PA Real Estate License Law Flashcards

PA Real Estate License Law Flashcards ABC realty company could be the holder of a salesperson's license. true or false false. while non living entity can hold a brokers license, only individuals may hold a salesperson's license what is a brokerone who is licensed to represent another person in a real estate transaction with the intent to receive compensation or valuable consideration Your broker tells you to look up something in the Pennsylvania Code. What kind of information is he most likely asking you to look for?A. commission rates for commercial salesB. comparable sales for a specific neighborhoodC. real estate regulations and procedures in PennsylvaniaD. reciprocity agreements with other one of Pennsylvania's border states C executorthe person named in a will to handle the property of someone who has died and carry out the terms of the will.If female, may be called an executrix how long is your term in the state real estate commission5 years departmentthe department of state is the Pa state agency that issues state licenses to qualified applicants and oversees the state real estate commission attorney in factany person authorized to act for another by a power of attorney (not necessarily a lawyer who is an attorney at law). Also called an agent in fact Who issues real estate licenses in the commonwealth of PAA. the department of stateB. the Governor's officeC. the real estate commissionD. the state legislature A.Greg is an unlicensed employee of Kim, who owns a duplex that she rents. What can Greg legally do?A. Collect rent form existing tenantsB. collect security deposits from new tenantsC. collect both rents and security depositsD.greg cannot collect any money A what are some activities that require a license negotiating or aiding, compensation, managing real estate, consultant or finder, comparative market analysis Harry and his wife buy a small apartment building in Erie and they're ready to hire resources to help run it. Who would need to have a real estate license?A. ella, who harry hires to collect rent from the tenantsB. joe, owner of joe's property managementC. kyle, who works for joe as a plumber and general handymanD. harry's wife when she decides to sell the property as a FSBO B a salesperson's existence is depended on the broker

Who are some exemptions from court approved representatives to sell real estate without a license Executor, administrator, bankruptcy trustee, trustee or guardian Receivera neutral person appointed by a judge to take charge of the property and business of one of the parties to a lawsuit and receive his or her rents and profits while the right to the monies has not been finally decided or to receive rents and profits coming to a debtor either while a bankrupty is being processed or while an arrangement is being worked out to pay creditors What is the purpose of license lawsto protect the public by ensuring a consistent level of competence, ethics, and professionalism Employee's of a public utility are exempt because they are acting in the ordinary course of utility business with respect to negotiate the purchase, sale or lease of property. (negotiating easements for telephone lines) a reciprocal license allows its holder to perform all legal activities of a real estate licensee in the commonwealth of Pa. is attached to the licensee's standard licensee's standard license in the reciprocal state. is invalid if the licensee's standard license is lapsed, suspended, or revoked.how many members are in the state real estate commission 11 members a broker license can be held byan individual or another non-living entity such as a corporation, partnership or association Which entity is responsible for issuing real estate licenses?A. department of stateB. pennsylvania legislatureC. pennsylvania supreme courtD. real estate commission A.Francis works for Heartland Savings and Loan. President Ralph comes into her office one morning and says, " i want you to go out to this property at 123 Main street. Do some research and tell me what it's worth". Can Francis do that without a real estate license?yes or no yes. because she is acting on behalf of her savings and loan institution in performing that appraisal, she does not need a real estate license Exemption with a POAPOA is a written document that a property owner or lessor signs to give another person the power to act in conducting the signer's business, may include real estate transactions without a real estate license Marcel has always been interested in a particular house but the owner is not ready to sell. Marcel hires Ken to negotiate with the property owner for an option to purchase. Since the property is not being sold, does Ken need to be a real estate licensee?yes or no yes. the law says that negotiating with or aiding any person in obtaining any interest in real estate requires a license what is the employee not allowed to do that works for a multi-family residential property enter into leases on behalf of the owner. Negotiate terms of occupancy with tenants. Hold money belonging to tenants other than on behalf of the owner

