Being convicted in a court of competent jurisdiction in Pennsylvania or any other state could result in suspension or revocation of the broker's license (604 (a)(14)). 3. Some people and situations are exempt from the provisions of the Pennsylvania Real Estate License Act. 3. Should the broker decide to move the location of a licensed office, license law requires the new location to be approved and licensed, and all licensees registered at the former location must make application for a new license at the new location (601 (a)). Licenses are issued by the Department of State (401). 1. 44. Date for payments and conveyance must be addressed in the contract (35.333(a)). 143. Personal assistants may be employed by either the broker or salesperson to perform secretarial and clerical duties without being licensed. The broker is required to disclose this to the consumer at the initial interview (608 (8)). Unlicensed individuals directly employed by an owner of residential multifamily buildings for the purpose of managing or maintaining the property are not required to be licensed, but the scope of activities they may perform is limited. No, because it would violate federal law, which prohibits it. 39. 183. (may impose a prison sentence upon a licensee for engaging in unlicensed activity not to exceed 3 months for a 1st offense or 1 to 2 years for a 2nd offense), enact the rules and regulations to implement the License Law The commission also promulgates rules and regulations (404) and reports to legislative committee's (408). We'll bring you back here when you are done. 122. Oral open listings may be used to create an agency relationship. Accepting a listing on such conditions subjects the licensee to possible disciplinary action by both the Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission (604 (a)(22)). 87. 191. 3. The Georgia Real Estate Commission is. 2. How are members of the Pennsylvania Real Estate Commission selected? License law provides that any person who engages in business without being licensed is subject to criminal prosecution. Practice all cards. Specifically, the penalty for conviction for a second or subsequent offense is a fine of not less than $2,000 but not more than $5,000, imprisonment for not less than one year but not more than two years, or both (303). After the transaction closes, the salesperson encounters difficulty collecting the agreed upon fee. 36 hours every three years Every licensed broker is required to. Information gained during the original agency relationship may not be revealed or used by the licensee for the benefit of the licensee or a third party (606.1 (g)). While the change of employment forms are being processed by the commission, the associate broker may. 169. Which of the following is true regarding agency relationships between licensees and consumers? The neighbor agrees to pay N a 5 percent commission. License law stipulates that when a licensed salesperson desires to change employing brokers, the salesperson notifies the commission in writing, pays the required fee, and returns his or her current license (603 (a)). 85. Study with Quizlet and memorize flashcards containing terms like One of the most significant responsibilities of the Georgia Real Estate Commission is the handling of licensees who might commit violation of the license law., The commission has the authority to initiate investigation concerning licensee or to conduct investigations about licensees requested in sworn written statements by others. 2. Please select the correct language below. 159. 3. Owners of real estate conducting business with respect to their own property are not required to be licensed. d) He is appointed by the Commission members annually. A broker who operated a sole proprietorship dies. If money is paid from the recovery fund on behalf of a licensee, the license of that person shall automatically be suspended as of the effective date of payment. 38. 65. Symptoms And Treatment Of Breast Neoplasm, Mary 's Assimilation Process Of The United States, Reading Pop Culture And Young Adult Literature Through The Youth Lens, The Day Of The Worst Terrorist Attack On The United States, The Nasa Antares Rocket Exploded Out Of The Air, Lorraine Hansberry And Everyday Use By Alice Walker, The Impact Of Cultural Messages On Areas Of Inequality Within Our Society, The Religion Of Sociological Perspective By Keith A. Roberts And David Yamane, Global Warming And Its Effects On The World, Analysis Of The Book ' The Magic Island '. 52. Which of the following is a mandatory provision in an agreement of sale negotiated by a broker between a buyer and seller? Campground membership salespersons are required to be licensed and are subject to disciplinary action on the part of the commission (581). It is illegal to engage in any activity for which a license is required until the license has actually been issued by the state. 