Book updated February 2021. The PA code title 49 Chapter 1 deals with auctioneer licensing. In PA, it is the State Board of Auctioneer Examiners that administers auctioneer licensing. The Auctioneer Exam is conducted on a regular basis throughout the year and can be scheduled as needed via PCS. We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you'll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios. An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!

The PA code title 49 Chapter 1 deals with auctioneer licensing. In PA, it is the State Board of Auctioneer Examiners that administers auctioneer licensing. The Auctioneer Exam is conducted on a regular basis throughout the year and can be scheduled as needed via PCS. We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you'll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios. An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!

The PA code title 49 Chapter 1 deals with auctioneer licensing. In PA, it is the State Board of Auctioneer Examiners that administers auctioneer licensing. The Auctioneer Exam is conducted on a regular basis throughout the year and can be scheduled as needed via PCS. We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you'll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios. An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!

In PA it is the State Board of Auctioneer Examiners that administers auctioneer licensing. The Auctioneer Exam is conducted on a regular basis throughout the year and can be scheduled as needed via PCS. Below shows the TOC of the book: CONTENTS UPDATE 3 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 STATE SPECIFIC 4 NATIONAL LEVEL 6 THE AUCTION BUSINESS 16 BASIC DEFINITIONS 16 THE OVERALL BUSINESS ENTITY REQUIREMENTS 17 INSURANCE 19 BASIC MATH AND ACCOUNTING 20 THE ACCRUAL PRINCIPLE 22 THE HISTORICAL COST PRINCIPLE 22 THE CONSISTENCY PRINCIPLE 23 THE PRUDENCE PRINCIPLE 23 THE MATERIALITY PRINCIPLE 23 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 24 THE SEPARATE LEGAL ENTITY CONCEPT 25 THE CONSERVATIVE PRINCIPLE 26 THE GOING CONCERN CONCEPT 26 THE ACCOUNTING EQUATION 26 BOOKKEEPING METHODS 27 THE BOOKKEEPING CYCLE 28 DEBITS AND CREDITS 29 RECORDING AND POSTING TRANSACTIONS 31 GENERAL LEDGER VS GENERAL JOURNAL 33 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 34 TRIAL BALANCE AND THE CORRECTION OF ERRORS 35 BANK RECONCILIATION 36 CLOSING JOURNAL ENTRIES 38 SOURCE DOCUMENTS 39 THE TRUST/ESCROW ACCOUNT 40 RECORD KEEPING 42 BUSINESS CONTRACT LEGAL ELEMENTS 45 SOURCE OF LAW 46 THE STATUTE OF FRAUD 47 CONTRACT TYPES 49 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 50 CONSIDERATION 53 DISCHARGING OR INVALIDATING A CONTRACT 55 BREACH OF CONTRACT 58 POSSIBLE DEFENSES 60 DAMAGE RECOVERY 61 MEASURING DAMAGES 62 THE EXPECTATION MEASURE 62 RELIANCE INTEREST 63 RESTITUTION 64 LIMITATIONS 64 SATISFACTION CLAUSE 65 AGENCY RELATIONSHIP 65 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 67 THE AUCTION CONTRACTS 70 CONTRACT LAW POINTS TO NOTE 72 ADR 77 FRAUDS 79 MISREPRESENTATION 81 SOME IMPORTANT TERMS OF THE UCC 86 OVERVIEW 86 SOME IMPORTANT PROVISIONS OF ARTICLE 1 97 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 99 AUCTION SALE AND BULK TRANSFER 106 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 110 CLASSIFICATIONS OF REAL PROPERTY 110 CERTIFICATE OF OCCUPANCY 112 TYPES OF DEED 112 TYPICAL TERMS OF THE DEED 114 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 115 MORTGAGE AND LOANS AND THE DEED OF TRUST 118 EXECUTION, ACKNOWLEDGMENTS AND FILING 122 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 122 ZONING 124 EGRESS AND FIRE CODES 126 INVESTMENT PROPERTY AND PROPERTY CYCLE 126 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 127

