(407 (a)) There is no requirement to be actively participating in the real estate business nor must the licensee be a Pennsylvania resident. Which of the following is a duty of the State Real Estate Commission? The law requires that a definite termination date be included in an exclusive listing (604 (a)(10)). Any motorized boat operator born after June 30 . A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. When the house was listed, the seller told the broker that the roof leaked, but they agreed not to disclose the fact to prospective buyers. 205. 91. Menu. 94. A property condition disclosure form is not required in the sale of commercial property. The license is automatically suspended as of the effective date of payment when payment is made from the recovery fund. If you sell with an agent there is an earlier 2nd very important contract you enter into, before your contract to sel Taxes: Yes! 3. Upon obtaining an exclusive listing, a broker or licensed salesperson is obligated to. Which of the following should be included in the listing contract? 21. 22. 101. A license is not required to perform clerical duties, greet people at an open house, provide security at an open house, or to serve as a courier delivering documents. scripture where god says no as a protection. When do real estate salespersons' licenses expire in Pennsylvania? 3. Two projects have an identical net present value of $9,000. 32. 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. 1. The Georgia Real Estate Commission's authority involves. A rental listing referral agent is defined as an individual or entity that owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of rental units (201 and 35.201). Why Is The Morality Of Abortion A Common Medical Ethics Issue? 1. 122. B) 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). 20. 179. The requirements for mandatory continuing education requirements apply to real estate brokers and real estate salespersons only. 97. D) 136. C) In Pennsylvania, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the following statements is true? An associate broker is not satisfied with her present real estate company and has decided to change employing brokers. The Pennsylvania Human Relations Act specifically prohibits discrimination against handlers or trainers of guide or support animals as well as persons with disabilities who use guide or support animals. 50. The maximum payment from the fund is $20,000 for any one claim (803 (d)). 63. 1. In response to this inquiry, which of the following actions by the broker are legal? 1. c. 95 percent. When must a licensee provide statements of estimated costs to parties involved in a purchase of real estate? the nucleus and valence electrons d. Where To Download Chapter 6 Physical Science Test simple chemical reactions, solar system, solutions, sound waves, transportation in plants workbook for middle school exam . An exclusive listing may not contain an automatic renewal clause or language giving the broker authority to execute an agreement of sale. 113. 111. (Spanish Version) Michigan Boater Exam, MI Boater's License Test, Study Guide [SkoreUP LLC] on Amazon. 1 / 41. Personal assistants may be employed by either the broker or salesperson to perform secretarial and clerical duties without being licensed. salesforce sandbox url format. An aggrieved person is awarded a judgment against a real estate licensee for violation of the Real Estate License and Registration Act. 190. C) 3. Disputes between an employing broker and salesperson employed by the broker are contract issues to be settled in a court of law. An agent is representing the seller and working with a buyer. The Commission's disciplinary authority includes. 72 percent Pending contracts can continue to consummation (35.252(b)). Federal fair housing laws prohibit any discussion of AIDS or HIV. The broker hires an unlicensed individual for the purpose of managing and maintaining the property. A real estate licensee must give the Consumer Notice to prospective purchasers/tenants at. T or F 1. 60. No active experience is required 196. 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. Indiana real estate commission consists of: 12 members - all appointed by the governor serve a 4 year term. D) 206. 2. 40. Business Expenses: They pay their association dues, gas (sho Second, C.M explains the importance of educating other real estate agents on the process of making a satisfying sale to buyers, and sellers on purchasing a h Conversely, if you are purchasing the house, the agent will work with you to safeguard that you purchase the house at the minimal cost. 46. The broker is required to maintain a fixed office, which is required to meet standards prescribed by the commission (35.242). Listings are not the property of the salesperson and cannot be unilaterally transferred to a new broker, and the recovery fund is not available until all court action has been concluded. D) 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? 10 hours each year 139. 146. 1. In this situation, the licensee. 