PA REAL ESTATE SALESPERSON EXAM - STATE PORTION EXAM PREP QUESTIONS AND ANSWERS (100% PASS)

PA REAL ESTATE SALESPERSON EXAM - STATE PORTION EXAM PREP QUESTIONS AND ANSWERS (100% PASS) "BUYER AGENT - CORRECT ANSWER Any licensee who has entered into an agency relationship with a consumer buyer of real estate." "CEMETERY - CORRECT ANSWER A place for the disposal or burial of deceased human beings, by cremation or in a grave, mausoleum, vault, columbarium or other receptacle, but the term does not include a private family cemetery." "CEMETERY BROKER - CORRECT ANSWER Any person engaging in or carrying on the business or acting in the capacity of a broker within this Commonwealth exclusively within the limited field or branch of business which applies to cemetery lots, plots and mausoleum spaces or openings." "CEMETERY COMPANY - CORRECT ANSWER Any person who offers or sells to the public the ownership, or the right to use, any cemetery lot." "CEMETERY SALESPERSON - CORRECT ANSWER Any person employed by a broker or cemetery broker to perform duties as defined herein under "cemetery broker."" "DESIGNATED AGENT - CORRECT ANSWER One or more licensees designated by the employing broker, with the consent of the principal, to act exclusively as an agent or as agents on behalf of the principal to the exclusion of all other licensees within the broker's employ." "DISCLOSURE - CORRECT ANSWER Provision of all relevant facts, without reservation, ambiguity or distortion so as to enable a consumer to understand the options and weigh the risks and benefits in order to make a decision in his or her own best interest." "DUAL AGENT - CORRECT ANSWER A licensee who acts as an agent for the buyer and seller, or lessee and landlord, in the same transaction." "PRINCIPAL - CORRECT ANSWER A consumer of real estate services who has entered into an agency relationship with a broker." "STANDARD LICENSE - CORRECT ANSWER Any license issued under this act that is not a reciprocal license." "SALESPERSON - CORRECT ANSWER Any person employed by a licensed real estate broker to perform comparative market analyses or to list for sale, sell or offer for sale, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate or to negotiate a loan on real estate or to lease or rent or offer to lease, rent or place for rent any real estate or collect or offer or attempt to collect rent for the use of real estate for or in behalf of such real estate broker. No person employed by a broker to perform duties other than those activities as defined herein under "broker" shall be required to be licensed as a salesperson." "What constitutes a Quorum of the Real Estate Commission? - CORRECT ANSWER A majority of the members currently serving on the commission shall constitute a quorum." "In addition to regularly scheduled meetings, how many Public Meetings must the PA Real Estate Commission hold each year and where are they held? - CORRECT ANSWER In addition to regularly scheduled meetings of the commission, there shall be at least one public meeting each year in Pittsburgh, one public meeting each year in Philadelphia and one public meeting each year in Harrisburg." "BROKER - CORRECT ANSWER Any person who, for another and for a fee, commission or other valuable consideration: (1) negotiates with or aids any person in locating or obtaining for purchase, lease or an acquisition of interest in any real estate; (2) negotiates the listing, sale, purchase, exchange, lease, time share and similarly designated interests, financing or option for any real estate; (3) manages any real estate; (4) represents himself to be a real estate consultant, counselor, agent or finder; (5) undertakes to promote the sale, exchange, purchase or rental of real estate: Provided, however, That this provision shall not include any person whose main business is that of advertising, promotion or public relations; (5.1) undertakes to perform a comparative market analysis; or (6) attempts to perform any of the above acts." "BUILDER-OWNER SALESPERSON - CORRECT ANSWER Any person who is a full-time employee of a builder-owner of single and multifamily dwellings located within the Commonwealth and as such employee shall be authorized and empowered to list for sale, sell or offer for sale, or to negotiate the sale or exchange of real estate, or to lease or rent, or offer to lease, rent or place for rent, any real estate owned by his builder-owner employer, or collect or offer, or attempt to collect, rent for the use of real estate owned by his builder-owner employer, for and on behalf of such builder-owner employer." "COMMERCIAL PROPERTY - CORRECT ANSWER (1) Any property, or portion thereof, which is used, occupied or is intended, arranged or designed to be used or occupied for the purpose of operating a business, an office, a manufacturing facility or any public accommodation. This paragraph does not include property which consists of less then five residential dwelling units. (2) Any vacant land offered for sale or lease, or held, for the purpose of constructing or locating thereon a building, structure or facility, or portion thereof, which is intended, arranged or designed to be used or occupied for the purpose of operating a business, an office, a manufacturing facility or any public accommodation. This paragraph does not include vacant land suitable only for