experience or equivalent, passes a written exam and

Chp 13 PA Real Estate Licensing Law Flashcards Licensure requirements for a broker are include 21 years or older, highschool grad, completed 240 hours of real estate instruction, has 3 years full time experience or equivalent, passes a written exam and submits application w/ 2 letters of recommendation What activity may an unlicensed assistant carry out?a.independently hold an open house for other licenseesb.show properties to an out of town buyerc. telemarketing for buyer prospects under the direction of the licenseed.independently hold an open house for the public only if the licensee is not available

• independently hold an open house for other licensees

A salesperson wants to change offices. The salesperson returns her current license along with the required fee and the change of employment notification. At which time may the salesperson be involved in real estate activities on behalf of the second broker?a. only when the second broker receives the new licenseb. at the time the salesperson agrees to change to the second brokerc.within 10 days after the application for change has been mailedd. immediately upon mailing the change of employment notification

• immediately upon mailing the change of employment

notification Sections 201 of the RELRA and 35.02 of the Regulations define a broker as and individual or entity who performs a set of acts for another person for a fee or commission A seller offers a $500 bonus to a salesperson who sells the house within 30 days. The salesperson who produces the buyer can not accept this bonus directly from the buyer If a salesperson is unable to collect from the employing broker on a commission that the salesperson has earned, what recourse does the salesperson have to collect this money?sue the broker through civil court action Real estate licensees may do all of the following excepta.provide inaccurate informationb. provide the listed price to a buyer who calls inc. provide sources where the buyer can find additional informationd. display a for sale sign with written permission of the seller

• provide inaccurate information

a licensee may not advertise, solicit prospective buyers or tenants, or place a for sale sign on a property without the owner's written consent Section 404 of RELRA authorized the Rules and Regulations which provide procedures for administering the law and set operating guidelines for licenses The maximum amount payable from the Recovery fund per license is $100k

An 18 year old woman has just received her salesperson license. For how long must she be engaged as a real estate licensee before she can apply for a broker's license?

• years of active licensure

the name under which a broker, cemetery broker, or rental listing referral agent license is issued.- the name under which the business is conducted business name licensees are required to provide a disclosure summary called a consumer notice to all consumers at the first contact where a substantive discussion about real estate occurs.Appraisal activities are regulated by the State Board of Certified Appraisers By section 604 of the Act, owners, attorney's-in-fact, and licensed auctioneers are exempt from licensure An individual who, either as an employee or independent contractor, sells campground memberships under the supervision of a broker- 15 hours of instruction- no license exam .Campground Membership Salesperson an individual who, either as an employee or independent contract, sells time-shares under the supervision of a broker.- 30 hours of instruction- no license exam time-share salesperson Regulations require that the broker maintain copies of records pertaining to any transaction for at least three years following consummation of the transaction when advertising sales volume or production, this can only refer to closed transactions Criminal penalties apply tounlicensed practice Licensees who engage in a prohibited act may be fined or have their license suspended or revoked Who issues licenses and registration certificates to individuals The Department of State making any false promise to influence, persuade, or induce a person into a contract when the licensee could not or did not intend to keep the promise is a prohibited act an individual who is employed by a licensed broker of

record to do one or more of the following:- sell or offer to

buy or sell real estate- negotiate the purchase, sale, or exchange of RE- negotiate a loan on RE- lease or rent RE- collect rent- assist in managing property- perform a CMA salesperson Generally the real estate licensee is obligated toa. disclose any conflicts of interestb. discuss the religious composition of the neighborhoodc. relate any gossip about the sellerd.discuss the marital status of the buyers

• disclose any conflicts of interest

Second or subsequent offense penalty for unlicensed activity is a fine of $2,000-$5,000 and/or imprisonment of one to two years A broker must keep records of all real estate transactionsa.for at least three years following the date of consummation or terminationb. for at least one year following the closing datec. for at least three years following the listing dated.indefinetely

