Pa Real Estate License Test Questions And Answers

Without checking the facts, a broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. Before closing, it is determined that the taxes are actually among the highest in the area. The buyer could seek to rescind the contract on the basis of {Ans: misrepresentation}An agency relationship between a property owner and a property manager is usually created by? {Ans: a management agreement}For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income? {Ans: Mortgage loan interest, local property taxes, mortgage loan origination fees}bundle of rights {Ans: disposition, exclusion, enjoyment, possession, control}Which restrictive covenant would be considered illegal? {Ans: a convenant that restricts selected parcels within a defined subdivision}define functional obsolescence? {Ans: components of a building that are out of date with contemporary construction standards}accretion {Ans: a gradual addition to land from natural causes}A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in