PA Real Estate

1. The amount of all license fees are set by the commission to cover operational costs 2. Any individual who wishes to obtain a license must show proof to the commission that he/she has a good reputation for honesty, trustworthiness, integrity, and competence in the interest of the public 3. Anyone who wishes to file a complaint against a licensee must get the form from the Department of Sate's Legal Office 4. An application may be refused on the grounds of forgery, embezzlement, obtaining money under false pretenses, bribery, larceny, extortion, and conspiracy to defraud pleading guilty to any of these offenses is grounds for refusal 5. An associate broker delegated to assume responsibility of a branch office may NOT manage the business to his/her sole benefit 6. Associate brokers who have the same education as a broker may manage a branch office and perform all of the same acts of a broker except for employing other licensees 7. Before the Commission takes punitive action against a licensee, it must hold a hearing 8. A broker is prohibited from failing to exercise adequate supervision over the activities of licensed employees 9. A broker is prohibited from failing to exercise adequate supervision over a campground or timeshare salesperson 10. A BROKER is prohibited from paying a commission to anyone other than a broker's own licensed employee OR another broker 11. A broker is someone who receives a fee or other valuable consideration from a principal for negotiating real estate, managing real estate, performing a market analysis, promoting sale/exchange of real estate, and/or representing himself to be a real estate consultant 12. A broker must maintain in his/her office his/her own license and the licenses of all affiliated licensees 13. A broker of record in a business is responsible for what duties? that the business and licensees comply with the laws and rules and any person who acts as a licensee must be licensed 14. A broker of record is an individual broker who is responsible for the real estate transactions of a partnership, association, or corporation licensed as a broker all liability is on broker of record for a corporation 15. Businesses must designate an individual broker as the broker of record and they must be a licensed broker 16. Can a licensee act as a licensee for any broker? No, he/she must act as a licensee for his/her employing broker only 17. Compensation includes commissions and any valuable consideration 18. A corporation, partnership, or association may be issued a broker's license 19. Each licensee is responsible for paying his/her own application, renewal, a change of name/address, duplicate license, and/or certification of current license status 20. Each office member must disclose of a conviction in what type of establishment? a corporation, partnership, or association 21. The first violation of licensure is a penalty of $500 and 3 months in jail PA Real Estate Law Study online at quizlet.com/_3ju3ec 22. If a broker changes his/her business address, he/she must notify the commission, in writing, before the move or within 10 days after the move 23. If a licensed person is suspected to have committed a violation, the licensee is entitled to a hearing and penalties imposed by the Commission 24. If a licensee is convicted or pleads guilty to any offense, the commission must be notified within 30 days 25. If a license is inactive for more that 5 years, the licensee must retake the license exam 26. If a license is suspended because of payment of the Real Estate Recovery Fund, the license can be reinstated when the reimbursement is paid in full 27. If an investigation finds adequate cause, the licensee has 30 days to respond to the allegations 28. If an unlicensed individual is caught acting as a licensed real estate person, his/her FIRST offense penalty is $500 and/or jail for 3 months 29. If an unlicensed individual is caught acting as a licensed real estate person, his/her SECOND AND SUBSEQUENT offense penalty is $2,000-$5,000 and/or 1-2 years in jail 30. In order to obtain a license, a broker must be 21+ years, be a high school graduate, complete 240 hours of education, have 3 years' experience, pass both PA and national exams, and a recommendation from another currently licensed broker 31. In order to obtain a license, a builderowner salesperson must be 18+ years, employed by the builder-owner, and pass an exam within 3 years prior to the license application 32. In order to obtain a license, a campground membership salesperson must be 18+ years, complete 15 hours of instruction, and complete at least 30 days of on-site training 33. In order to obtain a license, a cemetery broker must be 21+ years, complete 60 hours of education, have 3 years' experience as a licensed salesperson, pass an exam withing 3 years prior to application date, and a recommendation from a currently licensed real estate broker. 34. In order to obtain a license, a cemetery salesperson must be 18+ years and submit a sworn affidavit from a broker or cemetery broker that he/she has a good reputation and promising that the broker will supervise 35. In order to obtain a license, a rental listing referral agent must be 18+ years, complete 60 hours of education, and pass a licensing exam 36. In order to obtain a license, a sales person must be 18+ years, complete 60 hours of education, pass both national and PA exams, and submit a sworn statement from a real estate broker with who he/she will be affiliated with 37. In order to obtain a license, a timeshare salesperson must be 18+ years, complete 30 hours of instruction, and complete at least 30 days of on-site training 38. In the event that there is a complaint or violation found against a licensee, the Commission is authorized to suspend a license, revoke a license, require the licensee take courses, and/or impose a fine up to $1,000 (and possible costs for investigation) 39. A license can become reactivated if it is within 5 years of the date of becoming active and he/she pays the renewal fee, pays any applicable late charges, and completes 14 hours of continued education 40. A licensee