Economics /Real Estate Practice Exam Questions Part 2
What rules require fair housing laws to be in a listing contract?
Answer: PA Human Relations Act
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Key Terms
Term
Definition
What rules require fair housing laws to be in a listing contract?
Answer: PA Human Relations Act
Typically who pays for title insurance?
Answer: Buyer
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What is the transfer tax charged by the state of PA?
Answer: 1% of the sales price
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What should you do about material defect disclosures?
Answer: inform the buyer and seller
What is private mortgage insurance?
Answer: It protects the lender if their is default
What is the first step in the appraisal process?
Answer: Indicate objective of appraisal
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| Term | Definition |
|---|---|
What rules require fair housing laws to be in a listing contract? | Answer: PA Human Relations Act |
Typically who pays for title insurance? | Answer: Buyer |
What is the transfer tax charged by the state of PA? | Answer: 1% of the sales price |
What should you do about material defect disclosures? | Answer: inform the buyer and seller |
What is private mortgage insurance? | Answer: It protects the lender if their is default |
What is the first step in the appraisal process? | Answer: Indicate objective of appraisal |
What is an example of external depreciation? | Answer: Nearby property that suffers from lack of maintenance and is negatively affecting the sellers property. |
Who does a selling salesperson represent under buyer agency? | Answer: Buyer |
What is not an example of a real estate business violation of the antitrust laws? | Answer: opening offices in new locations |
Equity definition... | Answer: the value of real estate above any debt on that property. |
Who are the parties in a listing agreement? | Answer: owner and listing broker. |
All are examples of fiduciary responsibilities under a single agency listing agreement except.. . | Answer: negotiate lowest price. |
Reconciliation definition... | Answer: the process of comparing the property values derived from different approaches to value, selecting the most suitable approach for the particular property being appraised and coming to a final conclusion of value. |
The following are typical property management operation expenses except... | Answer: ceiling replacement |
The following are examples of agricultural property except... | Answer: government owned rural land |
Physical deterioration... | Answer: associated with normal wear and tear. |
Proper listing price of the property... | Answer: based on seller |
Exclusive Right to Sell Listing definition... | Answer: A type of listing to list and sell real estate property in which the seller employs one broker but that broker earns a commission 'no matter who sells the property including the owner' |
What type of property would be most appropriate to use the cost approach method? | Answer: 25 year old church |
Definition of appraisal... | Answer: supportable estimate of value |
What is the PA law that prohibits discrimination in housing? | Answer: PA Human Relations Act |
Is special price setting allowed for certain categories of people? | Answer: No it's illegal |
When is the consumer notice given? | Answer: At the first discussion of needs and motivation. |
What are the conditions to when an agreement of sale becomes a binding contract? | Answer: When the buyer accepts the offer and the seller is notified. |
What does the C stand for in the fiduciary dities | Answer: Care and confidentiality |