206. 194. 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. Consumers must have exhausted all legal remedies before requesting assistance from the real estate commission and the real estate recovery fund. 162. The broker is required to disclose this to the consumer at the initial interview (608 (8)). What is the balance in the account after (i) 2 years; (ii) 10 years? 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. In the case of a corporation or partnership, this exclusion shall not extend to more than five of its partners or officers (304 (1)). Performed service for Green Pro, receiving a 90-day, 6% note for$6,000. Failure to make the disclosure could result in disciplinary action against the licensee (604 (a)(19)). 173. In most transactions, state law requires the seller to complete a property condition disclosure form prior to entering into an agreement of sale. The Life Of A Birmingham Jail By Martin Luther King Jr. I am a creative and resourceful team . All listings, transactions, management agreements, and other contracts related to providing brokerage services are property of. 4. It is legal for a broker to recruit salespeople or associate brokers employed by competitors. 4. 139. An airline pilot told a broker about some friends who were looking for a new home. The telephone number of the broker must be included if the advertisement includes the name and telephone number of a salesperson or associate broker. 2. Mandatory provisions of exclusive listing contracts are established by real estate commission regulation (35.332). 1. A disclosure is required even if a licensee is not involved (for-sale-by-owner) by an absentee owner and if the buyer was a tenant in the property. Automatic renewal clauses are prohibited (35.332(c)). If the money is expected to be held in escrow for more than 6 months, the broker is encouraged to deposit the money into an interest bearing account. 103. As a result of a hearing alleging a violation of the license law, what action may the real estate commission take? 3. 139. The Statute of Frauds does not apply to listing contracts. 10. b) establishing fees and issuing licenses. The salesperson represents the seller in a transaction. 181. 73. Answering questions and interpreting printed information concerning the property Add. 97. 167. A licensed salesperson may prepare a comparative market analysis when the. 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? 46. Fees are not determined by law, the real estate commission, or local brokers. The State Real Estate Commission must include five members who shall at the time of appointment be a licensed and qualified broker under the existing law (202). 1. Annually, on January 1 147. Subsequent to a Real Estate Commission hearing of a licensee, the Commission may do all of the following actions except: Sentence a licensee to prison for a minimum of 3 years -appointing a chairperson. 3. 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. How do you calculate real estate commission? Rules of the commission require that the salesperson license application include a sworn statement from the employing broker certifying that the broker will actively train and supervise the applicant (35.223 (2) (i)). Draw the precedence diagram. If a broker receives money belonging to another under an installment land purchase agreement, the transaction is considered consummated when. According to the Pennsylvania Statute of Frauds, which of the following agreements must be in writing in order to be enforceable? 25. For example, let's say a home sells for $500,000. 151. All of the following must complete education or training requirements prior to licensure EXCEPT. A commercial office building sold for $1,000,000. They are excluded from licensure (304 (1)). The broker received a buyer's earnest money check for $5,000 and immediately cashed it. 2. All of the following are exempt from the Property Condition Disclosure Act EXCEPT a. 189. Does the landlord have to let the dog in? 119. 121. 49. 107. 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)). 9. 191. A licensed salesperson receives an earnest money deposit check from a buyer at the time the buyer makes an offer to purchase property listed by another broker. 3. In order to become a member of the Pennsylvania Real Estate Commission, a candidate must. Introduction to Modern Real Estate Practice. . 100. 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. D) While the change of employment forms are being processed by the commission, the associate broker may. 606.1 (b)(l) requires the nature of the service to be provided must be set forth in a written agreement between the consumer and the licensee. Upon obtaining an exclusive listing, a broker or licensed salesperson is obligated to. 106. 59. What is the parameter \lambda of the distribution? 94. When most people begin house hunting, they contact an agent and the first thing out of their mouths is, "We're looking for a home to live in." Introducing Cram Folders! Although brokers normally set up a listing file, advertise properties, and cooperate with other brokers, none of these activities are required by rule or statute. 122. D) The Importance Of Planning For Materials For Production Logistics, Political Politics And Political Spectrum, Social Networking : The Lack Of Social Interaction, The Downfall Of Macbeth By William Shakespeare, Narrative Of The Life Of Frederick Douglass, Children During The Industrial Revolution, Government Intervention And Its Effect On Human Rights, Marketing Plan For Chipotle Mexican Grill, How The Basic Architecture Of The Brain Develops During The Early Childhood Years, An Analysis Of ' An Infant 's Death And Ancient Debate ' By Steven Pinker, `` Hidden Intelligence `` By Gerald Graff, The School Of Business At The University Of Kansas. 