Exam (elaborations)
PA REAL ESTATE STATE PORTION QUESTIONS
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PA REAL ESTATE STATE PORTION QUESTIONS
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PA REAL ESTATE STATE PORTION QUESTIONSRelra - answers -real 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: - answers -appointed by the governor for 5 year terms. Meet
on regular basis as needed, but conduct at least one public meeting in 3 cities
Corporeal - answers -right of ownership in material things, something tangible such as a
building
Incorporeal - answers -rights to property having no physical existence. Something
intangible such as mortgage
Freehold - answers -estate, 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 - answers -person who owns or manages a business which
collects rental info for purpose of reffering tenants to rental units
To become a broker, you must: - answers -have worked as a licensed salesperson for
at least 3 years
After passing salesperson/broker exam, you have _ years to apply for license: -
answers -3 years
To renew your license, you must take __ hours of continuing education classes every
two years, all education should be approved by commission - answers -14 hours
Your license can stay inactive status for hour many years until you will need to retake
the exam? - answers -5 years
If you wish to change employers, you must: - answers -notify 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? - answers -brokers license,
along with license of all salespeople
Each office must be under the supervision of a? - answers -manager who is either a
broker or associate broker
Can a salesperson work for more than one broker? - answers -no - cannot work for
anyone other than the broker on your license
, If you do not receive your new license within 30 days, - answers -it is your responsibility
to notify the commission
A real estate broker may represent both the buyer and the seller in the same transaction
if the dual agency is _____ - answers -disclosed in writing to both parties
The only disclosure that must be presented to consumers in a specific form required by
the commission is the _____ - answers -consumer notice. The purpose is to inform the
permitted business relationships. Must be signed by consumer
Before the buyer signs the agreement of sale, he/she must - answers -acknowledge
receipt of the property disclosure statement
A licensee must give notice of his/her ownership interest in a real estate transaction _ -
answers -at the outset of the transaction
The commission may inspect a real estate office no more than - answers -4 times a
year
The commission or its representative may conduct office inspections - answers -during
regular business hours
When conducting an office inspection, the commission or its representative may not
inspect - answers -the employees' personnel records
A broker who wishes to open a branch office must ____ - answers -obtain a branch
office license
If the broker decides to delegate mgmt of a branch office, the person who assumes the
duties must be a(n) - answers -associate broker
When a broker changes his/her business address, a change of address must be
submitted to the commission by - answers -the broker and all licensees working in the
office
According to relra, a licensee may delegate agency to a subagent - answers -with the
principal's written consent
Under relra, a seller's agent is not required to - answers -seek additional offers after a
sales agreement is in place
A licensee who does not have an agency relationship with either party is known as a -
answers -transaction licensee
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