Real Estate Pennsylvania Exam

Within what time limit of a court judgment, including review and appeals, must an aggrieved party file an application for compensation from the Pennsylvania Real Estate Recovery Fund?

1 year

The official approval of a Pennsylvania Real Estate School must come from

Pennsylvania Real Estate Commission

Within how many years of passing the real estate licensing examination must a salesperson candidate have successfully completed his or her required hours of real estate instruction?

10 years

Which of the following statements is true concerning the advertisement for the solicitation of the sale of real estate lots with prizes and gifts?

The licensee shall have records of the name and address of each person who responded to the advertisement but did not receive a prize or gift

A broker can leave a "For Sale" sign on a property on which an exclusive right to sell listing has expired under which of the following circumstances?

With permission in writing of the seller

If the Pennsylvania Real Estate Commission discovers a person has obtained a real estate license due to false representation, the Commission may do all of the following EXCEPT

Levy a fine of $2,000

If a broker terminates the employment of a licensed salesperson working for that broker because of dishonesty, the broker should report this information to

The Real Estate Commission

A candidate for licensure as a broker must prove to the Pennsylvania Real Estate Commission that he or she has successfully completed the necessary educational requirements

When submitting the written application to be eligible for the broker's licensing examination

A real estate broker must make all of the following disclosures to a prospective buyer/ tenant or seller/landlord during the initial interview EXCEPT

A disclosure of broker's business name, business address and real estate license number

At what time does Pennsylvania law requires brokers and salespersons to provide a "Consumer Notice" to all consumers who are seeking to sell, purchase or lease residential or commercial real estate?

At the point where the consumer discusses their own interests or needs

The Pennsylvania real estate rule involving a time limit of one year pertains to which of the following

The time limit that an exclusive agreement for listing property may not exceed

A salesperson introduces a blind prospective tenant with a seeing eye dog to a rental apartment. If the prospective tenant wants to rent the apartment but the lease has a "no pets" provision, the salesperson must

Allow the prospective tenant to enter into the lease

A person wishes to file a complaint regarding racial discrimination as it applies to the sale or rental of housing. That person can file a complaint using all of the following means EXCEPT

A criminal charge in the Prothonotary's Office

The Pennsylvania Real Estate Commission's right to re-issue a license to a broker whose license has been revoked occurs after

5 years

When the Pennsylvania Real Estate Commission suspends the license of a cemetery broker or broker, which of the following is true

The license of the cemetery broker or broker must be given back to the Commission

Salesperson Amy Jordan working for Top Flite Realty Inc. lists a property for sale with a net listing contract. Salesperson John Sunderland working through Ace Real Estate finds a buyer. If the sale is consummated/ from whom may salesperson Sunderland receive a commission?

The broker of record of the cooperating real estate office

A Pennsylvania real estate office must have which of the following

An exterior office sign on which is listed the name of the business

The Pennsylvania Real Estate Recovery Fund receives its income from

Real estate licensees

The Pennsylvania rule involving a time period of three years pertains to which of the following

The time period for which a broker must keep records of all real estate transactions

How many hours of real estate instruction would an unlicensed person need to be eligible for a real estate broker's license?

300 hours

Ann Dunking, a broker, can complete which of the following real estate transactions without needing her real estate license

Buy an investment property for herself

Which one of the following statements is true about a one year lease on real property located in Pennsylvania and arranged by a Pennsylvania real estate licensee between a lessor and a lessee?

It must be in writing

If a salesperson assists a broker in the management of real property, which of the following statements applies?

The salesperson may negotiate the terms of a lease but only if acting under the supervision and control of the employing broker.

Broker Santillo lists and shows a house based on information provided by the owners that the house had recent renovations including a new roof and all new windows. Salesperson Todd discovers that two of the windows in the house were original windows. Santillo and Todd should

Inform both the seller and the buyer and all real estate agents involved with the listing and showing of the property

Salesperson Casey has sold many homes for Developer Sanchez. To show his special appreciation Sanchez gives to Casey an $20,000 cash gift. Casey can

Accept the gift provided it comes through his affiliated broker

If a seller forbids a broker to sell his property to a particular minority group, the broker should

refuse to accept the listing

A salesperson violates the Pennsylvania Human Relations Act when she

Tells a prospective buyer that a property is not for sale when it actually is for sale and

Advises a minority couple that they cannot purchase a property in a particular subdivision

According to the Pennsylvania Human Relations Act, it is illegal to deny the sale of real estate based on all of the following criteria EXCEPT

A client having recently filed for personal bankruptcy

In the event a real estate office terminates its business and closes up, the licensed real estate agents at that office are required by Pennsylvania law to make an application to the Real Estate Commission identifying a new office location either prior to removal of the old office or within how many days following the termination?

10

A broker licensed as Thomas Atwater Real Estate may advertise and conduct his real estate business under which of the following names?

The Rules, Subchapter E, 35.305 (a): Brokerage companies, in-cluding sole proprietorships, cemetery companies and rental listing referral agencies shall advertise or otherwise hold himself out to the public under the business name designated on their license.

