State Flashcards
(27 cards)
What is the minimum age requirement to obtain a real estate license in Pennsylvania?
18 years old
True or False: In Pennsylvania, a real estate salesperson must work under a licensed broker.
True
What is the primary purpose of the Pennsylvania Real Estate Commission?
To regulate the real estate industry and protect public interests.
Fill in the blank: The Pennsylvania Real Estate License Act was enacted in ______.
1950
What is the length of the pre-licensing course required for real estate salespersons in Pennsylvania?
75 hours
Multiple Choice: Which of the following is NOT a requirement for obtaining a Pennsylvania real estate license? A) Age B) Citizenship C) Criminal Background Check D) College Degree
D) College Degree
What is the continuing education requirement for Pennsylvania real estate licensees every two years?
14 hours
True or False: A real estate agent in Pennsylvania can represent both the buyer and seller in a transaction.
True
What is the term for a written agreement between a buyer and a seller to purchase real estate in Pennsylvania?
Sales Agreement
Fill in the blank: The Pennsylvania real estate license must be renewed every ______ years.
2
What is the purpose of the Pennsylvania Real Estate Recovery Fund?
To reimburse consumers who suffer monetary losses due to the wrongful acts of licensed real estate professionals.
Multiple Choice: Which of the following is a type of listing agreement? A) Open B) Exclusive Right to Sell C) Exclusive Agency D) All of the above
D) All of the above
True or False: A real estate broker can operate independently without a supervising broker.
True
What is the term for the process of determining the value of a property?
Appraisal
Fill in the blank: A _______ is a legal document that transfers ownership of real property.
Deed
What is the name of the act that requires real estate agents to disclose their agency relationships?
Pennsylvania Real Estate Seller Disclosure Law
Multiple Choice: Which of the following is NOT considered a protected class under the Fair Housing Act? A) Race B) Age C) Gender D) Disability
B) Age
True or False: A real estate licensee must disclose if they have a personal interest in a property being sold.
True
What is the primary function of a real estate appraisal?
To provide an estimate of a property’s market value.
Fill in the blank: The _______ is the official record of property ownership in Pennsylvania.
Deed Registry
What type of insurance protects a homeowner from title defects?
Title Insurance
Multiple Choice: What is the maximum fine for practicing real estate without a license in Pennsylvania? A) $1,000 B) $2,500 C) $5,000 D) $10,000
C) $5,000
True or False: Real estate commissions are negotiable in Pennsylvania.
True
What is the term for a real estate professional who represents the seller in a transaction?
Listing Agent