• for at least three years following the date of

consummation or termination

If a salesperson advertises a property for sale without the permission of the owner, the commission can suspend the salesperson's license When advertising a property for sale or rent, the broker'sbusiness name as it appears on the license must appear in the ad an individual who has met the broker license requirements but who is employed by a broker of record.- they still represent the broker of record when engaging in business associate broker First offense penalty for unlicensed activity is a fine up to$500 and/or imprisonment up to 3 months the individual broker responsible for the real estate transactions of a partnership, association, or corporation licensed as a broker- only one broker of record per the company broker of record The Real Estate Recovery fund was established to provide a means for aggrieved persons to collect judgments awarded in civil court The Department of State issues licenses and contracts with a testing agency The maximum amount payable from the Recovery fund per individual is $20k A broker manages a large apartment community. This termite company offers the broker $100 each time that the broker hires the termite company; the broker sees no reason to inform the owner. In this situation, this compensation isa. illegalb. legal so long as the broker reports it to the IRSc. questionable; but not illegald.unethical; but not illegal

• illegal

The duties and powers of the Real Estate Commission are to administer the Act (RELRA), including promulgating it's rules and regulations A bonus from the seller can only be accepted by the broker What is the best definition of a broker of record?a. a broker who is permitted to sell dwellings only for the builder ownerb. a broker who overseas the activities of cemetery brokerc. a broker who is employed by another brokerd. a broker who is the licensee responsible for the activities in a real estate corporation

• a broker who is the licensee responsible for the activities

in a real estate corporation An individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings.Cemetery Broker Licensed brokers and salespersons are required to satisfy a 14-hour continuing education requirement during each two-year period in order to renew the license.a license may be reactivated by submitting the proper forms and required fees within

• years of the date the license became inactive

To be eligible for a broker license, the individual mustobtain 240 hrs of education, be 21 years or older, and pass an exam RELRA requires that each resident licensed broker, cemetery broker, and rental listing agent to maintain a fixed office, the address of which should be included in all applicable licenses

When a licensee changes employment from one broker to another, the licensee may return the license, pay the required fee and notify the commission no later than 10 days after the intended date of change A licensed salesperson may do which of the following?a.leave the employment of one broker and become associated with another broker with out reporting the change to the commissionb. sell the salesperson's own property without telling a buyer that she is licensedc. place an advertisement using only the salesperson's name and phone numberd. sell condominiums

• sell condominiums

An individual cannot perform any activity for which licensure is required until the license is issued A broker receives a check for earnest money from a buyer and deposits it into an escrow or trust account along with the buyer's offer. This protects the broker from a charge ofa. comminglingb. novationc. embezzlementd. lost or stolen funds

• commingling

The Real Estate Commission may take disciplinary action against a licensee for all of the following excepta. violating the real estate licensing and registration actb. violating the PA human relations actc. violating the blue-sky lawsd.violating the rules and regulations

• violating blue sky laws

A salesperson receives an earnest money check from the buyer along with the buyer's offer. The buyer's check must bea. deposited into the broker's trust account by the end of the next business dayb. deposited into the salesperson's trust accountc. held until the offer is accepted or notd.turned over to the broker

• turned over to the broker

The State Real Estate Commission is comprised of 11 members and functions under the Bureau of Professional and Occupational Affairs within the PA Dept of State Escrow accounts must be used exclusively for escrow accounts; the broker may not commingle monies with personal or operating accounts or funds.the broker is always responsible for the activities, even if a branch is managed by an associate broker Activities involving the public that are customary in real estate must be performed by licensees The Pennsylvania law that protects the public interest by governing real estate practices and the activities of licensees.Real Estate Licensing and Registration Act (RELRA) attorneys-in-fact and attorneys-at-law are excluded fromlicensure paying of a commission by a broker to anyone other than the broker's licensed employee or another broker is a prohibited act Most often, the licensee will have anagency relationship with the consumer Monies for the fund are collected from licensees by$10 when licenses are renewed