Fake PageRank is PR that is "borrowed" from another website.
A common way that people do it is by using a 301 redirect.
So lets say I poiunt a domain called SiteA.com to google.com via 301 redirect.
After a couple of PR updates, SiteA.com will now have the same PR as google.com becuase a 301 redirect basically says that SiteA.com and Google.com are the same thing.
So what's the use of fake PR?
Someone will try and sell the domain on DP or WF or some newby forum and hope to make a packet out of it.
Of course the PR will disapear almost as soon as the 301 redirect is removed.
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