PA Real Estate State Portion Flashcards

PA Real Estate State Portion Flashcards Amount of notice that the Commission will provide licensees when time comes to renew their licenses.2-3 months before An individual may bring a complaint against a licensee by filing the appropriate form with the Dept of State's Legal Office The Commission or its representative may conduct office inspections during regular business hours An individual who has won a judgment against a licensee may petition the court for payment from the Real Estate Recovery Fund after exhausting all attempts to get payment from the licensee If a licensee's conduct is investigated and disciplinary charges are filed, the licensee must respond to the allegations within 30 days if money is expected to be held in escrow for more than 6

months:

the broker is encouraged to deposit money into an interest bearing account. the interest earned in account shall be held and disbursed pro rata, in the same manner as the principal amount, unless the parties direct otherwise by agreement. Broker may not claim interest earned unless broker is a lessor In order to place a "For Sale" or "For Rent" sign on an owner's property, a licensee must have _____ the owner's written permission.Which of the following documents does a PA Broker need to retain for three years? Consumer Notice, Expired Listing Agreement, Sub-Agent Agreement, Transaction Licensee Agreement Expired Listing Agreement Possible penalties for fair housing violations $16,000 for first offense- $37,500 for second offense within five years- $65,000 for third violation within seven years Payments of money to a broker must be held in? escrow until the sale done The Real Estate Recovery Fund is funded by fees paid by licensees at initial licensure and at renewal A broker shall not ............deposits or other escrows or property of another person with the broker's own funds or property.Commingle A real estate broker or salesperson license is issued for a period of ___ years.2 A licensee must give notice of his/her ownership interest in a real estate transaction _ at the outset of the transaction In PA, a brokers license may be issued to a(n) ____individual, corporation, partnership, or association.how long do you have to preserve real estate transactions for?

• years

freeholdestate, or ownership interest that has indefinite duration but that lasts at least as long as the lifetime of present title holder

Can a salesperson work for more than one broker? NO - cannot work for anyone other than the broker on your license A person who is licensed as a broker or salesperson in another state may obtain a PA license by submitting an application and ___ passing the PA portion of the license exam.RELRAReal estate licensing and registration act - the commission is responsible for administrating and enforcing rules found in RELRA as well as supervising all activities Powers of the Real Estate Commissionpassing rules and regulations to implement the license lawissuing licenses*setting fees

RELRA comission members:appointed by the Governor for 5 year terms. meet on

regular basis as needed, but conduct at least one public meeting in 3 cities

escrow account shall:maintained in a insured bank, designate broker as trustee,

provide for the withdrawal of funds without prior notice, only be used for escrow purposes When a broker changes his/her business address, a change of address must be submitted to the Commission by the broker and ALL licensees working in the office cannot take any disciplinary action against you without first

giving you the:

opportunity to be heard, a hearing set by the commission According to RELRA, a licensee may delegate agency to a subagent with the principal's written consent If you wish to change employers, you must: notify the Commission no later than 10 days after the change of employment, pay fee, surrender current license and wait for new one In addition to the penalties the Commission may impose under the authority found in Section 455.604 of RELRA, an additional civil penalty of up to $1,000 may also be ordered pursuant to the authority found in Section 455.305. That section allows the additional penalty to be imposed by a vote of any of the following, except?The three oldest members of the Commission After a disciplinary hearing, a report must be submitted to the Commission after which time the Commission may do any of the following, except?Arrest the licensee A broker who wishes to open a branch office must ____obtain a branch office license The offering statement given to prospective purchasers under a promotional land sale plan must include information about

• nearby recreational facilities- public transportation and

utilities- a detailed description, price and terms of the offer.an ad by a licensee for the solicitation, sale or offering for the sale of real estate that employs lotteries or contests

that offer prizes or gifts:

must have description of each prize, prerequisites for receiving each prize, limitation on the number of prizes, market value of each, and odds of winning each You must submit a sworn statement by the broker with whom you will be affilliated certifying that the broker will

actively:

supervise and train you

The offering statement given to prospective purchasers under a promotional land sale plan is NOT required to include information about zoning restrictions some penalties from the commission:suspension of license, revocation of license, impose fine not to exceed $1,000 The Commission may inspect a real estate office no more than

