B. extender clause. 130. Zoning classification must be provided in the case of properties other than those zoned for residential use. When prospective buyers ask to look at the property, the salesperson must. If a broker receives money belonging to another under an installment land purchase agreement, the transaction is considered consummated when. 179. Statements of estimated costs and returns must. The original agent may not disclose offers received during the first listing. The unlicensed individual may legally perform which of the following activities? The buyer gives the salesperson an earnest money deposit check. 43. 57. A salesperson's licensed assistant worked late nights and weekends to help ensure the successful completion of a difficult transaction. 4. 55. 29. In addition, Pennsylvania law permits the local taxing districts to impose an additional transfer tax. -appointing a chairperson. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. The Commission is authorized to suspend or revoke a license and/or levy fines up $1000. 1. If you sell with an agent there is an earlier 2nd very important contract you enter into, before your contract to sel Taxes: Yes! The clause in a listing contract that protects the broker's commission entitlement beyond the listing term in the event of a sale of the property by the owner to a prospect who was shown the property by the listing firm or it's agents is called. 30 hours every two years Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. The broker quotes the prospect a higher rental rate than is quoted to non-minority prospects considering the same space. 2. A foreign corporation that owns a building in Pennsylvania decides to sell without listing it for sale. 76. (Spanish Version) Michigan Boater Exam, MI Boater's License Test, Study Guide [SkoreUP LLC] on Amazon. 3. What Causes Romantic Relationships Break Up? Consumers must have exhausted all legal remedies before requesting assistance from the real estate commission and the real estate recovery fund. a) to protect the public from any harmful acts committed by real estate licensees. vdl arctic stallion. They are not authorized to show rental units, collect fees or security deposits, or engage in property management activities. Clerical duties such as typing, answering the phone, forwarding calls, and scheduling appointments for licensees 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. 2. So long as the owner retains the authority to make decisions, the employee may show apartments and provide information on rentals. A consumer hires a broker to serve as a buyer's agent. 178. 1. 2. 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? In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. 69. B. 116. A statistics professor formed the theory that students who handed in quiz and exams early outperformed students who handed in their papers later. (The Pennsylvania Real Estate Commission has the authority to investigate a licensee based either on its own motion or a written complaint of a consumer, it may additionally waive part of the continuing education requirements for just cause), Unit 23: Operating a Real Estate Business in, Unit 26: Washington License Law Enforcement (, Unit 27: Washington Specialty Topics (15%), 45-hour PAReal Estate Practices PRACTICE EXAM, Ch. Which of the following disciplinary actions is the Pennsylvania Real Estate Commission authorized to take? Revocable, non-assignable permission to enter another person's land for a particular purpose. 48. 150. Mark686558947691628175838574. authority to write and administer the state licensing examination 149. 1. included . The real estate commission processes license applications. (In order to reinstate the license, the licensee must pay back the total amount of the claim plus 10% interest per annum.). This fee includes the exam and the card mailed to your home. A broker is permitted to act as a dual agent provided the broker secures the written consent of both parties to the transaction. Rents are not deposited into an escrow account. The license of the salesperson or broker is automatically suspended Section 608.1 establishes requirements for the written agreement. Box 12188 Austin, TX 78711-2188 512-936-3000. A salesperson who is selling or leasing his or her own real estate is required to disclose his or her licensed status to a prospective buyer or lessee before an agreement is entered into. 94. 1. 27. A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into an agency relationship. We'll bring you back here when you are done. Before the associate broker can begin actively selling for the new company. A licensed salesperson obtains a listing. 34. 123. The broker may not share these fees with an unlicensed individual (604 (a)(12.1)). 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. During the first year of tenancy, the maximum is an amount equal to two months' rent. The Real Estate Seller Disclosure Act requires property condition and defects to be disclosed to the prospective buyer. c. decrease this firm's average variable costs. Which of the following duties is not included under the authority of the Pennsylvania Real Estate Commission? The standard rate of commission is 6% of the closing price. Which of the following statements about the Real Estate Recovery Fund is true? However, if the money is in the form of a check under an offer to purchase, the broker may, with the written consent of both buyer and seller, refrain from depositing it pending the sellers' acceptance of the offer (35.324 (b)). 89. A) 142. 81. While the conduct addressed in each choice could cause a license to be suspended, the only issue that requires an automatic suspension of the license is when the commission pays money from the recovery fund to settle a claim against a licensee (803(f)). 