farm' law and how does it protect agricultural operations?
- What is 'eminent domain' and how does it operate in Pennsylvania?
- What is 'inclusionary zoning' and has Pennsylvania adopted it?
- What is a 'planned unit development' (PUD) in Pennsylvania and how does it differ from conventional zoning?
- What is an 'environmental impact statement' (EIS) and when is it required in Pennsylvania?
- What is a 'floodplain ordinance' and how does it affect development in Pennsylvania?
- What is a 'subdivision and land development ordinance' (SALDO) in Pennsylvania and what does it regulate?
- What is Pennsylvania's 'Keystone Opportunity Zone' (KOZ) program and how does it affect real estate development?
- What is Pennsylvania's 'Official Map' and what authority does it give municipalities?
- What is 'mixed-use zoning' and how is it being implemented in Pennsylvania communities?
- What is a 'riparian rights' doctrine and how does it affect Pennsylvania waterfront property?
- What is Pennsylvania's 'Growing Smarter' initiative and how has it influenced planning and zoning?
- What is 'interim development' zoning and why do Pennsylvania municipalities use it?
- What is a 'conditional use' in Pennsylvania zoning and how does it differ from a special exception?
- A Pennsylvania municipality's comprehensive plan primarily serves what purpose?
- Under Pennsylvania's Municipalities Planning Code, a 'variance' from a zoning ordinance is granted when:
- A non-conforming use in Pennsylvania zoning is best described as:
- Pennsylvania's Agricultural Security Area (ASA) program primarily benefits landowners by:
- Pennsylvania's Subdivision and Land Development Ordinance (SALDO) primarily controls:
- Pennsylvania's 'Clean and Green' program (Act 319) benefits enrolled landowners by:
- A Pennsylvania property owner whose land is taken by eminent domain for a public highway expansion is entitled to:
- Pennsylvania's 'Act 537' sewage planning is important to real estate because:
- Pennsylvania's 'Act 167' stormwater management planning is relevant to real estate development because:
- What is a 'buffer zone' in Pennsylvania land use planning?
- In Pennsylvania, an 'interim zoning' ordinance is used when:
Property Management
81 questions- Under Pennsylvania's Landlord-Tenant Act, a landlord may deduct from a security deposit for:
- Pennsylvania law limits a residential security deposit to:
- A property manager who collects rents and manages residential properties for a fee must hold a Pennsylvania:
- A gross lease requires the:
- A percentage lease is most commonly used in:
- A property manager's primary fiduciary duty runs to:
- The term 'CAM charges' in a commercial lease refers to:
- In Pennsylvania, a landlord must return a residential security deposit within how many days of the tenancy ending?
- Constructive eviction occurs when:
- A 'triple net lease' (NNN) requires the tenant to pay:
- A Pennsylvania property manager who holds security deposits must maintain them in:
- Under Pennsylvania's Landlord-Tenant Act, the maximum security deposit a landlord may collect in the first year of tenancy is:
- A Pennsylvania landlord must return the security deposit within how many days after the tenant vacates?
- Philadelphia's rent control ordinance primarily applies to:
- A property manager in Pennsylvania acting for an owner must:
- Under Pennsylvania's Landlord-Tenant Act, a landlord who fails to return the security deposit within 30 days may lose:
- A commercial lease in Pennsylvania that requires the tenant to pay a base rent plus a share of operating expenses is called a:
- A Pennsylvania property manager who comingles client funds with personal funds is subject to:
- The 'implied warranty of habitability' in Pennsylvania residential leases requires landlords to:
- Under Pennsylvania's Landlord-Tenant Act, a landlord must provide written notice to terminate a month-to-month tenancy at least:
- A Pennsylvania commercial property manager negotiating a lease renewal should be aware that rent escalation clauses typically provide for:
- Under Pennsylvania law, a landlord who enters a tenant's residence without proper notice (other than in an emergency) may be liable for:
- A Pennsylvania commercial lease tenant who makes improvements to the premises must determine whether the improvements are 'trade fixtures' or permanent fixtures because:
- A Pennsylvania residential lease must provide the tenant with the landlord's name and address for the purpose of:
- A Pennsylvania tenant who withholds rent due to a landlord's failure to maintain habitable conditions should follow which process?
- A property management agreement in Pennsylvania is a contract between the:
- A 'net-net-net' or triple net (NNN) lease commonly used in Pennsylvania commercial real estate requires the tenant to pay:
- In Pennsylvania, eviction of a residential tenant for non-payment of rent requires the landlord to:
- Pennsylvania's Act 48 of 2014 (Landlord-Tenant Act amendment) affected the eviction process by:
- A Pennsylvania commercial tenant with a 'percentage lease' pays rent based on:
- Under Pennsylvania's Landlord-Tenant Act, a residential tenant who abandons the property before the lease ends:
- A Pennsylvania property management company that manages commercial properties must:
- A property manager in Pennsylvania receives a tenant's rent payment and is responsible for disbursing funds to the property owner. This requires:
- Philadelphia's 'Certificate of Rental Suitability' program requires Philadelphia landlords to:
- A Pennsylvania property manager who wants to raise rents on existing tenants must typically:
- A Pennsylvania commercial property manager evaluating a potential retail tenant's creditworthiness should review:
- A Pennsylvania commercial landlord who provides 'tenant improvement (TI) allowances' is:
- Pennsylvania's 'Warranty of Habitability' implied in residential leases means that at minimum the landlord must maintain:
- When a Pennsylvania tenant subleases without the required landlord consent, the original tenant:
- A Pennsylvania property manager who maintains a building with central heating must ensure the system provides minimum heat of what temperature during heating season?
