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89. 125. This requirement does not apply if the property is listed for sale with a real estate company (35.304). The broker is required to maintain an escrow account. 2. Written consent to act as a dual agent must include a statement of the terms of compensation (606.4). A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. 3. 1. An agreement between a rental listing referral agent and a prospective tenant must include. 163. Brokers may not engage in discriminatory conduct (604(a)(22)). 82. 18. The liability of the recovery fund shall not exceed $20,000 for any one claim and shall not exceed $100,000 per licensee (803 (d)). These include a deadline for the buyer to obtain the loan commitment, assistance that the broker will provide the buyer, and the type of mortgage. A) When an initial interview takes place prior to entering into a listing, the broker must provide information about the broker's policy regarding cooperation with other brokers (608(6)). A real estate firm may not conduct brokerage services if at an office location where the real estate firm or designated broker concurrently conducts a separate, business activity. Which of the following disciplinary actions is the Pennsylvania Real Estate Commission authorized to take? A. forfeiture clause. No, because it would violate federal law, which prohibits it. Under what circumstances may they void the contract? Two projects have an identical net present value of $9,000. Rules of the commission require the licensee to provide written estimates of reasonably foreseeable expenses before an agreement of sale is executed (35.334 (a)). 2. The business name as designated on the license must be included in all advertising (35.305). 100. Under the Pennsylvania mechanic's lien law, the claim. The penalty for the first offense includes a fine. A broker's escrow account is required to designate the broker as trustee. The Book Of Semi Innocent Deaths : An Analysis, The Effects Of Sleep Deprivation On College Students, English Education : Important Role For Students During Their Formative Years, Food Habits And Culture : An Important Aspect Of Life, Analysis Of The Article ' Yes I 'm Brave ', The Importance Of Assimilation And Code Switching As A Foundation For Success, Organ System Project : The Nervous System, Personal Statement : Self Reflection Paper, Art And Cultural Policy Of Bronze Animal Heads From Old Summer Palace, Being A Social Worker And Work With Children. 52. Unless the parties to the agreement of sale agree otherwise, earnest money deposits received by a broker on behalf of his or her principal must be deposited in an escrow account. 115. 4. Under Pennsylvania law, the salesperson may. A licensed salesperson secures a listing and wants to advertise it on the salesperson's own internet Web site. 3. 68. 22. 75 percent. Under Pennsylvania law, the broker should. The Pennsylvania Real Estate Commission has the power and authority to administer and enforce the license law (406). b) association managers, salespersons, and brokers. 93. providing legal advice on issues contained in the Indiana real estate laws and rules. Mini book 1-50. a) not using registration laws in settling private disputes. In this situation, which of the following is true? The buyer gives the salesperson an earnest money deposit check. A broker operating as a sole proprietor wants to locate the main office of his business at his personal residence. When is a violation of the license law on the part of a salesperson grounds for revocation or suspension of the license of the employing broker? 3. but little innovation. All parties must have a full disclosure as to which broker is holding the deposit in escrow. In a half-board hotel, the innkeeper serves . D) A) c. Find the probability that on a randomly selected day, there will be at least two shark attacks. 3. Which of the following is a requirement to obtain a real estate salesperson's license in Pennsylvania? 4. A) 2. c) monitor the availability of licensure to the public. 2. c) The person is a not a member of the Real Estate Commission. 66. what does an appraiser look for when refinancing your home, Moral principles that govern a person's or group's behavior. The broker must maintain the earnest money deposit until the transaction is consummated or terminated. 29. 138. The associate broker maintains a copy of the notification sent to the commission as a temporary license pending receipt of the new current license (603(a)). 105. 2. An applicant for a real estate salesperson's license in Pennsylvania must. 1. Agency relationships may be created either orally or in writing. Campground membership salespersons (581), time-share salespersons (591), and rental listing referral agents (561) are all required to complete education or training requirements as a condition of licensure. 2. 133. License law requires the licensee to furnish a copy of the listing to all signatories at the time of execution (604 (a)(9)). 65. The tenant must be notified of the name and address of the institution where the deposits are held. Suppose that the number of shark attacks in coastal waters around the United States follows a Poisson distribution with a mean of 0.30.30.3 shark attacks per day. Regarding a broker's escrow account. An associate broker is changing employing brokers. 18. Upcoming Clemency Hearings. The Commission's disciplinary authority includes. 3. The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and able buyer and is therefore entitled to recover his agreed-upon compensation. When a salesperson applies for a real estate license, the employing broker is responsible for. 200. 3. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. 4. All listings must contain information about the existence of the recovery fund. 1. Any advertisement, including internet Web site advertising, must include the business name of the broker as it appears on the license. Which of the following is true? 188.2. Regarding a real estate salesperson's license, it. 180. Overall, usually six percent. 166. 58. 82. 3. Under what circumstances may a broker deposit personal or business funds into their escrow account? A. 3. A licensee may operate and/or advertise under a name other than the one on his or her license, but to do so, approval for the name must be obtained from the Department of Licensing, Real Estate Licensing Unit. 1. A licensed salesperson obtains a listing. 