power of attorneyan instrument authorizing one person (called an attorney in fact or agent in fact) to act as another's agent, to the extent stated in the instrument Margaret has been transferred from Pittsburgh to Dallas and she must move immediately. She would like her sister Martha to sell her house for her. In order to accomplish this task legally, Margaret must name MarthaA. her attorney at lawB. her attorney in factC. her executrixD. her receiver B Boris owns a small apartment building. His property management company hires Natasha to negotiate leases and maintain occupancy rates. Which statement is TRUE?A. since boris is the owner, Natasha does not have to be licensedB. since the building is a residence, Natasha does not have to be licensedC. since the building is a residence, Natasha must be licensedD. Since Natasha works for a property manager, she must be licensed D consult or finder license is required..... license is required if you represent yourself as a real estate consultant, counselor, agent, finder, undertake to promote the sale, exchange purchase, or rental of real estate Nick and many of his neighbors work on the line at a local auto plant, which is closing. Nick tells his co workers that if they want to move for a new job, they can name him agent in fact, and he'll sell their houses for them for just 1% commission. which statement is TRUE?A. agents in fact are court appointed and so never need a license to sell propertyB. nick appears to be trying to circumvent the power of attorney exemptionC. nick doesn't need a license as long as he sells no more than 6 propertiesD. Nick doesn't need a license since he's asking such an inconsequential fee B Brian has been appointed the executor of his grandfather's will. One of his responsibilities will be to sell his grandfather's 25 properties so that he can distribute the funds to Grandpa Joe's heirs. Assuming he does not want to use a broker, does Brian need his own real estate license to sell the properties?A. noB. only if he sells more than 10 properties in a 12 month periodC. not as long as hires a broker to simply list all the propertiesD. yes A what act provided for the creation of the real estate commission the real estate licensing and registration act who actually issues state licenses to qualified applicantsdepartment of state why does comparative market analysis need a licensemethod of determining the current market price of a home by comparing the subject property to other homes in the area that have sold, or forsale

What is the term of office for a member of the state real estate commission?A. 2 yearsB. 5 yearsC. 10 yearsD.lifetime appointment B.Who do you think issues real estate appraiser licenses in the commonwealth of PA?A. the appraisal foundationB. the department of stateC. the state board of real estate appraisersD. the state real estate commission B To become a member of the Commission, one isA.appointed by the department of stateB. appointed by the governorC. elected by the general publicD. elected by their fellow real estate licensees B Real property includes real estate plus the rights of ownership. Which of the following are considered to be principle rights of ownership included in the bundle of rights? select all that applyA. controlB. dispositionC.exclusionD. possessionE. quiet enjoyment

A B C D E

the state real estate commission oversees all.... activities in Pa that would require a real estate license Who would NOT require a real estate licenseA. Frank, the property manager of a small apartment complexB. Joe, who compiles lists of homes for rent that he sells to relocation servicesC. Karen, who provides comparative market analysis services for out of town brokersD. Susan, a full time accountant who sells 2 to 3 of her own properties a year D what are the 2 key elements that necessitate a real estate license

• on behalf of someone else 2. for compensation

reciprocitya mutual exchange of privileges, such as recognizing a license issued in one jurisdiction in another jurisdiction Ohio requires 120 hours of pre licensing education before applying for a real estate salesperson's license. Susan got an Ohio real estate salesperson's license 2 years ago, now she's moving to Pittsburgh. How much Pa specific education must she complete before she can apply for a Pa salesperson's license?A. 0 hoursB. 15 hoursC. 30 hoursD.60 hours A exemption with employee of owneran employee of the owner of a multi-family residential property who manages or maintains the property does not need a real estate license. employee is allowed to show apartments and provide info.who appoints you into the state real estate commissionGovernor Which entity is responsible for regulating the real estate industry in the Commonwealth of Pennsylvania and for interpreting the license requirements that have been set forth in the Real Estate Licensing and Registration Act?A.Bureau of Professional AffairsB. Department of StateC.