70. . The fiduciary duty of confidentiality continues after the termination of the agency relationship (606.1 (g)). Brokers are required to maintain a separate custodial or escrow account separate from any business or personal account. C) 2. 15. 1. 3. License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits (604(a)(5)). Revocable, non-assignable permission to enter another person's land for a particular purpose. 192. Sections 521 and 522 establish requirements, which include that the application shall be received by the commission within three years of the date upon which the applicant passed the examination. 203. D) The first offense is a summary offense punishable by a fine not exceeding $500, imprisonment not exceeding three months, or both (303). 2. 146. 1. He then proceeds to engage in substantive discussion about their needs and motivations as he shows them the property. Why Is The Morality Of Abortion A Common Medical Ethics Issue? When the employing broker submits a salesperson's license application to the Pennsylvania Real Estate Commission, the broker is certifying that the. A real estate salesperson decides to sell his or her own property "For Sale by Owner." In most cases, it ranges from 2-3%. possessing, selling, making illegal drugs The licensee should disclose a professional opinion of value and recommend that the property be listed at market value. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). 193. 4. A licensee who enters into an oral open listing agreement must give the seller a written memorandum stating the terms of the agreement. I am Real Estate and Property Management professional with extensive experience in multi-state real estate management. Which of the following best describes the responsibility of the broker in this situation? The commission does not mandate a standard form. 203. 129. 85. 18. It is possible to hold active licenses in more than one state simultaneously, and residency is not a requirement for licensure (35.223(b)). Fees are not determined by law, the real estate commission, or local brokers. Salesperson and broker licenses all expire the last day of May in even-numbered years and must be renewed on or before June 1. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. d) They must fall under the "umbrella" of the license law. When most people begin house hunting, they contact an agent and the first thing out of their mouths is, "We're looking for a home to live in." No licensed salesperson shall be employed by any other broker than is designated upon the current license issued to the salesperson. A broker may not incorporate an option to purchase property in a listing agreement for the property, and the broker may not conduct business through a straw party. The definition of a salesperson does not allow a licensed salesperson to engage in appraisal activity (201). The Pennsylvania Real Estate Commission may take disciplinary action against a licensee when the licensee violates all of the following EXCEPT. Accrued interest revenue for the year. The Real Estate Commission consists of Some people and situations are exempt from the provisions of the Pennsylvania Real Estate License Act. Which of the following duties is not included under the authority of the Pennsylvania Real Estate Commission? Opinions regarding condition of title to the property being sold could constitute the practice of law and should be avoided. All listings must contain information about the existence of the recovery fund. 3. 30 hours every two years 120. Which of the following provisions must be included in an agreement of sale? 147. A purchaser has the right to cancel a time-share purchase until midnight of the fifth day following the date on which the purchaser executed the purchase contract (609(a)). Commissions earned by a broker in a real estate sales transaction. B included . In this situation, the licensee. A broker listed a small office building. 184. - quorum is a majority of its members. Based on these facts, which of the following is true? A real estate salesperson has been working with buyer clients and helps them negotiate for their dream home. The buyer gives the salesperson an earnest money deposit check. 70 percent. In a half-board hotel, the innkeeper serves . License law prohibits a salesperson or associate broker from accepting a commission or any valuable consideration for the performance of any act specified in the law from any person except the licensed real estate broker with whom he is affiliated (604 (a)(12)). Cram has partnered with the National Tutoring Association, Advantages And Disadvantages Of Dual Agents, Importance Of Listing Your Contract With A Sole Agency, Orwell 's 1984 : A Great Piece Of Literature. The broker names a licensed real estate salesperson as the branch office manager. Pearson Vue Practice Exam Real Estate - myilibrary.org 2. Is this permitted? 30. If the broker had actual knowledge, or if the licensee engaged in a course of dealing that the broker should have been aware of, liability could accrue to the employing broker (702(a)(c)). In order to qualify for examination as a broker, the candidate must. 188. Mandatory requirements and disclosures are addressed in the law (608.2 (1)), requirements regarding estimates of cost and return are addressed in (35.334), and records must be maintained for 3 years (604 (a)(6)). Performed service for Green Pro, receiving a 90-day, 6% note for$6,000. 13. An individual who holds a salesperson's license issued by another jurisdiction wants to obtain a Pennsylvania salesperson's license. A licensed salesperson may hold an active license with more than one Pennsylvania broker under which of the following circumstances? However, a tax will have to be paid on a transfer. Advertisements regarding prizes must state the pre-requisites for receiving the prize or gift (35.306 (a)(2)). 154. Unlicensed individuals directly employed by an owner of residential multifamily buildings for the purpose of managing or maintaining the property are not required to be licensed, but the scope of activities they may perform is limited. 