State Real Estate Commission Practice Questions Flashcards

State | Real Estate Commission Practice Questions Flashcards Ted is a real estate licensee in Pennsylvania. He was found guilty of violating license law. The commission has the power to dole out various penalties, but which of these is beyond the scope of its powers?Jail timeThe commission has the power to revoke, suspend, or deny issuance of a real estate license when a license law violation has occurred. The commission can also impose civil fines of as much as $1,000, depending on the violation. The commission doesn't have the authority to impose jail time, though.What happens to you if you are involved in a case and cannot pay the judgment amount, and the consumer is awarded money from Pennsylvania's Real Estate Recovery Fund?You will be suspended and cannot be reinstated until you pay back the fund at 10% interest.Which of the following individuals may qualify for appointment to the Pennsylvania State Real Estate Commission?Dennis, who has been a licensed real estate broker for five years and has sold cemetery lots for 10 years Lenny is a licensed broker in Pennsylvania with 15 years' experience in real estate. He's a member of the Pennsylvania State Real Estate Commission. How many other members of the commission have at least 10 years' real estate experience?4Of the 11 total members, the commission includes five individuals who are licensed real estate brokers and have been licensed for at least 10 years at the time of appointment.How is Pennsylvania's Real Estate Recovery Fund funded?Through a $10 fee at license issuance and renewal Jack was the victim of a Pennsylvania licensee's misrepresentation. He submitted an application seeking recovery from the Real Estate Recovery Fund six months after a court awarded him a final judgment of $120,000.What's the maximum Jack can recover?$20,000The maximum a single consumer who was the victim of a licensee's fraud, misrepresentation, or deceit during a real estate transaction can recover is $20,000.There's a maximum payout of $100,000 per licensee, as well. Claimants must prove that they're not the spouse or spouse's representative of the licensee, and that they've been awarded a final judgment and have attempted to obtain payment through all other means. Claimants must apply for recovery within one year of the end of the civil proceedings.The Pennsylvania State Real Estate Commission has decided to assess an additional five-dollar fee to each licensee at the beginning of the next renewal period. Which of these is a likely cause of this additional fee?The Real Estate Recovery Fund will have less than $300,000 at the beginning of the license renewal period.In Pennsylvania, who or what entity receives complaints filed against a licensee?Department of State A real estate practitioner holds a standard license in Georgia and a reciprocal license in Pennsylvania. A complaint was filed against the licensee in Pennsylvania.Who has the jurisdiction to investigate the complaint?The Pennsylvania State Real Estate Commission, since the violation occurred under its jurisdictionReciprocal licensees are within the Pennsylvania commission's jurisdiction and subject to applicable state laws regarding any transaction-related civil or court action arising from the licensees' misconduct or error. If the State Real Estate

Commission takes disciplinary action, that could affect the Georgia real estate license.Which Pennsylvania commission administers and enforces laws regarding licensed real estate activities?State Real Estate Commission

Liam is a Pennsylvania real estate licensee who failed to pay a final judgment ordered by a court to a former client of his. The client sought and received payment from the Real Estate Recovery Fund. What's likely to happen to Liam?Liam's license will be suspended until the amount distributed by the recovery fund plus interest is paid back in full.While his license is suspended, Liam can't practice real estate.Who selects the members of the Pennsylvania State Real Estate Commission?The governor Where does the money in Pennsylvania's Real Estate Recovery Fund reside?The State Treasury Connie is an unlicensed individual who serves as a member on the Pennsylvania State Real Estate Commission. What compensation does she earn for serving in this role?She receives a per diem of $60 when spending time on commission business and is reimbursed for reasonable expenses.Which organization specifies in their Rules and Regulations the standards of conduct that each Pennsylvania licensee must follow?State Real Estate Commission Maddox is a Pennsylvania licensee who violated license law by commingling trust and personal funds. He claims that his broker, Heather, didn't adequately train him.Heather claims that Maddox had access to Pennsylvania license law statutes and she was available to answer any questions, but says that she didn't know violations were made. Who is at fault?Maddox is at fault for violating license law, but Heather may also be at fault for failure to supervise.Brokers must adequately supervise their associated licensees and employees. The licensee's broker could face fines for failure to supervise. If the broker had actual knowledge of the violation, more severe actions are possible.Jake continued performing real estate activities in Pennsylvania even though he failed to keep his license current. Which of the following actions could the commission take?Impose civil penalties of as much as $1,000.Stella wants to obtain a real estate license in Pennsylvania.Which one of these aspects of the licensing process does the Pennsylvania Real Estate Commission have the authority to perform?Promulgate the rules and regulations that set licensing requirements.The commission promulgates (declares) rules and regulations needed to administer real estate license law. The commission identifies topics that will appear on the licensing exam but doesn't actually conduct that exam.License issuance falls under the Department of State's scope, though the commission identifies and enforces licensing requirements and grants licenses to those that qualify. One of those requirements is that the licensee have an employing broker who provides a sworn statement as part of the application process. It's up to the license applicant to identify a broker, not the commission.Sarina filed a complaint against a Pennsylvania real estate licensee that was related to a possible violation of the Human Relations Act. This is the first time the licensee has faced a complaint. What role does the Pennsylvania State Real Estate Commission serve in this investigation?The Pennsylvania State Real Estate Commission must wait at least 90 days before initiating its own investigation related to the complaint.What is the highest amount you can be fined by the Pennsylvania Real Estate Commission for a serious

violation?

$1,000