The Pennsylvania Real Estate Commission may take disciplinary action against a licensee when the licensee violates all of the following EXCEPT. 152. The disclosure must be made in writing on forms developed for such purpose. 202. The salesperson with the realty company who has been working with the buyer may. 158. Quizlet Everfi Module 7 Final Quiz Answers File Name: quizlet-everfi-module-7-final-quiz-answers. 1. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. 119. The broker. License law requires the broker to keep records relating to a real estate transaction for three years following consummation of the transaction (604 (a)(6)). 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. All of the following are true regarding the Real Estate Recovery Fund EXCEPT. 167. 1. The unlicensed person may do nothing. 157. 3. When advertising the property, the salesperson. Upon passing the license exam a candidate is qualified to apply for a license. An aggrieved person is awarded a judgment against a real estate licensee for violation of the Real Estate License and Registration Act. An individual holding a salesperson's license issued by another jurisdiction must prove that this license has been active within five years prior to submission of the application. As the agent for the woman's estate, what are your disclosure responsibilities to prospective purchasers of unit 5B in this situation? c) comprised of 6 members appointed by the governor and confirmed by the Senate. 7. 1. 162. C) 64. 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 . 129. Suppose that the number of shark attacks in coastal waters around the United States follows a Poisson distribution with a mean of 0.30.30.3 shark attacks per day. Menu. Performed service for Green Pro, receiving a 90-day, 6% note for$6,000. a) not using registration laws in settling private disputes. 4. 28. 2. 1. Advertisements by a broker about production or position in the market must identify the municipality that the market comprises (35.307 (b)). When do real estate salespersons' licenses expire in Pennsylvania? 67. The liability of the recovery fund shall not exceed $20,000 for any one claim and shall not exceed $100,000 per licensee (803 (d)). 70 percent. 1. Six months after the buyer bought a house, the roof leaked during a rainstorm. Pennsylvania law limits the amount landlords can charge as a security deposit. 3. The salesperson knows a lender that pays a fee for referring purchasers to them. 197. An increase in price from P3P_3P3 to P5P_5P5 would: a. shift this firm's MCM CMC curve to the right. An unlicensed salesperson negotiated the sale of real estate in return for the promise of compensation. When a broker advertises his or her production or position in the market, what must be included in the advertisement? B) A waiver of liens in a construction contract protects the title from liens being filed by the general contractor, not subcontractors. 36. License law prohibits a licensee from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). Mandatory provisions of an agreement of sale include disclosure to the parties regarding the role of the broker, the existence of the Real Estate Recovery Fund, and the zoning classification of property (608.2). 8. gathering information for comparative market analysis. 4. Campground membership salesperson and cemetery salesperson applicants have no examination requirement. The licensee should disclose a professional opinion of value and recommend that the property be listed at market value. Oral open listings may be used to create an agency relationship. 186. In this position, the on-site manager. 60. Add. In Pennsylvania all of the following would be grounds for revoking a broker's license EXCEPT. A salesperson's licensed assistant worked late nights and weekends to help ensure the successful completion of a difficult transaction. 69. 4. The applicant must be a high school graduate or provide proof of an education equivalent thereto (511(2)). The broker claims that the buyer did not ask about the roof. Which of the following is true concerning a real estate broker? Regarding licensing and employment of personal real estate assistants in Pennsylvania, the personal assistant. 3. 2. The commission prescribes subjects to be tested (403), approves schools (402), and may waive continuing education requirements (404.1). 116. A statistics professor formed the theory that students who handed in quiz and exams early outperformed students who handed in their papers later. Members on the Washington Real Estate Commission serve terms of An individual who wants to take the broker's examination must be a high school graduate or have passed a high school general equivalency exam (35.271 (a)). Which of the following statements is true regarding the corporate officer handling the sale of real estate owned by the corporation? 114. 132. Some people and situations are exempt from the provisions of the Pennsylvania Real Estate License Act. Which of the following actions is legal and not a violation of license law? 17. 138. accident on 347 today maricopa; lincoln park san diego shooting; espesyal na bahagi ng bubuyog; holly jolley reynolds; boice funeral home obituaries; the real estate commission includes quizlet. 150. 8. 43. 3. 2. C) 108. Corporations, partnerships, and associations can be issued a broker's license if the individual designated as the broker of record meets the individual requirements to be issued a broker's license. The commission does not have authority to impose a jail sentence (604(a)). The purpose of laws, including licensing laws, is to provide for the good, safety, and welfare of the public. 134. Sections 521 and 522 establish requirements, which include that the application shall be received by the commission within three years of the date upon which the applicant passed the examination. 