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PA Real Estate National Exam Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the primary purpose of a deed in real estate transactions?✔✔To transfer ownership of real property
Who is typically responsible for ensuring the accuracy of the settlement statement?✔✔The closing agent or settlement officer
What does the term "fiduciary duty" mean in a real estate agency relationship?✔✔The obligation to act in the best interest of the client
What kind of ownership includes the right of survivorship?✔✔Joint tenancy
What is the legal process used by a lender to recover a property after borrower default?✔✔Foreclosure
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What is a lien?✔✔A legal claim against a property for a debt
What is the document called that outlines the terms of a real estate loan?✔✔Promissory note
What government power allows land to be taken for public use with compensation?✔✔Eminent domain
What type of estate lasts for an indefinite period and is inheritable?✔✔Fee simple estate
When does a buyer receive equitable title?✔✔When the sales contract is signed by all parties
What does the term "real property" include?✔✔Land and everything permanently attached to it
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