PRES Pennsylvania Real Estate Salesperson Examination - Set 5 - Part 2

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 21: Several competing brokers agree at a luncheon to all charge the same commission rate. Which antitrust violation is this?

Market allocation

A group boycott

Price-fixing

A tie-in arrangement

Question 22: Competing firms agree among themselves to divide the city into territories so they will not compete for the same customers. Which antitrust violation is this?

Price-fixing

A tie-in arrangement

Steering

Market allocation

Question 23: Competing brokers agree to refuse to cooperate with a new discount brokerage to drive it out of the market. Which antitrust violation is this?

A group boycott

Price-fixing

Market allocation

A tie-in arrangement

Question 24: Antitrust violations such as price-fixing carry especially severe consequences. Which penalty is associated with them?

A small administrative warning

Criminal liability and treble damages

A property-tax increase

Loss of a homestead exclusion

Question 25: A brokerage conditions taking a listing on the seller also agreeing to use the brokerage's affiliated title company. Which antitrust violation does this resemble?

Market allocation

A group boycott

A tie-in arrangement

Price-fixing

Question 26: In Pennsylvania, the legislature writes the statute and the State Real Estate Commission writes the rules that implement it. What are the Commission's rules called?

The Licensing and Registration Act

The Recovery Fund

The Consumer Notice

The Commission's regulations

Question 27: How many members make up the Pennsylvania State Real Estate Commission?

Eleven

Five

Three

Twenty

Question 28: The Pennsylvania State Real Estate Commission sits within which part of state government?

The county recorder of deeds

Professional and Occupational Affairs

The federal Department of Housing

The Magisterial District Court

Question 29: What is the fundamental purpose of the Pennsylvania State Real Estate Commission stated in the governing Act?

To maximize broker profits

To set commission rates

To protect the public

To sell state-owned property

Question 30: Among its powers, the Pennsylvania State Real Estate Commission may take which action regarding licenses?

Guarantee every applicant a license

Set property taxes

Approve mortgage loans

Issue, renew, suspend, and revoke them

Question 31: A consumer believes a salesperson lied about a property's condition and wants to complain. Where is the complaint filed and investigated?

Professional and Occupational Affairs

The county tax office

The multiple listing service

The federal trade agency

Question 32: If a violation is proven at a hearing, what is the maximum civil penalty the Pennsylvania Commission may impose for each violation?

One hundred dollars

One thousand dollars

Ten thousand dollars

There is no monetary penalty

Question 33: A licensee dissatisfied with the Commission's final adjudication revoking the license wishes to challenge it. To which court is the appeal taken?

The Magisterial District Court

The county recorder

The Commonwealth Court

The federal housing agency

Question 34: Which escalating sanction terminates a license entirely, requiring the former licensee to cease all licensed activity?

A reprimand

Probation

A civil penalty

Revocation

Question 35: On appeal of a Commission adjudication, the Commonwealth Court generally reviews for what?

Legal error and substantial evidence

A complete retrial of the facts

The licensee's popularity

Whether to set new fees

Question 36: The Pennsylvania Real Estate Recovery Fund reimburses consumers for losses they cannot collect from a licensee. How is the Fund financed?

By taxpayers generally

By assessments on licensees

By the federal government

By buyers at closing

Question 37: Before recovering from the Pennsylvania Recovery Fund, what must an aggrieved consumer first obtain against the licensee?

A Commission license

A title insurance policy

A final court judgment

A homestead exclusion

Question 38: What is the maximum the Pennsylvania Real Estate Recovery Fund will pay for any single claim?

One hundred thousand dollars

One thousand dollars

There is no limit

Twenty thousand dollars

Question 39: When the Recovery Fund pays a claim on a licensee's behalf, what happens to that licensee's license?

Suspended until the Fund is repaid

It is unaffected

It is permanently revoked

It is upgraded to broker

Question 40: A buyer won a thirty-five-thousand-dollar judgment against a broker for fraud but cannot collect it. How much may the buyer recover from the Recovery Fund?

The full judgment amount

Twenty thousand dollars

Nothing at all

One hundred thousand dollars

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