Exam (elaborations)
PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
PA REAL ESTATE EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
PA REAL ESTATE EXAM QUESTIONS AND ANSWERSHow many brokers can you be affiliated with as a Pennsylvania licensee? - Answers -1
A consumer filed a complaint against a licensee for possibly violating the Pennsylvania
Human Relations Act. Can the State Real Estate Commission investigate this
complaint? - Answers -Yes, but only once 90 days have passed from the time the
complaint was filed.
(After 90 days, the State Real Estate Commission may investigate the complaint. This
delay gives the Pennsylvania Human Rights Commission time to conduct its own
investigation and report any findings to the commission.)
Celia holds a cemetery salesperson's license in Pennsylvania. What can we reasonably
assume about her? - Answers -She's at least 18
Which statement about real estate business in Pennsylvania is true? - Answers -Every
licensed broker must have a fixed place of business.
Gunther is a new licensee in Pennsylvania, but he's moving to a different area of the
state and wants to affiliate with a different broker. What must he do to make this
happen? - Answers -Notify the commission within 10 days after the change, pay a fee,
and return his license to the commission.
Abigail is a Pennsylvania broker who supervises several salespersons and associate
brokers. Which of these forms outlines how much will be paid to her when she or any of
her associated licensees engages in a transaction? - Answers -Listing agreement
(Listing agreements must include commission or expected compensation. RELRA or the
Sherman Act don't set these terms. The Consumer Notice simply informs consumers of
the possible agency relationships.)
An interest that gives the buyer the right to periodically park a recreational vehicle or
erect a tent or other similar structure on a piece of land in Pennsylvania, based on the
agreement terms, is called a ______. - Answers -Campground membership
Andre was so happy that his non-licensed sister-in-law referred his last seller client to
him that he paid her half a percent of his commission after the sale closed. What is a
likely disciplinary action for this in Pennsylvania? - Answers -Suspension or revocation
Which of the following actions could lead to license suspension or revocation in
Pennsylvania? - Answers -Encouraging a contract party to break that contract in order
to sign on with you
, Jack is a Pennsylvania licensee. He represents Carter in a transaction. Rachel is the
other party to the transaction. Which of the following statements is true? - Answers -
Jack can keep both parties informed about the transaction.
Natalie works for Darrell who owns Titanium Realty. Darrell supervises Natalie who
meets the Pennsylvania broker license requirements. Which of the following best
describes Darrell? - Answers -Broker of record
Which Pennsylvania entity administers and enforces campground and cemetery laws
for activities that require a license? - Answers -State Real Estate Commission
Jamie Wilson and Ethan Smith are real estate licensees in Pennsylvania who work for
the same firm. Caleb Jones is their unlicensed assistant. They're working on a new
team advertisement. Which of the following is true? - Answers -Only Jamie and Ethan
can be listed on the advertisement.
(Team advertising has to be the name (or nickname registered with the commission) of
a licensee on the team. Only licensed team members can be listed on the ad, which
must include the brokerage name as well.)
Ulysses is Pennsylvania broker who's a dual agent in a transaction. He's designated
separate licensees to exclusively represent each party. Thomas will represent the seller
and Renee will represent the buyer. Which of the following statements is true? -
Answers -Thomas owes his seller and Renee owes her buyer the same duties owed by
buyer's and seller's agents.
Larry, a Pennsylvania broker, provided a copy of the Consumer Notice to a prospective
buyer prior to entering into an agency relationship and showing the buyer several
properties. How long must he retain a copy of the notice? - Answers -He needs to retain
a copy of the notice for at least six months.
(Most transaction documents and contracts must be retained for three years. However,
Consumer Notices and sub-agent and transaction licensee agreements only need to be
retained for six months.)
The Pennsylvania State Real Estate Commission has decided to assess an additional
five-dollar fee to each licensee at the beginning of the next renewal period. Which of
these is a likely cause of this additional fee? - Answers -The Real Estate Recovery
Fund will have less than $300,000 at the beginning of the license renewal period.
(If the fund has less than $300,000 at the beginning of a license renewal period, then
the commission can assess additional fees (not to exceed $10 per licensee) that would
bring the balance to $500,000.)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now