Pennsylvania - Laws and Regulations Affecting Real Estate Exam Prep
Questions And Answers (202472025)
Associate broker - ✔✔A person who meets the broker license requirements, but is employed by a
broker of record.
Builder-owner salesperson - ✔✔Performs certain real estate duties for builder-owner of dwellings
Rental listing referral agent - ✔✔Collects info for the purpose of referring prospective tenants to
rental units
Campground member salesperson - ✔✔Sells memberships for campgrounds under supervision of
a broker
Time-share salesperson - ✔✔Sells time-shares under supervision of a broker
Cemetery licensee - ✔✔Sells mausoleum spaces, burial lots and plots
A - ✔✔Ideally, what guides real estate licensees' behavior?
A. Laws and ethics
B. Laws and compensation
C. Motives and ethics
D. Ethics and compensation
D - ✔✔What is the difference between ethics and the law?
A. There is no difference.
B. Ethics are personal values, and the law is societies values, but they are both legally enforceable.
C. Ethics is about personal values and the law is just about the rules. Both are legally enforceable.
, D. Laws are legally enforceable. Ethics aren't legally enforceable until they become law.
B - ✔✔Which of the following statements about reciprocity is true?
A. It is illegal in all states
B. Licensees must obtain their license from the state in which they do most of their business
C. It is illegal in Pennsylvania
D. It is permitted nationwide
A - ✔✔What is license reciprocity?
A. It allows those licensed in one state the opportunity to practice in other states without having to
obtain a license in those states
B. It describes the process in which a licensee can trade a salesperson license for a broker license
once they have enough experience
C. It describes the process in which a license is taken away, usually due to violations of real estate
law
D. It allows unlicensed individuals to legally perform certain real estate activities
Sherman Act - ✔✔Prohibits actions that cause an unreasonable restraint of trade
Clayton Act - ✔✔Furthers other acts that prohibits activities that create monopolies or reduce
competition
UTPCPL - ✔✔State law that defines "unfair methods of competition."
Unfair Trade Practices and Consumer Protection Law - ✔✔UTPCPL
Per se - ✔✔Means that guilt is established on the face of the circumstances.
Questions And Answers (202472025)
Associate broker - ✔✔A person who meets the broker license requirements, but is employed by a
broker of record.
Builder-owner salesperson - ✔✔Performs certain real estate duties for builder-owner of dwellings
Rental listing referral agent - ✔✔Collects info for the purpose of referring prospective tenants to
rental units
Campground member salesperson - ✔✔Sells memberships for campgrounds under supervision of
a broker
Time-share salesperson - ✔✔Sells time-shares under supervision of a broker
Cemetery licensee - ✔✔Sells mausoleum spaces, burial lots and plots
A - ✔✔Ideally, what guides real estate licensees' behavior?
A. Laws and ethics
B. Laws and compensation
C. Motives and ethics
D. Ethics and compensation
D - ✔✔What is the difference between ethics and the law?
A. There is no difference.
B. Ethics are personal values, and the law is societies values, but they are both legally enforceable.
C. Ethics is about personal values and the law is just about the rules. Both are legally enforceable.
, D. Laws are legally enforceable. Ethics aren't legally enforceable until they become law.
B - ✔✔Which of the following statements about reciprocity is true?
A. It is illegal in all states
B. Licensees must obtain their license from the state in which they do most of their business
C. It is illegal in Pennsylvania
D. It is permitted nationwide
A - ✔✔What is license reciprocity?
A. It allows those licensed in one state the opportunity to practice in other states without having to
obtain a license in those states
B. It describes the process in which a licensee can trade a salesperson license for a broker license
once they have enough experience
C. It describes the process in which a license is taken away, usually due to violations of real estate
law
D. It allows unlicensed individuals to legally perform certain real estate activities
Sherman Act - ✔✔Prohibits actions that cause an unreasonable restraint of trade
Clayton Act - ✔✔Furthers other acts that prohibits activities that create monopolies or reduce
competition
UTPCPL - ✔✔State law that defines "unfair methods of competition."
Unfair Trade Practices and Consumer Protection Law - ✔✔UTPCPL
Per se - ✔✔Means that guilt is established on the face of the circumstances.
