Free Pennsylvania Real Estate Practice Exam Questions (December 2024) 30+

Whenever you pay your agency fees a portion of those fees go towards the recovery fund, it's $10 normally, and the only time it may be more is if the recovery fund is lower then $300,000. The Commission then asks for an additional $10 from every licensee until the fund increases above $500,000.

Licenses expire May 31 of every even-numbered year. There is no tenure or any special conditions that would allow Bridget an extended active license. As of June 1st her license would be inactive and would have to cease practice until she gets it renewed.

Consumer notices are CLEARLY defined in the Real Estate Licensing and Registration Act. Here is the direct quote: “In an effort to enable consumers of real estate services to make informed decisions about the business relationships they may have with real estate brokers and salespersons (licensees), the Real Estate Licensing and Registration Act (RELRA) requires that consumers be provided with this Notice at the initial interview.” - This notice referring to consumer notices.

As long as the salesperson was licensed at the time the commission was earned, yes. She may receive the commission. While her license is in escrow, she can’t do anything else though.

The real estate recovery fund is a special fund established by the Real Estate Licensing and Registration Act to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The Recovery Fund is designed to protect consumers.

In some states, a verbal agreement is enough. In Pennsylvania, a broker is allowed to put a For-sale sign on a property when the seller agrees in writing. It has to be in writing.

Here is a full list of what Pennsylvania assistants can and cannot do. First off they cannot: Host an open house to be attended by the general public. Explain or interpret information on the listing sheets to licensees to the general public. Provide information on the style, location of the home, lifestyle or amenities available. Tour or show a home to the general public, discuss prices, price ranges or mortgage rates. They can, however: Host an open house to be attended by only real estate licensees. Show a rental property to potential tenants. Prepare and distribute brochures about listed properties to other real estate offices. Erect “for sale” signs. Maintain lockboxes. Perform general clerical duties.

In Pennsylvania, it is required that in the process of a real estate transaction is it required for the licensee to disclose if they hold any ownership interest. This is pretty straightforward. If you hold any form of ownership in a transaction, you must disclose it to the appropriate parties.

A real estate broker must hold a brokers license in the state of Pennsylvania - simple as that.

The real estate recovery fund is a special fund established by the Real Estate Licensing and Registration Act to provide reimbursement to persons who are victims of fraud. The fund is addressed when agents or brokers give their soon to be principals their consumer notice.

Licensees must retain a copy of their consumer notice (signed or refused) for 6 months. Per (The Real Estate Licensing and Registration Act).

Per Section 501(b) of the Real Estate Licensing and Registration Act, “Any person who remains inactive for a period of five years without renewing his license shall, prior to having a license reissued to him, submit to and pass the examination pertinent to the license for which the person is reapplying.”

The Commission administers and enforces the laws of Pennsylvania relating to real estate activities. The real estate commission conducts its business in order to protect the public interest.

The real estate recovery fund is a special fund established by the Real Estate Licensing and Registration Act to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required.

Pennsylvania real estate laws protect agents, buyers, sellers, landlords, tenants and more specifically transparency.

Both Pennsylvania state and National law must be followed by all Pennsylvania real estate agents

A lawyer, sales manager, and cemetery salesperson do not require a real estate salespersons license while a real estate agent does.

Pennsylvania's first real estate license law was adopted way back in May 1st, 1929, and was amended numerous times to reflect changes in the state and industry. With most states, real estate law changes throughout time. On February 19th, 1980, the current law, known as the Real Estate Licensing and Registration Act (RELRA), was adopted.

His or her’s license is automatically suspended as of the effective date of payment when payment is made from the recovery fund. For the licensee to have the license reinstated, the licensee must repay the full amount plus interest at the rate of 10% per year.

For the second time of engaging in the real estate business without a license the maximum penalty is a fine of $5,000 and imprisonment for a period of two years.

Here are the Pennsylvania brokers license requirements. An applicant must be 21 years or older, pass a background check, and must be recommended by an accredited broker in the state of Pennsylvania additionally two references who own property in their county must be added to the application as well. Almost like references for when job interview. They must have completed 16 credits or 240 hours of real estate instruction within ten years before the date of successful completion of the licensing examination and of course, have the appropriate fees and pass the exam.

The seller pretty much always gets the earnest money. Earnest money is a deposit the buyer pays into escrow. If he or she fails to close the deal for any reason other than those listed in their contingencies, the seller gets to keep it to compensate for lost time/money/marketing ability. So the correct answer was the seller.

Ethically speaking the most significant responsibilities agents have is their duty to disclose honest and accurate information.

Cemetery salespersons operate similarly to how regular real estate salespersons and brokers do. Their relationship is almost the same. Brokers are in charge and have to swear to lead and train their salespersons appropriately. One clear distinction between the two is that a cemetery salesperson does not have to take a real estate exam. In fact, in Pennsylvania, there is no education requirement or exam required for a cemetery salesperson.

Real estate laws protect agents, buyers, sellers, landlords, tenants and more. In retrospect, laws are built to protect the citizens of America and in our case specifically Pennsylvania.

Some agents may put their licenses in escrow for numerous reasons. To do that they may submit a form to the Pennsylvania Real Estate Commission, and enclose their real estate license.

No it is not. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. Commingling is illegal in Pennsylvania.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

Here is a full list of what Pennsylvania assistants can and cannot do. First off they cannot: Host an open house to be attended by the general public. Explain or interpret information on the listing sheets to licensees to the general public. Provide information on the style, location of the home, lifestyle or amenities available. Tour or show a home to the general public, discuss prices, price ranges or mortgage rates. They can, however: Host an open house to be attended by only real estate licensees. Show a rental property to potential tenants. Prepare and distribute brochures about listed properties to other real estate offices. Erect “for sale” signs. Maintain lockboxes. Perform general clerical duties.

When an aggrieved person obtains a final judgment against a licensee, the aggrieved party may submit an application for payment from the Real Estate Recovery Fund. The maximum payment from the fund is $20,000 for anyone claim.