PA SALESPERSON STATE EXAM Questions and Answers (100% Pass)

Designated Agent -buyer/seller must consent to designated agency A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction. Transaction Licensee A transaction broker is a licensed real estate agent who is a neutral third party in a transaction. -Licensee name -Brokerage name -City/state where brokerage is located -Regulatory jurisdictions in which brokerage is licensed Required elements of internet advertising three one Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ 10 30 Broker affiliation guidelines: - Salespersons must be affiliated with a broker for at least ______ years - Licensees can only affiliate with ____ broker at a time - Licensees must notify the commission within ____ days of a broker change - If new license isn't received in ____ days, licensees must follow up with the commission Seller's/landlord's agent, buyer's/tenant's agent, dual agent, designated agent, transaction licensee Permitted agency relationships in Pennsylvania - Reasonable skill and care - Honest dealings - Present all offers, counter offers, etc. - Property disclosure - Accountability - Consumer Notice - Disclosure of personal/financial interest Master01 | October, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ - Keep parties informed of transaction progress - Advise consumers of contract legality, suggest legal counsel as needed General licensee duties (regardless of agency status) Pennsylvania Uniform Condominium Act Established the process for condominium creation and mandates certain disclosures be given to condo purchasers Pennsylvania Real Estate Seller Disclosure Act Requires sellers of one- to four-family residential properties to disclose all material defects to prospective buyers - Transaction closes - Transaction falls through, but previous agreement about who should get refund of deposit isn't dispute