196. failing to pay child support A candidate for a broker's license in Pennsylvania must. Received a $5,000, six-month, 11% note on account from Voeron, Inc. 137. 1. 24. 80. To develop data to decide whether her theory is valid, she recorded the amount of time (in minutes) taken by students to submit their midterm tests (time limit 90 minutes) and the subsequent mark for a sample of 12 students. A license is not required to perform clerical duties, greet people at an open house, provide security at an open house, or to serve as a courier delivering documents. The broker may thank the airline pilot. A salesperson is discussing the possibility of listing a seller's home for sale. Which is true concerning the Commission Chairperson? 134. 44. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. What is purpose of the Commission's rules and regulations? When do real estate salespersons' licenses expire in Pennsylvania? A salesperson remains inactive without renewing his license for over five years. There is no requirement for signatures or disclosures of agency representation (35.334). 153. 116. Members on the Washington Real Estate Commission serve terms of How does a person get to serve on the Real Estate Commission quizlet? There is no requirement that a commercial listing must be an exclusive-right-to-sell contract. 18. The agent may provide information on properties for sale in the area, discuss mortgage interest rates and terms, and discuss various levels of representation available to the buyer. However, most escrow accounts do not bear interest. 1. D) Accepting a listing on such conditions subjects the licensee to possible disciplinary action by both the Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission (604 (a)(22)). d) They must fall under the "umbrella" of the license law. Term. 111. The licensee should disclose a professional opinion of value and recommend that the property be listed at market value. An individual directly employed by the owner of multifamily residential property for the purpose of managing or maintaining the property is exempt from provisions of the license law. Traditionally in the sales of most all property, the representing brokerage of the sales agents will split a 6% commission (in some instances this percentage ListingYour Contract with your Agent 130. b) establishing fees and issuing licenses. b. mean that MR5\mathrm{MR}_5MR5 exceeds MC\mathrm{MC}MC at Q3Q_3Q3 units, inducing the firm to expand output to Q5Q_5Q5. The rationale supporting the validity of the law is the government's responsibility to ensure that the public is protected. Exclusive listing contracts are required to contain the sale price, the commission expected, and the duration of the agreement. Salesperson licensees are not qualified to serve on the commission. 14. An applicant for a broker's license must. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. It is permissible to have signs on open listings as well as exclusives. An advertisement by a salesperson must contain the business name and telephone number of the employing broker (3 5.3 05 (b)). A real estate licensee is required to provide each party with a written estimate of reasonably foreseeable expenses associated with the sale before an agreement of sale is executed (35.334 (a)). Qualifications for licensure as a salesperson do not include college education nor a minimum age of 21. A licensed real estate salesperson owns a three-unit apartment building for investment purposes. The broker must disclose his or her license status prior to entering into an agreement with an owner (35.332(c)). The Pennsylvania Human Relations Act specifically prohibits discrimination against handlers or trainers of guide or support animals as well as persons with disabilities who use guide or support animals. In Pennsylvania, the real estate license law is administered by the. the real estate commission includes quizlet. B) Find out how you can intelligently organize your Flashcards. 3. The Pennsylvania Real Estate Commission may commence an investigation of a licensee's conduct upon its own motion as well as upon receipt of a verified complaint in writing from a consumer (604). The zoning classification, unless the property is zoned for single family housing, must be included or the buyer has the option of voiding the agreement with no requirement of court action (35.333 (a)(6)). 2. 4. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. Which of the following is true concerning a real estate broker? If commissioner dies or resigns, governor appoints a new commissioner to the unexpired term. B) 46. Who of the following is subject to disciplinary action by the Pennsylvania Real Estate Commission? When are statements of estimated cost and return provided to the parties to a transaction by the broker involved in the transaction? received disciplinary action in another state or jurisdiction In the license law, a "person" is defined as. 192. An applicant for a real estate salesperson's license in Pennsylvania must. 206. 161. 2. 51. 40. Lenders provide statements to prospective borrowers, rather than both parties involved in the transaction. The Commission's authority is based upon. C) 2. License law (606.1 (a)(13)) requires licensees to disclose to the consumer any financial interest, including referral fees, derived from services to be provided to the consumer by any other person, including inspection services. 107. Neither must be represented by attorneys nor do they have to be related. 1. 167. a) requiring periodic accounting reports related to trust violations. Campground membership salespersons (581), time-share salespersons (591), and rental listing referral agents (561) are all required to complete education or training requirements as a condition of licensure. The unlicensed person may do nothing. (606.1 (a)(13)). A listing broker offers a $500 bonus to any salesperson that sells a particular listing within the next 30 days. Benefits damaged consumers who have obtained final judgments by the courts but are unable to collect them. 4. Luxury real estate specialists often charge 10%. 148. The Pennsylvania Realty Transfer Tax is 1% of the full sale price. Zoning classification must be provided in the case of properties other than those zoned for residential use. Whenever the commission is required to satisfy a claim against a licensee with money from the Real Estate Recovery Fund the licensee. Appraisal activities are regulated by the State Board of Certified Real Estate Appraisers, rather than the Pennsylvania Real Estate Commission. 