Features of Pennsylvania Real Estate License Exam Prep (PA-RELEP): National Principles & Law Key Point Review (60 pages) Real Estate Math Key Formula Review & Practice (20 pages) Pennsylvania-Specific Laws and Practices (27 pages) National Practice Tests (500 questions) Pennsylvania Practice Tests (125 questions) Pennsylvania Sample Exam (100 questions) We know the real estate licensing exam can be tough, and very nerve-wracking to prepare for. That’s why we created Pennsylvania Real Estate License Exam Prep (PA-RELEP) the way we did. Since we have been managing real estate schools and developing curriculum for forty years, we know how all this works – or fails to work. PA-RELEP is comprehensive in that it contains both key content review and testing practice. And the text review is Pennsylvania-specific – not just simplistic national content, but terse, relevant and accurate Pennsylvania laws and regulations presented as a well-organized set of state ‘key point reviews’ ideal for pre-test memorization. But let’s not dismiss the importance of the national content either. PA-RELEP’s national key point reviews are a succinct compression of tested national principles and practices that comprise the national portion of state license exams from coast to coast. Our content is drawn from our own national textbook, Principles of Real Estate Practice – one of the most widely used principles textbooks in the country. Finally, our national content, as well as our question selection, is further tailored to the state testing outline promulgated by Pearson Vue for Pennsylvania. Thus the breadth and depth of the law reviews and test questions reflect the topic emphasis of your state’s testing service and your Pennsylvania license exam. A word about the test questions… PA-RELEP’s testing practice section consists of ten national practice tests, five state practice tests, and one state exam sample test. The practice tests are roughly 50 questions in length and the sample test is 100 questions. The test questions are designed to cover the content covered by the law reviews – which reinforces your learning of the total body of information tested by your state exam. The questions are direct, to the point, and designed to test your understanding. When you have completed a given test, you can check your answers against the answer key in the appendix. You may also note that each question’s answer is accompanied by a brief explanation, or “rationale” to further reinforce your understanding. In the end, as you know, it’s all up to you. Unlike other publications, we are not going to tell you that using this book will guarantee that you pass your state exam. It still takes hard work and study to pass. But we have done our best here to get you ready. Following that, the most we can do is wish you the best of success in taking and passing your Pennsylvania real estate exam. So good luck!!

Features of Pennsylvania Real Estate License Exam Prep (PA-RELEP):National Principles & Law Key Point Review (60 pages) Real Estate Math Key Formula Review & Practice (20 pages) Pennsylvania-Specific Laws and Practices (25 pages) National Practice Tests (500 questions) Pennsylvania Practice Tests (125 questions) Pennsylvania Sample Exam (100 questions) We know the real estate licensing exam can be tough, and very nerve-wracking to prepare for. That’s why we created Pennsylvania Real Estate License Exam Prep (PA-RELEP) the way we did. Since we have been managing real estate schools and developing curriculum for forty years, we know how all this works – or fails to work. PA-RELEP is comprehensive in that it contains both key content review and testing practice. And the text review is Pennsylvania-specific – not just simplistic national content, but terse, relevant and accurate Pennsylvania laws and regulations presented as a well-organized set of state ‘key point reviews’ ideal for pre-test memorization. But let’s not dismiss the importance of the national content either. PA-RELEP’s national key point reviews are a succinct compression of tested national principles and practices that comprise the national portion of state license exams from coast to coast. Our content is drawn from our own national textbook, Principles of Real Estate Practice – one of the most widely used principles textbooks in the country. Finally, our national content, as well as our question selection, is further tailored to the state testing outline promulgated by PSI for Pennsylvania. Thus the breadth and depth of the law reviews and test questions reflect the topic emphasis of your state’s testing service and your Pennsylvania license exam. A word about the test questions… PA-RELEP’s testing practice section consists of ten national practice tests, five state practice tests, and one state exam sample test. The practice tests are roughly 50 questions in length and the sample test is 100 questions. The test questions are designed to cover the content covered by the law reviews – which reinforces your learning of the total body of information tested by your state exam. The questions are direct, to the point, and designed to test your understanding. When you have completed a given test, you can check your answers against the answer key in the appendix. You may also note that each question’s answer is accompanied by a brief explanation, or “rationale” to further reinforce your understanding. In the end, as you know, it’s all up to you. Unlike other publications, we are not going to tell you that using this book will guarantee that you pass your state exam. It still takes hard work and study to pass. But we have done our best here to get you ready. Following that, the most we can do is wish you the best of success in taking and passing your Pennsylvania real estate exam. So good luck!!

Introducing Pennsylvania Real Estate License Exam Audio Learn - A Complete Audio Review for the Real Estate License Examination in Pennsylvania! Developed by experienced Real Estate professors and professionally narrated for easy listening, this course is a valuable tool when preparing for your Real Estate License Examination in Pennsylvania. The audio is focused and high-yield, covering the most important topics you need to know to pass your examination. The material is accurate, up to date and broken down into 15 bite-sized chapters. There is a Q&A and a "key takeaways" section following each chapter to review questions commonly tested and drive home key points. Also included is a complete practice test containing the most commonly tested questions with the correct answers explained. Here are the topics we will be covering: Licensing and license laws Types of agents and agency relationships Ethics and fiduciary duties Contracts Managing the office Real estate concepts Real estate ownership and interests How real estate is transferred Representing the seller Representing the buyer Financing the closing Real estate appraisal Property management Pennsylvania State-specific requirements A 200-question practice test We have also included a follow-along PDF manual containing the entire text of this audio course, as well as, sample forms, contracts, and documents which we'll be reviewing in the audio. Included as a bonus is our Insider's Guide to Selling Real Estate audiobook.