126. 2. 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? As a result of a hearing, the commission may decide to suspend or revoke a license as well as impose fines not exceeding $1,000 (604 (a)). The real estate commission policy regarding internet advertising requires that the broker' s name as it appears on the license must be included on each page of the site on which the firm's advertisement occurs. The unlicensed person may do nothing. 170. Rules of the commission permit a licensed broker to deposit personal funds into an escrow account to cover service charges assessed by the bank or to maintain a minimum balance as required by the bank (35.326 (b)). 170. 1. 17. 72 percent Real Trends, a Colorado-based research firm that issues a widely cited survey on the topic, says the average commission slid to 4.94 percent in 2020 from 4.96 percent in 2019 and 5.03 percent in . 3. 111. 90. 105. Only the broker has authority and responsibility to escrow funds in connection with real estate transactions (35.325 (a)). - any member who fails to attend 3 consecutive meetings forfeits their seat unless can be excused . 4. When discussing the possibility of listing a large parcel of vacant land with an owner, the broker determines that he would like to secure an option to purchase the property. Term. 185. A broker may or may not include a broker protection clause; that issue is not addressed by license law. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. The broker may not share these fees with an unlicensed individual (604 (a)(12.1)). The only function of the rental listing referral agent is to furnish the prospective tenant with lists of available rental units. I strive to inform and educate my clients during the home buying process. 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)). The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). 2. 34. 3. 2. Under what conditions may the salesperson sell the property? 197. 192. A salesperson from LMN Realty can show the buyer the house if. Rental listing referral applicants have both an education and an examination requirement. Amsco chapter 14 multiple choice answers quizlet Apush period 4 saq quizlet Apush chapter 23 pdf - ekqj. 129. Salesperson licensees are not qualified to serve on the commission. A) A broker is permitted to act as a dual agent provided the broker secures the written consent of both parties to the transaction. I have been a licensed mortgage broker for over ten years. 70. The governor appoints members to the State Real Estate Commission (202 (a)). Which of the following is true? 98. 96. 48. 36 hours every three years c) The person is a not a member of the Real Estate Commission. Which of the following acts in an advisory capacity to the Director of the Department of Licensing? Fees paid to the recovery fund are the responsibility of the applicant, rather than the employing broker. 183. 138. 2. Zoning classification must be provided in the case of properties other than those zoned for residential use. Campground membership salespersons (581), time-share salespersons (591), and rental listing referral agents (561) are all required to complete education or training requirements as a condition of licensure. At closing, the broker handed the seller a personal check for $5,300, representing the original earnest money plus 6 percent interest. Real Estate Commission meetings. 2. In terms of communication, the Commission must. In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. 37. Campground membership salesperson and cemetery salesperson applicants have no examination requirement. 5. License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. The Pennsylvania Real Estate Commission may take disciplinary action against a licensee when the licensee violates all of the following EXCEPT. If the broker had actual knowledge, or if the licensee engaged in a course of dealing that the broker should have been aware of, liability could accrue to the employing broker (702(a)(c)). The broker may not require notification to terminate the listing. 35. Because the property is in excellent condition and produces a good, steady income, the broker's salesperson has decided to purchase it as an investment. Brokerage related activities not requiring the exercise of the licensee's own judgment best describe. 143. discussing information regarding the price or condition of the property with prospective buyers. 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)). 4. A purchaser has the right to cancel a time-share purchase until midnight of the fifth day following the date on which the purchaser executed the purchase contract (609(a)). Only the broker has the authority by the license law to hire or employ salespersons or associate brokers. The original listing agent. 1. administering/enforcing the provisions of the Indiana real estate codes. Rules of the commission require that the estimates of costs required to be provided to the parties shall be as accurate as may reasonably be expected of a person having knowledge of and experience in real estate (35.334 (b)). After all the real estate commission calculations Company Gross Fee is $ 45,000, Total Inside Commission $34,100, and Company Net $34, 100. 