3. I have been a licensed mortgage broker for over ten years. 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. All licensees are required to disclose their license status in advertisements for property if the property is not listed for sale with a real estate company (35.304). In Pennsylvania, a borrower may cure default in a residential mortgage loan with an outstanding balance of $50,000 or less by merely bringing the payments up to date, rather than paying the entire outstanding debt. 31. 18. The broker of record is the individual broker responsible for the real estate transactions of a licensed partnership, association, or corporation (35.201). Answering questions and interpreting printed information concerning the property A salesperson is discussing the possibility of listing a seller's home for sale. 907386858087907884717288, Mark686558947691628175838574\begin{array}{lllllllllllll}\text { Mark } & 68 & 65 & 58 & 94 & 76 & 91 & 62 & 81 & 75 & 83 & 85 & 74\end{array} 184. The Real Estate Recovery Fund was created to provide a vehicle by which consumers who have obtained a final judgment against a licensee may recover compensation from the commission. One of the duties of licensees when working with consumers is to advise the consumer to seek expert advice on matters related to the transaction that are beyond the licensee's expertise (9606.1 (a)(8)). 196. 80. Being convicted in a court of competent jurisdiction in Pennsylvania or any other state could result in suspension or revocation of the broker's license (604 (a)(14)). A listing contract is not required to specify the complete legal description of the property being sold. D) 1 / 41. All of the following provisions are included in the Pennsylvania Real Estate Commission's rules regarding exclusive listing agreements EXCEPT. 148. Application to the fund may be made only after all reasonable remedies available have been exhausted (803). Residency or posting of a performance bond are not required of a broker candidate. the real estate commission includes quizlet. 3. 105. The security deposit funds. Brokers must maintain records of transactions for three years following consummation of the transaction. 65. 204. Unlicensed individuals directly employed by an owner of residential multifamily buildings for the purpose of managing or maintaining the property are not required to be licensed, but the scope of activities they may perform is limited. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). The broker does not have to gain permission from the neighbors, local governing body, or sell the property. 124. a) not using registration laws in settling private disputes. Upon passing the license exam a candidate is qualified to apply for a license. Consumers must have exhausted all legal remedies before requesting assistance from the real estate commission and the real estate recovery fund. Who of the following is not exempt and must hold a real estate license? Regarding interest paid on an escrow account maintained by the broker, interest earned on an escrow account. A seller is required to give a buyer a Property Condition Disclosure in all of the following transactions EXCEPT. 67. 191. 134. 160. There is no requirement that a buyer include a copy of his or her credit report with an offer to purchase property. 16. 30 hours every two years The purpose of the Real Estate Recovery Fund is to. Time, 907386858087907884717288\begin{array}{lllllllllllll}90 & 73 & 86 & 85 & 80 & 87 & 90 & 78 & 84 & 71 & 72 & 88\end{array} a) requiring periodic accounting reports related to trust violations. Builder-owner salespersons (551), rental listing referral agents (561), and cemetery brokers (531) are all required to pass a written exam prior to licensure. Every two years, on the date of issuance Licensed attorneys, partnerships acting as owners of property, and resident managers employed by owners of multifamily residential properties are excluded from the license law (304). D) When advertising real property for sale, real estate salespeople. 2. Pennsylvania law limits the amount landlords can charge as a security deposit. 2. The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. 77. 7. Introducing Cram Folders! In most transactions, state law requires the seller to complete a property condition disclosure form prior to entering into an agreement of sale. What fines may be imposed by the Commission for rules violations? 60. License law requires that each branch office shall be under the direction and supervision of a manager who is either the broker or an associate broker (601 (b)). The associate broker may manage a branch office on behalf of the broker. The broker may not share these fees with an unlicensed individual (604 (a)(12.1)). A professional businessperson that is a member of a minority group wants to rent space in a commercial office building managed by a broker. 31. c. Find the probability that on a randomly selected day, there will be at least two shark attacks. C) All of the following are true regarding the Real Estate Recovery Fund EXCEPT. Which of the following should be included in the listing contract? Cram has partnered with the National Tutoring Association, Advantages And Disadvantages Of Dual Agents, Importance Of Listing Your Contract With A Sole Agency, Orwell 's 1984 : A Great Piece Of Literature. c. decrease this firm's average variable costs. 117. 2. 2. Under no circumstances may a licensed salesperson act on behalf of two employing brokers at the same time. To develop data to decide whether her theory is valid, she recorded the amount of time (in minutes) taken by students to submit their midterm tests (time limit 90 minutes) and the subsequent mark for a sample of 12 students. 3. The buyer can sue both the seller and broker who both have legal liability for disclosing a material defect that was known to them and not made known to the buyer prospect. . 