PA Salesperson Exam State Portion Questions and Answers (100% Pass)

Where does the money in Pennsylvania's Real Estate Recovery Fund reside? At the Real Estate Commission's main office In a separate account held by each licensee The employing broker's office The State Treasury The State Treasury Sally is applying for a reciprocal salesperson's lic...

AGENCY RELATIONSHIP 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 A broker employed by another broker. BROKER Any pers...

Easement A limited right to make use of a property owned by another. Appurtenant Runs with the land Easement Appurtenant An easement allowing the use of a neighboring property Which type of ownership includes the right of survivorship? Joint Tenancy Fully Executed A contract that has...

When was RELRA originally passed in Pennsylvania? May of 1929 When was RELRA changed to a different name? 1980 What is one of the most important thing RELRA does? grant ruling- making and enforcement authority to the State Real Estate Commission What does the State Real Estate Commission ...

When was RELRA originally passed in Pennsylvania? May of 1929 When was RELRA changed to a different name? 1980 What is one of the most important thing RELRA does? grant ruling- making and enforcement authority to the State Real Estate Commission What does the State Real Estate Commission ...

When was RELRA originally passed in Pennsylvania? May of 1929 When was RELRA changed to a different name? 1980 RELRA Real Estate Licensing and Registration Act; Pennsylvania law that oversees real estate licensees and created the State Real Estate Commission. RESPA Real Estate Settlem...

90 days if it is an initial complaint against the licensee. If the real estate commission receives a copy of a complaint files with the PA Human Relations Commission alleging that a licensee has violated a provision of the PA Human Relations Act, what is the waiting period before the real es...

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 transacti...

A broker is found guilty and ordered to pay monetary damages to a consumer. What timeframe must the injured party file a claim for payment from the real estate recovery fund? Injured parties must file claim to real estate recovery fund one year after termination of proceedings in connection ...

You decide to help negotiate the sales price of a buddy's place even though you don't yet have a license. After the sale he pays you $50 in appreciation of your efforts. Why would this be considered an illegal activity? Bc you can't accept any amount of compensation for negotiating th...