Real Estate Agent Exam Questions For Pennsylvania State

The state law adopted from the national model act that governs the development and operation of condominiums. The law also provides for certain disclosures to purchasers of condominium units {Ans: Pennsylvania Uniform Condominium Act}What is the major disadvantage of the deed in lieu of foreclosure? {Ans: The mortgagee takes the real estate subject to all junior liens.}Licenses shall be granted to persons who bear a good reputation for: {Ans: honesty, trustworthiness, integrity, and competence}Must be given to prospects at least 15 days before a sales contract is signed. Must detail 22 caterogies of info. i.e, bylaws, R&R, projected budgets, leins or encumbrences on the bldg, etc. If a purchaser is not provided the statement within the prescribed timeframe they may cancel the contract within 15 days of receipt w/out penalty & recover an amount of 5% of the units price up to $2000 or actual damages whichever is greater {Ans: Public Offering Statement}Three conditions that must be met for a mobile home to be considered real estate {Ans: 1. Mobile home is transferred in conjunction with and as a part of an assignment of a land lease or the transfer of an interest in land