Is felony offense With fine up to 20,000.00 & or one to two years imprisonment.
What is the maximum penalty for a person who has been cited 3 times for performing real estate activities without a license?
Annual view of a random selection of current licensee.
The commission may conduct an investigation on all the following grounds except?
Members of the commission are Elected officials who run for office every 2 years.
All of the following regarding the Pennsylvania really the Pennsylvania real estate commission are true except?
$100,000.00
The maximum compensation paid by the real estate recovery fund is?
5 years
what is the term of a Pennsylvania real estate commissioner?
Solicit Suggestions, comments, And concerns Regarding real estate practices from the general public.
Public meetings held by the Pennsylvania real estate commission are primarily to?
Individual who lost money due to the Fraudulent action.
A licensee was convicted of fraud in a real estate transactions. Who may collect from the real estate recovery action?
Sell a condominium (on behalf of the employing broker.)
Which of the following is permitted activity for activity for a licensed salesperson?
3 years active licensure ( Broker candidates candidates must be at least 21 years of age.)
An 18 year old has just received his received his salesperson real estate license. How long must he practice before he can apply for a broker's license?
Attend sales training provided by the broker
Once an individual has applied for a salesperson license, they can do with the following?
Builder owner salespersonal license.
Which of the following does not require satisfaction of an education requirement?
United States citizenship.
To be eligible for a broker's license, individuals must have all the following except?
Notify the commission in writing.
If a salesperson decided to change employing brokers, she should do which of the following?
The license will become inactive and the broker must cease to offer brokerage services on June 1st.
The broker's license Expires on May 31st. Which of following is true on June 1?
pass the salesperson's examination
To obtain a salesperson license, a person must?
June 1 of even years. (2 yrs license period for all real estate licenses begins June 1 & end May 31st in Eben numbered of year.)
When does the license For real estate licensees begin?
complete the required education program.
Which of the following is NOT a licensing requirement for a builder/owner salesperson?
18 years of age (Brokers must be at 21 yrs of age)
Which of the following is not required for the standard broker's license?
Real estate Counselors
Which of the following requires a real estate license?
At least 3 years following the termination or consumption date Of any transaction.
How long is a broker required to keep transactual records?
The sales person may not receive Compensation from anyone other than her broker.
Because of difficulties with a transaction, a client gives her a listing Agent a check for $500 After closing along with a nice thank you note thank you note. What is what is true regarding the receipt of this money?
The broker may legally set the minimum commission rate allowed for the firm.
An employee broker has a firm policy that requires a minimum 7% commission on all brokerage transactions. Which of the following statements is true?
Negotiated commissions of all transactions. (The IRS Requires at least 90% of income be paid as result to be classified as an independent contractor)
A real estate salesperson who works as an independent contractor receives?
Determine a minimum rate for the firm.
With regard to commission rates rates, a broker may?
refrain from controlling how the salesperson conduct business activities.
A real estate broker who engages salespersons as independent contractors must?
a discussion on the real estate recovery fund.
The consumer notice Must include?
62 yrs of age. (Is exempt, where familiar status is a normally protective classes.)
Under the fair housing act, families with children may be refused rental or purchase in a building where occupancy is reserved exclusively for the exclusively for those ages is at least?
Illegal. (Is a violation of the fair housing act)
A real estate brokers Practice of offering a special discount to Minority clients is?
Refusing a loan based on location of the property.
Which of the following is an example of redlining?
Equal Credit Opportunity Act (ECOA).
Discrimination against a loan applicant based on Marital status Is a violation of what law?
Conciliation
After receiving a fair housing complaint, HUD initiates an investigation & attempts to find resolution via?
40 years old and older. ( A Pennsylvania human relationship act (PHRA) is more restrictive than the federal fair housing act.)
You so country
The buyer and seller can agree in writing that the escrow funds will not be deposited until sales agreement accepted. ( Commission rules and regulations allow the broker to wait to deposit escrow funds)
Which of the following is true regarding the letteregarding the laws for trust/escrow accounts?
Delivered to the broker (must deliver immediately. the funds must be deposited by the end of the next business day.)
A sales person receives an earnest money check from the buyer Along with the buyer's offer. The buyer's check must be?
illegal. ( Brokers who manage rental property may not accept commission's, rebates or powerebates or profits on expenditures made w/o the owner's prior written consent. )
A broker serve as the property manager of a large complex.. The cleaning company approaches approaches the broker and offers $25 each time that a tenant uses the cleaning company Services. In this situation, the compensation is?
To preserve the brokers Commission If the owner sells the home to someone the broker introduced it to the property Within a set number of days after the listing agreement end.