200. When licensees change employing brokers, they are required to notify the commission in writing no later than 10 days after the intended date of change, pay the required fee, and return their current license. The department of state arranges for the services of a professional testing service to write and administer examinations (403). The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and able buyer and is therefore entitled to recover his agreed-upon compensation. The broker is required to deposit earnest money into an escrow account. Real estate licensees are not authorized to engage in appraisal activities. 6. How long must a managing broker provide a heightened level of supervision to a newly licensed broker as provided by rule of the Director? 205. What is the maximum penalty that could be imposed on an individual found guilty for the second time of engaging in the real estate business without a license? 166. Which is true concerning the Commission Chairperson? In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. 608.1 establishes that any agreement between a broker and a principal whereby the consumer is obligated to pay a fee must be in writing and signed by the consumer. When is a violation of the license law on the part of a salesperson grounds for revocation or suspension of the license of the employing broker? 55. A residential borrower whose loan is in default but whose property has not yet been sold at a foreclosure sale has certain rights. 1. 44. 136. 96. They are expected to be as accurate as may be reasonably expected of a person having knowledge of real estate sales. The broker hires an unlicensed individual for the purpose of managing and maintaining the property. License law specifically prohibits a broker from paying a commission or other valuable consideration to anyone other than his or her licensed employees or another real estate broker (604(a)(12.1)). 38. Recently adopted commission policies require that the broker's name and telephone number be included on each page of internet Web site advertising. 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)). 1. 186. In cooperating broker transactions, the duty to escrow funds can be the responsibility of either broker. 62. 19. 97. Introducing Cram Folders! 18. A personal assistant working under the direct instructions and supervision of a licensee may be unlicensed if he or she performs any of the following tasks and duties EXCEPT How much is the Pennsylvania state transfer? Under what circumstances may they void the contract? D) When an aggrieved person obtains a final judgment against a licensee, the aggrieved party may file an application for payment from the Real Estate Recovery Fund. An initial interview is considered to be the first contact between a licensee and a consumer where a substantive discussion of real estate needs occurs. While negotiating terms of a listing contract with a seller, the seller suggests a listing price significantly below what the salesperson believes the property would sell for in the open market. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. B. Mini book 1-50. 36. 4. According to the exam requirements, you must master multiple subjects to successfully pass the Cosmetology exam. 189. 2. 64. 205. In the case of the sale of an existing single-family home, property condition disclosures must be delivered to the buyer. 188. Approve education providers that offer or conduct courses of study in real estate. 87. A licensed real estate salesperson owns a three-unit apartment building for investment purposes. 87 percent 2. d) considered the same as violating the license law itself. In this position, the on-site manager. A) 74. License law prohibits the filing of suits seeking recovery for conduct engaged in violation of the license law. 92. What Causes Romantic Relationships Break Up? 20. When is the Pennsylvania Real Estate Commission required to suspend a licensee's license? Although all four options may be important issues to address in an agreement of sale, commission rules specifically address the issue of the zoning classification. 61. If an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing, all of the following must be included in the agreement EXCEPT. Which of the following best describes a brokerage agreement? who have three years of experience in investigative work in connection with the administration of real estate license law. 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). The best evidence is the buyer's signature on the form, but a licensee may provide a service without the buyer actually signing the document. discussing information regarding the price or condition of the property with prospective buyers. 110. The broker received a buyer's earnest money check for $5,000 and immediately cashed it. The listing. 24. Brokers may not engage in discriminatory conduct (604(a)(22)). 3. 9. 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? The broker. 2. 194. 13. 4. When advertising property for sale, what must the broker include in the advertisement? 64. 157. There is no requirement that the money MUST be repaid, it must be repaid in order to reinstate a license. How are members of the Pennsylvania Real Estate Commission selected? Rules of the commission provide that an agreement of sale must contain the dates for payment and conveyance, in addition to other specified items. 183. 1. Because the property is in excellent condition and produces a good, steady income, the broker's salesperson has decided to purchase it as an investment. The licensee's responsibility is to. 122. This new buyer has a right to cancel the contract. 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. Salespersons and associate brokers are employed by and provide services on behalf of their employing broker. 158. D) Oral open listings may be used to create an agency relationship. 1. 3. 4. 