construction or location of less than five residential dwelling units." "QUALIFIED ASSOCIATION - CORRECT ANSWER A corporation, limited liability partnership, limited partnership or limited liability company that: (1) is incorporated or otherwise organized under the laws of this Commonwealth or another jurisdiction; (2) does not hold a license under this act; (3) does not hold itself out to the public as providing real estate services or real estate-related services; and (4) is solely owned by licensees who are all affiliated with the same broker. In case of the death of an owner of a qualified association, ownership may continue through the licensees' estate for a period not to exceed 18 months." "TIME-SHARE SALESPERSON - CORRECT ANSWER A person who either as an employee or independent contractor sells or offers to sell time shares. Such person shall sell time shares under the active supervision of a broker. A person licensed as a broker or as a salesperson shall not be required to be licensed as a time-share salesperson as a condition for selling or offering to sell time shares." "SUBAGENT - CORRECT ANSWER A broker, not in the employ of the listing broker, who is engaged to act for, or cooperate with, the listing broker in selling property as an agent of the seller. A subagent is deemed to have an agency relationship with the seller. "TIME SHARE." The right, however evidenced or documented, to use or occupy one or more units on a periodic basis according to an arrangement allocating use and occupancy rights of that unit or those units between other similar users. As used in this definition, the term "unit" is a building or portion thereof permanently affixed to real property and designated for separate occupancy or a campground or portion thereof designated for separate occupancy. The phrase "time share" does not include campground membership." "SCHOOL - CORRECT ANSWER Any person who conducts classes in real estate subjects but is not a college, university or institute of higher learning duly accredited by the Middle States Association of Colleges and Secondary Schools or equivalent accreditation." "RENTAL LISTING REFERRAL AGENT - CORRECT ANSWER Any person who owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units. The term "rental listing referral agent" shall not include any employee or official of any public housing authority created pursuant to State or Federal law." "RECIPROCAL LICENSE - CORRECT ANSWER A license issued under section 602 (a) through (e)." "REAL ESTATE SERVICE - CORRECT ANSWER An act or acts requiring a real estate license." "REAL ESTATE - CORRECT ANSWER Any interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, whether the land is situated in this Commonwealth or elsewhere including leasehold interests and time share and similarly designated interests. A sale of a mobile home shall be deemed to be a transfer of an interest in real estate if accompanied by the assignment of the lease or sale of the land on which the mobile home is situated." "The State Real Estate Commission is hereby created and shall consist of the - CORRECT ANSWER Commissioner of Professional and Occupational Affairs; Director of the Bureau of Consumer Protection, or his designee; three members who shall be persons representing the public at large; five other persons, each of whom shall at the time of his appointment be a licensed and qualified real estate broker under the existing law of this Commonwealth, and shall have been engaged in the real estate business in this Commonwealth for a period of not less than ten years immediately prior to his appointment; and one other person who shall have been licensed as a real estate broker, or cemetery broker, for a period of at least five years and shall have been engaged in selling cemetery lots for at least ten years immediately prior to his appointment." "Who is responsible for appointing the members of the PA Real Estate Commission? - CORRECT ANSWER Each of said members of the commission shall be appointed by the Governor." "The term of office of each member of the Real Estate Commission shall be... - CORRECT ANSWER five years from his appointment, or until his successor has been appointed and qualified but not longer than six months beyond the five-year period. In the event that any of said members shall die or resign during his term of office, his successor shall be appointed in the same way and with the same qualifications as above set forth and shall hold office for the unexpired term." "How many days in advance must a Public Meeting of the PA Real Estate Commission be publicized and where? What is the purpose of the meetings? - CORRECT ANSWER At least 15 days prior to the holding of any public meeting pursuant to this subsection, the commission shall give public notice of the meeting in a newspaper of general circulation in each of the areas where the public meeting is to be held. The purpose of these special meetings shall be to solicit from members of the public, suggestions, comments and objections about real estate practice in this Commonwealth." "Who is exempt from needing a Real Estate License in PA? - CORRECT ANSWER It shall be unlawful for any person, directly or indirectly, to engage in or conduct, or to advertise or hold himself out as engaging in or conducting the business, or acting in the capacity of a real