the real estate commission includes quizlet

The seller will have to pay a six percent commission rate to the seller's agent. What are the consequences when a real estate salesperson is found guilty of violating any provision of the Pennsylvania Human Relations Act? 1. In this situation, which of the following is true? A rental listing referral agent is defined as an individual or entity that owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of rental units (201 and 35.201). There is no requirement for the broker to deliver copies to a mortgage lender. 2. When a licensed broker changes his or her place of business, all of the following are true EXCEPT. The commission does not mandate a standard form. At what point may a sales license candidate begin to engage in activities for which a license is required? The licensee must disclose in writing the licensee's intention or true position if the licensee purchases any property that has been listed with his office (604 (a)(13)). 56. The Statute of Frauds does not apply to listing contracts. 3. - any member who fails to attend 3 consecutive meetings forfeits their seat unless can be excused . 184. Citizenship is not a requirement for licensure nor is a degree from a college or university. 13. Unlicensed individuals may not prepare and enter into leases, negotiate terms or conditions, or hold money belonging to tenants. Which of the following is a requirement that the salesperson must comply with when advertising on the internet? When does a real estate license in Washington expire? All of the following statements regarding the Pennsylvania Real Estate Commission are true EXCEPT. It is illegal to engage in any activity for which a license is required until the license has actually been issued by the state. An attorney at law who receives a fee for rendering services within the scope of an attorney client relationship is exempt from licensure (35.302(5)) so can handle the transaction. A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. Actions of the Human Relations Commission finding licensees guilty require notification to the State Real Estate Commission (604(a)(22)). 3. 37. 198. 149. 29. 37. A) 146. All of the following must appear in a written exclusive listing agreement EXCEPT. In Pennsylvania, certain deed transfers are exempt from the transfer tax. Study with Quizlet and memorize flashcards containing terms like The Real Estate Commission can seize a brokerage firms's or broker's records prior to receiving a response from a complaint., Brokers must respond to the Real Estate Commissions's request for a response or the broker's license may be revoked., Which duty would be appropriate for an agent and NOT for a transaction-broker? He may not sue the buyer and cannot retain the deposit as compensation. The rationale supporting the validity of the law is the government's responsibility to ensure that the public is protected. 118.4. A licensee is expected to exercise reasonable professional skill and care when dealing with the public and to deal honestly and in good faith (606.1 (a)). Students also viewed. Compare the areas and comment. 31. 193. 2. the real estate commission includes quizlet. When must a licensee provide statements of estimated costs to parties involved in a purchase of real estate? Rules of the commission provide that an agreement of sale must contain the dates for payment and conveyance, in addition to other specified items. 74. 161. License law requires that each branch office shall be under the direction and supervision of a manager who is either the broker or an associate broker (601 (b)). This includes brokerage agreements: seller listing and buyer representation. A transfer of unimproved land is subject to transfer taxes. 83. The broker may not share these fees with an unlicensed individual (604 (a)(12.1)). Until the license is issued by the state, an individual may not engage in any activity for which a license is required. A broker may or may not include a broker protection clause; that issue is not addressed by license law. 1. A housing discrimination charge must be filed with the Pennsylvania Human Relations Commission within. Which of the following activities may a builder-owner salesperson employed by a builder-owner of single and multifamily dwellings legally engage in? When licensees change employing brokers, they are required to notify the commission in writing no later than 10 days after the intended date of change, pay the required fee, and return their current license. A licensed salesperson secures a listing and wants to advertise it on the salesperson's own internet Web site. Rental listing referral agents are licensed to engage in which of the following activities? Oral open listings may be used to create an agency relationship. Officers of banking institutions and attorneys in fact are excluded from the license law (304). 64. 65. A waiver of liens in a construction contract protects the title from liens being filed by the general contractor, not subcontractors. The broker claims that the buyer did not ask about the roof. 2. 16. All licensees are required to disclose their license status in advertisements for property if the property is not listed for sale with a real estate company (35.304). Pennsylvania law requires landlords to hold security deposits in an escrow account which must be in a federally or state regulated banking or savings institution. When an initial interview takes place prior to entering into a listing, the broker must provide information about the broker's policy regarding cooperation with other brokers (608(6)). 124. The commission prescribes subjects to be tested (403), approves schools (402), and may waive continuing education requirements (404.1). In a half-board hotel, the innkeeper serves . The standard rate of commission is 6% of the closing price. Fees are not determined by law, the real estate commission, or local brokers. (a) An amount of 2000 euros is invested at 7%7 \%7% per year. 2. {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"PA REAL ESTATE EXAM","payreferer_url":"\/flashcards\/copy\/pa-real-estate-exam-312440","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. The cooperating broker acting as a subagent must provide the consumer notice and appropriate documentation to the buyer prospect (606.1 (b)(4)). 