Download Pennsylvania Real Estate Exam Practice Questions and more Exams Real Estate Management in PDF only on Docsity!
PENNSYLVANIA REAL ESTATE EXAM - PRACTICE QUESTIONS
WITH CORRECT ANSWERS
"The Pennsylvania Real Estate Commission's statutory authority includes all of the following
duties EXCEPT: - CORRECT ANSWER issuing licensees and registration certificates to people
that meet the requirements established by license law." "In Pennsylvania, which of the following will not result in a broker facing license suspension or
revocation? - CORRECT ANSWER Depositing an earnest money check in the firm's escrow
account"
"Real estate salespeople, when advertising property for sale, must: - CORRECT ANSWER
Include the name of the employing broker in the ad." "A broker that operates as a sole proprietor wants to have his main office in his home. All of the
following requirements apply EXCEPT: - CORRECT ANSWER The broker may not employ
salespeople or associate brokers to work in his home."
"Under Pennsylvania license law, which of the following needs to have a real estate license? -
CORRECT ANSWER A property management firm that employs fewer than three leasing
agents." "A partnership association or corporation will only be granted a broker's license in Pennsylvania
if: - CORRECT ANSWER One officer or partner is designated the broker of record"
"In Pennsylvania, an applicant for a salesperson's license must: - CORRECT ANSWER Show
proof of passing the license exam within three years to the date of applying for the license."
"An individual applying for a broker's license in Pennsylvania must: - CORRECT ANSWER be a
high school graduate or have proof of an education equivalent"
"A real estate license is required to - CORRECT ANSWER sell time share interests"
"In Pennsylvania, a personal real estate assistant: - CORRECT ANSWER May host open houses
for the public only if licensed."
"The right to control one's property includes all of the following EXCEPT: - CORRECT ANSWER
The right to exclude the utilities meter reader" "If the owner of the dominant tenement becomes the owner of the servant tenement and
merges the two properties what happens? - CORRECT ANSWER The easement is terminated"
"Tom leases store space to Kim for a restaurant, and Kim installs her ovens, booths, counters, and
other equipment, when do these items become real property? - CORRECT ANSWER When the
lease expires, if the items are not taken by the tenant" "A homeowner owned a house on a lot. The front ten feet of the lot were taken by eminent
domain for a sidewalk. Would the homeowner be entitled to compensation? - CORRECT
ANSWER Yes. the land was taken for public use by eminent domain."
"A partition suit is used for which of the following? - CORRECT ANSWER to force a division of
property without all the owners' consents" "An agent working as a subagent of the seller would suggest that the buyer hire an inspector from
an outside service in all of the following cases EXCEPT: - CORRECT ANSWER When a hinge is
off the door" "A broker is discussing a new listing with a prospective Mexican American buyer. The buyer wants to inspect the property immediately, but the owner of said property has instructed the broker, in writing, not to show the house during the owner's three-week absence. The buyer insists on
viewing the property. The broker should: - CORRECT ANSWER Inform the buyer of the seller's
instructions" "The buyer of an apartment complex is told that the refrigerator in one of the apartments goes with the sale. After taking title, he discovered that the refrigerator belonged to the tenant. Which
is true about this situation? - CORRECT ANSWER The refrigerator is the personal property of
the tenant. The seller had no right to offer it to he buyer." "If the buyer defaulted some time ago on a written contract to purchase a seller's real estate, the
seller can still sue for damages, if he is not prohibited from doing so by the: - CORRECT
ANSWER statute of limitations"
"To assign a contract for the sale of real estate means to - CORRECT ANSWER transfer one's
rights under the contract."