estate licensee in PA without first being licensed or registered unless he is exempted from obtaining a license or registration certificate under the provisions of section 304. Except as otherwise provided in this act, the provisions of this act shall not apply to the following: (1) An owner of real estate with respect to property owned or leased by such owner. In the case of a partnership or corporation, this exclusion shall not extend to more than five of its partners or officers, respectively, nor to other partnership or corporation personnel or employees. (2) The employees of a public utility acting in the ordinary course of utility-related business under the provisions of Title 66 of the Pennsylvania Consolidated Statutes (relating to public utilities), with respect to negotiating the purchase, sale or lease of property. (3) The officers or employees of a partnership or corporation whose principal business is the discovery, extraction, distribution or transmission of energy or mineral resources, provided that the purchase, sale or lease of real estate is a common and necessary transaction in the conduct of such principal business. (4) The services rendered by an attorney-in-fact under an executed and recorded power of attorney from the owner or lessor (provided such power of attorney is not utilized to circumvent the intent of this act) or by an attorney at law. (5) A person acting as trustee in bankruptcy, administrator, executor, trustee or guardian while acting under a court order or under the authority of a will or of a trust instrument. (6) The elected officer or director of any banking inst" "What is the Civil Penalty for violation of RELRA ? - CORRECT ANSWER In addition to any other civil remedy or criminal penalty provided for in this act, the commission, by a vote of the majority of the maximum number of the authorized membership of the commission as provided by law, or by a vote of the majority of the duly qualified and confirmed membership or a minimum of five members, whichever is greater, may levy a civil penalty of up to $ 1,000 on any current licensee who violates any provision of this act or on any person who practices real estate without being properly licensed to do so under this act. The commission shall levy this penalty only after affording the accused party the opportunity for a hearing, as provided in Title 2 of the Pennsylvania Consolidated Statutes (relating to administrative law and procedure)." “AGENCY RELATIONSHIP - CORRECT ANSWER A relationship whereby the broker or licensees in the employ of the broker act as fiduciaries for a consumer of real estate services by the express authority of the consumer of real estate services." "ASSOCIATE BROKER - CORRECT ANSWER A broker employed by another broker." "CAMPGROUND MEMBERSHIP - CORRECT ANSWER An interest, other than in fee simple or by lease, which gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle, trailer, tent, tent trailer, pickup camper or other similar device on a periodic basis pursuant to a membership contract allocating use and occupancy rights between other similar users." "CAMPGROUND MEMBERSHIP SALESPERSON - CORRECT ANSWER A person who either as an employee or an independent contractor sells or offers to sell campground memberships. Such person shall sell campground memberships under the active supervision of a broker. A person licensed as a broker, as a salesperson or as a time-share salesperson shall not be required to be licensed as a campground membership salesperson as a condition for selling or offering to sell campground memberships." "COMPARATIVE MARKET ANALYSIS - CORRECT ANSWER A written analysis, opinion or conclusion by a contracted buyer's agent, transactional licensee, or an actual or potential seller's agent relating to the probable sale price of a specified piece of real estate in an identified real estate market at a specified time, offered either for the purpose of determining the asking/offering price for the property by a specific actual or potential consumer or for the purpose of securing a listing agreement with a seller." "TRANSACTION LICENSEE - CORRECT ANSWER A licensed broker or salesperson who provides communication or document preparation services or performs acts described under the definition of "broker" or "salesperson" for which a license is required, without being an agent or advocate of the consumer." "SELLER AGENT - CORRECT ANSWER Any licensee who has entered into an agency relationship with a seller of real estate." "$60 - CORRECT ANSWER Each member of the commission other than the Commissioner of Professional and Occupational Affairs shall receive reimbursement for reasonable expenses in accordance with Commonwealth regulations and per diem compensation at the rate of $_______ per day for the time actually devoted to the business of the commission." "Under which circumstances may a Real Estate Commission member be excused from a meeting? - CORRECT ANSWER The commission shall elect a chairman, vice-chairman and secretary from among its members. A commission member who fails to attend three consecutive meetings shall forfeit his seat unless the Commissioner of Professional and Occupational Affairs, upon written request from the member, finds that the member should be excused from a meeting because of illness or the death of a family member."