PA Real Estate Flashcards
A cemetery salesperson needs to be ______ years old and ________.
18
Supervised and rained by a broker
Who must be the trustee on trust accounts and is responsible for all documentation of transactions?
The broker for the seller
What needs to be presented at the initial meeting?
The Consumer Notice
It must be given and reviewed in detail.
What is the maximum that a single consumer can recover from the Real Estate Recovery Fund?
$20,000
What is the maximum a licensee can be paid out from the Real Estate Recovery Fund?
$100,000
When does a real estate license expire?
May 31st of every even year
If your Pennsylvania license has been expired for more than ______ year(s), you must retake the exam and reapply for licensure.
5
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?
4
5 members need to be licenses for at least 10 years.
How long do most contracts and agreements need to be retained for?
3 years
Consumer Notices and sub-agent transaction agreements may only need to be held for 6 months.
Which form outlines how much will be paid to her when she or any of her associated licensees engages in a transaction?
Listing Agreement
Jake continued performing real estate activities in Pennsylvania even though he failed to keep his license current. What actions can the commission take?
Civil penalties up to $1,000
Which of the following is NOT currently a protected class?
Familial status
religious creed
sexual orientation
ancestry
A/An _________ is an individual who has met the broker license requirements but is employed by a broker of record.
Associate Broker
If the Pennsylvania State Real Estate Commission revokes a license, how long does the revocation usually last?
At least 5 years
Darryl is a broker in Pennsylvania acting as a buyer’s agent. A buyer made an offer on a property and handed Darryl an earnest money check. The offer hasn’t yet been accepted by the seller. What is Darryl’s responsibility related to this money?
Darryl can hold onto the check, and if the offer’s accepted he has until the next business day following acceptance to deposit the earnest money. If it’s rejected, Darryl must promptly return the funds to the buyer.
Every licensed broker must have a _________.
Fixed place of business
A/an ______ is an individual or entity who operates in a field limited to mausoleum spaces and burial sites in Pennsylvania.
Cemetery BROKER
Describe the broker’s application process in Pennsylvania?
Apply in writing on an approved form within 3 years of passing exam, include place of business for which license is desired.
Timeshare salespersons are exempt from the ______ requirement that real estate salespersons are subject to, but timeshare license holders must still renew their license every ___ years.
14 hours of continuing education
2
When does a licensee have to stop practicing real estate if they do not renew their license on time?
Immediately
What should a salesperson do with an earnest money check and when?
Turn it over to their broker immediately
If you’re convicted of a lesser crime, why might your Pennsylvania real estate license still be revoked?
It demonstrates a lack of trustworthiness
Emma just signed a contract to purchase a timeshare in Pennsylvania. If she wants to cancel, within how many days must she act?
5
Pennsylvania law states a seller must return the buyer’s deposit within ______ days of canceling a timeshare purchase.
10
Marjory is a Pennsylvania salesperson representing a seller on behalf of her broker, Leonard. Kenneth is a salesperson representing a buyer on behalf of his broker, Jason. Marjory’s listing agreement provides for compensation to the buyer’s agent in the transaction. From whom will Kenneth receive his compensation?
Jason
Licensee compensation must be paid through the licensee’s broker. Brokers can’t pay a commission for real estate services to anyone other than their own associated licensees or to another real estate broker.
Can brokers and their affiliated licensees still show other properties to prospective buyers and list competing properties without breaching their duties to the seller?
Yes
Licensees are required to complete ___hours of continuing education during the___ year period leading up to the renewal deadline.
14
2
Licensees only owe their clients the duty of _________.
Confidentiality
What is the highest amount you can be fined by the Pennsylvania Real Estate Commission for a serious violation?
$1,000
If a licensee is selling their own home, they must disclose their license status UNLESS _____________________.
They are selling their property through a real estate company
You have to have been engaged full time as a salesperson or cemetery salesperson for at least ___ years, or possess equivalent education or experience (to be determined by the Commission) to qualify for a cemetery broker’s license.
3
Qualifications for a timeshare salesperson’s license include: ___ years of age, completion of ____ hours of approved coursework, and ____ of on-site training.
18
30
30 days
Reciprocal license holders _____ (can or cannot) serve as members of the commission, but they’re exempt from _______ and _________ requirements.
cannot
licensee exam
Continuing education
The PA Real Estate Commission includes 5 licensed brokers who have been licensed fr at least 10 years and 1 person who has been licensed as a real estate broker or cemetery broker for at least ____ years and has sold cemetery lots for at least ____ years.
5
10
Licenses must disclose their license status when they are SELLING their own property, but what must they disclose if they have personal interest in BUYING a property?
Licenses must disclose their true intent for the property. For example, if they see the potential to subdivide a property and plan to do that, they must disclose that to the seller.
If a license has a personal interest in a service, when must they disclose this personal interest to the customer?
As soon as the licensee recommends the service, product or company to the consumer or when the consumer first notifies the licensee that they intend to use the service, product or company (if they found it independently).
Within how many days must a PA licensee notify the Commission when changing a broker?
10
What does Pennsylvania licensees owe to all consumers, regardless of agency relationships?
Engage in honest and good-faith dealings.
Summer is a real estate salesperson in Pennsylvania who works for ABC Brokerage. The main office is in Philadelphia, but Summer works out of the King of Prussia branch office. Which of these statements is correct?
Summer’s license will be maintained at the Philadelphia office, and the King of Prussia office will include Summer’s name on the list of licensees working out of that office.
Phyllis is a salesperson in Pennsylvania. Her buyer client handed her an earnest money check for an offer and they’re now awaiting the seller’s decision. What’s is Phyllis’s responsibility related to the check?
Promptly hand the check over to her broker.
Owen holds a builder-owner salesperson’s license in Pennsylvania. Which statement best describes who can employ Owen?
A qualified RELRA builder-owner.
Under Pennsylvania law, which of these items would a licensee need to disclose to any consumers?
The licensee has a personal or financial conflict of interest.
Some property management employees may be exempt from licensure, but those who ______ or __________ on the property owner’s behalf must be licensed.
negotiate
enter into leases