"Chris Moore holds a broker's license issued by another jurisdiction, but is now moving to Pennsylvania, so he wants to obtain a Pennsylvania broker's license. Does Chris have to go
through the entire pre-licensing as a new Pennsylvania broker? - CORRECT ANSWER No, as
long as Chris holds a broker's license issued by another jurisdiction, and that license has been active within 5 years before he's submitted his license application. No, as long as Chris has scored a passing grade on the Pennsylvania portion of the broker's examination within the past 3 years before he's submitted his application." "Erie resident, Jane Green, wishes to obtain her Pennsylvania time-share salesperson's license. Once she has successfully completed the two-credit, Commission-developed course, titled Time
Share Sales, she will have taken how many hours of education or training in that subject? -
CORRECT ANSWER 30 hours"
"McKeesport broker, Bobby Printly, wants to obtain a Pennsylvania builder-owner salesperson's license. What must be submitted to the Commission, along with his completed license application
and the fee? - CORRECT ANSWER A sworn statement from a builder-owner that attests to
Bobby's good reputation for honesty, trustworthiness, integrity and competence. A sworn statement from a builder-owner, certifying that he is a builder-owner of a single or multifamily dwellings A sworn statement from a builder-owner, certifying that he employs the applicant." "Pennsylvania broker Joshua Stone wants to relocate his office from Franklin to Plum. What
regulations have been set forth for a broker's office locations in this state? - CORRECT
ANSWER Josh may relocate his office, as long as he notifies the Commission. He must maintain a
fixed office in Pennsylvania, unless he maintains a fixed office in another jurisdiction where is licensed." "An association that wants to obtain a Pennsylvania broker's license must be sure that what percentage of that association's members (who intend to engage in the real estate business) are
licensed by the Commission as a sales person or broker? - CORRECT ANSWER 100%"
"Jamie Sanchez wants to obtain a Pennsylvania campground membership salesperson's license. She is 20, and has successfully completed the Commission-developed course, Campground Membership Sales. Regarding this course, which of the following conditions must have been met?
- CORRECT ANSWER Jamie must have taken the course before her onsite training The course Jamie took must have been taught at an accredited college, university or institute of higher learning in the Commonwealth OR another Commission-approved real estate education provider"
"When Norristown broker, Doug Lampert, dies from a particularly virulent strain of the flu, his estate appoints his closest friend and fellow broker, Ned Jackson to supervise the termination of Doug's office. Doug's business had been a sole proprietorship, and under the law must be closed.
Which of the following rules must Ned follow during the termination of his friend's business? -
CORRECT ANSWER unexpired listings will expire automatically 90 days after Doug's broker
dies and may not be renewed." "When Hershey broker, Jack Downey, is killed suddenly in a car accident, his estate is left in the care of his only son, Brad. The day after the funeral, Jack's employees and associated salespeople begin calling Brad, asking if he would like them to continue on with "business as usual" for now. Brad knows his dad's real estate brokerage was a sole proprietorship, but beyond that he has no idea how to take care of the business. Which of the following is Brad required to do under
Pennsylvania law? - CORRECT ANSWER He must notify the commission after he's appointed
another broker to supervise the termination of Downey Real Estate. This notification must be done within 15 days of Jack's death."
"In which of the following situations is a real estate agreement not required to be in writing? -
CORRECT ANSWER In the case of a transaction licensee who is cooperating with a listing
broker, a written agreement from the seller/landlord is not needed" "Harrisburg broker, Jim Daniels, is working with an elderly couple, Tom and Sylvia Harris, who wish to downsize from their current 4-bedroom home. After 7 weeks of showing them home after home, they finally decide on a lovely 2-bedroom home in suburban Harrisburg. Jim is relieved they've finally made a choice, but his relief is short-lived when Mrs. Harris calls him, worried that because there is a creek nearby, they will have to worry about flooding. Jim remembers the dried- up creek down the street and brushes off her worries. He tells Mrs. Harris, "I'm sure there's not flooding in that area. Remember how dried up that creek was when we drove past it? I'll ask a few neighbors if they've had any problems. But otherwise, you're fine flood-wise. There's nothing to
worry about." Which of the following is true of this situation? - CORRECT ANSWER Jim should
not have said what he did, because licensees may not offer false assurance about some aspect of a real estate transaction that he knows is probably inaccurate, if not completely false. He would know that floods are common in most parts of Pennsylvania." "Lancaster broker, Debra Angeline, wants to open a real estate office in her own home. Is this
permissible under the updated Pennsylvania Code? - CORRECT ANSWER Yes, if Debra's office
is devoted only to the transaction of real estate business, and is arranged to allow privacy for the business transacted therein.
advertisement? - CORRECT ANSWER Craig's name as it appears on his license, and his
business phone number, must be included in the ad. Both the name and number must be the same size." "New Wilkes-Barre broker, Ella Shay, is opening her first escrow account, designating herself as
trustee of the account; where must the account be opened? - CORRECT ANSWER In either a
federally-insured depository or bank, OR a state-insured depository or bank."
