PA Real Estate State Portion Questions and Answers 100% Pass

PA Real Estate State Portion Questions and Answers 100% Pass Real Estate Commission has how many members 11 Who are the members of the Comission (1) Commissioner of Professional and Occupational Affairs (1) Director of Bureau of Consumer Protection (5) Brokers of 10+ yrs experience (3) Public at Large Members (1) Broker 5+ years selling cemetery for at least 10+ years How long are terms for Commission members 5 years, MAX 5.5 years If Commission member dies how long does successor with same qualifications have rest of term of deceased member How much is the per diem compensation $60/day How many special meetings? What is the notice? 1 in Pittsburg 1 in Philadelphia 1 in Harrisburg 15 days notice in newspaper What is a summary offense? Fine? doing business without a license or continues business after revoked/suspended or someone who employs a person in either circumstance listed above. $500, 3 months prison or both 2+ summary offenses is guilty of __? Fine? 3rd degree felony fine $2000-$5000, 1-2 yrs prison or both In addition to civil remedy or criminal penalty, commission can levy a civil penalty of up to ___ for ___ max $1000 Person who practices real estate without a license, continues business after revoked/suspended, or employer of a person in either circumstance listed above Continuing Education is how many 14 hrs biennially CE may be waived if failure to complete is because of illness, emergency or hardship Licenses can not be placed for longer than 5 years, then you need to retake exam Annual report of complaints is sent to Professional Licensure Committee of House of Rep Consumer Protection and Professional Licensure Committee of Senate Copy of budget request must be sent to __ after ___ sent to House of Reps and Senate Appropriations Committees 15 days after Governor submits budget to General Assemnly Broker Qualifications 21 Years Old HS Graduate 240 Hours Edu 3+ Years Salesperson Experience Applies Within 3 Years of Passing Exam States Place of Business Corporation Qualifications 21 Years Old HS Graduate 240 Hours Edu 3+ Years Salesperson Experience Applies Within 3 Years of Passing Exam States Place of Business Salesperson Qualifications 18 Years Old 60 Hours Edu 3+ Years Salesperson Experience Applies Within 3 Years of Passing Exam Sworn Statement from Broker Cemetery Broker Qualifications 21 Years Old 60 Hours Edu 3+ Years Salesperson Experience Applies Within 3 Years of Passing Exam Cemetery Salesperson Qualifications 18 Years Old 3+ Years Salesperson Experience Sworn Affidavit from Broker Builder-Owner Salesperson's License 18 Years Old 60 Hours Edu 3+ Years Salesperson Experience Applies Within 3 Years of Passing Exam Sworn Statement from Builder-Owner Rental Listing Referral Agent 18 Years Old 60 Hours Edu Applies Within 3 Years of Passing Exam NO BROKER NEEDED Campground Membership Salesperson Qualifications 18 Years Old 15 Hours Edu 30+ Days Onsite Training Biennial license, application and renewal fees Sworn Affidavit from Broker Time-Share Salesperson Qualifications 18 Years Old 30 Hours Edu 30+ Days Onsite Training Biennial license, application and renewal fees Sworn Statement from Broker Postings for Brokers & Rental Referral Agents Current license prominently displayed inside Sign outside with properly licensed brokerage name Commission must be told about new address for licensees at least before moving or within 10 days after Reciprocal licenses are exempt from NOT ALLOWED to be a member of commission Exempt from 5 yr renewal rule and rules for corporations Exempt from passing exam for standard license Associate broker or broker is allowed to supervise 1+ offices Annually, the PA Bulletin must make available on request and on the internet - a list of states that have a written reciprocal licensing agreement - a list that does not have comparable opportunities that includes the additional requirements needed to comply Real estate transaction consummation records must be preserved for 3 years NOT allowed in listings free lots, lotteries, contests for prizes Offerings by mail or telephone of any gifts/prizes for offering the sale of real property or time shares must be accompanied by fair market value of all prizes statement of the odds fees and maximum amount that prizewinner must pay to get the prize (shipping, handling etc.) description of the property/timeshare statement if they need to personally visit or listen to a sales presentation Substitutions of prizes having equal or greater fair market value may be made if they comply Sales presentation disclosure must be listed in boldface type If PA HR Commission does not act on a discrimination complaint within __ days then the State Real Estate Commission may proceed with action against