1. A real estate licensee is a partial owner of a local title company. It is permissible for the licensee to tell all of his clients to use this company when

A: It is in the best interest of the client

B: The licensee does not know any of the title companies in the area

C: The client does not ask for other recommendations

D: The licensee discloses his interest in the company to the client

2. A prospective purchaser wants to see if there is a recorded notice that a certain property may be involved in litigation. The buyer would look for A- lid pendens B- tax certificate C- recording statutes of that state D- special assessments

3. At the time of closing, it is customary that the real estate taxes on residential properties are

A. split evenly between borrower and seller

B. pro-rated between borrower and seller

C. paid by borrower

D. paid by seller

4. A tax against a specific property resulting from public improvement that benefit that property is known as

A. an improvement cost

B. a benevolence to community redevelopment

C. the proportional method of assessing property

D. a special assessment

5. A property listed for $435,000 sold for 80% of the listed price. The seller had a mortgage balance of $189,254 on the first mortgage and a balance of $8,542 on a home equity loan. The seller also paid 5% Commission and $6,800 in closing costs what was the seller's net at closing?

A. $126,004

B. $141,346

C. $215,434

D. $330,600

6. According to the real estate commission's regulations, an agreement of sale MUST contain the

A. amount of broker's compensation

B. disclosure of controlled business arrangements

C. dates for payment and conveyance

D. metes and bounds legal description

7. Interest earned on an escrow account is:

A. payable to the broker holding the deposit

B. equally divided between the buyer and seller

C. equally divided between the listing and selling broker

D. payable subject to an agreement between the parties

8. A salesperson can only place a " For sale" sign on a property when she

A. has submitted the listing on to the MLS

B. is the listing salesperson

C. Has the written permission of all involved brokers

D. has authorization from the owner

9. Within what time period must a Pennsylvania licensee present an offer or counteroffer ?

A. 24 hours

B. 48 hours

C. in a timely manner

D. by the close of business

10. According to Pennsylvania license law, the buyer has the right to cancel purchase of which of the following?

A. time share

B. office space

C. house owned by the salesperson

D. apartment with outstanding mortgage