"Which of the following would be considered an exclusive listing agreement - CORRECT
ANSWER The exclusive agency of the broker and the exclusive right-to-lease agreement"
"Reading broker Kelly Newsome has prepared an agreement of sale for her new client, Patricia McCarney, who has moved to Pennsylvania from New York. Kelly has included the sale price of $169,000 the property description, the names of Patricia as the buyer and Joe and Shirley Boegle as the sellers, the interest conveyed in the sale, and the payment date of September 24th, 2005.
Which of the following additional information must be included on this agreement? - CORRECT
ANSWER A statement about the Real Estate Recovery Fund
A statement saying the access to a public road could require the issuance of a highway occupancy permit." "Norristown broker, Sara Stone, is looking for something in her files when she comes across a file from 2 years earlier. It contains the acknowledgement portion of a consumer notice applicable to leases, relating to disclosure summary for the lease of a suburban home. Sara had worked for the homeowners, Mr. and Mrs. Berwin, in leasing their home. Under the law, does Sara need to retain
these records? - CORRECT ANSWER No, Sara does not need to retain these records, because
they only needed to be retained for 6 months" "Under the amended Pennsylvania Code, a comparative market analysis must contain WHICH of
the following statements printed conspicuously on the first page? - CORRECT ANSWER "This
analysis has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice which requires valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest."" "Scranton broker Drake Moore has just agreed to an oral non-exclusive buyer agency agreement. His partner, broker Marie Carson, tells him that he has broken the law by agreeing to this verbal transaction, because oral real estate agreements are not legal in Pennsylvania. Which of the
following statements is most accurate of this situation? - CORRECT ANSWER Drake was
complying with the law, as long as the buyer was provided with a written memorandum stating the terms of the agreement, along with the oral agreement." "Kailyn Inman has been a broker in Warren for 5 years. Recently, a colleague has asked her to handle some document preparation services for a consumer, Jackie King. Jackie, who is selling her home of 10 years to buyer Trinity Wilson, needs someone to simply do the document preparation. Kailyn's job will be to handle the document prep, but not act as an agent, or even an
advocate, for either Jackie or Trinity. In this situation, Kailyn will be acting as: - CORRECT
ANSWER A transaction licensee"
"Altoona broker, Suzanne Chaussee, is dismayed when she arrives at her firm to find that all of the computers have crashed. She calls the firm's IT guy, Jeff, who tells her the earliest he can be there is noon. Frazzled, she thinks of the closing she has scheduled for 10:00am on the purchase of a time share. The agreement of sale for this purchase is now trapped in Computer Never- Neverland, and she needs it immediately. Out of desperation, she pulls out the single old typewriter from the firm's pre-computer days, and calls a fellow broker, who dictates the wording of the agreement to her. There's only one problem--She knows that the statement regarding cancellation of the time share purchase must be set forth in a specific way, but she cannot remember how this is to be done. Which of the following describes the specifics of the
cancellation statement's appearance on the agreement? - CORRECT ANSWER It must be set
forth conspicuously in bold face type of at least 10 point size immediately above the signature line for the purchaser." "Which of the following is permitted during an inspection of a real estate education provider's
main office in Pennsylvania? - CORRECT ANSWER In a special investigation, it is permissible to
interview the director of the school of the school. In a regular inspection, it is permissible to interview the students at the education facility." "Washington broker, Albert Sparks, specializes in property management. Henry Jones, the owner of The Washington Heights, a luxury apartment complex, has recently had an additional building constructed next to the complex. Henry greatly appreciates the many hours Albert has put into helping with renovations, and doing "above and beyond" his normal maintenance duties. Under what circumstances would it be okay for Albert to accept a rebate on the expenditures he has
made for Henry? - CORRECT ANSWER Only if he has the written permission of Henry to do so."
