PearsonVue PA State Exam Flashcards

PearsonVue PA State Exam Flashcards Broker of RecordThe individual broker responsible for the real estate transactions of a partnership, association, or corporation licensed as a broker. Also known as employing broker.Cemetery SalespersonEmployed by a broker or cemetery broker for only lot, plots, and mausoleum spaces or openings.How long is a license revoked?At least 5 years from the date revocation begins.Time-Share SalespersonAn individual who sells time-shares under a broker.How does a licensee pay for a claim and what happens to their license?The licensee's license is automatically suspended as of the date a payment is made from the fund. The license cannot be reinstated until the amount is paid plus 10% interest per year. The Commission can take action to recover the funds.Prerequisites to apply for broker license? 21+, diploma or GED, 240 (16 credits) education, 3 years licensee, pass brokers exam, and a written application.Pennsylvania first Real Estate Licensing Law? First adopted in May 1st, 1929, it was amended or updated multiple times until February 19, 1980, it was name the Real Estate Licensing and Registration Act (RELRA) What are prohibited acts?Section 604 of the RELRA lists prohibited acts. Common violations include misrepresentation, mishandling escrow funs, inappropriately paying commissions, and misleading advertising.Associate BrokerHas a broker's license, but is employed under the broker of record.Time-Share Salesperson prerequisites?18+, 30 hours education, and 30 days onsite training.What is the Real Estate Recovery Fund (RERF)? The Real Estate Recovery Fund was established to provide a means for aggrieved (victim) persons to collect judgements awarded in civil court.How does the Real Estate Commission function? Under the Bureau of Professional and Occupational Affairs (BPOA) within the PA Department of State.What are civil penalties?Section 305 of the RELRA states that a civil penalty can be added to any additional penalties. This can be up to $1000.How is money collected for the RERF?Each licensee pays $10 into the fund when renewing their license. The Commission may assess an additional fee (not over $10 per licensee) if the fund drops to $300,000 or less, to bring the funds back up to $500,000. These fees are paid into the state treasury and are allocated exclusively for the purposes of the fund. The money must be invested, and interest and dividends must accrue to the fund.What is the Real Estate Commission?Established in RELRA Section 202, the Real Estate Commission was formed to administer the Act and

supervise activities of licensees (real estate salesperson) in PA.

What happens if you violate RELRA regulations? Commission is authorized to suspend or revoke a license or registration certificate and/or levy fines up to $1,000.Before the Commission can take any disciplinary action, the accused party must be given an opportunity to have a hearing.Campground Membership SalespersonAn individual who sells campground memberships under a broker.Relocation of Real Estate BusinessBroker has 10 days to notify the Real Estate Commission of relocation.Campground MembershipsInterests that give the purchaser the right to use a unit for recreational use.Cemetery Broker prerequisites?60 hours education, 3 years as salesperson or cemetery salesperson, and pass exam.Time-Share and Campground Membership Contracts Section 609 of the RELRA gives purchasers of time-share and campground memberships the right to cancel a purchase. The cancellation right exists until midnight of the 5th day following the date on which the purchaser executed the contract.SalespersonEmployee of licensed broker in a real estate company.Fines for unlicensed activity$500 fine and/or imprisonment not exceeding 3 months for first offense. $2,000 to $5,000 and/or imprisonment for 1 to

• years.

How can an aggrieved person receive from the Recovery Fund?The aggrieved persons must show that they are not a spouse or personal representative of the spouse of the licensee, that a final judgment was awarded, that all remedies have been exhausted, and that the application is being made within one year of the termination of the proceedings (including appeals).Continuing EducationThe license period for all real estate licenses begins June 1st end ends last day of May in even numbered years.Brokers and salespersons are required to satisfy a 14 hour class during every period.Cemetery Salesperson prerequisites?18+, submit a sworn affidavit from the broker or cemetery broker that they will supervise and train the applicant.Cemetery Associate BrokerCemetery broker who is employed by another cemetery broker or broker.Rental Listing Referral AgentIndividual or entity who owns or manages a business that collects rental information to refer prospective tenants to rental units.Salesperson prerequisites?18+, 75 hours of education, and pass national and state real estate exam.Operation of Real Estate BusinessRELRA requires a broker to have a fixed office, the address included in all licenses. The office needs to be devoted to transaction of RE in privacy. If the office is in a private residence, it must have a different entrance than the

resident entrance.Rental Listing Referral Agent prerequisites? Similar to a salesperson licensee, but is not affiliated with a broker.