How many members are on the Pennsylvania Real Estate Commission

11

A licensed Pennsylvania salesperson can:

Buy or offer to buy real estate, Negotiate the purchase, sale or exchange of real estate, Negotiate a loan on real estate, Lease or rent real estate, or offer to rent or lease real estate or place real estate for rent, Collect rent for the use of real estate, or offer or attempt to collect rent for the use of real estate, Assist a broker in managing property, Perform a comparative market analysis. Only a real estate broker can manage property.

A real estate licensure candidate would need to meet all of the following requirements prior to filing an application for a builder-owner salesperson license EXCEPT:

Complete 60 hours of real estate instruction

A real estate salesperson candidate completes her required real estate instruction in April 2017, passes her licensing examination in May 2017 and receives her license in June 2017. She then fails to renew her license in May 2018. If six years after May 2018 she desires to regain a salesperson's license she must:

Pass another salesperson's exam and apply for another license

Complaints for discrimination in housing in Pennsylvania can be taken to the

Human Relations Commission

State Real Estate Commission

If a broker has branch offices he must:

Have licenses for each branch office

What is the first step that an aggrieved person must take prior to making a claim from the Real Estate Recovery Fund?

Obtain a final court judgment for the amount of monetary loss

Where must a salesperson keep her license?

At her broker's main office

When an associate broker changes offices from ABC Realty to XYZ Realty what must the associate broker do to remain actively selling real estate during the interim time pending receipt of a new license?

The associate broker must keep a copy of the notification request for a change in office as temporary license

A real estate advertisement states the following: "Beautiful three bedroom ranch house on a wooded lot for sale at a great price. Call today to salesperson Jane O'Keefe at telephone number, [phone]." What requirement(s) is/ are missing from this Pennsylvania advertisement?

The broker's name and telephone number given in equal size

For the sale of real estate in which a real estate broker is acting as an agent, who is entitled to receive the interest on money placed in the broker's escrow account?

The interest is distributed prorated in the same manner as the principal unless the buyer and seller decide otherwise

To apply for a license as a salesperson, one must:

Have a written approval of employment from a broker

Brokers, developers, and subdividers who engage in promotional sales of real property located outside of Pennsylvania must give an offering statement to:

All prospective purchasers in this Commonwealth

Which of the following is the most accurate statement? Deposit money accepted by a broker must be:

Placed in a broker's escrow account in a bank or recognized depository by the end of the next business day following its receipt in the real estate office where the escrow records are maintain

Who could be a member of the Pennsylvania Real Estate Commission?

A licensed broker with eight years of real estate experience as a Pennsylvania broker

The Real Estate Commission has the power to do all of the following EXCEPT:

Keep the records of the Commission confidential

Harry Alpert is the owner of Summit Realty, Inc. His partner Sharon Brooks is the broker of record of the office. Office secretary, Bob Charles, is legally authorized to sell cemetery plots through the office but he has not done so in five years. Janitor, Tom Wojton, continuously renewed his real estate license biennially, however he has not sold or listed a property in over twenty years. Salesperson Linda Cooper, was hired yesterday. Which one of the following persons affiliated with Summit Realty, Inc. is the one most likely not to need to have a Pennsylvania real estate license?

Alpert

In which of the following situations would a broker of record face the greatest possibility of license suspension or revocation for the unlawful action of an affiliated licensed salesperson in his or her office?

If the broker was aware of the unlawful action of the salesperson.

Broker Renee Gomez enters into an exclusive right to sell listing agreement with owner Sam Kaplan in which there is a specific provision that no "For Sale" sign would be placed on the listed-for-sale property. A month later, Kaplan calls Gomez on the telephone and informs her that he now desires a real estate "For Sale" sign on the property to stimulate possible buyers because there have been no prospective buyers to see his house. Gomez responds immediately by placing an office sign in the front yard of the Kaplan property. In this situation, which of the following statements is true?

The action of Gomez is in violation of the Real Estate Licensing and registration Act.

In an exclusive agency listing contract, the agreement may contain the following provisions:

An exclusive listing agreement may not contain: An automatic renewal clause, A cancellation notice to terminate the agreement at the end of the listing period set forth in the agreement.

Which one of the following statements is the most correct concerning a licensed real estate broker who agrees to act on behalf of both a lessor as well as a lessee who intends to rent the property of that same lessor?

Pennsylvania law allows such representation with permission of the parties if expressly agreed in writing.

The license of a rental listing referral agent is renewable:

Biennially

Each real estate branch office can be under the supervision of a manager who is a(n);

Associate broker

A rental listing referral agreement must contain a statement in bold print that the rental listing referral agent:

Acts as a referral service only and Does not guarantee that the purchaser will find a satisfactory rental unit

An agreement of sale that is contingent upon the ability of the buyer to obtain a mortgage must contain all of the following EXCEPT:

Minimum interest rate of the mortgage

Acceptable advertisements by a broker about his amount of sales and listings include all of the following EXCEPT:

Sales scheduled to reach settlement within one month of the advertisement

A real estate licensee in Pennsylvania who is involved in the sale of real estate in which he has an ownership interest

May participate in the transaction if he first discloses his interest in writing to all parties concerned

A broker acting as a property manager must give a copy of a lease for a rental unit to:

Lessor And Lessee

All of the following are categories of individuals who do not need a license to transact real estate as a business service EXCEPT:

An attorney acting as a broker

What is the name of the current Pennsylvania real estate license law?