2. 4. two years. 170. 17. Residential multi-family property managers who are employed directly by the owner, persons holding power of attorney, and owners conducting real estate business with regard to their own property are excluded from the license law (304). 205. #1. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. 204. 201. 176. In Pennsylvania, brokers and salespeople may. When a selling broker negotiates a sale of property listed by a cooperating broker, who is responsible for assuming the duties regarding escrow of the buyer's deposit check? At the beginning of the second year, the landlord must return to the tenant any amount that exceeds the amount of one month's rent. 60. 197. An associate broker is changing employing brokers. If an agreement of sale is conditioned upon the ability of the buyer to obtain a mortgage, the agreement must contain the type of mortgage, the maximum interest rate, and the deadline for obtaining the mortgage. d. enable this firm to obtain a normal, but not an economic, profit. In Pennsylvania, representation agreements that obligate the buyer to pay a fee. b. Rules of the commission require that the asking price and a specified commission rate or amount be included in an exclusive listing agreement. d) Any new rules passed must not increase business costs without a compelling need. 4. Can the salesperson refer the buyers to this lender in order to collect the referral fee? 1. 1. A buyer contacts a real estate office and indicates an interest in purchasing a home in the area. Investigations may be initiated by the Pennsylvania Real Estate Commission in each of the following circumstances except: upon a written complaint regarding state testing services procedures. A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. I have been a licensed mortgage broker for over ten years. 184. 16152315141211211661281919141661624121416915151051313162514189261717192212206101318524101528. 4. 2. Any promotional prizes or gifts issued to the purchaser remain the property of the purchaser (609 (d)). A licensee may operate and/or advertise under a name other than the one on his or her license, but to do so, approval for the name must be obtained from the Department of Licensing, Real Estate Licensing Unit. There is always the possibility that the dual agent will not treat the buyer and seller equally. 71. The associate broker cashed the check because he felt it was earned. Which of the following candidates for licensure is required to take the standard real estate salesperson's license examination and score a passing grade but is not required to complete any mandatory education requirement prior to taking the exam? 174. gathering information to develop a marketing campaign. A qualified expert's report covering property condition is not required when a seller lists property for sale with a broker. This may be done after default but before the foreclosure sale. Both license law and fair housing law make it illegal for a broker to accept any listing on the understanding that illegal discrimination in the sale or rental of housing will be practiced. . with no real estate experience. The Georgia Real Estate Commission's authority involves. A couple visited a time-share property and received a gift of a portable color television for signing a purchase agreement for a time-share interest the day of the visit. 70. 4. 82. The Real Estate Recovery Fund is funded by the: Upon obtaining a final court judgment against a licensee, what is the time frame in which an injured party must make a completed application if seeking payment from the Real Estate Recovery Fund? If money is paid from the recovery fund on behalf of a licensee, the license of that person shall automatically be suspended as of the effective date of payment. c. set regulations governing a broker's authority to interpret the terms of a contract. 2. In this position, the on-site manager. d) considered the same as violating the license law itself. When included as a provision in an agreement of sale, a mortgage contingency must include all of the following EXCEPT. possessing, selling, making illegal drugs 57. 68. 85. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. 80 percent. In a half-board hotel, the innkeeper serves . discussing information regarding the price or condition of the property with prospective buyers. The salesperson's employing broker was unaware of all of these activities. 3. 1. License law prohibits the filing of any suit or action claiming compensation for any act for which a license is required if the person filing suit was not duly licensed at the time of offering to perform such act or service (302). 140. In the case of a corporation or partnership, this exclusion shall not extend to more than five of its partners or officers (304 (1)). The associate broker may manage a branch office on behalf of the broker. A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. A personal assistant working under the direct instructions and supervision of a licensee may be unlicensed if he or she performs any of the following tasks and duties EXCEPT When the house was listed, the seller told the broker that the roof leaked, but they agreed not to disclose the fact to prospective buyers. 130. Webinar ID: 161 424 2554. In the case of the sale of an existing single-family home, property condition disclosures must be delivered to the buyer. When licensees change employing brokers, they are required to notify the commission in writing no later than 10 days after the intended date of change, pay the required fee, and return their current license. 103. 186. 9. This requirement does not apply if the property is listed for sale with a real estate company (35.304). The real estate commission policy regarding internet advertising requires that the broker' s name as it appears on the license must be included on each page of the site on which the firm's advertisement occurs. 3. In this situation, the licensee. Disputes between an employing broker and salesperson employed by the broker are contract issues to be settled in a court of law.
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