2. In order for the licensee to have the license reinstated, the licensee must repay the full amount plus interest at the rate of 10% per year (803 (f)). gathering information to develop a marketing campaign. Employees of cities involved in an acquisition of property for eminent domain 128. 194. The Pennsylvania Real Estate Commission administers and enforces laws governing the conduct of licensees (404). Transfers between parents and children or among siblings, between government bodies, or between charitable, religious, or educational institutions are exempt from transfer taxes. 127. Who has authority to withdraw funds from the broker's escrow account for payments that are properly chargeable to the account? Listing agents are critical to helping develop the best marketing strategies for getting your home sold at the best price and quickly. 120. 1. 80 terms. 87. 118. 108. Brokerage fees are established solely as a result of a negotiated agreement between the broker and the consumer. 81. An agent is representing the seller and working with a buyer. 106. 12. 3. D) 163. Call centers today play an important role in managing day-to-day business communications with customers. All of the following statements regarding the Pennsylvania Real Estate Commission are true EXCEPT. 2. 2. 1. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. Are both projects equal in desirability? and more. but little innovation. The maximum payment from the fund is $20,000 for any one claim (803 (d)). 84. A. A licensed salesperson may perform all of the following activities for or on behalf of his or her employing broker EXCEPT. 87 percent In reference to license laws and rules and regulations of the commission, what does the term "broker of record" refer to? If a licensed salesperson owns multifamily residential property for investment purposes, the salesperson. Should Juveniles Be Prosecuted As Adults? How do you calculate real estate commission? How much is the Pennsylvania state transfer? 27. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. 1. Unit 24: Washington Agency Overview (11%), Unit 7: Purchase and Sale Agreements with Ear, Unit 8: Residential Financing and the Closing, Unit 7: Purchase and Sale Agreements With Ear, FINAL EXAM: all conceptual questions (powerpo. 100. Real estate agents pay taxes also, around 15% - 30% or more from their commission. Rents must be deposited in a rental management account maintained by the broker, not in the broker's escrow account. A broker listed a small office building. 3. 43. 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." 189. 1. Exclusive-right-to-sell listing contracts are required to contain a statement in bold type that the broker earns a commission on the sale of the property during the listing period no matter who made the sale, including the owner (35.332 (b)). 52. 4. 123. The fiduciary duty of confidentiality continues after the termination of the agency relationship (606.1 (g)). 2. 136. A salesperson receives an offer on a property currently listed exclusively with. A) 126. The original broker now represents a buyer client who is interested in making an offer on the property. If the Commission pays any amount from the Real Estate Recovery Fund in settlement of a claim against a licensee, the license of the person is. When are statements of estimated cost and return provided to the parties to a transaction by the broker involved in the transaction? Why Is The Morality Of Abortion A Common Medical Ethics Issue? 133. Appraisal activities are regulated by the State Board of Certified Real Estate Appraisers, rather than the Pennsylvania Real Estate Commission. The neighbor agrees to pay N a 5 percent commission. 134. Specifically, these include: - Scientific Concepts (40%) - Skincare Services (30%) arcadyan kvd21 reddit In a full-board hotel, breakfast, lunch and dinner are provided to all guests. 52. 195. 3. 2. The salesperson represents the seller in a transaction. A) Three members are appointed to represent the public at large.). Which of the following is a mandatory provision in an agreement of sale negotiated by a broker between a buyer and seller? Determine the area of a circular enclosure and a square enclosure made with the given amount of fence. 132. 96. 2. 32. Answering questions and interpreting printed information concerning the property Which of the following is a requirement that the salesperson must comply with when advertising on the internet? According to the exam requirements, you must master multiple subjects to successfully pass the Cosmetology exam. Compare the areas and comment. Upon conviction for a first offense for practicing real estate without a license, the maximum penalty is a fine not exceeding $500, imprisonment not exceeding three months, or both (303). Largely because of the assistant's efforts, the sale went through with no problem. A) 2. 135. 1. 3. Study with Quizlet and memorize flashcards containing terms like T or F The mission of the Washington Real Estate Commission (WREC) is to uphold, protect, and promote the public interest., T or F The Real Estate Commission consists of three members appointed by the Governor for three-year terms., T or F An individual may engage, direct, or assist in procuring prospects or in negotiating or . 70. 167. 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. 4 members. 102. 10 hours each year A time-share salespersons license is required to sell time-shares (201). There is no requirement to maintain a separate account for each deposit (35.325); (604 (a)(5)). 2. The rationale supporting the validity of the law is the government's responsibility to ensure that the public is protected. 37. 115. 44. Is this a violation of the license law? Not Comments . Commission rules provide that if the broker receives money belonging to another under an installment land purchase agreement, the transaction will be considered consummated when the buyer has been afforded the opportunity to record the agreement, unless the contract provides otherwise.
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