Pennsylvania FREE Sample Exam — Fixed Set

Concerning township and range notation, which of the following statements is wrong?

'T3N, R2W' means Township 3 North, Range 2 West.

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Township numbers increase with distance from the base line.

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Ranges are measured from the Atlantic Ocean.

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Range numbers increase with distance from the principal meridian.

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Concerning pretermitted heir, which of the following statements is TRUE? A landlord is converting a rental building and asks about ownership structures.

A pretermitted heir is a child explicitly disinherited in the will.

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A pretermitted heir is a child born or adopted after the will was executed who may claim a share despite being omitted.

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Pretermitted heir statutes protect the testator's creditors.

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An omitted child has no rights if the will leaves everything to charity.

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A pre-licensing class in Altoona covers USPAP. Each of the following is true EXCEPT:

Market value assumes a willing buyer and seller, both knowledgeable, acting prudently without undue pressure, with reasonable market exposure.

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A higher capitalization rate indicates greater risk and produces a lower indicated value for a given income stream.

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The intended use of an appraisal, such as mortgage underwriting, need not be identified so the appraiser can determine the appropriate scope of work.

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A state-licensed appraiser has lower transaction-value limits than a certified appraiser.

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A client asks Devon about governing law. Which of the following answers is correct?

It is incorrect to say that a governing-law clause specifies which state's law controls interpretation of the contract's terms.

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A governing-law clause specifies which state's law controls interpretation of the contract's terms.

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It is wrong to claim that a governing-law clause specifies which state's law controls interpretation of the contract's terms.

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It is a mistake to assert that a governing-law clause specifies which state's law controls interpretation of the contract's terms.

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A buyer contracts with an agent who was secretly acting for an undisclosed seller-principal. After closing, the buyer discovers the principal’s identity. Which statement is correct?

The buyer may hold either the agent or the discovered principal liable on the contract, but may obtain only one satisfaction

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The buyer may collect full damages from both the agent and the principal for the same loss

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Discovery of the principal automatically releases the agent and voids the contract

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The principal can never be liable because the buyer did not know the principal existed when contracting

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Concerning property manager’s role for Jordan’s apartment building, which of the following is NOT true?

The property manager acts as the owner's agent for the apartment building. (as with Jordan)

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Market knowledge is irrelevant to managing the apartment building. (as with Jordan)

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Maximizing the apartment building's income while preserving its condition is the manager's goal for Jordan.

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The manager should understand the apartment building's market and applicable laws for Jordan.

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In a transaction involving lead paint disclosure, Jamie the tenant needs the right rule. Which statement is correct?

The applicable rule is that buyers of pre-1978 homes get a ten-day opportunity to test for lead-based paint unless they waive it in writing.

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Buyers of pre-1978 homes get a twenty-day opportunity to test for lead-based paint unless they waive it in writing.

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It is wrong to claim that buyers of pre-1978 homes get a ten-day opportunity to test for lead-based paint unless they waive it in writing.

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sellers of pre-1978 homes get a ten-day opportunity to test for lead-based paint unless they waive it in writing.

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An exam candidate is asked about down payment and LTV for Jordan’s rectangular lot at 25%. Which of the following is right?

LTV plus down payment equals 50% on the rectangular lot. (as with Jordan; at 25%)

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Lenders use LTV to gauge risk on Jordan's rectangular lot loan. (at 25%)

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LTV is value divided by the loan for the rectangular lot. (as with Jordan; at 25%)

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Lenders ignore LTV on Jordan's rectangular lot. (at 25%)

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Monthly rent is $2,065. Using a 30-day month, what is the prorated rent for 15 days of occupancy?

$3,097.50

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$1,032.51

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$999.19

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$1,032.50

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Which of the following statements about reactivating Casey’s vacant lot license is FALSE?

An inactive licensee may reactivate to handle the vacant lot. (as with Casey)

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Inactive licenses cannot be reactivated for the vacant lot. (as with Casey)

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Fees apply to Casey's vacant lot reactivation.

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Reactivation restores full vacant lot practice authority. (as with Casey)

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Maya, the initial-interview disclosure, does describe the business relationships a broker may have with the consumer and the duties owed in each relationship provided for in RELRA.. Did Maya comply with the Pennsylvania initial-interview disclosure rule?

No. Maya violated the initial-interview disclosure rule.

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No. Maya's conduct breaches the initial-interview disclosure requirement.

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The initial-interview disclosure rule does not apply to Maya.

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Yes. Maya complied with the Pennsylvania initial-interview disclosure rule.

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On the topic of escrow dispute hold, which of the following is wrong?

Retain the money in escrow until the dispute is resolved.

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Under the cited rule, retain the money in escrow until the dispute is resolved.

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The rule provides that retain the money in escrow until the dispute is resolved.

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It is wrong to claim that retain the money in escrow until the dispute is resolved.

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Pennsylvania FREE Sample Exam — Fixed Set

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