PA Real Estate State Portion Revision
Exam And All Updated Answers.
RELRA - Answer 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: - Answer 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 - Answer right of ownership in material things, something tangible such as a building
Incorporeal - Answer rights to property having no physical existence. something intangible such as
mortgage
freehold - Answer 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 - Answer 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: - Answer have worked as a licensed salesperson for at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: - Answer 3 years
To renew your license, you must take __ hours of continuing education classes every two years, ALL
education should be approved by commission - Answer 14 hours
Your license can stay inactive status for hour many years until you will need to retake the exam? - Answer
5 years
, If you wish to change employers, you must: - Answer 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? - Answer Brokers license, along with license
of all salespeople
Each office must be under the supervision of a? - Answer manager who is either a broker or associate
broker
Can a salesperson work for more than one broker? - Answer NO - cannot work for anyone other than
the broker on your license
if you do not receive your new license within 30 days, - Answer it is your responsibility to notify the
commission
how long do you have to preserve real estate transactions for? - Answer 3 years
cannot take any disciplinary action against you without first giving you the: - Answer opportunity to be
heard, a hearing set by the commission
some penalties from the commission: - Answer suspension of license, revocation of license, impose
fine not to exceed $1,000
Real Estate Recovery Fund - Answer 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? - Answer escrow until the sale done
an exclusive listing agreement may not exceed: - Answer 1 year
Exam And All Updated Answers.
RELRA - Answer 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: - Answer 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 - Answer right of ownership in material things, something tangible such as a building
Incorporeal - Answer rights to property having no physical existence. something intangible such as
mortgage
freehold - Answer 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 - Answer 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: - Answer have worked as a licensed salesperson for at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: - Answer 3 years
To renew your license, you must take __ hours of continuing education classes every two years, ALL
education should be approved by commission - Answer 14 hours
Your license can stay inactive status for hour many years until you will need to retake the exam? - Answer
5 years
, If you wish to change employers, you must: - Answer 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? - Answer Brokers license, along with license
of all salespeople
Each office must be under the supervision of a? - Answer manager who is either a broker or associate
broker
Can a salesperson work for more than one broker? - Answer NO - cannot work for anyone other than
the broker on your license
if you do not receive your new license within 30 days, - Answer it is your responsibility to notify the
commission
how long do you have to preserve real estate transactions for? - Answer 3 years
cannot take any disciplinary action against you without first giving you the: - Answer opportunity to be
heard, a hearing set by the commission
some penalties from the commission: - Answer suspension of license, revocation of license, impose
fine not to exceed $1,000
Real Estate Recovery Fund - Answer 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? - Answer escrow until the sale done
an exclusive listing agreement may not exceed: - Answer 1 year