is prohibited from acting as a dual agent without the knowledge and consent, in writing, of ALL parties 41. A licensee is prohibited from any action relating to the right to cancel the purchase of a time share or campground membership 42. A licensee is prohibited from conducting a real estate transaction which demonstrates bad faith or dishonesty 43. A licensee is prohibited from discrimination in any real estate activities 44. A licensee is prohibited from failing to comply with requirements concerning escrow 45. A licensee is prohibited from failing to disclose to an owner in writing of his/her intention or position when attempting to purchase property from someone else 46. A licensee is prohibited from failing to maintain documents related to real estate transactions for 3 years 47. A licensee is prohibited from failing to properly handle deposits or other money received by a broker 48. A licensee is prohibited from failing to provide the Commission with information related to a formal or informal complaint 49. A licensee is prohibited from failing to voluntarily furnish a copy of any listing, sale, lease, or other contract to ALL signatories of the document at the time of execution 50. A licensee is prohibited from inducing any party to a contract, sale, or lease to break a contract in order to substitute a new contract 51. A licensee is prohibited from making any false promises likely to influence someone to enter into an agreement when he/she could not or did not intent to keep that promise 52. A licensee is prohibited from making any substantial misrepresentation 53. A licensee is prohibited from misleading or untruthful advertising by using a trade name or claiming a membership trade organization, when the licensee is not a member 54. A licensee is prohibited from paying, accepting, giving, or charging ANY undisclosed commission, rebate, compensation. profit, or expenditures from a principal 55. A licensee is prohibited from performing any act without a license that requires one 56. A licensee is prohibited from placing a for sale/rent sign on a property without the owner's written consent 57. A licensee is prohibited from pursuing a continue and flagrant course of misrepresentation through advertising, through other persons, or by any other means 58. A licensee is prohibited from soliciting, selling, or offering for sale, real property by offering free lots, conducting lotteries, conducting contests, or offering prizes 59. A licensee is prohibited from violating any provision/services 60. A licensee is prohibited from violating any rule or regulation or failing to provide disclosure 61. A licensee is prohibited from violating the relationship between brokers and consumers 62. A licensee may not receive compensation from anyone other than his/her employing broker 63. A license may become inactive because a licensee failed to pay a renewal fee or continue education requirements by the deadline *can also happen by choice of the licensee 64. License period runs from June 1st to May 31st of each EVEN numbered year 65. A license remains in the custody and control of the broker 66. Licenses are issued for 2 years and renewed at the end of the period 67. The limit of liability for damages on a single claim against a licensee is $20,000 68. Money is taken out of the Real Estate Recovery Fund and paid for a judgment if and when all avenues are exhausted from the licensee 69. Owners of real estate dealing with their own property are exempt from license law 70. The PA real estate commission is responsible for passing rules and regulations to implement the license law, setting fees, issuing licenses, insuring compliance with the law, investigating into improper conduct, and investigating charges from the public 71. The Real Estate Recovery Fund covers damages against licensees when payment to a member of the public is required when the member wins a judgment 72. The Real Estate Recovery Fund does NOT apply to campground memberships or salespeople 73. The Real Estate Recovery Fund is a self-insurance program that gets its money from fees paid by licensees at the time of initial licensure or renewal 74. Recovery of damages made by a licensee must be brought to court within 1 year of termination of proceedings 75. Referral fees may only be paid to a licensed individual 76. Rental listing referral agents own or manage a business that collects information on rental units and refers prospective tenants 77. Second and subsequent violations of licensure is a penalty of $2,000-$5,000 and 1-2 years in jail 78. The suspension or revocation of the BROKER'S license will NOT automatically happen unless a hearing shows that the broker had actual knowledge of the violation and/or the broker permitted a course of dealing that violated the law 79. To renew a license, salesperson and broker must show proof of having completed continuing education courses totaling 14 hours for each 2-year renewal period 80. Under RELRA, a broker MAY pay compensation only to his/her own licensed employees and/or another licensed broker 81. What are the license requirements for all real estate licenses? submission of details of any convictions, pay appropriate fee, and submission of criminal background check within 90 days prior to the date of application for licensure 82. What is the purpose of PA real estate law? to protect the public against incompetence or dishonest real estate transactions, to enhance standards for licensees, and to protect licensees from improper or unfair competition 83. When a hearing is about to be scheduled, it must be issued within 6 months of the charges being filed 84. When a payment by the Real Estate Recovery Fund is authorized/issued, the license of the licensee is automatically suspended and he/she must repay the fund the same amount plus a 10% interest rate per year 85. Who is subject to sanctions in a business/corporation/association if any violations are committed? the broker of record 86. Who is the FIRST to receive and take action against discrimination complaints? The PA Human Relations Act Commission 87. Who may not manage a branch office? a salesperson