"Warren salesperson Jessica Talbert has signed a written agreement to be a transaction licensee for Jake Anime, the buyer, and Alex Oliver, the seller, agreeing to act as a transaction licensee in their real estate transaction. As a transaction licensee, Jessica only owes Jake and Alex the duty of
"If a licensed salesperson neglects to deliver the Consumer Notice at the initial interview, without
the knowledge of the employing broker, what are the consequences? - CORRECT ANSWER
The salesperson's license can be revoked or suspended." "A seller is required to provide a property condition disclosure to a potential buyer in all of the
following instances EXCEPT: - CORRECT ANSWER the sale of commercial property"
"The seller of a single-family residence is required to provide a property condition disclosure: -
CORRECT ANSWER Prior to the buyer making a written offer."
"All of the following transactions are exempt from the Property Condition Disclosure Act EXCEPT:
- CORRECT ANSWER A sale by a licensee of two-unit residential property that is sold "For Sale By Owner"" "A broker that has an agreement with the seller knows that the foundation of the property is cracked and that a previous owner committed suicide in the kitchen. The broker must provide to
a potential buyer: - CORRECT ANSWER The cracked foundation but not the suicide"
"Unit 13E in a condominium community was the result of highly publicized and brutal murder several years ago. The unit was then sold to a young man that contracted the AIDS virus through a blood transfusion and died in the unit. What are the disclosure responsibilities of the agent for
the young man's estate who is trying to sell the condominium unit? - CORRECT ANSWER The
agent is not required to disclose either event"
"Members of the Pennsylvania Real Estate Commission are selected: - CORRECT ANSWER by
appointment by the governor"
"A candidate for membership of the commission must: - CORRECT ANSWER be appointed by
the governor." "Of the commission membership, how many are required to be licensed real estate brokers at the
time of their appointment? - CORRECT ANSWER Five"
"Real estate license law in Pennsylvania is administered by the - CORRECT ANSWER Real
estate commission"
"The purpose of Pennsylvania license law is to - CORRECT ANSWER Ensure public interest is
protected."
"The commission has the authority to - CORRECT ANSWER Administer and enforce license
law"
"The commission can investigate a licensee based on any of the following EXCEPT: - CORRECT
ANSWER a random selection of active licensees"
"The commission during either a routine or special inspection, can do all of the following EXCEPT:
- CORRECT ANSWER Interview clients that are currently conducting business with the licensee being inspected."
"Of the following, who is subject to disciplinary action by the PREC? - CORRECT ANSWER A
campground membership salesperson" "Jasmine is a licensed salesperson employed by broker Eugene. Jasmine not only violates the Pennsylvania Human Relations Act by blockbusting and discriminating against a disabled person, she also cashes a $15,000 earnest money check to buy herself a new car. Eugene is totally unaware of Jasmine's actions. What is the impact of Eugene's license when Jasmine's violations
are brought to the commissions attention? - CORRECT ANSWER Eugene might not have his
license revoked because of Jasmine's actions." "Broker Frank is convicted of felony possession and distribution of a controlled substance in Idaho. After a month Frank calls the PREC and leaves a message to let them know about the
conviction. Which of the following is true? - CORRECT ANSWER The conviction and Frank's
failure to properly notify the commission are both grounds for license suspension or revocation."
"What action can the commission take after a hearing that alleges a violation of license law? -
CORRECT ANSWER Suspend a license and impose a fine"
"A licensee is found guilty of misrepresentation to the public. The commission may: - CORRECT
ANSWER Revoke the licensee's license and/or impose a fine."
"For a second time offense of engaging in the real estate business without a license, the
maximum fine is: - CORRECT ANSWER $5000 and imprisonment for as much as two years."
"What does a broker need to include on a website advertising the broker's office? - CORRECT
ANSWER The broker's name as it appears on the license"
"Jason is a licensed salesperson working with Tom Freddly Realty. Jason wants to advertise on a web page that he created himself. What information is Jason required to include in his website
advertisement? - CORRECT ANSWER The business name and telephone number of Tom
Freddly Realty, the employing broker"
"If Sue wants to sell her own home, she: - CORRECT ANSWER does not need a real estate
license to sell her home herself." "Beula is not a licensed real estate agent, but she negotiates the sale of a home and the seller agrees to pay her compensation. Beula has trouble collecting the agreed upon fees after the
transaction closes. In this case, Beula: - CORRECT ANSWER can do nothing to collect the
compensation." "Jonas owns a six-unit residential building and is a broker. He hires Ashley, who is unlicensed, to
manage and maintain the property. What activities can Ashley legally perform? - CORRECT
ANSWER Show apartments to prospective tenants and provide leasing information."
