FREE AND STUDY GAMES ABOUT UNIT 1 EXAM

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FREE AND STUDY GAMES ABOUT UNIT 1 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -35 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: After initial licensure, in order to continue working as a real estate agent, licensees must

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complete continuing education courses.Question 2: A homeowner is building an enclosed front porch on his home. A truckload of lumber that the homeowner purchased has been left in the driveway for use in building the porch. At this point, the lumber is considered

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personal property.Question 3: What economic characteristic refers to people's preference for a specific area?

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Situs Question 4: A landlord leases store space to a tenant for a restaurant. The tenant installs ovens, booths, counters, and other equipment. When, if ever, do these items become real property?

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When the lease expires

Question 5: What is the process that often produces sinkholes or troughs in some Pennsylvania regions?

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Mine subsidence Question 6: The bundle of legal rights includes all of the following rights EXCEPT

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use the property for any purpose, legal or otherwise.Question 7: Who, if anyone, is permitted to obtain aviation easements over land surrounding airports?

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Local government authorities

Question 8: In Pennsylvania, a newly manufactured home is considered

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personal property.Question 9: The buyers fell in love with Lot 17A and entered into an agreement to purchase the lot. A few days later, the owner's son decided that he wanted Lot 17A. The owner is not permitted to make a substitution based on the characteristic of

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uniqueness.Question 10: Which of the following is required in Pennsylvania real estate transactions?

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Coal Mining Notice Question 11: A rancher owns a parcel of land, including the full bundle of rights. The rancher has leased the land to a tenant but has not conveyed any other rights. Who owns the oil recently discovered on the land?

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The rancher

Question 12: the buyer discovered that the seller had taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. Which statement is TRUE?

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Ceiling fans are normally considered to be real estate.Question 13: The term real estate includes natural components of the land as well as

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permanent man-made improvements

Question 14: The bundle of legal rights is included in the definition of

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real property.Question 15: The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are

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appurtenances.

Question 16: Which of the following is indestructible?

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Land Question 17: Which of the following is NOT an economic characteristic of real estate?

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Indestructibility

Question 18: What is the purpose of real estate license laws?

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To protect the public from fraud, dishonesty and incompetence Question 19: Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the

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coal notice.

Question 20: Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

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a fixture or personal property.Question 21: Which of the following is a physical characteristic of real estate?

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Indestructibility Question 22: All of the following areas of law are generally important to real estate licensees

EXCEPT

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farm equipment.Question 23: A property owner sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, the owner no longer owns which of the following?

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Subsurface rights Question 24: A buyer is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called

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area preference.Question 25: A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?

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Subsurface rights Question 26: Which of the following is considered to have the greatest impact on the value of a property?

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Area preference