PA Real Estate State Portion Exam 100%
Accurate!!
RELRA - ANSWERSReal 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: - ANSWERSappointed by the Governor for 5 year terms.
meet on regular basis as needed, but conduct at least one public meeting in 3 cities
Corporeal - ANSWERSright of ownership in material things, something tangible such as
a building
Incorporeal - ANSWERSrights to property having no physical existence. something
intangible such as mortgage
freehold - ANSWERSestate, 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 - ANSWERSperson who owns or manages a business
which collects rental info for purpose of reffering tenants to rental units
To become a broker, you must: - ANSWERShave worked as a licensed salesperson for
at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: -
ANSWERS3 years
To renew your license, you must take __ hours of continuing education classes every
two years, ALL education should be approved by commission - ANSWERS14 hours
Your license can stay inactive status for hour many years until you will need to retake
the exam? - ANSWERS5 years
If you wish to change employers, you must: - ANSWERSnotify 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? - ANSWERSBrokers license,
along with license of all salespeople
Each office must be under the supervision of a? - ANSWERSmanager who is either a
broker or associate broker
, Can a salesperson work for more than one broker? - ANSWERSNO - cannot work for
anyone other than the broker on your license
if you do not receive your new license within 30 days, - ANSWERSit is your
responsibility to notify the commission
how long do you have to preserve real estate transactions for? - ANSWERS3 years
cannot take any disciplinary action against you without first giving you the: -
ANSWERSopportunity to be heard, a hearing set by the commission
some penalties from the commission: - ANSWERSsuspension of license, revocation of
license, impose fine not to exceed $1,000
Real Estate Recovery Fund - ANSWERSfund 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? - ANSWERSescrow until the sale
done
an exclusive listing agreement may not exceed: - ANSWERS1 year
when should you provide the consumer with the consumer notice? - ANSWERSat the
initial interview. shall also retain copy of signed acknowledgement for 6 months and
provide consumer copy of disclosure summary.
Escrow - ANSWERSmost RE transactions involve the use of escrow. escrow involves
the deposit of funds, a deed, or other legal instrument with a third party until completion.
escrow officer is usually an attorney, closing agent or title agent
brokers must deposit moneys and property belonging to others, in a separate fund
account by: - ANSWERSend of the business day following their receipt. must be must
by the broker until completion
broker's escrow duty may: - ANSWERSNOT be waived or altered by any agreement
between ~anyone~
escrow account shall: - ANSWERSmaintained in a insured bank, designate broker as
trustee, provide for the withdrawal of funds without prior notice, only be used for escrow
purposes
if money is expected to be held in escrow for more than 6 months: - ANSWERSthe
broker is encouraged to deposit money into an interest bearing account. the interest
earned in account shall be held and disbursed pro rata, in the same manner as the
Accurate!!
RELRA - ANSWERSReal 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: - ANSWERSappointed by the Governor for 5 year terms.
meet on regular basis as needed, but conduct at least one public meeting in 3 cities
Corporeal - ANSWERSright of ownership in material things, something tangible such as
a building
Incorporeal - ANSWERSrights to property having no physical existence. something
intangible such as mortgage
freehold - ANSWERSestate, 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 - ANSWERSperson who owns or manages a business
which collects rental info for purpose of reffering tenants to rental units
To become a broker, you must: - ANSWERShave worked as a licensed salesperson for
at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: -
ANSWERS3 years
To renew your license, you must take __ hours of continuing education classes every
two years, ALL education should be approved by commission - ANSWERS14 hours
Your license can stay inactive status for hour many years until you will need to retake
the exam? - ANSWERS5 years
If you wish to change employers, you must: - ANSWERSnotify 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? - ANSWERSBrokers license,
along with license of all salespeople
Each office must be under the supervision of a? - ANSWERSmanager who is either a
broker or associate broker
, Can a salesperson work for more than one broker? - ANSWERSNO - cannot work for
anyone other than the broker on your license
if you do not receive your new license within 30 days, - ANSWERSit is your
responsibility to notify the commission
how long do you have to preserve real estate transactions for? - ANSWERS3 years
cannot take any disciplinary action against you without first giving you the: -
ANSWERSopportunity to be heard, a hearing set by the commission
some penalties from the commission: - ANSWERSsuspension of license, revocation of
license, impose fine not to exceed $1,000
Real Estate Recovery Fund - ANSWERSfund 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? - ANSWERSescrow until the sale
done
an exclusive listing agreement may not exceed: - ANSWERS1 year
when should you provide the consumer with the consumer notice? - ANSWERSat the
initial interview. shall also retain copy of signed acknowledgement for 6 months and
provide consumer copy of disclosure summary.
Escrow - ANSWERSmost RE transactions involve the use of escrow. escrow involves
the deposit of funds, a deed, or other legal instrument with a third party until completion.
escrow officer is usually an attorney, closing agent or title agent
brokers must deposit moneys and property belonging to others, in a separate fund
account by: - ANSWERSend of the business day following their receipt. must be must
by the broker until completion
broker's escrow duty may: - ANSWERSNOT be waived or altered by any agreement
between ~anyone~
escrow account shall: - ANSWERSmaintained in a insured bank, designate broker as
trustee, provide for the withdrawal of funds without prior notice, only be used for escrow
purposes
if money is expected to be held in escrow for more than 6 months: - ANSWERSthe
broker is encouraged to deposit money into an interest bearing account. the interest
earned in account shall be held and disbursed pro rata, in the same manner as the