"Felicia decides to take a five-year break from selling real estate and does not renew her
salesperson's license during that period. Before her license can be reissued, she must: -
CORRECT ANSWER Submit to and pass the salesperson's license exam."
"Who of the following is not exempt under the Pennsylvania Real Estate License Act and needs to
have a real estate license? - CORRECT ANSWER Individual who receives compensation for
finding prospective buyers or tenants for real estate" "It is a requirement under Pennsylvania license law that for an individual wanting to obtain a
salesperson's license to: - CORRECT ANSWER Successfully complete 60 hours of instruction in
courses prescribed by the Pennsylvania Real Estate Commission."
"Education or training is required prior to licensure for all of the following EXCEPT: - CORRECT
ANSWER Cemetery salespeople"
"In Pennsylvania, when does a real estate salesperson's license expire? - CORRECT ANSWER
Two years from the date of issuance"
"To renew a broker or salesperson license, the individual must: - CORRECT ANSWER Complete
14 hours of continuing education and pay the renewal fee."
"A broker's activities, by definition, include all of the following EXCEPT: - CORRECT ANSWER
Appraising real estate"
"What type of activity are rental listing referral agents licensed to conduct? - CORRECT
ANSWER Collecting rental information in order to refer prospective tenants to rental units."
"Fran is Miles' licensed assistant. She works late nights and weekends to help Miles with a difficult transaction, including making several phone calls to the buyers to encourage them to accept the seller's counteroffer. Because of her efforts, the sale goes through with no problems, and Miles
wants to reward Fran with part of the commission. Under Pennsylvania law, salesperson Miles: -
CORRECT ANSWER may not directly pay Fran a commission under these facts"
"Which of the following requirements must be met if an individual with a salesperson's license in
another state wants to obtain a Pennsylvania license? - CORRECT ANSWER The license issued
by the other state must have been active within the five years prior to submitting the application for a Pennsylvania license" "Which of the following types of ownership CANNOT be created by operation of law, but must be
created by the parties' expressed interest? - CORRECT ANSWER Tenancy by the entireties"
"Which of the following is/are considered to be personal property? - CORRECT ANSWER Patio
furniture"
"Quintin owned two acres of land. He sold one acre to Frank and reserved for himself an
appurtenant easement over Frank's land for ingress and egress. Frank's land - CORRECT
ANSWER is the servient tenement"
"Ginny owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. She wishes to subdivide the parcel into salable lots, but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of
access rights would provide the greatest protection for a prospective purchaser? - CORRECT
ANSWER An appurtenant easement"
"Sam and Nancy bought a store building and took title as joint tenants. Nancy died testate. Same
now owns the store: - CORRECT ANSWER In severalty"
"When real estate under and estate for years is sold, what happens to the lease? - CORRECT
ANSWER It binds the new owner"
"Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the
corporation and has a lease on his apartment. This type of ownership is called a(n): - CORRECT
ANSWER cooperative"
"Jim Manny and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his
long-time friend Wendell. After the conveyance, Jim and Manny: - CORRECT ANSWER remain
joint tenants owning a two-thirds interest" "In a gift of a parcel of real estate, one of the two owners was given an undivided 60% interest and
the other received and undivided 40% interest. The two owners hold their interest as what? -
CORRECT ANSWER Tenants in common"
"To create a joint tenancy relationship in the ownership of real estate, there must be unities of: -
CORRECT ANSWER Possession, time, interest, and title"
"What is a Schedule of Exceptions on a title policy? - CORRECT ANSWER List of things not
insured in the policy"
"When a company furnishes materials for the construction of a house and is subsequently not
paid, it may file a(n): - CORRECT ANSWER mechanic's lien"
"Which of the following liens does not need to be recorded to be valid? - CORRECT ANSWER
Real estate tax lien"
"The system of ownership of real property in the United States is what? - CORRECT ANSWER
allodial"
"A mechanic's lien would be properly classified as a(n): - CORRECT ANSWER Statutory lien"
"Under which of the following types of liens can both the real property and the personal property
of the debtor be sold to pay the debt? - CORRECT ANSWER Judgment lien"
"The covenant in a deed which states that the grantor is the owner and has the right to convey
title is called: - CORRECT ANSWER covenant of seisin"
"The recording of a deed: - CORRECT ANSWER Gives constructive notice of the ownership of
real property."
