The duties of the Real Estate Commission include
*holding hearings regarding complaints against licensees
*holding public business meetings
*producing an annual report on complaints and their resolutio
Powers of the Real Estate Commission
*passing rules and regulations to implement the license law
*issuing licenses
*setting fees
An investigation into the possible improper conduct by a licensee may be initiated by
*a complaint to the Commission from an individual
*The Real Estate Commission
An individual may bring a complaint against a licensee by filing the appropriate form with the
Dept of State's Legal Office
If an investigation into a licensee's conduct finds inadequate evidence to warrant disciplinary charges, the Commission
closes the case
If a licensee's conduct is investigated and disciplinary charges are filed, the licensee must respond to the allegations within
30 days
The purpose of the Real Estate Recovery Fund is to provide compensation to
persons who win a judgment against a licensee.
The Real Estate Recovery Fund is funded by
fees paid by licensees at initial licensure and at renewal
An individual who has won a judgment against a licensee may petition the court for payment from the Real Estate Recovery Fund
after exhausting all attempts to get payment from the licensee
The limit of liability for damages for any SINGLE claim against a licensee is
$20,000
A branch office of a real estate company may be managed by a(n)
broker or associate broker only
An associate broker can perform all the same activities as a broker except
employee other licensees
Builder Owner Salesperson
A licensee who is a full time employee of a builder owner of single family or multifamily residential real estate, who engages in real estate activities solely for the builder owner
A person who holds a real estate salesperson license who wishes to sell timeshares
is NOT required to obtain a timeshare salesperson license.
Three individuals who are not required to be licensed as a broker in order to perform the services of a broker?
*an employee of a public utility in the course of his/her work.
*an owner selling his/her own property
*an attorney in fact acting under a power of attorney.
When is a practicing attorney in PA exempt from licensure as a real estate broker?
When rendering services within the attorney-client relationship.
In order to receive a real estate salesperson license, a person must be ____ years old
18
In order to receive a real estate salesperson license, an applicant must ____
complete 60 hours of prescribed prelicense education.
An applicant for a real estate broker license must ____
*complete 240 hours of real estate education
*have 3 years experience as a salesperson or equivalent
*submit recommendations attesting to good character.
A person who is licensed as a broker or salesperson in another state may obtain a PA license by submitting an application and ___
passing the PA portion of the license exam.
In PA, a brokers license may be issued to a(n) ____
individual, corporation, partnership, or association.
The PA Real Estate Commission may deny a license to anyone who has been convicted of ____
*embezzlement
*forgery
*conspiracy to defraud
A real estate broker or salesperson license is issued for a period of ___ years.
2
In order to renew a broker or salesperson license, a licensee must show proof of having completed continuing edu courses totaling ____ hours.
14
A licensee whose license has been on inactive status for LESS than five years may reactivate the license by ____.
completing 14 hours of edu and paying fees.
When a licensee transfers from one broker to another, the licensee must ____.
send his/her license back to the Commission
When a salesperson is found guilty of violation of the license law, the Commission may take disciplinary action against ____.
both the salesperson and the broker
If a licensee's license is revoked, he/she may petition for a new license _____.
after 5 years.
Any advertising placed by a licensee must include the employing broker's _____.
business name and phone number
A licensee selling his/her own property must include his/her status in an ad _____.
unless the property is listed with a real estate company.
One example of misleading or untruthful advertising is a licensee who ____.
falsely claims to be a member of a trade group.
Real Estate advertising on the Internet must include
*the name of the company as it appears on the license
*the jurisdiction where the licensee's license is held.
*the city and state where the licensee's office is located.
Advertising that refers to "sales volume" or "production" must include _____
only CLOSED transactions
An advertisement that refers to the position in the "market" must identify
the municipality that the market comprises
A salesperson's relationship to his/her employing broker
may be that of an employee or an independent contractor
A licensee may receive compensation from a broker other than the employer
Under NO circumstances
Under RELRA, a real estate broker may pay compensation to
his/her own licensee or another broker
In a cooperative transaction, a broker may pay compensation to
the cooperating broker
A licensee may pay a referral fee to an unlicensed person _____
under NO circumstances
In order to place a "For Sale" or "For Rent" sign on an owner's property, a licensee must have _____
the owner's written permission
Under RELRA, a listing agreement must include
a definite termination date
After a seller has received and accepted an offer on the property, the agent receives a new, higher offer. Recognizing that this will lead to a higher commission, the agent persuades the seller to break the first contract and accept the higher offer. The
a violation of the license law.
A seller informs his agent that he will give her the listing with the understanding that he does not want to sell to a Latino buyer. May the agent accept the listing?
No
Licensees who are buying or selling property on their own behalf _____
must disclose their license status
It is a violation of the license law for a licensee to give advice or assurances about real estate transaction that he/she knows, or should know is ____
incorrect, inaccurate, or improbable.
It is a violation of the license law for a licensee to be convicted of, or plead guilty or nolo contendere, to ____
embezzlement
Broker Nelson is unaware that Salesperson Lisa, a licensee in his company, is failing to make proper agency disclosures in her transactions. Broker Nelson is in violation of the license law for failing to _____
provide adequate supervision to a licensee
Advertisements for lotteries or contests promoting the sale of real estate must include
*the odds of winning
*the fair market value of the prizes
*a description of each prize offered