16. 105. A personal assistant working under the direct instructions and supervision of a licensee must be licensed if he or she performs which of the following tasks and duties? 137. Under these circumstances, the salesperson has. Salespersons and associate brokers are employed by and provide services on behalf of their employing broker. 33. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. 107. How accurate are statements of estimated cost and return provided by licensees required to be? 120. 3. The unlicensed person may do nothing. 1. 154. The unlicensed individual may legally perform which of the following activities? 167. Brokers may not engage in discriminatory conduct (604(a)(22)). An unlicensed salesperson is involved in illegal activity and has no recourse to recover compensation (302). When the house was listed, the seller told the broker that the roof leaked, but they agreed not to disclose the fact to prospective buyers. 3. 152. A time-share salespersons license is required to sell time-shares (201). The agent's duty of confidentiality continues after termination of the agency relationship. The applicant for licensure as a broker in Pennsylvania is required to have been engaged as a licensed real estate salesperson or possess educational or experience qualifications which the commission deems to be the equivalent thereof (511 (4)). 108. 184. 128. 4. Residential multi-family property managers who are employed directly by the owner, persons holding power of attorney, and owners conducting real estate business with regard to their own property are excluded from the license law (304). 23. 47. 3. 14. There is no education or training requirement as a condition to reactivating a license on inactive status over five years. What is the impact on the employing broker's license when the salesperson's violations are brought to the attention of the Pennsylvania Real Estate Commission? 18. 200. 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)). There is no requirement for signatures or disclosures of agency representation (35.334). How should the broker proceed? a. If commissioner dies or resigns, governor appoints a new commissioner to the unexpired term. 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. Any person who remains inactive for a period of five years without renewing his or her license must, prior to having a license reissued, take and pass the examination pertinent to the license for which the person is reapplying (501 (b)). 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). This requirement does not apply if the property is listed for sale with a real estate company (35.304). Which of the following is true concerning a real estate broker? b. 15. 15. 35. percentages: Find the probability that on a randomly selected day, there will be no shark attacks. Brokers must maintain records of transactions for three years following consummation of the transaction. Listing agents are critical to helping develop the best marketing strategies for getting your home sold at the best price and quickly. May the broker accept an oral open listing? Amsco chapter 14 multiple choice answers quizlet Apush period 4 saq quizlet Apush chapter 23 pdf - ekqj. d) He is appointed by the Commission members annually. 31. Find out how you can intelligently organize your Flashcards. December 31 of the third full year Written consent to act as a dual agent must include a statement of the terms of compensation (606.4). Webinar ID: 161 424 2554. 101.4. A buyer is interested in seeing a house listed with XYZ Realty but does not wish to enter into an agency relationship. 163. The employing broker may give a licensed employee written authority to withdraw funds from the escrow account (35.325 (b)) and may give an unlicensed employee written authority to deposit money into an escrow account. Three weeks before N begins his real estate prelicense class, he offers to help his neighbor sell her house. 195. An agreement between a rental listing referral agent and a prospective tenant must contain the rental specifications desired by the tenant, such as location and rent (35.335). A broker received an earnest money deposit from a buyer. 78. The broker names a licensed real estate salesperson as the branch office manager. Agency relationships may be created either orally or in writing. D) All of the following must be included in the listing agreement EXCEPT. underwater tours florida; laird funeral home obituaries natchez, ms; ice ranch hockey tournament; church of pentecost current affairs; la esperanza crisis respite center seguin tx 2. B) The Pennsylvania Real Estate Commission may enforce its power to issue disciplinary action upon which of the following? 2. gathering information to develop a marketing campaign. 4. From whom may a broker receive a commission? 122. 6. Which of the following statements about the Real Estate Recovery Fund is true? The original listing salesperson now represents a buyer interested in the seller's property. d) They must fall under the "umbrella" of the license law. 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)). 6. 3. How Do We Define An Individual As A Main Character? The maximum payment from the fund is $20,000 for any one claim (803 (d)). The other activities are permitted under the definition of "salesperson" in the license law (201) and rules of the commission (35.201). When prospective buyers ask to look at the property, the salesperson must. 129. 5. 26. 114. The Georgia Real Estate Commission's authority involves. 31. The commission or its authorized representative may interview the broker as well as other licensed or unlicensed employees who work in the office. Appraisal firms are regulated by the State Board of Certified Appraisers, rather than the Pennsylvania Real Estate Commission. When is the Pennsylvania Real Estate Commission required to suspend a licensee's license? Campground membership salesperson and cemetery salesperson applicants have no examination requirement. The on-site property manager employed directly by the owner of Acme Apartments is responsible for collecting rents for the apartments. A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. 