"Which of the following instruments proves a marketable title? - CORRECT ANSWER General
warranty deed"
"What do liens and easements have in common? - CORRECT ANSWER Both are
encumbrances"
"The title to real estate passes when a valid deed is - CORRECT ANSWER delivered and
accepted"
"The primary purpose of a deed is to - CORRECT ANSWER transfer title rights"
"A special warranty deed differs from a general warranty deed in that the grantor's covenant in
the special warranty deed: - CORRECT ANSWER Applies to only a definite limited time."
"Which of the following deeds contains no expressed or implied warranties? - CORRECT
ANSWER A quitclaim deed"
"The Civil Rights Act of 1866 prohibits discrimination in housing based on which of the following
reasons - CORRECT ANSWER race"
"The federal anti-discriminatory laws apply to which of the following? - CORRECT ANSWER a
broker selling a single-family home" "A tenant complained to HUD about his landlord's discriminatory practices in his/her building. A week later the landlord gave the tenant an eviction notice. Under which of the following
situations would the Federal Fair Housing Act be violated? - CORRECT ANSWER When the
landlord evicts the tenant for reporting him to HUD" "The Federal Fair Housing Act states that a prima facie (at first view) case against a broker for discrimination be established after a complaint has been received because the broker has failed
to do which of the following? - CORRECT ANSWER The broker has failed to display a HUD
Equal Opportunity poster." "A three-story apartment complex built in 1965 does not meet with the handicapped access
provisions for the 1988 Fair Housing Act. The owner must: - CORRECT ANSWER Make the
ground floor handicapped accessible" "What type of a listing agreement allows the owner to appoint an exclusive agent to sell his
property, but retains the right to sell the property himself? - CORRECT ANSWER exclusive
agency" "Under an Exclusive Right to Sell Listing agreement, if the seller produces a ready, willing and able
buyer he: - CORRECT ANSWER Owes the listing broker a full commission"
"Which of the following would not terminate an agency relationship? - CORRECT ANSWER
submission by the agent of two offers at the same time" "The illegal process of a banker refusing to approve loans for a neighborhood based on the
composition of the area is: - CORRECT ANSWER redlining"
"The illegal practice of directing minorities to areas populated by the same race or religion is
called - CORRECT ANSWER steering"
"Carl Chauvinist, the owner of an apartment complex, lives in one unit of a triplex and routinely
refuses to rent either of the other two units to a female. Can he do this? - CORRECT ANSWER
Yes. He may do this if he does not use a broker or discriminate in advertising" "An aggrieved party with a Fair Housing violation claim has how long to file a complaint with the
Department of Housing and Urban Development? - CORRECT ANSWER 1 year"
"Jim Jones, the landlord, rents a property to Tom Smith, a handicapped person. Mr. Smith, with Mr. Jones' permission, modifies the house to suit his needs. When the lease expires, which of the
following requirements would not have to be met by Mr. Smith? - CORRECT ANSWER Mr.
Smith must restore the wide doorways, that were installed to him, to the original size."
"All of the following are duties of the property manager EXCEPT: - CORRECT ANSWER Securing
tenants of a particular ethnic origin in accordance with the owner's wishes" "A mobility impaired person was renting a unit in an apartment complex. Half the units had been
assigned parking spaces near the door; the other half had not. The owner: - CORRECT
ANSWER must give a parking space near the door to the handicapped person, if one is available
and a need is demonstrated." "A salesperson is involved in a transaction where an individual wishes a six-month lease with an
option to buy. What is true about this situation? - CORRECT ANSWER A salesperson could use
two standard forms, fill in the blanks and request that his or her broker review the forms before signing"
"A void contract is one that is: - CORRECT ANSWER not legally enforceable"
"The essential elements of a contract include all of the following EXCEPT: - CORRECT ANSWER
notarized signatures" "If, upon the receipt of an offer to purchase his property under certain conditions, the seller
makes a counteroffer, the prospective buyer is: - CORRECT ANSWER relieved of his original
offer"
"The amount of earnest money deposit is determined by: - CORRECT ANSWER an agreement
between the parties"
