Reference no: EM133035009

1. A licensee faxes a list of available properties to prospective buyers. Which of the following is true?

A. the licensee faxes must include only a phone number to reply

B. the licensee company name does not need to be listed

C. the fax must contain an opt out provision for future communications

D, the licensee must mail an identical list to all parties

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

A. complete a certification for property management

B. pass a separate examination in principles of a property management

C. complete at least one course in property management every two years

D. hold a real estate license and, if not a broker, be supervised by a broker

3. When may a licensed salesperson legally participate in the management of real property?

A. When the salesperson's broker cannot supervise

B. When the tenants allow the salesperson to participate

C. When errors and omissions insurance covers the salesperson's actions

D. When the salesperson is under the direct supervision of the broker

4. Which of the following types of housing discrimination is NOT covered by the state law?

A. age

B. gender

C. mental disability

D. income level

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

A. The Pennsylvania real estate commission must be notified of the transaction

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

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

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

6. A homebuyer received a conventional loan with a down payment of 8% of the purchase price. In the future, her mortgage payment (PITI) will be reduced automatically without refinancing when which of the following occurs?

A) her income increases

B) her equity reaches 22%

C) She adopts a child so that she has a dependent

D) A neighboring home sells for 15% over the list price

7. Which of the following differentiates a bilateral contract from a unilateral contract?

A. Number of parties involved

B. Performance obligations of the parties

C. Relative value of the object of the contract

D. Type of property specified in the contract

8. A sellers agent is contacted by a poyential buyer whose financial status is questionable. when asked to write an offer, the agent should:

a) refuse to write the offer

b) insist on a prompt closing

c) ask for a high earnest money payment

d) any reservations to seller relay

9. According to the CAN SPAM Act, every email advertisement for real estate services must do all of the following EXCEPT

A. clearly indicate the nature of the content of the email.

B. inform the recipient of the name and location of the brokerage firm.

C. allow a method for the recipient to opt out and not receive future emails

.D. advise the recipient that it will take 180 days to remove the recipient's name from this email list.

10. A real estate licensee representing a buyer may do all of the following except

Disclose the seller's motivation for selling
Identify latent property defects
Prepare a Competitive Market Analysis (CMA)
Disclose the highest price the buyer is willing to pay