80 terms. While the change of employment forms are being processed by the commission, the associate broker may. Recommendations are required for licensure as a broker, rather than a condition of taking the examination. The Georgia Real Estate Commission is. Indiana real estate commission consists of: 12 members - all appointed by the governor serve a 4 year term. 1. Any violation of the Pennsylvania Human Relations Act also constitutes a violation of the license law (604 (a)(22)). Caribou Golf has an October 31 fiscal year-end. A licensee may work for only one broker at a time and the license is valid as soon as it is received. Jonathan-Parrish. 165. FOR TREC USE ONLY . An exclusive-right-to-buy contract must be in writing and contain a specific termination date. If the broker's license is suspended or revoked, licenses of the associate brokers and salespersons are terminated. 77. Mark686558947691628175838574. 80. 68. When advertising the property, the salesperson. 2. The Real Estate Seller Disclosure Act requires property condition and defects to be disclosed to the prospective buyer. License law requires the broker to immediately deposit earnest money deposits in a separate custodial or trust fund account maintained by a bank or recognized depository until the transaction is consummated or terminated (604 (a)(5)(iv)). When an initial interview takes place prior to entering into a listing, the broker must provide information about the broker's policy regarding cooperation with other brokers (608(6)). A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. Multiply the commission percentage by the purchase price to find out your total commission. There is no requirement for signatures or disclosures of agency representation (35.334). What determines the amount of compensation to be paid to a licensed real estate salesperson by the employing broker? The Commission's efforts towards impartiality relates best to. A broker is employed as a property manager. What is the parameter \lambda of the distribution? An unlicensed salesperson is involved in illegal activity and has no recourse to recover compensation (302). 157. 134. When included as a provision in an agreement of sale, a mortgage contingency must include all of the following EXCEPT. Aug 1. A. forfeiture clause. 1. The 12 members consist of the following: Members of the Commission: 9 district members. 2. 28. No endorsement from any professional organization is required nor is there any requirement regarding posting a surety bond. Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. When the rents are collected, the broker should. 167. 3. 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." A builder owner salesperson applicant must take and pass the salesperson's examination but has no mandatory education requirement (551). When advertising property for sale, what must the broker include in the advertisement? In Pennsylvania all of the following would be grounds for revoking a broker's license EXCEPT. The licensee, however, must retain appropriate documentation that the consumer notice was provided. A real estate license is not required for the sale of business opportunities. 3. Section 608.1 establishes requirements for the written agreement. 4. The Pennsylvania Real Estate Commission has the power and authority to administer and enforce the license law (406). 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)). It is illegal to engage in any activity for which a license is required until the license has actually been issued by the state. 1. 166. 1. 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)). Mandatory inclusions in agreements of sale include the following: copy of sales contract given to signatories, statement regarding broker's services, and that access to a public road may require obtaining a highway occupancy permit: statute (608.2) and commission rules (35.333). 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. When are statements of estimated cost and return provided to the parties to a transaction by the broker involved in the transaction? 3. 62. Term. Observing that HL has a higher return on equity, LL's treasurer decides to raise the debt-to-total-assets ratio from 30 to 60 percent, which will increase LL's interest rate on all debt to 15 percent. 48. Mandatory requirements and disclosures are addressed in the law (608.2 (1)), requirements regarding estimates of cost and return are addressed in (35.334), and records must be maintained for 3 years (604 (a)(6)). 140. An attorney-at-law in the performance of the practice of law If the commission pays an amount in settlement of a claim against a licensee, the license of that person is automatically suspended upon the effective date of payment and will not be reinstated until the licensee has repaid the amount in full plus interest at the rate of 10% per year (803 (f)). Rental listing referral applicants have both an education and an examination requirement. 120. Gave americans the right to 8 hrs. 85. Find out how you can intelligently organize your Flashcards. Consist only of independent contractors, no employees. The salesperson's employing broker was unaware of all of these activities. Quizlet Everfi Module 7 Final Quiz Answers File Name: quizlet-everfi-module-7-final-quiz-answers. 4. The purpose of laws, including licensing laws, is to provide for the good, safety, and welfare of the public. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. The unlicensed individual may legally perform which of the following activities? 121. 