STATE EXAM - Pennsylvania Flashcards

STATE EXAM - Pennsylvania Flashcards The listing broker produces a buyer willing to meet the seller's terms and conditions. The seller accepts the buyer's written offer. The seller later decides not to sell the property and withdraws the earlier acceptance. The listing

broker:

May sue the seller and attempt to collect the commission A salesperson is interested in purchasing a property recentlyoffered for sale by a seller seeking to sell her house without the assistance of a broker. The salesperson makes an offer without disclosing their license status based on his knowledge of the value of other properties in the area. The offer is accepted by the seller. Prior to settlement, the seller learns that the salesperson is a real estate licensee. In this

instance, the salesperson:

The salesperson has violated license law. A licensee is required to disclose his/her license status in any transaction where he/she has a contemplated interest or an ownership interest. A licensee may take no unfair advantage over the public.The non-breaching party to a contract has a duty by law tomiitigate damages What is assessment value?value the property taxes are based on In a listing agreement, the sales agent is described as thesubagent The Real Estate Commission conducts activities to protect the public interest A listing broker tells their buyer client that the seller is anxious to sell because they are delinquent in their mortgage payments and do not want the property to go into foreclosure. Such a disclosure is unacceptable because of fiduciary duties What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public?conditional use Net ListingA net listing means the broker receives whatever is left over after the seller gets the predetermined net amount.A salesperson is told by his client not to disclose the fact that during heavy rains, the basement takes on water. The agent must disclose the defect to any interested buyers What is an appraisal?an opinion of value for the day of the appraisal only The listing agent is informed by the seller that the basement gets wet when it rains. The agent says nothing to the buyer. Who is liable for the failure to disclose the latent defect?th Regarding real estate brokerage fees, the fees charged:Are the result of an agreement between the consumer and broker When is the real estate broker permitted to place a For Sale sign on a listed property?When the seller agrees in writing A licensed real estate salesperson may represent: Only the broker under whom he/she is licensed The mortgage contingency must include the followingloan amountinterest ratemin. number of years on the loan

salesperson applied for a license. Now they can Attend the broker's sales training program S & T Realty had a listing on a property. After the property sold and closed, P & M Realty asserted its rightful claim to the commission. Which type of listing did P & M Realty have?Only the procuring broker is entitled to the commission in an open listing. If the seller finds the buyer in an exclusive agency listing, he owes no commission.You've passed the salesperson exam and selected a broker to work, however your license has not yet been issued. But, your neighbor wants to list and sell his home ASAP. What should you do?Suggest your neighbor contact the broker you've selected to work for to list his property When a salesperson has been found to have violated a provision of the Pennsylvania Human Relations Act,

possible consequences are:

When the Pennsylvania Human Relations Commission finds a licensee guilty of violating the provisions of the Human Relations Act, they may report their findings to the state real estate commission. The Pennsylvania Human Relations Committee does not have the power or duties to suspend a license or issue fines against a licensee.Estimated statements of closing costs must Be presented to a buyer and seller prior to their signing an agreement of sale.A licensee has secured her first listing contract. The licensee most likely is considered a ______ agent.A special agent is committed to doing one thing for a client (e.g., marketing the home).A lead-based paint disclosure form is required for all residential dwellings built before January 1, 1978. When applicable, who must sign the form?the buyer, seller and agent The purpose of the Recovery Fund is to enable people to get payment of uncollected judgments against the licenses All of the following would cause a broker's license to be

revoked or suspended except:

Refusing to present a verbal offer to purchase one of the broker's listings On Thursday evening a buyer makes a offer and gives a check for $3,000.00. The offer is presented to the seller and they counteroffer. The buyer accepts the offer. on Thursday evening, How is the check to be handled between Thursday and Monday.The broker is responsible for depositing the check by the end of business on Friday The duties and powers of the Pennsylvania Real Estate Commission permit the commission to exercise its authority

for violations of:

The Pennsylvania Real Estate Commission has power to exercise authority for violations of the commission rules and regulations, the Real Estate Licensing and Registration Act, and the Pennsylvania Human Relations Act.Who uses the term REALTIST?members of the National Association of Real Estate Brokers Exclusive Right to Sell ListingIn an exclusive right to sell listing, the listing broker gets paid the commission, no matter who sells the property.Under which circumstances can a broker deposit personal money in the escrow account?To cover any fees for the account charged by the bank Complaints based on Title VIII should be filed with theOffice of Equal Opportunity When a property is advertised for sale by a salesperson, what information must be included on the ad?Business name of the broker

