Short Title 455.101
Act shall be known and cited as the "Real Estate Licensing and Registration Act
Agency Relationship 455.201
Relationship where the broker or licensees (employed by broker)act as fiduciaries for a consumer of real estate services by the express authority of the consumer of real estate services.
Associate Broker 455.201
Broker Employed by another Broker
Broker 455.201
(1) Negotiates or aids any person in locating or purchasing, or leas interest in real estate (2)Negotiates listing,sale,purchase,exchange,lease,time share and similarly designated interests, financing or option for any real estate (3)Manages Real Estate (
Builder/Owner Salesperson 455.201
Full time employee of a builder/Owner of single and multifamily dwellings located within the Commonwealth and be authorized to list for sale, sell or offer for sale or anything owned by builder/owner employer, for or on the behalf of the builder/owner
Buyer Agent 455.201
Licensee who has entered into an agency relationship with a consumer buyer of real estate
Campground Membership 455.201
Interest, other than fee simple or by lease, which gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle, camper, trailer, tent, tent trailer, pickup camper or other device on periodic basis pursua
Cemetery 455.201
Term does not include private cemetery
Cemetery Broker 455.201
Self explanitory
Cemetery Company
Self explanitory
Cemetery Salesperson 455.201
Person employed by a broker or cemetery broker to perform duties duties performed as such a person
COMMERCIAL PROPERTY 455.201
(1) Any property that is used for the purpose of operating a business, office, manufacturing facility (does not include a property with less than 5 residential dwelling units) (2) Vacant land for sale or lease or held for such purposes, (not including vac
Commission 455.201
The state real estate commission
Commissioner 455.201
Commissioner of Professional and Occupational Affairs
Comparative Market Analysis 455.201
Written analysis, opinion or conclusion by a contracted buyer's agent, transactional licensee, sellers agent relating to probable selling price of a specified piece of real estate in an identified market at a certain time
Consumer 455.201
Recipient of RE service
Department 455.201
Department of State acting through the commissioner of Professional and Occuptional Affairs
Designated Agent 455.201
Licensees designated by broker for something excluding other licensees within the brokers employ
Disclosure 455.201
Provision of all relevant facts, without reservation, ambiguity or distortion
Dual Agent 455.201
A licensee who acts as an agent for the buyer and seller, lesse and landlord, in the same transaction
Listing Broker 455.201
Broker engaged as seller's agent, dual agent or transaction licensee to market the property for sale pursuant to a written agreement
Principal 455.201
Consumer of real estate services who has entered into an agency relationship with a broker
Qualified Association 455.201
Corporation, Limited Liability part, or limited liability company that (1)is incorporated under laws of commonwealth or other jurisd
(2)does not hold license under this act (3)does not hold itself out to the public as providing real estate services (4)is
Real Estate 455.201
Any interest or estate in land including interests and time share, mobile homes count only if sale of land goes along with it
Real Estate Service 455.201
real estate services requiring a real estate license
Reciprocal License 455.201
License issued under sections 602 (a) through (e)
Rental Listing Referral Agent 455.201
A licensee who owns or manages a business that collects rental information for the purpose of referring tenants to rental units or locations.The applicant must satisfy licensing requirements that are essentially the same as for a salesperson licensee; how
Salesperson 455.201
A person who conducts real estate brokerage activities on behalf of and under supervision of a licensed real estate broker, serving as a general agent of the broker.
School 455.201
Any person who conducts classes in real estate subjects but is not a college.
Seller Agent 455.201
Agency relationship between seller and broker
Standard License 455.201
Not a reciprocal license
Subagent 455.201
A licensee not associated with the client's broker but who is representing the client
Time Share 455.201
The right, to use or occupy one or more units on a periodic basis, the term unit in this definition is a building or portion thereof permanently affixed to real property and designated for seperate occupancy, Time share does not Include Campground members
Time-Share Salesperson 455.201
A licensee who, either as an employee or independent contractor, sells time-shares under the supervision of a broker. Licensee or Broker does not have to be licensed as Time Share salesperson to sell time share
Transaction Licensee 455.201
A licensee who provides services to a consumer without an agency relationship
State Real Estate Commission created/consists 455.202
created and shall consist of the Commissioner of Professional and Occupational Affairs: (The DIRECTOR of the bureau of comsumer protection, or his designee. Three members who represent the public at large, five other persons who at time of appointment be
State Real Estate Commission Term of Office 455.202
Term for each appointed members is five years. A majority of the members shall constitute a quorum, commission might select chairman/vice chairman and a secretary, if memebers miss more than three consecutive meetings loses his chair unless excused. They
Unlawful to conduct business without license or registration certificate 455.301
Yuppers
Civil Suits 455.302
No action can be taken against any person other than a licensed person who did something unlawful or not in accordance with this Commonwealth
Criminal Penalties 455.303
If you don't have a license and try to practice real estate of any kind, your first offense will be a summary offense,prisonment of no more than three months or a fee of no more than 500 dollars or both, second offense will be a fee of 2,000-5,000 or 1-2
Exclusions from CP 455.303, 455.304
1. Owner of Real Estate in partnership, this extends to no more than five partners 2.Employees of public utility under provisions of Title 66 of PA consolidated Statutes(relating to public utilities) with respect to negotiating the purchase,sale,lease of
Civil Penalty 455.305
With votes of at least 5 members, penalty to a licensee who violated this act will have a penalty of up to 1,000 dollars, only after a hearing (Title two of PA Consolidated Statutes)
Powers and Duties of PA State Real Estate Commission
� 455.401. Duty to issue licenses and registration certificates
It shall be the duty of the department to issue licenses and registration certificates to any person who shall comply with
the provisions of this act.
