The easement described in the test question is an easement appurtenant. 214 terms. Becoming an expert at math and being able to do real estate math problems can help you stand out in your market and become a better real estate agent and can make it much easier to pass the real estate exam… The broker exam consists of 80 national questions and 40 state-specific questions… Regulation Z requires that lenders furnish an applicant for a real estate loan with a statement that discloses the finance charges associated with a loan. Such leases are enforceable if the intent of the parties can be established in court. In order for title to transfer, there must be a valid deed as well as delivery and acceptance of the deed. Generally, a metes and bounds description is accompanied by a rectangular survey (or government survey) description or lot, block and tract description. ... Only then can you sit for the PA real estate exam. Regulation (REG) | CPA Exam… An advance fee given by the seller to cover advertising costs is considered trust funds. Specific liens are secured by a specific piece of property. However, the Fifth Amendment to the U.S. Constitution does state that government entities exercising this power must pay the private property owners just or fair compensation. However, in most cases, the listing agents in an open listing are not apt to market the property as aggressively if there is a possibility that another firm could find the buyer. You get to practice test … It need not be discussed verbally or included in writing in the lease. The traditional rule (in the "Statute of Frauds") states that a listing agreement cannot be enforced in court unless it is in writing and signed by the party to be charged. This is a unilateral contract, meaning it is the exchange of a promise for performance. Pennsylvania Real Estate Commission: Exam: PA Salesperson : Sponsor: PENNSYLVANIA REAL ESTATE COMMISSION : This program requires pre-approval by PSI before you can sit for the exam. The PSI Pennsylvania Salesperson License Exam should be taken after completion of seventy-five (75) hours of basic real estate courses and our optional PSI Exam … jenine_johnson. The old owner, who split his large parcel in two, created the easement by reserving it in the deed to the individual who first purchased Parcel South. A quarter of a quarter section has 40 acres (160 ÷ 4 = 40). If construction started on December 31, 1977, then the residential dwelling is target housing, and lead-based paint warnings must be given to prospective buyers and tenants. In this simple course, which includes both the Pennsylvania state and PSI question and answer exam prep study guide, not only will you learn to pass the state licensing exam, you will also learn: - How to study for the PA exam … A metes and bounds legal description begins at a well-defined point (point of beginning or POB) and follows the boundaries of a parcel of land, using directions and distances around the tract, and ends at the point of beginning. Defeasible estates (estates which can be defeated) give a person or entity control over a property only so long as certain conditions are met or avoided. Pass the real estate exam with confidence! The selling price includes the standard six percent … Here, the legal description states that the purchased property is a quarter of a quarter of a section, thus, 40 acres. As a seller's agent, you sell a house for $135,000. Real estate can be defined as... a. lan…. The agreement described in this fact pattern is an option: An option is a unilateral contract. For years (since the 90s) we have been providing unique, cutting edge real estate exam preparation. When you use our Pennsylvania real estate … Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property. If construction started on January 1, 1978, then the dwelling is not target housing, and the lead-based paint disclosure requirements do not apply. As a rule, the greater the risk, the lower the investment. In most states, delivery happens when the grantor (seller) signs the deed. The licensee promises to use due diligence to find a buyer. Blockbusting, for the most part, is no longer a common practice, although it may happen indirectly through inappropriate conversations and statements by real estate licensees. Police power is the power of the state to enforce laws and rules that protect the members of the community. Furthermore, most Multiple Listing Services (MLS) specifically prohibit the publication of open listings in the MLS listings, so all marketing of the property must be done through other less effective means. The general part of the exam is broken into several categories, similar to the categories you will see in this sample practice test below. Interactive study tools, dynamic practice tests & simulated exams to help you pass the national and state portions of the Pennsylvania real estate salesperson exam … We stand by our real estate practice exams and offer an exam pass guarantee. Specify questionable items of property in the written sales…. General liens are secured by the collective assets of the debtor. An open listing gives any real estate licensee who has a listing agreement with the seller the right to a commission if he finds the buyer for the home. The owner agrees not to sell the property to anyone else during the period of time specified in the option. Also, when demand increases because of local changes, such as a new business coming to the area; or an influx of new residents, values will increase. Julia is the…, The transfer of land from father to son, upon the father's dea…, Police Power, Eminent Domain, Taxation, Escheat, Abandonment (dying with no will and no heirs with the property…, Loan amount divided by sale price or appraised value (whicheve…. If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount. Note: Prospective tenants could also enter into an option with owners regarding prospective leasehold property. The test question states that the listing agreement was formalized in writing. Methods resulted in success for thousands default insurance protects lenders in the area ; an. 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