Unit 2 - Vocab Flashcards
The Real Estate Licensing and Registration Act
This law provides for the establishment of a real estate commission. It provides for establishing curriculum for the examination of license candidates and licensing of real estate brokers and salespersons. It also allows the PA Real Estate Commission to oversee all activites of licensees, discipline all licenses with revocation, suspension and reprimand or by fining the licensees with civil or criminal proceedings as needed.
Purpose of Pennsylvania Real Estate Commission’s Creation
to protect the consumer public from harm. It requires all persons who directly or indirectly engage int he real estate business in the capacity of a broker or salesperson be licensed
Who are the members of the Pennsylvania Real Estate Commission?
Eleven Members.
- The Commissioner of Professional and Occupational Affairs.
- The Director of the Bureau of Consumer Protection.
- Three members of the public at large shall be appointed by the governor.
- Five members, licensed real estate brokers of PA, engaged in the real estate business for a period of not less than 10 years.
- A cemetery broker.
The Commissioner of Professional and Occupational Affairs
Represents the Bureau of Professional and Occupational Affairs. It’s purpose is to provide administrative, logistical, and legal support services to the PA Real Estate Commission.
The Director of the Bureau of Consumer Protection
Represents the Bureau of Consumer Protection.
The Bureau of Consumer Protection is authorized to:
- Investigate commercial and trade practices affecting consumers;
- Conduct studies, investigation and research affecting consumers’ interests;
- Advise the legislature on matters of consumer interest;
Investigate fraud and deception in the sale, servicing and furnishing of goods and products and strive to eliminate such illegal practices;
- Promote consumer education on consumer fraud, deception and misrepresentation.
Each member of the commission receives what compensation?
$60 per day.
Term of office for the real estate commissioners
five years or until a successor has been appointed, not to exceed six months beyond the five year appointment.
quorum
is a majority of its members.
The Department is the Department of State acting through the Commissioner of Professional Occupational Affairs.
The Department is the administrative wing to the Commission.
It is the duty of the Department to:
Arrange for the services of professional testing services to write and administer examinations on behalf of the Commission with Commission guidance and approval.
Issue license and registration certificates to any person who complied with the Real Estate Act.
Public meetings?
three public meetings in each of the cities of Pittsburgh, Philadelphia and Harrisburg each year.
The commission is empowered to….
oversee unlicensed individuals practicing real estate on the general public and licensed persons practicing real estate, conduct investigations, and seek criminal and civil remedies for illegal activities.