licensee 90 days Review of qualifications for broker licensing exam $40 Broker, cemetery broker, rental listing referral agent app $75 Branch office app $65 Everything else app fee $25 Cemetery salesperson app fee $20 Cemetery company app fee $25 Initial license fee for broker, corporation, rental listing referral agent etc $94.50 Initial registration for salesperson and everyone else $72 Biennial renewal for broker / corp fee $126 Biennial renewal of cemetery fee $96 Registration of promotional real estate fee $120 Annual renewal of registration of promotional real estate $113 Duplicate license fee $5 CE Requirement and due date 14 hrs by May 31 renewal deadline for Brokers and salespersons Nicknames for ads must be Included on licensure apps and biennial renewal applications Ads must include Business name and phone number of broker in equal size Ads with prizes must include Description Prerequisites Limitation on the number of prizes Fair market value Odds of winning Records of prizes must include Number and description Name and address of person who received Name and address of people that applied Sales volume or production refers to Closed transactions only: listing sold or sale made after fully executed deed transfers Production in the "market" must include Municipality that the market comprises Number of offices operated by a broker refers to Offices that have been issued branch office licenses by the commission broker deposits to escrow within 1 business day rent money goes into rental management account. doesn't have to be an escrow access to public road my constitute highway occupancy permit exclusive listing agreement termination date MAX 1 year can exclusive listing agreement have auto renew clause NO Broker who is broker of record or sole proprietor an authorize employee to deposit licensed employee to withdraw If money is expected to be held in escrow for 6+ months, broker is encouraged to put it in interest-bearing account and interest should be dispersed in the same way as principal amount unless the parties direct otherwise broker can not claim interest on an escrow account unless broker is a lessor broker must give the commission a ___ to release records pertaining to escrow account letter addressed to the bank whether by written request or office inspection Purchaser has right to cancel time share or campground until midnight of 5th date after purchase contract executed After postmarked date, the contract must be voided and money paid must be returned by 10 days after postmarked date with a void campground or time share contract is the purchaser liable for damages? Does purchaser keep prizes? no. Prizes kept by purchaser Dower And Curtesy Exists in PA Still? No. Rights abolished Easement by Prescription = __ years? 21 Years Can tack on years from other owners Can assert a right to use but not own Can't apply to public land Visible, notorious, owner could've known Terminate year to year notice = 3 months notice Contracts for ___ required to be written 3+ years Transfer taxes must be paid on leases that run for more than 30 years total Security Deposits 1st year = 2 month's rent max 2nd year = 1 month's rent max 2-5 years = increased security deposit for one month's rent if the rent increased 5+ - can't increase the security deposit amount PA HR Act protected classes Race Color Religion National Origin Sex Age (40+) Handicap Support Animals Familial Status Public Offering Statement must be given at least __ before a sale 15 days before Statute of Limitations in PA 4 years The 5 commission brokers must be engaged in real estate for at least 10 years The Commission conducts regularly scheduled business meetings that under the ____ are open to the public state "sunshine laws" Where are public meetings held Philadelphia Harrisburg Pittsburgh Staff is employed by the __ to support the Commission's activities Bureau of Professional and Occupational Affairs The Department of the State can currently issue ___ separate licenses 10 Licenses shall be granted to persons who have good representation for CHIT Competence Honesty Integrity Trustworthiness Reporting Crimes and Disciplinary Actions 1. Notify Board if convicted of felony or misdemeanor within 30 days of verdict or plea 2. If a licensing authority in another jurisdiction takes disciplinary action, the licensee must notify the commission within 30 days The max amount that may be paid from Real Estate Recovery Fund is $20,000 and $100,000 per licensee Real Estate Recovery Fund: person involved's license is automatically suspended as of date of payment out of the fund. Suspended until repays full amount and 10% interest per year When no transaction results from a brokerage relationship, the signed acknowledgement portion of the Consumer Notice must be retained for 6 months