70. The salesperson knows a lender that pays a fee for referring purchasers to them. If the commission pays an amount in settlement of a claim against a licensee, the license of that person is automatically suspended upon the effective date of payment and will not be reinstated until the licensee has repaid the amount in full plus interest at the rate of 10% per year (803 (f)). The Real Estate Commission may take all of the following actions except: Which of the following situations would be unlikely to result in the disciplinary action by the Commission? 189. Revocable, non-assignable permission to enter another person's land for a particular purpose., Benefits damaged consumers who have obtained final judgments by the courts but are . 100. The maximum payment from the fund is $20,000 for any one claim (803 (d)). 81. 3. The telephone number of the broker must be included if the advertisement includes the name and telephone number of a salesperson or associate broker. The broker received a buyer's earnest money check for $5,000 and immediately cashed it. 106. 4. 133. The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). the real estate commission includes quizletwhy did noel not see his daughters in 7 years. 47. The commission prescribes subjects for testing, but the department contracts with a professional testing service to write and administer exams (403). A licensee who sells or leases his or her own real estate must disclose this licensure in advertisements for the property. 150. The maximum compensation that will be paid from the Real Estate Recovery Fund to satisfy claims against a licensee is. 3. 80 terms. In the case of the sale of an existing single-family home, property condition disclosures must be delivered to the buyer. 200. 125. Under these facts the buyer. 69. A receiver or trustee in bankruptcy acting under the order of the court 30. The listing. 126. By entering into an agency agreement with a prospective tenant, the broker assumes full fiduciary responsibilities without regard for the issue of compensation. a. A commercial office building sold for $1,000,000. Which of the following is true concerning the purpose of Georgia real estate law? 2. 3. Three years of licensure; one year on inactive is permitted 173. The licensed salesperson and employing broker agree to the terms of compensation to be paid by the broker to the salesperson. Without the knowledge of the owner, the broker and the contractor selected to do the work agree that as a condition of receiving the contract the contractor will install central air conditioning in the personal residence of the broker at no charge to the broker. An unlicensed salesperson negotiated the sale of real estate in return for the promise of compensation. 1. If a licensee is found guilty of making substantial misrepresentation when dealing with the public, the commission may. In Pennsylvania, the real estate license law is administered by the. Real estate salespersons may not advertise under their own names. The broker may not require notification to terminate the listing. Neither must be represented by attorneys nor do they have to be related. A licensed salesperson obtains a listing. 89. During a listing presentation, the prospective seller informs the salesperson of his intent to refuse to sell the property to persons of a specific national origin group. 5. Generally, the nature and severity of the violation are considered when a disciplinary action is assigned. 116. If an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing, all of the following must be included in the agreement EXCEPT. 145. Two projects have an identical net present value of $9,000. At this time, the broker. Can this occur? 3. 23. 30 hours every two years The following table contains information on this products task times and precedence relationships. A Pennsylvania real estate salesperson may lawfully collect compensation for engaging in real estate activities from. Under what conditions may the salesperson sell the property? 7. Requirements governing inclusions and exclusions in listing agreements cover both residential and commercial property listings without distinction. 4. The agent should not gain information about motivation and urgency, which is generally of a confidential nature and should not be discussed outside of an agency relationship. 109. A candidate for a broker's license in Pennsylvania must. 195. When must a licensee provide statements of estimated costs to parties involved in a purchase of real estate? The applicant is required to pass only the Pennsylvania portion of the license exam. An oral lease for three years or less is usually enforceable. The broker is required to maintain a fixed office, which is required to meet standards prescribed by the commission (35.242). 