Short term capital gains are profits on assets that are owned for 12 months or less. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income. Lev owns a home. Lev nonetheless permits Francois to show 3 prospective purchasers his home.
Has an agency been created? An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency.
An express agency is formed through an oral or written agreement. An agency does not necessarily need to be created through a written agreement. A listing agreement is an example of an express agency. Which of the following is not true about the Amendment to the Fair Housing Act adding protected classes to the law? The Amendment to the Fair Housing act added protected classes to the law. It added families and persons with mental and physical disabilities to the law.
Elderly persons were not added to law. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply.
Trevor owns an apartment building that is 75 years old. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble. What does that reduction in value refer to? Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear.
Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment e. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property. Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal? Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal.
Pass the Pennsylvania real estate examination! Our Pennsylvania Salesperson real estate tests have detailed answer explanations not available on any other practice real estate test prep sites! Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature.
All above information should be confirmed with licensing commission. Toggle navigation. Pennsylvania Real Estate Practice Exams. Pass The Pennsylvania Real Estate Salesperson Exam - START NOW Our Pennsylvania real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over practice real estate exam questions, and vocabulary test questions with detailed answer explanations!
Can't find the state test you are looking for? Find Your State's Tests. Free Pennsylvania Real Estate Salesperson Practice Exam Quiz-summary 0 of 20 questions completed Questions: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 You have already completed the quiz before. Hence you can not start it again.
Quiz is loading You must sign in or sign up to start the quiz. Results Time has expired! Your Score. You passed! We're sorry General Free Trial Test. Start Now. Ownership of real property for an undetermined length of time is called:. Another name for an easement is:. What is another name for swamps, marshes and bogs? Which of the following is not a mixed-use property? A qualified home is a primary or main home for mortgage interest deduction purposes.
The profit realized from the sale of real estate held for 3 years is:. Box , Harrisburg, PA Phone: Fax: You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. An Official Pennsylvania Government Website.
Pennsylvania Department of State. State Athletics. Election Security. Campaign Finance. Keystone Login. File Business Forms. Board Contacts. Page Content. For the salesperson exam: you are allowed minutes for the national portion and 60 minutes for the state-specific portion. For the broker exam: you are allowed minutes for the national portion and 60 minutes for the state-specific portion.
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Sign in Get Started. Sign In. Get started. Looking for online pre-licensing courses for Pennsylvania? Sign up with Aceable. What is required to get a license? For salespersons : Complete application form. Proof of completion of 75 hrs Pre-License Education. If you have a bachelor's degree with a major in real estate or its equivalent from an accredited education provider or if you have a letter of certification from another licensing jurisdiction showing you have been actively licensed within the past 5 years, education requirements could be waived.
You must get a criminal background check. Proof of age 18 and above. Complete and pass the real estate examination. For brokers : Sign in and complete application form online.
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