Pa real estate 3 - Study guides, Class notes & Summaries

PA Real Estate State Portion Questions and Answers 100% Pass Real Estate Commission has how many members 11 Who are the members of the Comission (1) Commissioner of Professional and Occupational Affairs (1) Director of Bureau of Consumer Protection (5) Brokers of 10+ yrs experience (3) Public at Large Members (1) Broker 5+ years selling cemetery for at least 10+ years How long are terms for Commission members 5 years, MAX 5.5 years If Commission member dies how long does successor with same q...

PSI REAL ESTATE PRACTICE QUESTIONS AND ANSWERS (100% PASS) The ability of the government to acquire real property against the owner for the benefit of the public. - Answer️️ -Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? - Answer️️ -Devise What is the most complete estate in real property? - Answer️️ -Fee Simple What is an exaggerated term from a real estate agent,that would be considered not true? - Answe...

PA Real Estate Salesperson Exam - State Portion Exam Prep Latest 2023 Graded A 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 person who, for another and for a fee, commission or other valuable consideration: (1) negotiates with or aids any person in locating ...

PA REAL ESTATE #3 WITH COMPLETE SOLUTIONS 100% 2023/2024

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? - Answer-Injured parties must file claim to real estate recovery fund one year after termination of proceedings in connection to judgement awarded consumer. What statement is TRUE regarding the real estate recovery fund? - Answer-An agreement of sale must contain disclosure language advising parties of the existence of t...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

1. Brokerage definition... the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? schools and cemetary 3. What is an example of functional obsolescence? bathroom 4. Principal definition... a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... the process of determining the present value o...

PA State Laws Graded A+ When does your real estate license expire in Pennsylvania? May 31 of every even numbered year 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? at least 6 months Under Pennsylvania law, which of these items would a licensee need to disclose to any consumers? A)A buyer is willing to offer...

When was RELRA originally passed in Pennsylvania? - Answer-May of 1929 When was RELRA changed to a different name? - Answer-1980 What is one of the most important thing RELRA does? - Answer-grant ruling- making and enforcement authority to the State Real Estate Commission What does the State Real Estate Commission function under? - Answer-The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - Answer-State Legisla...

PA RE Practice Quiz 3 with Questions and Answers An agency relationship is one whereby the licensees in the employ of the broker act in a fiduciary capacity for a consumer, with the express authority of the broker. a. True b. False ANSWER B. FALSE. By definition in the real estate licensing law, an agency relationship is one whereby the broker or licensees in the employ of the broker act in a fiduciary capacity for a consumer of real estate services, with the express authority of th...