175. The broker does not have to gain permission from the neighbors, local governing body, or sell the property. 96. Regarding a broker's escrow account. The broker's commission is not an issue in an agreement of sale between a buyer and seller. 39. Advising parties on the significance or consequence of contract terms is engaging in the practice of law and should be avoided. A licensed broker is employed by the owner of a residential multifamily housing complex to serve as the property manager. Which of the following applicants for licensure is not required to pass a written exam for licensure? When an associate broker changes employment from one broker to another, he or she may, in the interim when the new license is being processed, maintain a copy of the notification sent to the commission as a temporary license pending receipt of the new license (603(a)). This clause is illegal in Pennsylvania, since commission rules and regulations prohibit the use of automatic renewal clauses in exclusive listing agreements (35.332 (c)(2)). The term "broker" includes in its definition all of the following activities EXCEPT. 1. 100 percent. 140. 186. 202. 53 terms. Estimate the time it will take to complete the fourth unit of a 12-unit job involving a large 28. An applicant for a real estate salesperson's license in Pennsylvania must. Only the employing broker may compensate a licensed salesperson employed by that broker (35.288). Answering questions and interpreting printed information concerning the property In this situation, the broker. Every licensee is required to pay $10 into the Real Estate Recovery Fund at the time of his or her initial license application (802). 3. 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 standard rate of commission is 6% of the closing price. 19. Every licensed broker is required to. How many years of experience, if any, are required to be a managing broker? When a selling broker negotiates a sale of property listed by a cooperating broker, who is responsible for assuming the duties regarding escrow of the buyer's deposit check? In Pennsylvania, which of the following is legal and will not result in a broker facing suspension or revocation of the broker's license? Can this occur? 72. We'll bring you back here when you are done. providing legal advice on issues contained in the Indiana real estate laws and rules. 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)). possessing, selling, making illegal drugs 1. The following table contains information on this products task times and precedence relationships. The Real Estate Seller Disclosure Act provides for nine instances in which disclosure requirements do not apply: new construction covered by a builder's warranty, foreclosure sale, and conveyance between one spouse and another. 89. If an earnest money deposit is in the form of a check accompanying an offer to purchase a broker may, with the written permission of both the buyer and seller, refrain from depositing the check pending the seller's acceptance of the offer (35.324 (b)). The salesperson does so, knowing she will receive a referral fee directly from the pest control company. My name is William Watkins. A consumer contacts a licensee to discuss the possibility of the licensee handling the sale of a property owned by the consumer. 4. 77. 2 citizen members, residents, not a broker, appointed to represent the public. 4. 10. Commission rates are not determined by local custom. In a dual agency situation, the licensee owes certain fiduciary duties to both parties. 2. 180. This fee includes the exam and the card mailed to your home. 2. When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespersons affiliated with the broker? How long must a real estate broker keep records relating to real estate transactions? The file Service Level contains the following data for time, in seconds, to answer 50 incoming calls to a financial services call center: 16141619614155161817226181015126191616151325917121051523111214249101314261920132428152181612\begin{array}{rrrrrrrrrrrrrrr}16 & 14 & 16 & 19 & 6 & 14 & 15 & 5 & 16 & 18 & 17 & 22 & 6 & 18 & 10 \\ 15 & 12 & 6 & 19 & 16 & 16 & 15 & 13 & 25 & 9 & 17 & 12 & 10 & 5 & 15 \\ 23 & 11 & 12 & 14 & 24 & 9 & 10 & 13 & 14 & 26 & 19 & 20 & 13 & 24 & 28 \\ 15 & 21 & 8 & 16 & 12 & & & & & & & & & & \end{array} T or F 170. 2. 4. 98. Monies are paid into the Real Estate Recovery Fund by which of the following means: Every Licensee pays $10 into the fund at the time of initial license application. 4. 114. 2. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. A professional businessperson that is a member of a minority group wants to rent space in a commercial office building managed by a broker. 119. 3. The Washington Real Estate Commission includes commissioners 79. Requirements governing inclusions and exclusions in listing agreements cover both residential and commercial property listings without distinction. 24. Commission rules specify what must be included if an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing (35.333 (b)). The broker must disclose his or her license status prior to entering into an agreement with an owner (35.332(c)). Any person employed by an owner for the purpose of managing or maintaining multi-family residential property is excluded under the license law with regard to certain activities they may perform (304 (10)).