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45 Hour Class > Ch 9: Agency Law in PA > Flashcards

Ch 9: Agency Law in PA Flashcards

1
Q

What is the major document that describes the statutes regarding real estate laws?

A

Real Estate Licensing and Registration Act (RELRA)

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2
Q

What type of licensee can provide real estate services without having any agency relationship with a consumer?

A

Transaction Licensee

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3
Q

Who acts as the individual broker responsible for the real estate transactions of a partnership, association, or corporation that holds a broker’s license?

A

Broker of Record

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4
Q

What is it called when a fiduciary relationship exists between a broker and a consumer who becomes a principal?

A

Agency Relationship

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5
Q

Identify at least two contractual terms that are negotiable between a licensee and a consumer.

A

The duration of the licensee’s employment, listing agreement or contract.
The licensee’s fees or commission.
The scope of the licensee’s activities or practices.
The broker’s cooperation with and sharing of fees with other brokers.

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5
Q

An open listing agreement for a licensee to act as a buyer’s agent may be oral if a seller is provided with what type of document?

A

A written memorandum stating the terms of the agreement.

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5
Q

What are the duties of a seller’s subagent?

A

Subagents have the same duties and obligations to the seller as the seller’s agent.

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5
Q

When is a licensee required to provide a consumer with agency information?

A

At the initial interview

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5
Q

Identify at least three situations when confidentiality can be broken.

A

Disclosure is made with the consent of the principal.
The information is disclosed to another licensee or third party acting solely on the principal’s behalf and not for any other party.
The information is required to be disclosed under subpoena or court order.
It is the intention of the principal to commit a crime and the disclosure of information is believed necessary to prevent the crime.
The information is used to defend the licensee in a legal proceeding against an accusation of wrongful conduct.

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6
Q

What are the ramifications if a seller’s agent of one buyer shows alternative properties to another prospective buyer?

A

A licensee does not breach a duty to a seller by showing alternative properties to a prospective buyer.

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6
Q

A broker has the responsibility to direct and supervise the business activities of designated agents and acts as what type of agent to both the seller and the buyer?

A

The broker acts as a dual agent.

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7
Q

What is the status of a licensee who is employed by a broker and is not a designated agent in a transaction?

A

The licensee has no agency relationship with either party in the transaction.

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8
Q

What disclosure document are licensees required to present to any consumer that they might be working with for the purchase or sale or lease of residential or commercial real estate?

A

A licensees must provide the consumer with the Consumer Notice at their initial interview.

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9
Q

How does the RELRA Section 608 define an initial interview?

A

An initial interview is the first contact between a licensee and a consumer of real estate-related services where a substantive discussion about real estate needs occurs.

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10
Q

What must a licensee do, if a prospective tenant refuses to sign a disclosure statement?

A

The licensee must note the refusal on the form and retain it for six months.

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11
Q

What are the disclosure requirements regarding the Real Estate Recovery Fund?

A

A licensee must provide a statement describing the purpose of the Real Estate Recovery Fund and the telephone number of the commission at which the parties to the transaction can receive further information about the fund.

12
Q

Under what conditions can an auctioneer sell real estate?

A

No license is required if the auctioneer is licensed under The Auctioneers’ License Act or The Auctioneer and Auction Licensing Act and is performing authorized duties at a bona fide auction.

13
Q

What type of working relationship, if any, can a registered appraisal management company have with a broker who conducts BPOs?

A

A registered appraisal management company may recruit, engage, and negotiate fees with a broker to prepare broker price opinions and may receive orders for and submit broker price opinions to clients.

14
Q

What is the status of a BPO when a professional appraisal has also been conducted on the property?

A

A BPO may be used in conjunction with or in addition to an appraisal.

15
Q

What type of real estate license must an employee hold who works for a public utility acting in the ordinary course of utility-related business with respect to negotiating the purchase, sale, or lease of real estate?

A

No license is required.

16
Q

What type of licensee provides real estate services without having any agency relationship with the consumer?

A

A transaction licensee

17
Q

The Consumer notice must contain the statement that the broker’s fees are:

A

negotiable

18
Q

Why should a consumer not provide a transaction licensee confidential information?

A

The transaction licensee is not acting as an agent.

19
Q

How should a seller’s agent be loyal to the seller?

A

By taking actions consistent with the seller’s interest.

20
Q

What does a licensee need to act as a dual agent?

A

Written consent of both parties

21
Q

What title is given to an individual who sells or offers to sell time shares?

A

A time-share salesperson

22
Q

A broker price opinion can be composed by an associate broker, salesperson or:

A

broker.

23
Q

What type of agency relationship do licensees have, who have no agency relationship to parties in a transaction yet are employed by the broker?

A

A seller’s agent

24
Q

Under what Act is a broker price opinion not deemed to be a valuation of real estate?

A

The Appraisal Management Company Registration Act

25
Q

The Consumer Notice must contain the broker’s policies on cooperating brokers along with:

A

the sharing of fees.

26
Q

How long should a licensee retain a copy of the signed acknowledgement for the Consumer Notice?

A

6 months

27
Q

A licensee should exercise reasonable care which meets the standards of what Act?

A

The Real Estate Licensing and Registration Act

28
Q

In real estate, what do you call a consumer who has entered into an agency relationship with a broker or licensee?

A

The principal

29
Q

What can a broker price opinion be used in conjunction with?

A

An appraisal

30
Q

When can designated agency take place?

A

At any time

31
Q

Who can compensate a broker, who is not the original broker, but assists in marketing a property?

A

A broker

32
Q

What type of real estate agent works exclusively for the buyer/tenant, even if paid by the seller/landlord?

A

A buyer’s agent

45 Hour Class (12 decks)

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