2. One of the broker's duties is to collect rent due from the tenants. The broker is required to maintain an escrow account. Simply providing comparable market data about recent sales to the buyer does not compromise the duties owed to the seller and would therefore not be a violation of the agent's duty under the law of agency. 67. c. set regulations governing a broker's authority to interpret the terms of a contract. The Pennsylvania Real Estate Commission has the authority to. The standard rate of commission is 6% of the closing price. Six months after the buyer bought a house, the roof leaked during a rainstorm. 159. The broker does not charge a fee to prospective tenants; rather, the broker receives compensation from landlords. 128. The 12 members consist of the following: Members of the Commission: 9 district members. 2. A firm may conduct real estate brokerage services at an office location where the firm or designated broker concurrently conducts a separate, business activity if the real estate brokerage service activities are carried out separate and apart from any other business activities by the firm or designated broker. Under Pennsylvania licensing law, a partnership, association, or corporation will be granted a broker's license only if. An oral lease for three years or less is usually enforceable. The disclosure must be made in writing on forms developed for such purpose. Written consent, however, is always required. 164. Completing the requirements for licensure and processing paperwork to the state does not mean that a candidate is "licensed". 27. 67. 4. Received a $5,000, six-month, 11% note on account from Voeron, Inc. 149. 115. 160. Real estate licensees are not authorized to engage in appraisal activities. While the conduct addressed in each choice could cause a license to be suspended, the only issue that requires an automatic suspension of the license is when the commission pays money from the recovery fund to settle a claim against a licensee (803(f)). 2. 2. 187. A salesperson receives an offer on a property currently listed exclusively with. Designate a managing broker as the designated broker 131. When a licensee provides a statement of estimated cost and return to parties involved in a transaction, the statements. Pennsylvania law requires the seller to provide the buyer with the property condition disclosure statement prior to the buyer entering into an agreement of sale with the seller. A) Rents are not deposited into an escrow account. The licensed salesperson and employing broker agree to the terms of compensation to be paid by the broker to the salesperson. License law prohibits a licensed broker from paying compensation to anyone other than his or her licensed employees or another broker, and it prohibits a salesperson from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). 79. Exclusive listing contracts are required to contain the sale price, the commission expected, and the duration of the agreement. Who may legally handle the transaction on behalf of the corporation? Every licensed broker is required to. 4. Unlicensed employees may not negotiate terms or conditions nor may they enter into leases on behalf of the owner (304 (10)). A lease for a term of more than three years must be written in order to be enforceable. 4. In Pennsylvania, a borrower may cure default in a residential mortgage loan with an outstanding balance of $50,000 or less by merely bringing the payments up to date, rather than paying the entire outstanding debt. C) There is no requirement for the broker to deliver copies to a mortgage lender. 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)). Which type of listing agreement would be required to contain a statement in bold face type stating that the broker earns a commission on the sale of property during the listing period even if the owner sees the property without the aid of the broker? A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. 3. 14. 110. Each member of the Pennsylvania Real Estate Commission is appointed by the governor (202 (a)). The agreement contains the following clause: "If the Property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional 3 month periods thereafter until the property is sold." 106. B. extender clause. There is no statutory or regulatory requirement for the rate or amount of the broker's compensation to be disclosed in an agreement of sale. 2. When advertising the property, the salesperson. 11. 174. 54. Brokerage fees are established by agreement between the broker and the consumer to whom the broker provides service. 3. It also includes items specific to running a real estate agency, such as agency creation and closure, and commissions and fees. 16. Any person receiving his or her initial license shall, in addition to all other fees, pay how much money into the Real Estate Recovery Fund? 65. A licensed salesperson may perform all of the following activities for or on behalf of his or her employing broker EXCEPT. 34. 120. Under the terms of a sales contract, the seller is required to pay for and provide a termite certificate. 4. Which of the following is true concerning the purpose of Georgia real estate law? Appointed by governor. Transfers between parents and children or among siblings, between government bodies, or between charitable, religious, or educational institutions are exempt from transfer taxes. Members on the Washington Real Estate Commission serve terms of 193. 2. 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.

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