Chapter 10 - Real Estate License Law / Rules and Regulations

Question 1

What does RELRA Stand for?

Answer 1

Real Estate Licensing and Registration Act

Question 2

Corporeal

Answer 2

is right of ownership in material things, or in something tangible, such as a building.

Question 3

Incorporeal

Answer 3

refers to rights to property having no physical existence, or in something intangible, such as a mortgage.

Question 4

Freehold

Answer 4

is an estate, or ownership interest, that has an indefinite duration but that lasts at least as long as the lifetime of the present title holder. For example, the home you own is likely held as a fee simple absolute estate, a type of freehold estate that is owned indefinitely and can be passed down to heirs.

Question 5

Non-Freehold

Answer 5

represents property interests with a limited or specific duration. A tenancy for years is an example of a non-freehold estate. The tenant has an interest in the property; however, the interest is not absolute and is for a limited duration.

Question 6

Broker

Answer 6

any person who, for another and for a fee, commission or other valuable consideration

Question 7

Associate broker

Answer 7

a Broker employed by another Broker.

Question 8

Salesperson

Answer 8

any person employed by a licensed real estate broker to perform comparative market analyses or to list for sale, sell or offer for sale

Question 9

Cemetery broker

Answer 9

any person engaging in or carrying on the business or acting in the capacity of a broker within this Commonwealth exclusively within the limited field or branch of business which applies to cemetery lots, plots and mausoleum spaces or openings.

Question 10

Cemetery salesperson

Answer 10

any person employed by a broker or cemetery broker to perform duties as defined herein under “cemetery broker.”

Question 11

Builder-Owner salesperson

Answer 11

any person who is a full-time employee of a builder-owner of single and multifamily dwellings located within the Commonwealth and as such employee shall be authorized and empowered to list for sale, sell or offer for sale

Question 12

Rental Listing Referral Agent

Answer 12

any person who owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units.

Question 13

Campground Membership Salesperson

Answer 13

a person who either as an employee or an independent contractor sells or offers to sell campground memberships.

Question 14

Time-Share Salesperson

Answer 14

a person who either as an employee or independent contractor sells or offers to sell time shares.

Question 15

Broker’s License Requirements

Answer 15

1. Be at least 21 years old
2. Be a high school graduate or equivalent
3. Have completed 240 hours of study approved by the Commission in areas of study that include fair housing and ethics.
4. Have worked as a licensed salesperson for at least three years or have the equivalent education and/or experience as determined by the Commission.

Question 16

Salesperson’s License Requirements

Answer 16

1. Be at least 18 years old.
2. Completed at least 60 hours of study approved by the commission in areas that include fair housing and ethics.