PA Real Estate Salesperson Exam - State Portion Exam Prep

PA Real Estate Salesperson Exam - State Portion Exam Prep Flashcards CAMPGROUND MEMBERSHIPAn interest, other than in fee simple or by lease, which gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle, trailer, tent, tent trailer, pickup camper or other similar device on a periodic basis pursuant to a membership contract allocating use and occupancy rights between other similar users.What is the Civil Penalty for violation of RELRA ?In addition to any other civil remedy or criminal penalty provided for in this act, the commission, by a vote of the majority of the maximum number of the authorized membership of the commission as provided by law, or by a vote of the majority of the duly qualified and confirmed membership or a minimum of five members, whichever is greater, may levy a civil penalty of up to $ 1,000 on any current licensee who violates any provision of this act or on any person who practices real estate without being properly licensed to do so under this act. The commission shall levy this penalty only after affording the accused party the opportunity for a hearing, as provided in Title 2 of the Pennsylvania Consolidated Statutes (relating to administrative law and procedure).What constitutes a Quorum of the Real Estate Commission?A majority of the members currently serving on the commission shall constitute a quorum.BUILDER-OWNER SALESPERSONAny person who is a full-time employee of a builder-owner of single and multifamily dwellings located within the Commonwealth and as such employee shall be authorized and empowered to list for sale, sell or offer for sale, or to negotiate the sale or exchange of real estate, or to lease or rent, or offer to lease, rent or place for rent, any real estate owned by his builder-owner employer, or collect or offer, or attempt to collect, rent for the use of real estate owned by his builder-owner employer, for and on behalf of such builder-owner employer.RECIPROCAL LICENSEA license issued under section 602 (a) through (e).DESIGNATED AGENTOne or more licensees designated by the employing broker, with the consent of the principal, to act exclusively as an agent or as agents on behalf of the principal to the exclusion of all other licensees within the broker's employ.BROKERAny person who, for another and for a fee, commission or

other valuable consideration:(1) negotiates with or aids any

person in locating or obtaining for purchase, lease or an

acquisition of interest in any real estate;(2) negotiates the listing, sale, purchase, exchange, lease, time share and similarly designated interests, financing or option for any real estate;(3) manages any real estate;(4) represents himself to be a real estate consultant, counselor, agent or finder;(5) undertakes to promote the sale, exchange,

purchase or rental of real estate: Provided, however, That

this provision shall not include any person whose main business is that of advertising, promotion or public relations;(5.1) undertakes to perform a comparative market analysis; or(6) attempts to perform any of the above acts.SELLER AGENTAny licensee who has entered into an agency relationship with a seller of real estate.

CEMETERY SALESPERSONAny person employed by a broker or cemetery broker to perform duties as defined herein under "cemetery broker." PRINCIPALA consumer of real estate services who has entered into an agency relationship with a broker.ASSOCIATE BROKERA broker employed by another broker.SUBAGENTA broker, not in the employ of the listing broker, who is engaged to act for, or cooperate with, the listing broker in selling property as an agent of the seller. A subagent is deemed to have an agency relationship with the seller."TIME SHARE." The right, however evidenced or documented, to use or occupy one or more units on a periodic basis according to an arrangement allocating use and occupancy rights of that unit or those units between other similar users. As used in this definition, the term "unit" is a building or portion thereof permanently affixed to real property and designated for separate occupancy or a campground or portion thereof designated for separate occupancy. The phrase "time share" does not include campground membership.Who is responsible for appointing the members of the PA Real Estate Commission?Each of said members of the commission shall be appointed by the Governor.BUYER AGENTAny licensee who has entered into an agency relationship with a consumer buyer of real estate.QUALIFIED ASSOCIATIONA corporation, limited liability partnership, limited

partnership or limited liability company that:(1) is

incorporated or otherwise organized under the laws of this Commonwealth or another jurisdiction;(2) does not hold a license under this act;(3) does not hold itself out to the public as providing real estate services or real estate-related services; and(4) is solely owned by licensees who are all affiliated with the same broker.In case of the death of an owner of a qualified association, ownership may continue through the licensees' estate for a period not to exceed 18 months.The State Real Estate Commission is hereby created and shall consist of the Commissioner of Professional and Occupational Affairs;Director of the Bureau of Consumer Protection, or his designee;three members who shall be persons representing the public at large;five other persons, each of whom shall at the time of his appointment be a licensed and qualified real estate broker under the existing law of this Commonwealth, and shall have been engaged in the real estate business in this Commonwealth for a period of not less than ten years immediately prior to his appointment; andone other person who shall have been licensed as a real estate broker, or cemetery broker, for a

period of at least five years and shall have been engaged in selling cemetery lots for at least ten years immediately prior to his appointment.RENTAL LISTING REFERRAL AGENTAny person who owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units. The term "rental listing referral agent" shall not include any employee or official of any public housing authority created pursuant to State or Federal law.REAL ESTATEAny interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, whether the land is situated in this Commonwealth or elsewhere including