Builder-Owner Salesperson licenseDoes not need education requirements An exclusive right-to-lease agreement must includeLease priceDuration of agreementCommission expected on the lease To obtain a salesperson license, a person must pass the examination The owner of the house does not want it to be rented with anyone who has a pet. However, the salesperson has a client who's legally blind, that uses a guide dog. What should they do?Rent the house the client with the guide dog. Covered under the AOA- American Disability Act The brokerage fee charged to the seller: Is set in accordance with the broker's office policy An authorized power of the Real Estate Commission is tAdminister and enforce the laws that govern the conduct of licensees The Commission has the authority to take disciplinary action against campground membership salespersons When a buyer gives the salesperson a check for escrowThe check must be deposited in the brokers escrow account by the end of the next business day A person discriminated against under the Civil Rights Act of 1866 must file a lawsuit in what court?federal district court Which of the following acts is a salesperson prohibited from completing without the express authorization of the employing broker?A licensee may not advertise the sale or lease of real estate, or otherwise solicit prospective buyers or tenants for the real estate, without the authority of the seller/lessor or his/her agent. The broker of record is considered the seller/lessor's agent.Which of the following is a requirement regarding statements of estimated cost and return provided by licensees?Commission rules and regulations require brokers involved in a transaction to provide the parties involved with written estimates of cost and return before an agreement of sale is executed. They should be as accurate as is to be expected of persons having knowledge and experience in the field.There is no specific form mandated or requirement that they be signed.The listing agent is informed by the seller that the basement gets wet when it rains. The agent says nothing to the buyer. Who is liable for the failure to disclose the latent defect?seller A broker lost his license as a result of mishandling trust account funds. When, if at all may the broker apply for another real estate license?After 5 years (license revoked) A seller offers a $500 bonus to a salesperson who sells the house within 30 days,,, The salesperson who produces a buyer cannot accept this bonus directly from the seller In regards to the relationship between brokers and consumers of real estate services, a licensee employed by

a broker:

Represents the consumer as the broker represents the broker Which is NOT a protected class under the Federal Fair Housing Act?ancestry A listing in which the seller owes a commission even if the seller finds a buyer is exclusive - right to sell (they have 5 days to cancel)

According to the law of agency, a real estate broker does NOT owe the principal the duty of offering legal advice When a salesperson owns the house they're selling The salesperson must disclose to a prospective purchaser that the salesperson is licensed The Commission can take what kind of action if the salesperson advertises a property w/o owner's permission Suspend the salesperson license In some states, the common law legal rights that a wife has in property owned by her husband during their marriage are best known as dower An unlicensed individual successfully negotiated a difficult real estate transaction. The sellers promised to generously compensate the individual for his work, but later changed

their minds. The individual:

May do nothing to recover the promised compensation If the salesperson is unable to collect from the employing broker a commission the salesperson earned..the salesperson can sue the broker A person authorized to act on behalf of another is called a(n) agent to act on behalf of another (e.g., the principal or the client). An agent may work with a customer without working for the customer.The purpose of the real estate license law is to ensure that the public interest is protected In title theory states, what clause is unique to the mortgage?defeasance A broker assists a client in entering into an contract that stipulates that the client will occupy a property for a definite period of time in exchange for an agreed-upon amount of compensation with no ownership rights transferring to the client. At the end of this time, the client will vacate the

property. The type of document that was signed is a/an:

A lease if for a specific and definite period of time, after which the lessee vacates the property, is a real estate lease.Two weeks after a buyer and seller sign an agreement of sale, the seller defaults. The listing agreement provides which of the following remedies to the broker?The terms of the listing agreement stipulate that the broker has earned his/her fee upon procuring a ready, able and willing buyer. The broker is unable to sue the buyer to recover his/her fee and he/she may not withhold any portion of the deposit monies. The broker may sue the seller in court to recover the fee.A salesperson has hired an unlicensed assistant. Which of the following is the assistant permitted to perform in Pennsylvania?Hold an open house for other licenses General agent.A general agent does more than one thing, but not everything for a client (e.g., property manager).When does the license period for real estate licenses begin?June 1 of even years What is NOT part of the secondary market? Federal Universal Mortgage Association In most states, the listing broker has a fiduciary duty to theclient How many square feet are in an acre?43,560 A broker secures a listing and, since the seller needs a quick sale, the broker offers a $1,000 bonus to any