PSI PA State Real Estate Exam Flashcards

Questions and Answers

What is a Coal Notice?

Requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. (correct)

A permit required for building on coal reserves.

A notification procedure for mining companies.

None of the above.

What are the conditions that must be met for a mobile home to be considered real estate?

Transferred in conjunction with a land lease or interest in the land. 2. Permanently attached to a foundation. 3. Registration canceled by the owner with the Pennsylvania Bureau of Motor Vehicles.

What is Zoning?

The governing body of a municipality is responsible for enacting the comprehensive plan, zoning, and subdivision ordinances.

What are Impact Fees?

Charges permitted by the Pennsylvania Municipalities Planning Code to help defray the cost of streets. Signup and view all the answers

What is the Uniform Construction Code (UCC)?

Went into effect in July 2004, it aims to satisfy the purpose of construction codes and promotes modern construction methods. Signup and view all the answers

Which department oversees Pennsylvania's environmental laws?

Department of Environmental Protection Signup and view all the answers

What does the Pennsylvania Sewage Facilities Act notify buyers about?

If a property is not serviced by a public sewage system and no community sewage system is available, a permit for an individual system must be obtained. Signup and view all the answers

What is the purpose of the Uniform Environmental Covenants Act (UEAC)?

Provides for the rehabilitation of brownfields and eases liability concerns regarding contaminated properties. Signup and view all the answers

What are the benefits of the UEAC?

Burdensome disclosure requirements are readily satisfied; mitigation controls can be enforced regardless of ownership. Signup and view all the answers

Has Pennsylvania abolished the common law concepts of dower and curtesy?

True Signup and view all the answers

What is an Easement by Prescription?

Created when a person has made use of another's land for 21 years continuously, exclusively, and without the owner's approval. Signup and view all the answers

What is the notice requirement for terminating an estate from week to week according to the Pennsylvania Landlord/Tenant Act?

One week's notice is required. Signup and view all the answers

Does the statute of frauds in Pennsylvania require contracts for more than two years to be in writing?

False Signup and view all the answers

In Pennsylvania, the law requires payment of transfer taxes on leases that run for more than a total of ____ years.

30 Signup and view all the answers

What are the limits on Security Deposits in Pennsylvania?

1st Year: maximum two months' rent; 2nd Year: one month's rent; During years 2-5: may increase to keep pace with rents; After 5 years: no increase. Signup and view all the answers

Study Notes

Real Estate Definitions and Regulations

Coal Notice: Sellers must inform purchasers whether structures on the land are entitled to support from the underlying coal.
Mobile Homes as Real Estate: A mobile home is classified as real estate if:
- It is transferred along with a land lease or interest in land.
- It is permanently affixed to a foundation.
- The owner cancels its registration with the Pennsylvania Bureau of Motor Vehicles.
Zoning: Enacted by a municipality's governing body, which may form a planning commission to create comprehensive plans and ordinances, requiring public hearings before enactment.
Impact Fees: Charges authorized by the Pennsylvania Municipalities Planning Code to offset street costs related to new development.
Uniform Construction Code (UCC): Effective July 2004, encourages modern construction practices and addresses outdated or conflicting codes per the Pennsylvania Construction Code Act of 1999.
Department of Environmental Protection: Oversees environmental laws in Pennsylvania.
Pennsylvania Sewage Facilities Act (1994): Requires notice to buyers for properties without public sewage systems, mandating permits for individual systems if no community sewage is available.
Uniform Environmental Covenants Act (UEAC): Enacted in February 2008, facilitates brownfield rehabilitation and manages future liability concerns regarding contaminated properties.

Legal Concepts in Real Estate

Benefits of the UEAC: Simplifies disclosure obligations and enforces mitigation controls irrespective of property ownership changes.
Dower and Curtesy: Common law concepts have been abolished in Pennsylvania.
Easement by Prescription: Established after 21 years of continuous, exclusive use of another's land without permission. Must be visible, open, and notorious, with no ownership claim.

Tenancy Regulations

Landlord/Tenant Notice Requirements:
- One week's notice to terminate week-to-week leases.
- One month's notice for month-to-month leases.
- Three months' notice for year-to-year leases.
Statute of Frauds: Pennsylvania mandates that contracts over three years must be in writing; however, written agreements can be utilized for any duration.
Transfer Taxes on Leases: Required for leases extending beyond a total of 30 years.
Security Deposit Limits:
- Year 1: max two months' rent.
- Year 2: drops to max one month's rent.
- Years 2-5: can increase to maintain rent equivalence.
- After Year 5: no further increases allowed.

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Description

Prepare for the PSI PA State Real Estate Exam with these essential flashcards that cover important terms and definitions. Learn about key concepts such as Coal Notice and the conditions for a mobile home to be classified as real estate. This resource is designed to help students reinforce their understanding of real estate practices in Pennsylvania.