The purpose of the protection clause is?
Sharing confidential information about a customer to his or her client.
Which of the following is not prohibited conduct by licensees?
if a resolution is not apparent, the broker may petition the county court to interplay rival claimants after proper notice to the parties.
Circumstances in a transaction gives rise to a dispute regarding escrow funds. When there is such a dispute?
That the home is haunted. (are stigmatized property is not a material requiring disclosure.)
What would a broker not be required to disclose?
10 days.
If not stipulated in the sales contract, the time frame granted the buyer to inspect the property is?
all escrow monies must be held in the attorney's escrow deposits.
Which of the following is not required with regard to escrow deposits?
Universal agent. (can act as the client's attorney in fact through executed power of attorney.)
A person who has the authority to to enter into into contracts, conduct all business affairs and sign checks on behalf of another is called?
Broker of Record, who shares this responsibility with the licensees who work for the firm.
In the case of Agency, who is authorized anf to represent the interests of another?
Must obey the legal directions of the buyer.
A real estate broker acting as the agent of The buyer?
Cooperative agency
Which of the following is not permitted type of agency in Pennsylvania?
Loyalty to the customer.
What is not a duty of a seller's agent?
It must be signed by the consumer. ( If the consumer refuse to sign, the Agent must document date/time of initial interview and retain copy for 6 months.)
Which of the following is not true regarding the consumer notice?
Listing his or her own property with another agent.
A licensee is not required to disclose licensure when?
It should not be disclosed to the buyer. ( Must always be disclosed to all parties in the transaction)
Which of the following is NOT true regarding designated agency?
equitable redemption
Before the foreclosure Sale, the the borrower who defaulted on the loan is permitted to pay off the debt Plus any accured interest & costs under thr right of?
Acceleration clause.
Gives the lender the right to declare the entire debt due payable immediately if the borrower is delinquent and making payments or breaches any other conditions of the note.EX: The clause in a Promissory note that allows the lender to have all future installments become due upon default is the?
The lender may file for a deficiency judgment.
seeks to acquire additional funds(EX): If a foreclosure sale does not yield enough money to pay off the loan, what recourse does the lender have?
Pre-designated times each calendar year.
Use of a campground facility is limited by which of the following?
time-share estate.
Has the right To use the property for a The specific period of time each year.A buyer purchases interest in a Resort property. The new owner is entitled to the right use Resort between between June 14th and and July 4th of each year each year. This would indicate what type of ownership?
4 years
What is the statue of limitations change for the filing of a breach of contract in the state of PA?
Parol Evidence Rule
(that the written contract takes precedence over any oral statements, agreements, or promises)(EX): A written real estate contract is contract is assumed to be the complete agreement of the party's, it's, regardless of oral statements, based on the?
When they are a party to the contract. (licensee are never permitted; must refer them to an attorney)
When licensee draft language for a contract?
Alienation clause (Also known as a do on sale or resale clause.)
prevent loan Assumptions by declaring the entire loan Payable immediately upon the sale of the property.EX: What clause in a mortgage Loan disallows an assumption by the buyer?
When they are a party to the contract.
When Can a licensee draft language for a contract?
Intermediary theory
With regard to a lien theory, title theory, and any hybrid from title or lien theory, what type of state is PA?
Require lender approval.
In Pennsylvania, short sales?
Subdivisions with more than 20 lots sold outside the state of Pennsylvania.
The interstate land full disclosure act applies to?
Fee simple ownership of the lot under the Condominium
Which of the following is not required for condominium sales in Pennsylvania?
cannot be completely disinherited.
Spousal rights guarantee that upon the death of a spouse, the surviving spouse?
Pennsylvania real estate appraisers Certification act.
What Pennsylvania law provided for the licensure licensure of real estate appraisers including including certification requirements requirements sanctions, & penalites?
Trade Fixtures That are personal property.
A farmer Temporarily installs produce coolers in a list farm stand in order to prevent spoilage. The cooler would be considered which of the following?
severance & affixing
Property can be converted convert it from real to personal property And from personal property to real property by means of which processes, respectively?
the fee simple Freehold Estate( absolute fee simple estate).
The highest form of ownership interest one can acquire in real estate?
the estate may revert to a Grantor or heirs if the prescribed use change.
the property must be used for a certain purpose or under certain conditions.EX: The distinguishing feature of a defensible fee simple estate is that?
conventional estate.
is a freehold estate that limited in duration to the life of the owner or other named person EX: Marie acquires a property from her uncle Alfonso. when Maria dies, the estate will pass to Alfonso niece, Serena. the type of estate that Maria has in the property is a ?
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