Real Estate Final Exam Practice PA Flashcards

Real Estate Final Exam Practice (PA) Flashcards Which of the following describes a form of prohibited conduct for Pennsylvania real estate licensees?Neglecting to follow all rules for handling trust funds.In Pennsylvania, when may a licensee act as a dual agent in a transaction?After receiving the informed written consent of all parties to the transaction.Jill and Rita both hold Pennsylvania real estate licenses.Rita had to pass the Pennsylvania licensing exam and complete education approved by the real estate commission to get her license. Jill didn't have to complete these steps. What's true about Jill and Rita?Jill holds a reciprocal license and Rita holds a standard license Annette is a licensee who's had multiple discussions with her friend Sandra about selling Sandra's condo. Sandra can't make up her mind about selling, but Annette knows it's a good time to sell. Annette decides to list the property at a market value just so Sandra can see the kind of interest it will receive. What's true about this situation?Annette must first receive Sandra's written consent before advertising the property for sale.Which of these is a general duty of all licensees?A) To account in a timely manner for all money and property received from or on behalf of any party to a transaction.B) To ensure that a consumer's goals in a real estate transaction are reached.C) To meet or exceed the expectations of real estate consumers.D) To promote the best interests of the real estate industry at all times while protecting the interests of the general public.

• To account in a timely manner for all money and

property received from or on behalf of any party to a transaction.Real estate licenses in Pennsylvania will expire unless they are renewed...?Every two years by May 31 A Pennsylvania broker's policy is to share the commission earned from a sale with a broker who brings the buyer to the transaction. What's true about this situation?She must disclose to her seller the plan to pay compensation to another broker A licensee selling her own home must disclose her ownership interest...?Before signing a purchase agreement with a buyer When the real estate commission determines an individual has ............, it has the authority to impose discipline, including fines.Violated the real estate license law Acting as a dual agent in a Pennsylvania real estate transaction is...?Legal only when the parties to the transaction first give written informed consent Which of these statements regarding listing agreements is TRUE?The agreement must include a termination date that doesn't require prior notice.In which situation is a licensee required to give the consumer the Consumer Notice describing the possible business relationships between licensee and consumer?At the first contact between licensee and consumer where a discussion about the consumer's real estate needs occurs.

Pennsylvania broker David is writing some copy to advertise his services. He wants everyone to know that they'll be listing with a highly successful agent when they choose his services, so he's including the phrase "top producer in the area." What rule must he be careful to follow?He may only use closed transactions when he refers to "top producer" and he must identify the municipality where he's producing.Pennsylvania salesperson Linda is creating her business card. Which of these items is legally required on the card?The licensed name and business telephone number of the firm where Linda works.When a licensee has a written agreement with a consumer to provide real estate services, which of these items is NOT a required part of the agreement?Notice that funds held by the broker in an escrow account belong to the broker unless the transaction is terminated without property transfer.A sales contract is considered voidable by the buyer if...?The zoning classification of the property is not included, except if the property is zoned primarily for single-family dwellings Who establishes the fees that licensees pay to renew their real estate licenses?The Pennsylvania Real Estate Commission In which of these situations is the licensee NOT required to provide the Consumer Notice to disclose the potential business relationships between licensee and consumer?In the sale of commercial property where the buyers and sellers are business entities.Which of the following individuals must hold a real estate license?Daryl, who agrees to help his neighbor sell his home in exchange for a commission.Broker Yvonne has 20 affiliated licensees. Which of the following is true?Yvonne must display her own license and the licenses of all her affiliated licensees at her main office.Pennsylvania salesperson Paula was disciplined by the real estate commission for a license law violation. Under which circumstance will Paula's broker also be disciplined for Paula's actions?Only if Paula's broker had knowledge that Paula was violating license law.A contract to purchase a time share must give the buyer the right to cancel the purchase...?Within five days of signing the contract Which of these actions is required of all licensees assisting consumers with real estate services?Advise the consumer about compliance with laws pertaining to real estate transactions without rendering legal advice.Which of these statements about the Real Estate Recovery Fund is NOT true?A) If the fund reimburses a consumer on behalf of a licensee, the licensee's license is automatically revoked.B) It's used to reimburse consumers who win a monetary judgment against a licensee.C) Renewal fees from all licensees are used to maintain the fund at a minimum of $300,000.D) The fund is available when the judgment against the licensee is related to an act of fraud, misrepresentation, or deceit in a transaction.

• If the fund reimburses a consumer on behalf of a

licensee, the licensee's license is automatically revoked.An individual who is found guilty of practicing real estate without a license a second time...?Has committed a felony Which of these is NOT true of a comparative market analysis (CMA)?A) It is also referred to as an appraisal.B)

It's an opinion of value prepared by a real estate licensee.C) It's prepared for a seller, buyer, or other interested party.D) It's valid for a specific property, in a specific market, and for a specific point in time.

• It is also referred to as an appraisal.

The Pennsylvania Human Rights Act prohibits housing discrimination based on a person's protected class. Which of these lists the protected classes under the Pennsylvania Human Rights Act?Race, familial status, color, disability, national origin, age, religion, ancestry, sex, pregnancy Which of these actions must a licensee performing a comparative market analysis (CMA) take?Include a statement with the CMA using statutorily-defined language to indicate that the CMA is not an appraisal and can't be used for appraisal purposes.Fran is a salesperson who is applying for licensure as a broker. Under what circumstances would her application become grounds for discipline from the commission?If the information she provides is untruthful.Brokers are required by law to ............ all their associated licensees.Exercise adequate supervision over A broker who wishes to delegate an existing agency relationship with a consumer to another licensee must...?Obtain written consent from the consumer to do so Gerald is a licensee who assists his elderly neighbor, Maggie, with the sale of her home. They had an oral agreement that Gerald would represent Maggie and would receive a 6% commission on the sale. All goes smoothly and the transaction closes. What's true about this situation?Gerald isn't entitled to receive any commission from Maggie because she never signed an agreement with him.Which of these statements about a licensee's duty of confidentiality is true?This duty survives the termination of the agency relationship.The real estate commission receives a complaint against Jerry, a real estate broker. As a result, Jerry receives a request from the commission to submit documents and other information related to the complaint. What's Jerry's responsibility?He must submit his response within 30 days Bill holds a reciprocal license in Pennsylvania. He's also licensed in Georgia. What happens to his Pennsylvania license if his Georgia license is revoked?He automatically loses his Pennsylvania license too In Pennsylvania, an individual whose license has been revoked may...?Petition the commission for relicensure after five years from the date of revocation Greg is a salesperson who works for Zenith Realty. When he receives an earnest money check from a buyer, what's his responsibility?To submit it to his broker promptly A broker who performs real estate services for a consumer is entitled to payment for services under what circumstances?When the licensee has an agreement signed with the consumer.Prudence is a broker who employs 25 affiliated licensees.To whom may she pay compensation for activities requiring a license?Her own affiliated licensees or another broker.Ron is a Pennsylvania licensee affiliated with broker Patti.From whom may Ron accept compensation?Ron may only accept compensation from his broker, Patti.Which of these licensees is engaging in prohibited conduct and may be subject to discipline from the Pennsylvania