4. A real estate licensee must give the Consumer Notice to prospective purchasers/tenants at. Without the knowledge of the owner, the broker and the contractor selected to do the work agree that as a condition of receiving the contract the contractor will install central air conditioning in the personal residence of the broker at no charge to the broker. If the Commission pays any amount from the Real Estate Recovery Fund in settlement of a claim against a licensee, the license of the person is. 1. Understanding Cultural Diversity Throughout The United States, Changing Business Landscape : Organizational Change, Analysis Of George Orwell 's ' Animal Farm ', Afghanistan Is A Country With A Deep History. A licensed real estate salesperson owns a three-unit apartment building for investment purposes. Section 2: Unit 12: License Law and the Indiana Real Estate - Quizlet Owners of real estate conducting business with respect to their own property are not required to be licensed. The original agent may not disclose offers received during the first listing. There is currently no statutory requirement addressing the disclosure of the murder. 24. 53. Which of the following is true regarding the composition of the State Real Estate Commission? A builder owner salesperson applicant must take and pass the salesperson's examination but has no mandatory education requirement (551). Under what circumstance may a broker deposit his or her own money into his or her escrow account? Which of the following disciplinary actions is the Pennsylvania Real Estate Commission authorized to take? C) Symptoms And Treatment Of Breast Neoplasm, Mary 's Assimilation Process Of The United States, Reading Pop Culture And Young Adult Literature Through The Youth Lens, The Day Of The Worst Terrorist Attack On The United States, The Nasa Antares Rocket Exploded Out Of The Air, Lorraine Hansberry And Everyday Use By Alice Walker, The Impact Of Cultural Messages On Areas Of Inequality Within Our Society, The Religion Of Sociological Perspective By Keith A. Roberts And David Yamane, Global Warming And Its Effects On The World, Analysis Of The Book ' The Magic Island '. 2 citizen members, residents, not a broker, appointed to represent the public. 197. 77. According to the exam requirements, you must master multiple subjects to successfully pass the Cosmetology exam. The broker is required to disclose this to the consumer at the initial interview (608 (8)). 125. All of the following are mandatory provisions of a sales contract EXCEPT. This may be done after default but before the foreclosure sale. The commission also promulgates rules and regulations (404) and reports to legislative committee's (408). 107. Luxury real estate specialists often charge 10%. Brokers must maintain records of transactions for three years following consummation of the transaction. 141. 64. In Pennsylvania all of the following would be grounds for revoking a broker's license EXCEPT. I have been a licensed mortgage broker for over ten years. Largely because of the assistant's efforts, the sale went through with no problem. 74. Commission rules provide for oral open listings with sellers provided certain conditions are met (35.281 (b)). The state tax is 1% of the full consideration paid for the property, and the local taxing bodies can levy an additional tax on the transfer. A) T Under no circumstances may a licensed salesperson act on behalf of two employing brokers at the same time. How much interest revenue did Caribou earn this year? d) Any new rules passed must not increase business costs without a compelling need. 3. Erecting a "For Sale" sign without written consent is a violation of 604 (a)(8), and the issue of honesty and competency are addressed under 604 (a)(20). 23. 168. 199. When does a real estate license in Washington expire? A licensed broker is employed by the owner of a residential multifamily housing complex to serve as the property manager. 103. The current statute does not require disclosure of situations such as suicide of the former seller. Application to the fund may be made only after all reasonable remedies available have been exhausted (803). 51. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. 102. 4. A salesperson engaged in activities that constitute violations of the Pennsylvania Human Relations Act, including blockbusting and discrimination on the basis of disability. 85. A personal assistant working under the direct instructions and supervision of a licensee must be licensed if he or she performs which of the following tasks and duties? Real Estate. A real estate broker representing the seller knows that the property has a cracked foundation and that its former owner committed suicide in the kitchen. 179. An oral lease for three years or less is usually enforceable. 189. The broker applies for a branch office license under the same name as the main office. Unit 24: Washington Agency Overview (11%), Unit 7: Purchase and Sale Agreements with Ear, Unit 8: Residential Financing and the Closing, Unit 7: Purchase and Sale Agreements With Ear, FINAL EXAM: all conceptual questions (powerpo. The broker is required to keep records relating to real estate transactions for three years following consummation or termination of the transaction. 160. This commission rate is often split evenly between the seller's agent and the buyer's agent, and each agent usually pays their brokerage a portion of their earnings. 2. Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. a) requiring periodic accounting reports related to trust violations. In this case all of the following requirements would apply EXCEPT the. When may the broker pay the airline pilot a referral fee? 37. Determine the area of a circular enclosure and a square enclosure made with the given amount of fence. 184. An unlicensed individual acting as a real estate consultant negotiated a sale of property and was unable to collect the agreed upon fee from the seller. A broker who operated a sole proprietorship dies. 149. 2. 2. received disciplinary action in another state or jurisdiction Which of the following describes the composition of the Commission? The licensee's responsibility is to. and more. c. Find the probability that on a randomly selected day, there will be at least two shark attacks. b) establishing fees and issuing licenses. 115. Listings are not the property of the salesperson and cannot be unilaterally transferred to a new broker, and the recovery fund is not available until all court action has been concluded. 1. Before suspending a license, the Real Estate Commission will first: Give the licensee the opportunity to have a hearing regarding the suspension.
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