53. The listing price or name of the listing salesperson is not required in advertising. The buyer is interested in making an offer on the seller's property. 4. c) comprised of 6 members appointed by the governor and confirmed by the Senate. Draw the precedence diagram. Pennsylvania law requires the seller to provide the buyer with the property condition disclosure statement prior to the buyer entering into an agreement of sale with the seller. 15. A licensed salesperson negotiates an offer to purchase on a property listed for sale with a different company. The seller is unavailable, so the offer will not be presented for four days. 1. The telephone number of the broker must be included if the advertisement includes the name and telephone number of a salesperson or associate broker. 4. 20. Both the crime and the conviction took place out of state. The buyer then asks the salesperson if she can help them secure a mortgage loan. c. decrease this firm's average variable costs. 102. 3. 28. (606.1 (a)(13)). Although brokers normally set up a listing file, advertise properties, and cooperate with other brokers, none of these activities are required by rule or statute. A) 1. 4. 71. Real Estate. 1. The state tax is 1% of the full consideration paid for the property, and the local taxing bodies can levy an additional tax on the transfer. Commission rules provide that every agreement of sale shall contain specific language regarding the existence of the recovery fund (35.333 (a)(9)). 121. b. The broker is responsible for holding the escrow deposit pending consummation or termination of the transaction (35.321) (35.325). 73. During the initial interview the licensee must provide a Consumer Notice containing disclosures required by the rules of the commission (608). 198. 2. The firms HL and LL are identical except for their debt-to-total-assets ratios and interest rates on debt. 206. One of the duties of licensees when working with consumers is to advise the consumer to seek expert advice on matters related to the transaction that are beyond the licensee's expertise (9606.1 (a)(8)). 200. Revocable, non-assignable permission to enter another person's land for a particular purpose. The Commission rules and regulations may be adopted under what circumstances? The original broker now represents a buyer client who is interested in making an offer on the property. b. mean that MR5\mathrm{MR}_5MR5 exceeds MC\mathrm{MC}MC at Q3Q_3Q3 units, inducing the firm to expand output to Q5Q_5Q5. Which of the following is true concerning the Real Estate Commissioner? Who of the following is not exempt and must hold a real estate license? gathering information for comparative market analysis. A broker may or may not include a broker protection clause; that issue is not addressed by license law. who have either four years of experience in the sale, operation, or management of real estate in Washington or two years of experience in investigative work in connection with the administration of real estate license law. 113. Which of the following applicants for licensure is not required to pass a written exam for licensure? 3. 39. 5. It is illegal to engage in any activity for which a license is required until the license has actually been issued by the state. 63. D. No, because the Supreme Court ruling in Obergefell v. Hodges now protects these rights. Study with Quizlet and memorize flashcards containing terms like Moral principles that govern a person's or group's behavior, Official permission to do a particular thing that the law does not allow everyone to do. 184. d) considered the same as violating the license law itself. Hello! 4. What is the balance in the account after (i) 2 years; (ii) 10 years? The And Japanese Position On Permitting The Hunting Of Non Endangered Species Of Whales As A Cultural Exemption? 31. and more. 153. 100 percent. The applicant must be a high school graduate or provide proof of an education equivalent thereto (511(2)). 67. Both parties must consent to the dual compensation. Campground membership salesperson and cemetery salesperson applicants have no examination requirement. Can N sue to recover payment? Please upgrade to Cram Premium to create hundreds of folders! A licensee is required to notify the commission of being convicted, pleading guilty, or nolo contendere to a felony or misdemeanor within 30 days of the verdict or fee (35.290 (a)). Appraisal activities are regulated by the State Board of Certified Real Estate Appraisers, rather than the Pennsylvania Real Estate Commission. Before the agreement is signed, the salesperson should provide the seller information. 154. It's important, therefore, to monitor a comprehensive set of metrics, which can help businesses understand the overall performance of a call center. 158. The licensee should advise the seller of the disclosure requirements and the seller's obligation to comply with requirements of the statute. A lease for a term of more than three years must be written in order to be enforceable. Did The Revolutionary Leaders Have A Common Goal Of Liberating The Citizens Of Their Country? 11. 2. Introducing Cram Folders! The consumer must be provided with the Consumer Notice at the initial interview. 95. In Pennsylvania, certain deed transfers are exempt from the transfer tax. In reference to license laws and rules and regulations of the commission, what does the term "broker of record" refer to? How much interest revenue did Caribou earn this year? A broker signs a 3-month listing agreement with a seller. If the broker had actual knowledge, or if the licensee engaged in a course of dealing that the broker should have been aware of, liability could accrue to the employing broker (702(a)(c)). 33. While reviewing terms of an agreement of sale with a buyer, how should the agent respond to buyer's concerns about certain provisions in the agreement? 8. a. The Commission's disciplinary authority includes. Campground membership salespersons are required to be licensed and are subject to disciplinary action on the part of the commission (581). My name is William Watkins. A property owner wants to list his property for sale with a broker but does not want to sign an exclusive listing contract. The licensee must disclose in writing the licensee's intention or true position if the licensee purchases any property that has been listed with his office (604 (a)(13)). 