PA Real Estate State Portion Exam Questions with Correct Answers 100% Verified By Experts|
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RELRA Real estate licensing and registration act - the commission is responsible for
administrating and enforcing rules found in RELRA as well as supervising all activities
RELRA comission members: appointed by the Governor for 5 year terms. meet on regular
basis as needed, but conduct at least one public meeting in 3 cities
Corporeal right of ownership in material things, something tangible such as a building
Incorporeal rights to property having no physical existence. something intangible such as
mortgage
freehold estate, or ownership interest that has indefinite duration but that lasts at least as
long as the lifetime of present title holder
Rental Listing Referral Agent person who owns or manages a business which collects rental
info for purpose of reffering tenants to rental units
To become a broker, you must: have worked as a licensed salesperson for at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: 3 years
To renew your license, you must take __ hours of continuing education classes every two years,
ALL education should be approved by commission 14 hours
Your license can stay inactive status for hour many years until you will need to retake the
exam? 5 years
, If you wish to change employers, you must: notify the Commission no later than 10 days
after the change of employment, pay fee, surrender current license and wait for new one
what must be prominently displayed at a brokers' office? Brokers license, along with license
of all salespeople
Each office must be under the supervision of a? manager who is either a broker or associate
broker
Can a salesperson work for more than one broker? NO - cannot work for anyone other than
the broker on your license
if you do not receive your new license within 30 days, it is your responsibility to notify the
commission
how long do you have to preserve real estate transactions for? 3 years
cannot take any disciplinary action against you without first giving you the: opportunity to
be heard, a hearing set by the commission
some penalties from the commission: suspension of license, revocation of license, impose
fine not to exceed $1,000
Real Estate Recovery Fund fund used to compensate victims of fraud, misrepresentation by
salesperson or broker. Max comp of 20k per claim, 100k per licensee
Payments of money to a broker must be held in? escrow until the sale done
an exclusive listing agreement may not exceed: 1 year
Latest Update Guaranteed Success
RELRA Real estate licensing and registration act - the commission is responsible for
administrating and enforcing rules found in RELRA as well as supervising all activities
RELRA comission members: appointed by the Governor for 5 year terms. meet on regular
basis as needed, but conduct at least one public meeting in 3 cities
Corporeal right of ownership in material things, something tangible such as a building
Incorporeal rights to property having no physical existence. something intangible such as
mortgage
freehold estate, or ownership interest that has indefinite duration but that lasts at least as
long as the lifetime of present title holder
Rental Listing Referral Agent person who owns or manages a business which collects rental
info for purpose of reffering tenants to rental units
To become a broker, you must: have worked as a licensed salesperson for at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: 3 years
To renew your license, you must take __ hours of continuing education classes every two years,
ALL education should be approved by commission 14 hours
Your license can stay inactive status for hour many years until you will need to retake the
exam? 5 years
, If you wish to change employers, you must: notify the Commission no later than 10 days
after the change of employment, pay fee, surrender current license and wait for new one
what must be prominently displayed at a brokers' office? Brokers license, along with license
of all salespeople
Each office must be under the supervision of a? manager who is either a broker or associate
broker
Can a salesperson work for more than one broker? NO - cannot work for anyone other than
the broker on your license
if you do not receive your new license within 30 days, it is your responsibility to notify the
commission
how long do you have to preserve real estate transactions for? 3 years
cannot take any disciplinary action against you without first giving you the: opportunity to
be heard, a hearing set by the commission
some penalties from the commission: suspension of license, revocation of license, impose
fine not to exceed $1,000
Real Estate Recovery Fund fund used to compensate victims of fraud, misrepresentation by
salesperson or broker. Max comp of 20k per claim, 100k per licensee
Payments of money to a broker must be held in? escrow until the sale done
an exclusive listing agreement may not exceed: 1 year
