Other Cards Flashcards
(46 cards)
Certain topics must be included in exclusive listing agreements or the licensee may face disciplinary action. What doesn’t have to be included?
Broker Protection Clause
If a licensed salesperson, without the knowledge or consent of the employing broker, violates requirements regarding delivery of a Consumer Notice at the initial interview, what are the consequences?
The salesperson may have her license suspended or revoked
An unlicensed individual who engages in activities for which a real estate license is required is subject to which penalty upon conviction for a first offense?
Fine not to exceed $500
An associate broker leaves and goes to another brokerage. What has to be done before they start selling for the new company?
the associate broker must notify the commission no later than 10 days after the intended date of change, pay the required fee, and return her current license to the commission.
Who does not need to complete education or training requirements prior to licensure?
Cemetery Salespeople
In Pennsylvania, the real estate license law is administered by the
real estate commission
If the real estate commission receives a copy of a complaint filed with the Pennsylvania Human Relations Commission alleging that a licensee has violated a provision of the Pennsylvania Human Relations Act, what is the waiting period before the real estate commission may proceed with its own disciplinary action against the licensee?
90 days if it is an initial complaint against the licensee
A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. What is the time frame within which the injured party may file a claim for payment from the real estate recovery fund?
One year after termination of the proceedings in connection with the judgment awarded to the consumer
A buyer has just entered into a contract to buy a time-share interest in a unit from the developer. This new buyer has a right to cancel the contract
within five days from the date the new buyer executed the contract.
How many people are on the real estate commission?
11
How are the people for the real estate commission chosen?
By the governor for staggered five-year terms
Single Agency
One party at a time
Seller OR Buyer
Landlord OR Tenant
Dual Agency
Both parties at the same time
Must have both parties knowledge and consent in writing
Transaction Licensee
Not an agent for either party
May generally talk price and terms
Is a facilitator, not a fiduciary
Designated Agent
Used to avoid dual agency.
When two agents in the same office represent a buyer and the seller, the broker is a dual agent. The individual agents are the designated agents that represent the specific party
Subagent Broker
not an employee of the listing broker but cooperating as an agent for the seller
What does a mortgage contingency have to include?
- Deadline for the buyer to obtain the mortgage
- The type of mortgage
- Max interest rate
What is a requirement regarding escrow accounts maintained by a PA broker?
The account must provide for withdrawal of funds without prior notice
What do agreements of sale have to disclose about the real estate recovery fund?
Must contain disclosure language advising the parties of the existence of the fund with a phone number to call for complete details
How long do brokers have to keep transaction records?
3 years
If a license has been revoked, how many years must the licensee wait before reapplying?
5 years
Subordination Agreement
Places the line of credit in a junior position to a new loan
What duties do real estate professionals have to consumer they don’t represent?
Honesty
Disclosure of Material Facts
Accounting of all Funs
What is the primary survey line running east and west in the rectangular survey system?
The Base Line
