1. What is not a basic rights of real property ownership? The right of adverse possession.

2. Remainderman definition (The question will involve a real-world death example) The
designated future real property owner in a life estate.

3. What is an example of a physical characteristic of land? Fixed Location

6. Easement definition The right to use land owned by another person.

7. What happens when there is intestate death of one owner? Transferred to heirs.

8. Statute of frauds definition A law in each state that attempts to prevent fraud in contracts by
requiring them to be in writing.

9. Declaration of Condominium definition A very lengthy document that creates a

condominium; includes an exact legal description of all the individually owned airspace units as
well as the common elements: it establishes the condo association, the condo bylaws and any
restrictive covenants on the condo.

10. What is the time limit for a broker to deposit money into an escrow account? 1 business day

11. Subordination agreement definition A document that changes the order or priority of
liens.

13. Do all real estate brokers have to have an office in a fixed location? Yes

14. Lis pendes definition A notice that is recorded in the county at the time a lawsuit is filed
against real property to inform any interested party of the pending litigation that could affect the
property.

15. All are necessary components of a real estate contract except... written signature and notary
seal

16. What is the time period for keeping records in a real estate office? 3 years.

17. What deed represents the greatest possible legal liability? General Deed

18. All are ways of terminating tenancy by entirety except... failure of both husband and
wife to sign off.

19. You are unable to execute a valid real estate sales contract to... a person who is 17 years and
Unemancipated.

20. Net Lease definition a lease in which the tenant pays the rent and most of or all the
expenses on the leased propery.
21. Abstract of Title definition a summarized list of the recorded claims, conveyances,
documents and legal instruments that affect the title to the real property.

22. What is the largest sum a aggrieved party can claim from the Real Estate Recovery Fund?
$20,000

23. Special Assessment definition A tax that is imposed on an owner of real property where
the property will directly benefit from some public improvement such as sewers.

24. All are examples of a specific lien except... a judgement lien.

26. Deed in Lieu of Foreclosure definition... an unofficial type of foreclosure by which the
owner, who is usually in severe debt, simply walks away from the burden of the mortgage loan
payments by giving ownership of the real property to the lender.

27. Cooperative Ownership definition... a type of real property ownership in which a

building is typically owned by a corporation that gives a tenant the right of occupancy of a unit
in the building through the purchase of shares of stock.

28. What is a rule involving real estate advertisement? It must contain the name of the real
estate office.

29. Who provides compensation for a real estate person? The broker with whom they
employed for.

30. Ownership "in severally" definition... ownership by one person

31. What is the object of recording a deed? To give public notice of ones interest in property.

32. Who is NOT required to hold a real estate license? A trustee

33. Suit to Partition definition... A court action taken by a tenancy in common or joint
tenancy co-owner of real property to have the court dissolve the ownership of the property by
forcing the sale of the property and requiring a division of the proceeds according to the
proportionate ownership interests.

4. What is a characteristic of a bilateral contract? Restriction by 1 party limits the other party.

5. In a fully amortized mortgage payments are... to be paid by the maturity of the loan.

12. Alienation Clause in a mortage a mortgage provision that requires that if real property on
which the loan exists is sold, the borrower is required to pay off the mortgage debt in full.

25. The type of deed which is most likely to be used to convey title that is less than fee simple?
Special Warranty
34. Assignment definition... A transfer of interest in real property from one party to another
party.

35. Latches definition... The loss of one's right to enforce a subdivision restriction as a
result of unreasonable delay or the failure to take action.

37. In a unilateral contract which of the following would consistute? lessee buying
property at a guaranteed price.

38. What is the Superfund Law? (CERCLA) Comprehensive Environmental Response

Compensation and Liability Act----Requires id of major toxic waste sites.

40. What is the required signature on a deed? Grantor

41.Mortgagor definition... The official name for the BORROWER in a mortgage agreement.

42. All are requirements for changing from one real estate office to another except... Retake
the license exam

43. (3 True, 1 Not) What is not a rule on listing agreements, yards signs and commingling?
An open listing can exceed one year.

44. What is the status of a lease upon the death of the landlord? It is not affected in any way.

45. Encroachment definition... a trespassing situation when one owner's real property
extends beyond the property boundary line.