- A Pennsylvania property manager receives a late rent payment. If the lease has a late fee provision, the late fee must be:
- Pittsburgh's 'Good Cause for Eviction' ordinance (where applicable) requires landlords to have a legally recognized reason to:
- A Pennsylvania property manager's duty to disclose known defects to prospective tenants:
- A Pennsylvania commercial tenant's 'HVAC responsibility' in a triple-net lease typically means:
- Pennsylvania's landlord-tenant law requires that a security deposit held in an interest-bearing account for more than 2 years must have the accrued interest:
- Under Pennsylvania's Landlord-Tenant Act, if a landlord fails to return a security deposit within 30 days, what penalty may the tenant recover?
- In Pennsylvania, a residential landlord must place security deposits in an escrow account when the deposit exceeds what amount?
- Under Pennsylvania law, what constitutes an 'uninhabitable' rental unit that may allow a tenant to withhold rent or terminate the lease?
- Under Pennsylvania law, what notice must a landlord give before entering an occupied rental unit for non-emergency repairs?
- In Pennsylvania, if a residential tenant vacates before the end of the lease term, what obligation does the landlord have?
- A Pennsylvania property manager collects first month's rent, last month's rent, and a security deposit from a new tenant. How must these funds be handled?
- In Pennsylvania, a property manager discovers the owner wants to refuse a rental application from a family with children. What should the property manager do?
- A Pennsylvania commercial tenant requests permission to sublet part of their space to another business. The lease is silent on subletting. What is the general rule?
- What is a 'triple net lease' (NNN) and how is it typically used in Pennsylvania commercial real estate?
- What is a 'management agreement' and what key provisions should it include for Pennsylvania commercial properties?
- In Pennsylvania, what is the 'Rent Withholding Act' and under what circumstances can a tenant use it?
- What is a 'lease abstract' and why is it important in Pennsylvania commercial property management?
- What is 'deferred maintenance' and why is it a concern for Pennsylvania property managers?
- What is a 'capital reserve study' and why should Pennsylvania condominium associations conduct one?
- What is 'percentage rent' in a Pennsylvania retail lease and how is it calculated?
- What is a 'property condition report' and how is it used in Pennsylvania property management transitions?
- In Pennsylvania commercial leasing, what is a 'letter of intent' (LOI) and is it binding?
- What is 'notice to quit' in Pennsylvania landlord-tenant law, and when must it be given?
- What is a 'gross lease' versus a 'modified gross lease' in Pennsylvania commercial property management?
- What is 'tenant improvement allowance' (TI) and how is it negotiated in Pennsylvania commercial leases?
- What is 'pro-rating' rent and how is it calculated for a Pennsylvania tenant who moves in mid-month?
- What is a 'tenant estoppel certificate' and when is it required in Pennsylvania commercial real estate?
- What is a 'CAM reconciliation' in Pennsylvania commercial property management?
- What is a 'nuisance' in Pennsylvania property law and when can a property owner be held liable?
- Under Pennsylvania's Landlord and Tenant Act, a residential landlord must return a security deposit or itemized statement of deductions within how many days after a tenant vacates?
- Under Pennsylvania's Landlord and Tenant Act, the maximum security deposit a landlord may collect after the first year of tenancy is:
- A Pennsylvania property manager collects $15,000 in monthly rents. Which of the following correctly describes the fiduciary requirement for handling these funds?
- Which of the following reflects Pennsylvania's implied warranty of habitability in residential leases?
- Under Pennsylvania law, a landlord must give a month-to-month tenant written notice before terminating the tenancy of at least:
- A Pennsylvania landlord wishes to evict a tenant for non-payment of rent. What is the first step in the legal eviction process?
- In commercial property management, how does a gross lease differ from a triple net (NNN) lease?
- What is a 'CAM charge' in Pennsylvania commercial property management?
- A Pennsylvania property manager who also manages the owner's investment portfolio and provides financial advice without a securities license is:
- A Pennsylvania landlord who installs a surveillance camera in a tenant's bedroom without the tenant's knowledge is:
- Under Pennsylvania's Landlord and Tenant Act, when must a landlord return the security deposit if no deductions are made?
- A Pennsylvania commercial tenant wants to sublease their space to another business. Under a standard commercial lease, the tenant:
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