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. The term consultant, counselor, agent, or finder are all directly included in the definition of "broker" (201). A listing broker offers a $500 bonus to any salesperson that sells a particular listing within the next 30 days. A real estate broker has signed an agency agreement with a tenant, who is looking for an apartment to rent. The commission may reassess each licensee an amount not to exceed $10 if at the commencement of a biennial renewal period the balance in the recovery fund is less than $300,000 (802). 65. 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. 4 members. A trainer or handler of guide dogs for persons with disabilities wants to rent an apartment from the landlord and requests that guide dogs be permitted in the apartment. Language addressing the seller's responsibility for defects, zoning classification of single family property, and mortgage financing language are not mandatory inclusions (35.333). 111. 141. 131. 24. 82. In Pennsylvania, the real estate license law is administered by the. 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). 3. The other activities are permitted under the definition of "salesperson" in the license law (201) and rules of the commission (35.201). 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. 43. Revocable, non-assignable permission to enter another person's land for a particular purpose. 91. Commission rules provide for oral open listings with sellers provided certain conditions are met (35.281 (b)). 99. Who of the following persons must have a real estate broker's license in order to transact real estate business? 2. a broker acting as dual agent for a transaction and receiving compensation from both when both parties have provided informed written consent). 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." 2. 3. 30 - Government and Conventional Loans, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Lei Orgnica do DF - Tributao, Oramento e. 2. Which of the following disciplinary actions is the Pennsylvania Real Estate Commission authorized to take? 111. A waiver of liens in a construction contract protects the title from liens being filed by the general contractor, not subcontractors. 146. Does the landlord have to let the dog in? 197. Oct 6. Which of the following is true? 135. four years. 98. Generally, the mechanics lien law requires the contractor or subcontractor to file a claim with the court of common pleas in the county in which the property is located within four months after the work is completed. A) There is no education requirement or exam required for a cemetery salesperson (541). Clerical duties such as typing, answering the phone, forwarding calls, and scheduling appointments for licensees The Pennsylvania Real Estate Commission may undertake an investigation of a licensee based on all the following grounds EXCEPT. 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). 10 hours each year Overall, usually six percent. 84. 1. 190. An individual directly employed by the owner of residential multifamily buildings is EXEMPT from licensing requirements when. the real estate commission includes quizlet. 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. Real Estate Commission By The Numbers. A claim for payment from the recovery fund must be made no more than one year after the termination of the proceedings, including reviews and appeals in connection with the judgment (803(b)(4)). D) 8 members. 3. How accurate are statements of estimated cost and return provided by licensees required to be? The broker is required to keep records relating to real estate transactions for three years following consummation or termination of the transaction. A landlord has a "no pets" policy in his or her apartment building. a. 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 . The building owner and the broker agree that the building air conditioning system needs to be replaced, and the broker is authorized to contract for the work to be done. 117. They are excluded from licensure (304 (1)). A property owner will be leaving the state for at least a year. For example, let's say a home sells for $500,000. 124. Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. However, most escrow accounts do not bear interest. 49. 4. The Department of Housing and Urban Development generally handles fair housing, not licensing issues. 34. c. set regulations governing a broker's authority to interpret the terms of a contract. 2. Construct a boxplot and describe its shape. getting keys made and installing signs. 1. A broker can manage real estate, do a comparative market analysis, and be a real estate consultant or counselor. Salesperson and broker licenses all expire the last day of May in even-numbered years and must be renewed on or before June 1. failing to pay child support percentages: 3. Unlicensed individuals may not prepare and enter into leases, negotiate terms or conditions, or hold money belonging to tenants. In Pennsylvania, representation agreements that obligate the buyer to pay a fee. "If money is expected to be held in escrow for more than 6 months, the broker is encouraged to deposit the money into an interest bearing escrow account. 48. 113. Appraisal firms are regulated by the State Board of Certified Appraisers, rather than the Pennsylvania Real Estate Commission. 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} In Pennsylvania, certain deed transfers are exempt from the transfer tax. 71. 23. b) 5 licensee members, 1 consumer affairs member, and 5 year terms. 50. Salespersons and associate brokers who receive deposits or other moneys related to a transaction in which they are engaged on behalf of a broker employer are required to promptly pay over the deposit to the broker (604 (a)(5)). The broker is required to maintain an escrow account. According to the Pennsylvania Statute of Frauds, which of the following agreements must be in writing in order to be enforceable? Below is more complicated real estate commissions calculator scenario.