Real Estate Licensing and Registration Act

In Pennsylvania, a mobile home is considered to be real property when:

It is transferred with an interest in the land on which the vehicle is permanently attached and the vehicle registration is canceled

A rental listing referral agent is permitted to supervise how many rental listing referral offices?

1

A candidate for licensure as a salesperson having received a bachelor's degree from an accredited college and having completed coursework equivalent to a major in real estate at that college is required to have how many additional credits in real estate instruction?

0

Within how many days prior to the collection of a fee from a prospective tenant must a rental listing referral agent verify the availability of rental units?

4

All of the following persons are individuals who are allowed to provide a recommendation attesting to the good reputation of a broker licensure candidate EXCEPT:

Two persons unrelated to the applicant who own a real estate business in the county where the applicant previously resided.

Which one of the following requirements must be met by a Pennsylvania real estate licensee before either a buyer or a seller signs an agreement of sale?

The buyer and / or seller must be provided with a written estimate of reasonable foreseeable expenses associated with the sale.

Any agreement of sale in Pennsylvania shall contain all of the following provisions EXCEPT:

The dates for the payment of the consideration and the conveyance of the mortgage.

The word commingle, as it relates to the real estate license law, means:

The mixing of the property of a principal by a broker with that of his own.

Which of the following statements regarding a broker's escrow account is true?

The broker of record may give a licensed salesperson in her office written authority to withdraw funds from the broker's escrow account. The broker of record may give an employed but unlicensed secretary in her office written authority to deposit money into the broker's escrow account

The individual agent who is responsible for the rental listing transactions of a partnership, association, or corporation that holds a license for such rental listing information is known as a:

Manager of Record

An individual licensed as a salesperson in another state who now wishes to have a standard license as a Pennsylvania salesperson, would be eligible if he/she:

Possess a salesperson's real estate license from the other state that has been active within the last 5 years prior to submitting a license application.

All of the following are requirements for a Pennsylvania real estate office EXCEPT:

The office shall have a separate entrance into the residence if the office is located in a private residence.

All of the following are requirements regarding Pennsylvania real estate licenses EXCEPT:

The current license of all licensees affiliated with a broker shall be displayed in a conspicuous place at the main office and at all branch offices.

A licensee in Pennsylvania who is convicted of either a felony or misdemeanor is required to:

Inform the Real Estate Commission about the conviction within 30 days.

Failure of a broker whose license is suspended to post a notice of the Real Estate Commission suspension would result in:

Further disciplinary action

All of the following are requirements for a cemetery broker's license EXCEPT:

Have completed 16 credits or 240 hours of instruction

Which one of the following real estate courses is a required core course of the sixteen credits necessary to qualify for a broker's license:

Real Estate Law

Upon the death of a broker with a sole proprietorship real estate business, the deceased broker's estate may notify the Commission that it has appointed another licensed broker to supervise the termination of the deceased broker business. Within how many days must the new licensed broker be appointed?

15 days

Within how many days must unexpired listing agreements of a deceased broker with a sole proprietorship expire?

90 days

If a dispute arises between the parties to a real estate transaction over entitlement to money that is being held in escrow by a broker and a resolution of the dispute seems remote without legal action, the broker has the option to:

Petition the County Court having jurisdiction for a resolution following thirty days notice to the parties.

The monetary per diem compensation provided for all members of the Pennsylvania Real Estate Commission, other than the Commissioner of Professional and Occupational Affairs, for time actually devoted to the business of the Commission is:

$60 per day in addition to reasonable expenses

If an applicant for a broker's license is a corporation, then the qualifications for the license shall apply to:

The broker of record

The Real Estate Commission is required to submit an annual report to the Pennsylvania Senate and House of Representatives that indicates:

A description of types of complaints received

All of the following are steps required by an aggrieved person to show that fraud, misrepresentation or deceit occurred in a real estate transaction by a Pennsylvania real estate licensee in order to collect money from the Real Estate Recovery Fund EXCEPT:

That he is the spouse of the debtor or the personal representative of that spouse

All of the following are prohibited acts of Pennsylvania real estate licensees EXCEPT:

Failure to preserve records for any real estate transaction for three years following execution

A broker must disclose a statement describing the purpose of the Real Estate Recovery Fund and the telephone number of the Real Estate Commission in:

The agreement of sale and The listing agreement

A person who is convicted in court for a first offense of engaging in the real estate business without a license shall be:

Sentenced to pay a fine not exceeding $500 and/or suffer imprisonment not exceeding three months

A Pennsylvania real estate associate broker may be employed by:

Only the broker designated in the current license

If an earnest money deposit is given by a buyer to the listing broker rather than the selling broker, who is responsible for placing the money in an escrow account?

The listing broker