5. The Boston Symphony Orchestra Performs Piano Concerto No, John Updike 's A & P And Kurt Vonnegut 's Harrison Bergeron, The British Association Of Elizabeth Fry Society, The Day For New Parents Aaron And Desiree Robinson, The United States Made A Good Decision On Dropping The Bombs On Japan, The Use Of Healing Sanctuaries On Medical Science. marilyn mulvey opera singer; hidden cosmetics owner; pre insulated pex pipe 4. 94. When the rents are collected, the broker should. 1 real estate member at large - broker at least 5 years. 2. Introducing Cram Folders! 30 - Government and Conventional Loans, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Lei Orgnica do DF - Tributao, Oramento e. The salesperson wants to pay the assistant a percentage of the commission, "because the assistant has really earned it." six years. Whenever the commission is required to satisfy a claim against a licensee with money from the Real Estate Recovery Fund the licensee. 94. The broker. Can N sue to recover payment? 1. The broker does not have to include license numbers, lists of licensees, or their addresses and phone numbers. 17. Determine the area of a circular enclosure and a square enclosure made with the given amount of fence. A real estate salesperson has been working with buyer clients and helps them negotiate for their dream home. 138. A property owner will be leaving the state for at least a year. 4. A salesperson may not manage a licensed branch office. (The Pennsylvania Real Estate Commission has the authority to investigate a licensee based either on its own motion or a written complaint of a consumer, it may additionally waive part of the continuing education requirements for just cause), Unit 23: Operating a Real Estate Business in, Unit 26: Washington License Law Enforcement (, Unit 27: Washington Specialty Topics (15%), 45-hour PAReal Estate Practices PRACTICE EXAM, Ch. 30. 3. 86. 78. Anti-trust laws are enforced by federal and state agencies other than the Pennsylvania Real Estate Commission, but the license law, rules of the commission, and state fair housing laws are all topics addressed by license law as grounds for disciplinary action against licensees by the commission. 84. 123. 51. 22. 128. Designate a managing broker as the designated broker d) They must fall under the "umbrella" of the license law. In this situation, which of the following is true? 184. An unlicensed individual acting as a real estate consultant negotiated a sale of property and was unable to collect the agreed upon fee from the seller. Commission rules require that the current license of an associate broker, salesperson, associate cemetery broker, or cemetery salesperson be displayed in a conspicuous place at the office from which the licensee works (35.245(b)). T or F This person has no recourse. 3. The term consultant, counselor, agent, or finder are all directly included in the definition of "broker" (201). Earnest money deposits are not required as part of an agreement of sale. 54. A) 48. The broker is required to deposit earnest money into an escrow account. 1. 2. 4. The broker is required to maintain an escrow account. An individual directly employed by the owner of multifamily residential property for the purpose of managing or maintaining the property is exempt from provisions of the license law. There is no requirement for the broker to deliver copies to a mortgage lender. A licensee may operate and/or advertise under a name other than the one on his or her license, but to do so, approval for the name must be obtained from the Department of Licensing, Real Estate Licensing Unit. A licensee may enter into an oral open listing agreement if he or she provides the seller or lessor with a written memorandum stating the terms of the agreement (35.281 (b)). One year of active licensure How Hard Is the Washington Real Estate Practice Exam Questions 1-50 (2021) Real Estate License Wizard 51.9K subscribers Subscribe 5.2K 285K views 1 year ago #realestateexam #realestatelicense #realestate Today we go.The second section is shorter and covers real estate laws applicable to the state you will be serving. Federal fair housing laws prohibit any discussion of AIDS or HIV. 5. Please sign in to share these flashcards. who have three years of experience in the sale, operation, or management of real estate in Washington. 167. 168. At closing, the broker handed the seller a personal check for $5,300, representing the original earnest money plus 6 percent interest. Under what circumstances may they void the contract? Any motorized boat operator born after June 30 . The salesperson has violated license law and ethical business practices that prohibit inducing a party to break a contract for the purpose of substituting a new one when such substitution is motivated by the personal gain of the licensee (604 (a)(l 1)). The disclosure must be made in writing on forms developed for such purpose. 3. 3. As a result of a hearing alleging a violation of the license law, what action may the real estate commission take?
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