Unit 5 - Questions Flashcards
When a salesperson wishes to change employment, the new broker sends a receipt of acknowledgment to the Commission. While awaiting the new license, the salesperson/licensee keeps a copy of this notification as a temporary license. The licensee must inform the Commission if the new license is not received within
30
Under the Promotional Land Sales rule, a land developer informs the Commission of the condition of the title to the property, including all encumbrances, mortgages, judgments, liens or unpaid taxes, deed restrictions and covenants in the
Statement of Record
A licensed employee of a broker may only receive compensation from _______________________ but no other party, including the seller.
The employing broker
In the case of the death of a sole proprietor broker, the estate must notify the Commission within _________ of the death to inform the Commission that the estate has appointed another licensed broker to carry out the termination of the deceased broker’s business.
15
Under Pennsylvania law, a land promoter must submit to the Commission all the specifics of the property by filing a
Statement of Record.
The legislature gives the Commission the right to grant continuing education waivers. What group may automatically be given a waiver of continuing education by the Commission?
Any licensees deemed by the Commission to be hardship cases
Bill is looking at an offering of real estate classes. Which of the following will probably be approved by the Commission for continuing education?
A course explaining income taxation as it applies to real estate
Courses for real estate continuing education may be provided by which of the following?
A continuing education provider approved by the Commission
In advertising its classes, the real estate education provider may say which of the following in regard to the Commission?
The Commission approved the provider.
It is possible for renewing licensees to take CE real estate instruction delivered in an independent or instructor-led format during which the student and the instruction are separated by distance and sometimes time. This option is known as
Paul must not do any work or hold himself out as a broker without a current, active license.
Jim is the sole broker-owner of Super Real Estate Company. He is severely injured in a major car wreck and lies in a coma at the hospital. He has several listings, some closings and some salespeople who work for him. What will happen now?
Jim’s attorney must notify the Commission within 15 days of the accident and alert the Commission that a new interim broker has been appointed.
Paul is a broker who forgets to renew his license. He becomes inactive in July. He tries to sell his cousin’s home for him for a fee in September. Which of the following statements is TRUE?
a)Paul must pay a fee to activate his license; then he can collect his fee.
b)Paul must not do any work or hold himself out as a broker without a current, active license.
c)Paul must activate his license by taking a current continuing education course.
d)Paul is subject to a fine for advertising himself as a current broker when he is not.
b)Paul must not do any work or hold himself out as a broker without a current, active license.
It is the responsibility of the broker to directly supervise all licensees who work for him. In the case of a corporation, partnership or association, it is the _____________________who is accountable for the actions of the employees.
broker of record
ABC Reality offers Suzie Salesperson a better commission split if she will come to their company, leaving her current broker XYZ. She decides to do this. What must she do?
Suzie must pay the fee, send in the notice within ten days of the change, and submit her current license.
Golden Oaks Land Development Company, licensed in MD, wants to advertise some resort property to PA residents. The property being offered is in Maryland. To do this, Golden Oaks