72. All of the following must appear in a written exclusive listing agreement EXCEPT. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. Licensees are subject to disciplinary action by the commission including possible suspension or revocation of their licenses. Received a $5,000, six-month, 11% note on account from Voeron, Inc. Under what circumstances may they void the contract? 25. 3. Introducing Cram Folders! 200. Regarding a broker's escrow account. There is no requirement for the broker to deliver copies to a mortgage lender. Information gained during the original agency relationship may not be revealed or used by the licensee for the benefit of the licensee or a third party (606.1 (g)). This clause is illegal in Pennsylvania, since commission rules and regulations prohibit the use of automatic renewal clauses in exclusive listing agreements (35.332 (c)(2)). If a licensee is found guilty of making substantial misrepresentation when dealing with the public, the commission may. 3. All licensees are required to disclose their license status in advertisements for property if the property is not listed for sale with a real estate company (35.304). 6. Who may legally handle the transaction on behalf of the corporation? A qualified expert's report covering property condition is not required when a seller lists property for sale with a broker. They are expected to be as accurate as may be reasonably expected of a person having knowledge of real estate sales. Rental listing referral agents are licensed to engage in which of the following activities? These include a deadline for the buyer to obtain the loan commitment, assistance that the broker will provide the buyer, and the type of mortgage. The commission may reassess each licensee an amount not to exceed $10 if at the commencement of a biennial renewal period the balance in the recovery fund is less than $300,000 (802). Under what circumstances may a broker deposit personal or business funds into their escrow account? Which of the following is a requirement to obtain a real estate salesperson's license in Pennsylvania? A consumer contacts a licensee to discuss the possibility of the licensee handling the sale of a property owned by the consumer. 110. In Pennsylvania, which of the following is legal and will not result in a broker facing suspension or revocation of the broker's license? c. 95 percent. A licensee may work for only one broker at a time and the license is valid as soon as it is received. the real estate commission includes quizlet. C) When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespersons affiliated with the broker? When discussing the possibility of listing a large parcel of vacant land with an owner, the broker determines that he would like to secure an option to purchase the property. 2. License law prohibits a licensed broker from paying compensation to anyone other than his or her licensed employees or another broker, and it prohibits a salesperson from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). 114. Upon passing the license exam a candidate is qualified to apply for a license. Which of the following is a requirement that the salesperson must comply with when advertising on the internet? A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. 28. b) establishing fees and issuing licenses. 24th national president of delta sigma theta; montecristo edmundo vs double edmundo; conservation international ceo; rlcraft how to disable events. 3. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). Which of the following is true concerning the Real Estate Commissioner? 89. 173. 122. In Pennsylvania, a borrower may cure default in a residential mortgage loan with an outstanding balance of $50,000 or less by merely bringing the payments up to date, rather than paying the entire outstanding debt. 145. Chapter 8 Online & Book Quiz Flashcards | Chegg.com 2. 193. 105. d) A written compensatory agreement between broker and seller, 20. 12. Mandatory requirements and disclosures are addressed in the law (608.2 (1)), requirements regarding estimates of cost and return are addressed in (35.334), and records must be maintained for 3 years (604 (a)(6)). 2. Commission rules provide that every agreement of sale shall contain specific language regarding the existence of the recovery fund (35.333 (a)(9)). Regarding a real estate salesperson's license, it. C) 2. A salesperson receives an offer on a property currently listed exclusively with. Application to the fund may be made only after all reasonable remedies available have been exhausted (803). 1. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. The associate broker maintains a copy of the notification sent to the commission as a temporary license pending receipt of the new current license (603(a)). Calculate the new ROE for LL.$RO === (Net income)/(Common equity). The commission prescribes subjects to be tested (403), approves schools (402), and may waive continuing education requirements (404.1). A candidate for a broker's license in Pennsylvania must. An applicant for a broker's license must. Three years of active licensure, Which of the following activities requires a real estate license in Washington? In a dual agency situation, the licensee owes certain fiduciary duties to both parties. According to the Pennsylvania Statute of Frauds, which of the following agreements must be in writing in order to be enforceable? A housing discrimination charge must be filed with the Pennsylvania Human Relations Commission within. 177. The broker hires an unlicensed individual for the purpose of managing and maintaining the property. 74. 3. 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. All listings, transactions, management agreements, and other contracts related to providing brokerage services are property of. The broker may not require notification to terminate the listing.