PA Salesperson State Exam - RePA_Sales

Question 1

Which of the following conditions MUST be met before a licensee participates in the sale of real property in which the licensee has an ownership interest?

A. The licensee must provide written disclosure of the ownership interest to all parties.

B. The Pennsylvania Real Estate Commission must be notified of the transaction.

C. The listing agreement must identify the licensee's name and status as a licensee.

D. The percentage of the licensee's ownership interest must be stated on the sales contract.

Correct Answer: A

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Question 2

If a salesperson representing a buyer gets information from the seller's agent as to the status of the real estate transaction, what is the buyer's agent REQUIRED to do?

A. Advise the seller as to the status of the transaction.

B. Advise the loan officer as to the status of the transaction.

C. Advise the listing broker as to the status of the transaction.

D. Advise the buyer as to the status of the transaction.

Correct Answer: D

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Question 3

Can a licensed real estate broker prepare an appraisal for a new loan on property that the broker has listed for sale?

A. Yes, if the appraisal is identified as a comparative market analysis.

B. Yes, with proper disclosure to the lender about the broker's qualifications.

C. Yes, if the appraisal is done before an offer to purchase is accepted by the seller.

D. No, real property appraisals are not within the scope of practice for a real estate broker.

Correct Answer: D

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Question 4

Which entities are authorized to investigate charges against real estate licensees concerning illegal discrimination in the sale or rental of housing?

A. The Pennsylvania Human Relations Commission and the Pennsylvania State Legislature

B. The Pennsylvania State Legislature and the Pennsylvania Real Estate Commission

C. The Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission

D. The Pennsylvania Real Estate Commission and the Better Business Bureau

Correct Answer: C

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Question 5

Interest earned on an escrow account is:

A. Equally divided between the listing and selling brokers.

B. Payable subject to an agreement between the parties.

C. Payable to the broker holding the deposit.

D. Equally divided between the buyer and seller.

Correct Answer: B

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Question 6

In order to work as a property manager for compensation, an individual must:

A. Complete a certification for property management.

B. Hold a real estate license and, if not a broker, be supervised by a broker.

C. Pass a separate examination in principles of property management.

D. Complete at least one course in property management every two years.

Correct Answer: B

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Pennsylvania Real Estate Commission PA Salesperson State - RePA_Sales_S Exam Practice Test

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