100 percent. D) When advertising property for sale, what must the broker include in the advertisement? The original listing agent. 4. A real estate firm may not conduct brokerage services if at an office location where the real estate firm or designated broker concurrently conducts a separate, business activity. The buyer is not the one to agree to the offer of subagency. 1. Mini book 1-50. An oral lease for three years or less is usually enforceable. 3. The Pennsylvania Real Estate Commission may assess an additional fee against licensees in order to increase the balance in the Real Estate Recovery Fund if. The commission does not arbitrate such disputes. Caribou Golf has an October 31 fiscal year-end. A consumer contacts a licensee to discuss the possibility of the licensee handling the sale of a property owned by the consumer. 27. 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? How many years of experience, if any, are required to be a managing broker? 1. Exclusive listing contracts are required to contain the sale price, the commission expected, and the duration of the agreement. The provisions of the license law do not apply to owners conducting business with regard to their own property. One year of active licensure The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. B) scripture where god says no as a protection. 189. License law prohibits a licensee from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). 45. 1. An applicant for a real estate salesperson's license in Pennsylvania must. What fines may be imposed by the Commission for rules violations? Brokers are prohibited from sharing fees with or paying compensation to an unlicensed person (604(a)(12.1)). Which of the following provisions must be included in an agreement of sale? If an earnest money deposit is in the form of a check accompanying an offer to purchase a broker may, with the written permission of both the buyer and seller, refrain from depositing the check pending the seller's acceptance of the offer (35.324 (b)). The seller requests that the salesperson order one. automatically suspended upon the effective date of payment by the Commission. The broker has not operated in a manner consistent with the best interest of his client. 3. a broker acting as dual agent for a transaction and receiving compensation from both when both parties have provided informed written consent). 1 / 41. D) a) requiring periodic accounting reports related to trust violations. If a licensed salesperson, without the knowledge or consent of the employing broker, violates requirements regarding delivery of a Consumer Notice at the initial interview, what are the consequences? 178. 3. Date for payments and conveyance must be addressed in the contract (35.333(a)). Duties of the real estate commission include all of the following EXCEPT: -establishing commission rates that brokers can charge. 106. Past Chairman of the RICS Scotland Board and Chair of the RICS Scotland Regeneration and Education Forums and continues to play an active . If the broker's salesperson wishes to buy this property, the salesperson must. Any interest earned is held and disbursed pro-rata in the same manner as the principal unless the parties agree otherwise (35.325(c)). A disclosure notice must be provided at the initial interview with a consumer. Mandatory inclusions in agreements of sale include the following: copy of sales contract given to signatories, statement regarding broker's services, and that access to a public road may require obtaining a highway occupancy permit: statute (608.2) and commission rules (35.333). These include a deadline for the buyer to obtain the loan commitment, assistance that the broker will provide the buyer, and the type of mortgage. Observing that HL has a higher return on equity, LL's treasurer decides to raise the debt-to-total-assets ratio from 30 to 60 percent, which will increase LL's interest rate on all debt to 15 percent. 22. Luxury real estate specialists often charge 10%. Are both projects equal in desirability? In Pennsylvania, which of the following is legal and will not result in a broker facing suspension or revocation of the broker's license? The Real Estate Recovery Fund was established to be: a mean to compensate damaged consumers after all legal remedies have been exhausted. 2. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. 8. The tenant must be notified of the name and address of the institution where the deposits are held. Under what circumstances may a broker deposit personal or business funds into their escrow account? The education requirement for a salesperson is completion of 60 hours of real estate instruction in areas of study prescribed by the commission (521). The state tax is 1% of the full consideration paid for the property, and the local taxing bodies can levy an additional tax on the transfer. Under what circumstance may a broker deposit his or her own money into his or her escrow account? Salespersons and associate brokers who receive deposits or other moneys related to a transaction in which they are engaged on behalf of a broker employer are required to promptly pay over the deposit to the broker (604 (a)(5)). 202. In order to be licensed as a salesperson, the candidate must submit a license application with a sworn statement from the broker certifying that the broker will actively supervise and train the applicant (35.223 (a)). 89. 156. 85. 87 percent 191. who have three years of experience in the sale, operation, or management of real estate in Washington. An individual directly employed by the owner of residential multifamily buildings is EXEMPT from licensing requirements when. A real estate broker has signed an agency agreement with a tenant, who is looking for an apartment to rent. When do real estate salespersons' licenses expire in Pennsylvania? 176. Which of the following candidates for licensure is required to take the standard real estate salesperson's license examination and score a passing grade but is not required to complete any mandatory education requirement prior to taking the exam?

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