47. What is the purpose of a Bill of Sale? It conveys the sale of personal property.

48. Deficiency judgement definition... a mortgage provision that allows a lender to seek a
court order to collect additional money from a borrower's assets when a foreclosure sale of the
borrower's property does not pay debt fully.

49. Freddie Mac Federal Home Loan Mortgage Corporation

50. What is quieting the title? The removal of a cloud on the title by court action

51. What is an example of a police power? fire code

52. What is the reason lenders include taxes along with principal and interest? To allow the
lien position to remain more secure.

53. What is the recourse of an unpaid subcontractor? A lien is placed on the owners
property
54. Servient Tenement definition... the real property on which an easement exists whereby
another party has the right to use that land.

55. Easement by Prescription definition... Open, visible, hostile, prolonged use against the
owner's consent.

56. What is a characteristic of condominium ownership? It can be individually mortgaged.

57. Variance example... exception to zoning regulations

58. Defeasance provision in a mortgage... requires lender to removed the mortgage lien from
the county records when the borrower pays the mortgage debt in full.

59. Who can impose a deed restriction? Grantor

60. All require course credits for real estate licensees except... builder owner salesperson

61. Setback requirement definition... limits distance from boundary lines.

62. What is an example of nonconforming use? Building a 3 story house prior to zoning
requirements of 2 story only homes.

63. Example of personal property emblements

64. Means of changing personal property into real property... owners affixes to the
structure

65. Chattel is personal property

66. Assignee is person who is sold mortgage

67. Fee Simple Ownership The highest and most complete form of ownership in real estate
that is possible.

68. Escheat definition... State exercises what happens, this is when the owner dies intestate
without heirs.

69. Easement defintion... The right to use land owned by another person.

70. Riparian rights... the special ownership rights of an owner whose land lies adjacent to a
body of water

71. Adverse possession definition... A way a property owner can lose his title... Happens when
a non-owner occupies property in an open, visible, continuous manner against the owner's
consent for 21 years in PA.
72. What is the status of the terms of a lease when the property is sold? Lease terms remain
binding

73. Characteristic of tenancy by the entirety and other tenancies... 3 or more can not own
tenants in entirety.

74. All are examples of voluntary liens except... special assessment lien

75. Acceleration clause definition... a mortgage provision that indicates that if the borrower
defaults on the mortgage the lender may declare the entire debt to be immediately due and
payable.

76. Suit for Specific Performance definition... A lawsuit filed to make the seller honor the
terms of the agreement

77. Point of beginning definition Refers to meets and bounds

78. When is the expiration of real estate licenses? Last day of May on even numbered years.

79. Earnest money deposit... Money offered at initial offer to show buyers sincere desire to
purchase.

80. All real estate agents have to affiliate with a broker except... rental listing referral agent

81 When is the conveyance of title of real estate to the purchaser of a property? Final when
"Delivered and accepted"

82. Eminent Domain definition... The RIGHT of the government to take public property for
public use with just compensation.

85. Executory Contract definition A contract in which the parties are in the process of
fulfilling the contract but have not yet completed all the terms and conditions.

84. Tenancy in Common can.... dispose of all his interest without affecting other parties

86. Promissory Note definition... A formal IOU the borrower signs to promise they will pay
it back over time with interest.

87. Time limit to apply for real estate license after passing the exam is... 3 years.

89. License interest in real property is... a personal privileged

90. Sally and John live together, they have not declared a type of ownership... they will
automatically be tenancy by entirety

91. All are characteristics of a ground lease except...lease is usually a gross lease.
92. Right of Redemption definition... The opportunity for an owner in default of a debt to recover
real property from a tax sale

93. All are legal instruments through which a title can be conveyed except... agreement of
sale.

94. PA law on real estate license inactivity is... 5 years.

96. All are members of the PA Real Estate Comission except... Director of Division of Real
Estate

98. Reversion definition... the return of a life estate to the original grantor if no remainderman
is designated.

99. Alternatives of the buyer if the seller breaches the agreement of sale? Cancel the contract

100. What is a reason for contract voidability? Duress or undo