1. Brokerage definition... - correct answer the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - correct answer schools and cemetery 3. What is an example of functional obsolescence? - correct answer bathroom 4. Principal definition... - correct answer a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... - correct answer the process of determining the present value of a property from its future income. 6. What is the salespersons obligation to a buyer under single agency listing? - correct answer Inform the buyer 8. All are examples of real estate except... - correct answer factories 9. What is homeowners’ insurance? - correct answer Insurance to protect owners from fires and 11. Which is not used to determine cost approach to estimate value? -Quantity Survey Method other etc. 10. Special agent definition... - correct answer the type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity" -Unit-in-Place Method -Square Foot Method -Gross Rent Multiplier Method - correct answer Gross Rent Multiplier Method What is steering? - correct answer the unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. 15. Entitlement to commission when transaction is not consummated. - correct answer Except when listing broker does not disclose information 16. Can a salesperson give legal advice? - correct answer No, not unless they are an attorney. 17. Who determines the commission in a listing contract? - correct answer an agreement between the owner and broker 19. All are typical duties of a property manager with the exception of... - correct answer Investing profits 20. Transfer tax is typically paid by for by whom? - correct answer Buyer and seller 21. Blockbusting definition... - correct answer an illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. 23. Special agency listing definition... - correct answer/a 25. Net listing definition... - correct answera type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller. 26. The main factor a property manager should use to evaluate a prospective tenant is - correct answercan they make monthly rent payments on time. 27. All are examples of single agency disclosures with the exception of - correct answerrevealing the owner will except less. 30. What is the most reliable method of appraisal for residential real estate? - correct answerSales comparison approach 31. Assemblage definition... - correct answerconsolidating two separate lots into one. 32. What would not be a depreciation of value? - correct answerUnimproved land 33. What has the greatest effect on real estate value? - correct answerDemand of people and location 34. What rules require fair housing laws to be in a listing contract? - correct answerPA Human Relations Act