Pennsylvania real estate - Study guides, Class notes & Summaries

The economic characteristics of land are - scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - are of indeterminable duration An easement can be terminated by - merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice t...

When using the services of a real estate licensee to find a residence to lease, a PA consumer must be provided with a. consumer notice b. rental application c. plain language residential lease d. landlords led-based disclosure - a. consumer notice according to the Pennsylvania landlord-tenant act, a tenant must be notified of the final disposition of his security deposit within what time period following the end of the time? A. within 5 days B. within 30 days C. within 60 days D. imme...

When using the services of a real estate licensee to find a residence to lease, a PA consumer must be provided with a. consumer notice b. rental application c. plain language residential lease d. landlords led-based disclosure - a. consumer notice according to the Pennsylvania landlord-tenant act, a tenant must be notified of the final disposition of his security deposit within what time period following the end of the time? A. within 5 days B. within 30 days C. within 60 days D. imme...

Purpose of License Laws - Answer-Protect the public by ensuring a standard of competence and professionalism in the real estate industry (1)Basic Requirements for obtaining and keeping a license (2)Defining activities for which a license is required (3)Describing acceptable standards of conduct and practice for licensees (4)Enforcing those standards through a disciplinary system Real Estate Licensing and Registration Act (RELRA) - Answer-The Pennsylvania law that protects the public int...

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 function under? - The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - State Legislature Who creates rules and regulations f...

Records of broker must include - Answer-date and from whom received, deposit date, withdrawal date, name on account, whom the money belongs too, how records are available for inspection by commission, how records are available immediately after demand Where does property management broker hold rent? - Answer-Rental management account separate from broker's escrow account and general business account Under what condition may broker deposit additional money into escrow account? - Answer-S...

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 function under? - The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - State Legislature Who creates rules and regulations f...

Order The steps of the Real Estate Recovery Fund #1-7 - Answer-1. Civil suit again licensee alleging misrepresentation in a real estate transaction 2. Show that they are not a spouse of the licensee 3. The final judgment is awarded 4. Exhaust reasonable remedies to collect from licensee 5. Apply within one year of the termination proceedings and appeals. 6. Suspend license when payment is made from the Fund 7. Reinstate license when Fund is reimbursed Unlicensed people may host open hou...

It's illegal for anyone to... - Answer-engine in or advertise oneself as a real estate broker/salesperson, cemetery, campground membership salesperson, timeshare salesperson, builder-owner salesperson, rental listing referral agent, or cemetery company without holding the proper license or registration These activities require a real estate license if performed for others & for compensation - Answer--negotiating with or aiding any person in locating obtaining an interest in real estate for p...

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