• times a year

You must provide a copy of any real estate contract to all

signatories:

at the time of execution an ad by a broker about the number of offices they operate:shall refer to only the ones that have been issued branch office licenses by the commission One difference between the PA Human Rights Act and federal law is that PHRA prohibits discrimination on the basis of age Escrowmost RE transactions involve the use of escrow. escrow involves the deposit of funds, a deed, or other legal instrument with a third party until completion. escrow officer is usually an attorney, closing agent or title agent Before the buyer signs the agreement of sale, he/she mustacknowledge receipt of the property disclosure statement Real Estate advertising on the Internet must includethe name of the company as it appears on the licensethe jurisdiction where the licensee's license is held.*the city and state where the licensee's office is located.Timothy is applying for a timeshare salesperson's license in PA. To apply, which of the following requirements must he meet?Timothy must complete at least 30 days of on-site training

at a timeshare facility. (Qualifications: 18+ yo, 30 hours of

coursework, and 30 days of on-site training A person who holds a real estate salesperson license who wishes to sell timeshares is NOT required to obtain a timeshare salesperson license.Wally is a PA licensee. He's planning to purchase a house with several acres of land from seller Seth. Based on Wally's expertise, he believes the property is being underutilized and plans to divide the land into several separate lots to sell off individually. What does Wally need to disclose to Seth?Wally must disclose his true intention related to the property.When a salesperson is found guilty of violation of the license law, the Commission may take disciplinary action against ____.both the salesperson and the broker All of the following must satisfy an education requirement prior to licensure EXCEPT CEMETERY SALESPERSONS. A cemetery salesperson is employed by a broker or a cemetery broker for the exclusive purpose of the cemetery lot sales. No education or examination is required for this license.A licensee may pay a referral fee to an unlicensed person _____ under NO circumstances Under the PA Human Rights Act, a person belongs to a protected class if he/she uses a support or assistance animal

A licensee selling his/her own property must include his/her status in an ad _____.unless the property is listed with a real estate company.Under RELRA, a listing agreement must include a definite termination date Rental Listing Referral Agentperson who owns or manages a business which collects rental info for purpose of reffering tenants to rental units a broker or salesperson who is selling or leasing his own

real estate:

shall disclose his licensed status to a prospective buyer or lessee before enter into an agreement of sale or lease Real Estate Recovery Fundfund used to compensate victims of fraud, misrepresentation by salesperson or broker. Max comp of 20k per claim, 100k per licensee The only disclosure that must be presented to consumers in a specific form required by the Commission is the _____ Consumer Notice. the purpose is to inform the permitted business relationships. must be signed by consumer Corporealright of ownership in material things, something tangible such as a building A licensee may receive compensation from a broker other than the employer Under NO circumstances When conducting an office inspection, the Commission or its representative may NOT inspect the employees' personnel records

broker's escrow duty may:NOT be waived or altered by any agreement between

~anyone~ Any advertising placed by a licensee must include the employing broker's _____.business name and phone number If you change employers, you must notify the Commission no later than ............ days after your change of employment.10

RELRA also governs:promotional land sales and requires any person to register

with the commission for approval, and comply with such restrictions and commission. application must give detail and sales must give propspective purchaser an offering statement If the broker decides to delegate mgmt of a branch office, the person who assumes the duties must be a(n) associate broker In order to renew your real estate salespersons license, you must take ............ hours of Commission approved continuing education classes every two years.14 Each office must be under the supervision of a? manager who is either a broker or associate broker In order to be regulated under laws and rules related to promotional land sales, a property must consist of at least ___ 50 lots or shares or 25 acres A broker must prominently display ... in the office?Broker's license along with the license of all salespeople working for the broker if you do not receive your new license within 30 days,it is your responsibility to notify the commission what must be prominently displayed at a brokers' office?Brokers license, along with license of all salespeople

an exclusive listing agreement may not exceed: 1 year