PA Real Estate Practice Questions Key Terms Study Set Flashcards

PA Real Estate Practice Questions & Key Terms Study Set Flashcards It's a Tuesday afternoon and Pam, a Pennsylvania broker, just accepted an earnest money check from a buyer whose offer was accepted by Pam's seller. What does Pam need to do with this check?Deposit it in the brokerage business account by the end of the day Friday.Deposit the money in a trust account by the end of the day Wednesday.Hold the check until closing, at which time it will be applied toward the buyer's down payment.Promptly deposit the check in a trust account.Deposit the money in a trust account by the end of the day Wednesday.Which of the following individuals is acting appropriately according to Pennsylvania license law?An Ohio real estate licensee who also holds a reciprocal license in Pennsylvania is fined by the Ohio Real Estate Commission for failing to properly handle trust funds.Barry enters into a listing agreement with salesperson Alan. He's in no rush to move, so they leave the agreement open ended.Heidi provides a prospective buyer with a lead-based paint disclosure and pamphlet against her seller's wishes.To win a listing, Jeanette tells a consumer she can sell his house well above the property's assessed value, even though she finds this claim unlikely.Heidi provides a prospective buyer with a lead-based paint disclosure and pamphlet against her seller's wishes.Phoebe is acting as a dual agent in Pennsylvania. Which of the following statements is true?Phoebe can list competing properties without breaching her duties to either client, but she can't show other properties.Phoebe can show and list competing properties without breaching her duties to either client.Phoebe can show competing properties without breaching her duties to either client, but she can't list other properties.Phoebe can't show or list competing properties without breaching her duties to either client.Phoebe can show and list competing properties without breaching her duties to either client.What is the highest amount you can be fined by the Pennsylvania Real Estate Commission for a serious violation?$1,000$10,000$100,000$50,000

$1,000

Abigail is a Pennsylvania broker who supervises several salespersons and associate brokers. Which of these forms outlines how much will be paid to her when she or any of her associated licensees engages in a transaction?Consumer Notice of Agency RelationshipsListing agreementReal Estate Licensing and Registration Act (RELRA)Sherman Act Listing agreement

Gary works as a full-time employee for Charles who developed and owns Falcon Heights Condominiums, a multi-family dwelling in Pennsylvania. As part of his duties, Gary lists, sells and offers units for sale within the complex.Which of the following best describes Gary?Associate brokerBuilder-owner salespersonSalespersonTimeshare salesperson Builder-owner salesperson If you're convicted of a lesser crime, why might your Pennsylvania real estate license still be revoked?Even misdemeanors are cause for license revocation.If the crime involves another individual, it's grounds for license revocation.Lesser crimes are treated under the new "One Strike and You're Out" rule. There is no leeway when it comes to violating the law.Your offense demonstrates a lack of trustworthiness.Your offense demonstrates a lack of trustworthiness.Which option describes the salesperson application process in Pennsylvania?Apply in writing on an approved form after you have three years of real estate experience.Apply in writing on an approved form after you turn 21.Apply in writing on an approved form within three years of passing exam, include place of business for which license is desired.Apply in writing on an approved form within three years of passing exam, include sworn statement by broker that will supervise and train the applicant.Apply in writing on an approved form within three years of passing exam, include sworn statement by broker that will supervise and train the applicant.Maddox is a Pennsylvania licensee who violated license law by commingling trust and personal funds. He claims that his broker, Heather, didn't adequately train him.Heather claims that Maddox had access to Pennsylvania license law statutes and she was available to answer any questions, but says that she didn't know violations were made. Who is at fault?As the employing broker, only Heather is at fault.Both Maddox and Heather are at fault and face possible license suspension or revocation.Maddox is at fault for violating license law, but Heather may also be at fault for failure to supervise.Maddox is at fault for violating license law.Heather is only at fault if she knew Maddox was violating the law.Maddox is at fault for violating license law, but Heather may also be at fault for failure to supervise.Which statement about real estate business in Pennsylvania is true?Corporations can be licensed as a real estate broker.Every licensed broker must have a fixed place of business.Fictitious business names cannot be used.Main or branch office address changes must be updated within 30 days after the change.Every licensed broker must have a fixed place of business.

Roger is acting as a buyer's agent in Pennsylvania. Which of the following statements is true?Roger can show a property a buyer client is interested in to other buyers if his buyer client provides written permission.Roger can show a property a buyer client is interested in to other buyers without breaching any duties to the client.Roger can show a property a buyer client is interested in to other buyers without breaching any duties to the client if all buyers agree to dual agency representation.Roger can't show a property a buyer client is interested in to other buyers without breaching duties to his client.Roger can show a property a buyer client is interested in to other buyers without breaching any duties to the client.Phyllis is a salesperson in Pennsylvania. Her buyer client handed her an earnest money check for an offer and they're now awaiting the seller's decision. What's is Phyllis's responsibility related to the check?Deposit the money in a trust account by the end of the next business day.Hold the check until the offer is accepted, then deposit the check by the end of the next business day. If rejected, promptly return the check to the buyer.Promptly deposit the check in a trust account.Promptly hand the check over to her broker.Promptly hand the check over to her broker.You just sold your first house in Pennsylvania! You decide to cash the commission check directly and then give the remainder to your affiliate broker. What type of violation have you just committed?False and misleading advertisingMishandling fundsMisrepresentationReceiving or paying undisclosed fees or receiving them other than through the appropriate licensed broker Receiving or paying undisclosed fees or receiving them other than through the appropriate licensed broker Meaghan is a Pennsylvania licensee whose niche is timeshare sales. She's running a mail advertisement that says any person who attends a scheduled timeshare presentation will be put in a drawing for a three-day cruise.Is she engaging in prohibited conduct by doing this?No, as long as she properly discloses required details in writing.No, as long as the proper disclosures are made either in writing or verbally.Yes, attending a timeshare presentation can't be a requirement for being entered into a prize drawing.Yes, prizes, gifts, rebates, etc. can't be used to solicit timeshare sales No, as long as she properly discloses required details in writing.Which option describes the broker's application process in Pennsylvania?Apply in writing on an approved form after 3 years of experience running your own business.Apply in writing on an approved form after turning 18.Apply in writing on an approved form within 3 years of passing exam, include place of business for which license is

desired.Apply in writing on an approved form within 3 years of passing exam, include sworn statement by broker that will supervise and train the applicant.Apply in writing on an approved form within 3 years of passing exam, include place of business for which license is desired.Which of the following actions may NOT be a violation of the Pennsylvania Human Relations Act?Denying financing to mortgage applicants of Puerto Rican descentRefusing to