182. -hiring a director who keeps records of the meetings. Record the following note receivable transactions in the journal of Caribou Golf. We'll bring you back here when you are done. They are not authorized to show rental units, collect fees or security deposits, or engage in property management activities. 18. Language addressing the seller's responsibility for defects, zoning classification of single family property, and mortgage financing language are not mandatory inclusions (35.333). Menu. This person has no recourse. B) All licensees are required to disclose their license status in advertisements for property if the property is not listed for sale with a real estate company (35.304). There is no education requirement or exam required for a cemetery salesperson (541). In order to become a member of the Pennsylvania Real Estate Commission, a candidate must. 1. The 12 members consist of the following: Members of the Commission: 9 district members. D) Which of the following best describes a brokerage agreement? 75. B) D) 4. Consumers must have exhausted all legal remedies before requesting assistance from the real estate commission and the real estate recovery fund. The broker of record is the individual broker responsible for the real estate transactions of a licensed partnership, association, or corporation (35.201). 2. 153. - quorum is a majority of its members. 1. Traditionally in the sales of most all property, the representing brokerage of the sales agents will split a 6% commission (in some instances this percentage ListingYour Contract with your Agent The associate broker cashed the check because he felt it was earned. At this time, the broker. How are members of the Pennsylvania Real Estate Commission selected? 59. A purchaser has the right to cancel a time-share purchase until midnight of the fifth day following the date on which the purchaser executed the purchase contract (609(a)). However, a tax will have to be paid on a transfer. 199. 124. 4. It is legal for a broker to recruit salespeople or associate brokers employed by competitors. A commercial listing must state that money received by the broker will be held by the broker in escrow pending consummation or termination of the transaction (35.331). 9. c) a written representation agreement between broker and client. The commission also promulgates rules and regulations (404) and reports to legislative committee's (408). License law requires the broker to keep records relating to a real estate transaction for three years following consummation of the transaction (604 (a)(6)). 176. One of the broker's duties is to collect rent due from the tenants. 4. 3. 58. Multiply the commission percentage by the purchase price to find out your total commission. A time-share salespersons license is required to sell time-shares (201). 178. 6 members. 6. 167. An attorney at law who receives a fee for rendering services within the scope of an attorney client relationship is exempt from licensure (35.302(5)) so can handle the transaction. When do real estate salespersons' licenses expire in Pennsylvania? The recovery fund is available to consumers only after they have secured a final judgment against a licensee. 2. At the beginning of the second year, the landlord must return to the tenant any amount that exceeds the amount of one month's rent. Qualifications for licensure as a salesperson do not include college education nor a minimum age of 21. 189. No licensed salesperson shall be employed by any other broker than is designated upon the current license issued to the salesperson. Commission rates are not determined by local custom. Three weeks before N begins his real estate prelicense class, he offers to help his neighbor sell her house. In order to be licensed as a salesperson, the candidate must submit a license application with a sworn statement from the broker certifying that the broker will actively supervise and train the applicant (35.223 (a)). Statements of cost and return must be presented prior to entering into an agreement of sale. 1. Which of the following acts in an advisory capacity to the Director of the Department of Licensing? 21. 4. License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. 44. 2. The non-disclosure is a violation of the law. 3. Everfi MODULE 6 "FINANCING AND HIGHER EDUCATION" DRAFT. 1 real estate member at large - broker at least 5 years. All of the following must complete education or training requirements prior to licensure EXCEPT. 96. 2. The broker is required to keep records relating to real estate transactions for three years following consummation or termination of the transaction. Passing the real estate broker examination requires a minimum score of 101. Before the associate broker can begin actively selling for the new company. Brokers must maintain records of transactions for three years following consummation of the transaction. This fee includes the exam and the card mailed to your home. The Pennsylvania Realty Transfer Tax is 1% of the full sale price. 168. 40. 2. 116. Official permission to do a particular thing that the law does not allow everyone to do. B) Citizenship is not a requirement for licensure nor is a degree from a college or university. 56. For example, let's say a home sells for $500,000. Largely because of the assistant's efforts, the sale went through with no problem. The original listing agent. Professional organizations, multiple listing services, and other parties, such as sellers, do not dictate or control compensation arrangements. 3. 12 hours every two years. On a $1,000,000 sale, the state transfer tax is $10,000 ($1,000,000 x 1%). To remain in active practice, the affiliates are required to find new employing brokers. The broker is required to deposit earnest money into an escrow account. Which of the following actions is legal and not a violation of license law? 87 percent Brokers may represent buyers and sellers in the same transaction with the consent, in writing, from both parties (606. l(b)). 69. What is the time frame within which the injured party may file a claim for payment from the Real Estate Recovery Fund? In Pennsylvania, who of the following would need to be a licensed real estate broker or salesperson? 1. Under the equitable right of redemption in Pennsylvania, the borrower. A broker is permitted to act as a dual agent provided the broker secures the written consent of both parties to the transaction.