� 455.402. Approval of schools
Any schoo
Continuing Education
14 hours mandatory every two year license period, all education should be approved by commission
Inactive License
Not Placed inactive no more than 5 years, must show evidence of 14 hours continuing education in order to reactivate license, procedure and fee for activating, if not activated after five years must take exam again
455.405
Repealed
Administration and Enforcement 455.406
Comission shall have power to administer and enforce the laws of commonwealth relating to; 1.Those activities involving real estate for which licensing is required and require its agents to bring prosecution in unlawful activities 2. Activities involving
Fees 455.407
All fees under this act fixed by comission, with accordance with the act if June 25, 1982 aka "Regulatory Review Act"(PL633 No.181) could be increaded if effort not met
Reports to legislative committees 455.408
(A.(Comission shall submit annually a report to the Professional Licensure Committee of the House of Reps and to the Consumer Protection and Pro Licensing Comittee of the senate a description of complaints
B. Comission shall also submit anually to the Hou
455.501 Reputation; Inactive Licensee
Licensees shall be trustworthy blah blah, inactive status for over five years must re examination, anyone who has had revoked must wait five years
Brokers License Qualifications 455.511-12
Be at least 21, high school grad or equivalent, completed 240 hours in real estate instruction, be in real estate for three years or other satisfactory education....Application for license must be in writing, state place of business applying to, and must
Salespersons license qual 455.521
Should be 18 years of age, completed 60 hours in real estate instruction in areas of study. App for licensure, send in app with brokers sworn word and should be within 3 years of passed exam
Cemetery licensure qual 455.531
Be 21 years of age, worked in cemetery for three years priot, within three years of exam ination, have 60 hiours of real estate study
Builder-owner salesperson license 455.552
be 18, applicant shall be employed by a builder owner, needs to send in application and sworn statement by builder-owner in which emplyed within three years of exmanination
Rental Listing Referral Agent License
applicant not be associated with broker but same as real estate
Campground Membership Salespersons License Qualification 455.581
a.)be at least 18 years of age b.)Studies 15 hours in 1.basic contract laws 2. Sales practices and procedures 3. Sales ethics 4. Basic theory campground ethics and c. 30 days of training
For application for license, a. send in app b.subit sworn affidavit
Time-share salespersons license qualification 455.591
a. be at least 18 years of age b. 30 hours of instruction in (contract law, sales procedures,practices and ethics, theor of time sharing) c. 30 days on site training APP for license, a.)app sent in, submit sworn statement by broker, license renewed bienni
Duties of licensees
In maintaining offiices, if office moves must submit stuff ten days before move
Reciprocal license for broker, cemetery and campground
Reciprocal license should be similar to license held in this state, a reciprocal license shall be issued with the commission of an app/copy of currant license/statement from applicant(saying they are not a criminal,agrees to go with regulations and has re
Employment of associate Brokers, salesperson 455.603
A broker or salesperson cannot be employed by two places, if going to change need to notify commission get a new license, pay the fee, same for campground memb. salesperson
Prohibited acts
1. Misrepresentation of any kind 2. untruthful advertising 3. 608e 4. waiting three years or more to consumate license 5. Acting for more than one party or advertising w/out consent 6. Failing to furnish copies of papers or specify definite termination da
455.605 Promotional Land Sales; Approval
A. Register for approval and comply with restrictions unless exempt, promo is over 25 acres, not less than 50 lots B Unless prior approval has been met, or promo plan is registered with Dept. of housing and urban development pursuant to the Fed. State Int
Relationships between brokers and consumers of real estate services 455.606
Broker may act in real estate transaction same as licensee, do dual agency, licensee may be agent to buyer/tenant or seller/landlord
Duties of licensee
1.Real estate dosclosure act 2. provide consumer with info 3.disclosure 4. to advise consumer tasks that must be done 5.present all offers in a timely manner 6. Must report to the comission w/in 30 days of forming or joining a quialified assoc. the follow
When terminated cannot disclose info except
When disclosed to another licensee or broker, preventing a crime or protecting an innocent party
Duties of sellers agent
be loyal to the seller and to find a buyer
duties of buyers brokers
to be loyal to the buyer, make an effort, and to disclose info
Duties of dual agent
take no action adverse to one party, find a buyer for the property, find a property for buyer(can fnid alternative properties not owned by the seller and may also show property to other buyers without breaching the buyer)
Duties of designated agent
may designate licensee to buyer or may be dual agent, protect info, be loyal to principal,effort, disclose info
Duties of transaction licensee
should not be provided with confidential information, provide limited confidentiality. Not provide any info about agreed financing other than what was agreed upon
Initial Interview
Disclosure of the relationships in which the broker may engage with the consumer, statement informing buyers/sellers that they may have an agency relationship, statement of the right to enter agreement, statement identifying possibility of broker providin
Right to cancel purchase of time share/campground membership
Purchaser has the right to cancel membership of time share or campground membership until midnight of the fifth day following the date on which the purchaser executed the purchase contract, within ten days (after receipet of cancellation) they get refunde
Hearings held by commission
No license revocation unless there is a hearing and the person had knowledge of the illegal act
Real Estate Recovery Fund (Establishment/funding)
does not apply to sale of campground membership, there is a renewal fee of $10 for licensees that goes to the real estate recovery fund, if the balance is less then 300000 then there may be an additional fee to bring it up to 500000