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

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

An aggrieved party must file a claim for compensation from the Pennsylvania Real Estate Recovery Fund within one year.

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.

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.

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.

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.

All of the following would be prohibited acts and are clearly defined in the Real Estate Licensing and Registration Act.

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

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.

Pennsylvania requires real estate brokers and salespersons to complete 14 hours of Commission-approved continuing education during each two-year license period. The purpose of this is to keep agents up to date on law changes and learn any new procedures. If you are a new salesperson licensee and you are renewing your license for the first time, you are required to complete a specific set of education courses. Additionally, a licensed broker or salesperson who wishes to activate a license that has been placed on inactive status is still required to complete 14 hours of continuing education.

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.

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

Under agency law in Pennsylvania dual agency is illegal. A license holder may represent both principals as a dual agent under the revisions of the Real Estate Licensing and Registration Act.

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.

Failing to preserve for three years following its consummation records relating to any real estate transaction is a violation! But two years is not. All the other acts are prohibited.

The Pennsylvania Real Estate Commission administers and enforces the laws of the Commonwealth relating to real estate activities. The real estate commission conducts its business in order to protect the public interest. Think of the commission like the executive branch of the federal government. The commission is in charge of enforcing Pennsylvania real estate law, while different parts of the government do other aspects like writing and creating laws.

Cemetery brokers need to have a real estate license in certain U.S. states; Pennsylvania is one of them. They ALSO require an additional education requirement.

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 and the consumers are entitled to collect.

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.

The Commission administers and enforces the laws of the Commonwealth relating to real estate activities. The Commission is also in charge of suspending and revoking licenses when violations occur and in-charge of all licensee related things.

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.

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.

Per Section 455.608e of the Real Estate Licensing and Registration Act, “A broker must deposit moneys and property, of whatever kind or nature, belonging to others, in a separate custodial or trust fund account maintained by the broker with a bank or recognized depository by the end of the business day following their receipt by the broker.”

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.

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

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.

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.

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.

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.

In Pennsylvania, the Real Estate Licensing and Registration Act clearly states giving a consumer notice is required. 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.” The big thing to remember is the papers must be presented to any buyer or seller (or landlord or tenant) at first contact where real estate is discussed.