160. 2. The broker. A commercial office building sold for $1,000,000. 10 hours each year 127. 3. 102. 151. 7. 6. Gave americans the right to 8 hrs. Our courses are designed and developed from the ground up in North America for boaters, by real boaters. All of the following must be included in the listing agreement EXCEPT. 77. The Commission's efforts towards impartiality relates best to. Requirements governing inclusions and exclusions in listing agreements cover both residential and commercial property listings without distinction. 23. Call: 1 669 254 5252 or +1 669 216 1590 . Indiana real estate commission consists of: 12 members - all appointed by the governor serve a 4 year term. There is no education or training requirement as a condition to reactivating a license on inactive status over five years. 58. 2. (b) How long does it take (approximately) for the balance to reach 6000 euros? A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. In order to qualify for examination as a broker, the candidate must. There is no education requirement or exam required for a cemetery salesperson (541). 107. Which of the following should be included in the listing contract? Please sign in to share these flashcards. Consist only of independent contractors, no employees. 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)). The broker is required to maintain an escrow account. He then proceeds to engage in substantive discussion about their needs and motivations as he shows them the property. 3. The buyer gives the salesperson an earnest money deposit check. Rents must be deposited in a rental management account maintained by the broker, not in the broker's escrow account. The cooperating broker acting as a subagent must provide the consumer notice and appropriate documentation to the buyer prospect (606.1 (b)(4)). 56. A salesperson receives an offer on a property currently listed exclusively with. 127. Who has authority to withdraw funds from the broker's escrow account for payments that are properly chargeable to the account? A broker operating branch offices must maintain a list of all licensees at the main office with references to which branch office the license is displayed at. They must meet all of the licensing qualifications of the act, including the examination requirement (501(c)). Rules of the commission permit a licensed broker to deposit personal funds into an escrow account to cover service charges assessed by the bank or to maintain a minimum balance as required by the bank (35.326 (b)). A) The Real Estate Recovery Fund is funded by the: Upon obtaining a final court judgment against a licensee, what is the time frame in which an injured party must make a completed application if seeking payment from the Real Estate Recovery Fund? A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. Anyone over the age of 40 constitutes a protected class in Pennsylvania. All of the following are exempt from the Property Condition Disclosure Act EXCEPT a. 43. The Commission rules and regulations may be adopted under what circumstances? Every two years, on the date of issuance 3. 1. Why Is The Morality Of Abortion A Common Medical Ethics Issue? two years. 4. 4. Rules of the commission require that the estimates of costs required to be provided to the parties shall be as accurate as may reasonably be expected of a person having knowledge of and experience in real estate (35.334 (b)). 3. A foreign corporation that owns a building in Pennsylvania decides to sell without listing it for sale. 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. It is legal for a broker to recruit salespeople or associate brokers employed by competitors. 190. a) to protect the public from any harmful acts committed by real estate licensees. No active experience is required 46. 3. Violations of the license law include placing a "For Sale" sign without written consent of the seller, failing to specify a definite termination date, and failing to exercise adequate supervision of a licensee's activities (604(a)(8)). 3. Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). 4. The salesperson represents the seller in a transaction. 1. We weren't able to detect the audio language on your flashcards. Rental listing referral applicants have both an education and an examination requirement. While the change of employment forms are being processed by the commission, the associate broker may. T or F 8 members. 167. 9 district members - 1 from each congressional district - broker at least 5 years. So long as the owner retains the authority to make decisions, the employee may show apartments and provide information on rentals. 2. 154. A property owner will be leaving the state for at least a year. Section 608.1 establishes requirements for the written agreement. 65. In the case of the sale of an existing single-family home, property condition disclosures must be delivered to the buyer. 73. 190. A waiver of liens in a construction contract protects the title from liens being filed by the general contractor, not subcontractors. 31. Explaining contract terms may be construed as practicing law. On a $1,000,000 sale, the state transfer tax is $10,000 ($1,000,000 x 1%). 4 members. This may be done after default but before the foreclosure sale. 93. d) He is appointed by the Commission members annually. Actions of the Human Relations Commission finding licensees guilty require notification to the State Real Estate Commission (604(a)(22)). Application to the fund may be made only after all reasonable remedies available have been exhausted (803). 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? the real estate commission includes quizlet. An advertisement by a salesperson must contain the business name and telephone number of the employing broker (3 5.3 05 (b)). 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. The broker claims that the buyer did not ask about the roof. 2. Rental listing referral agents are licensed to engage in which of the following activities? Greeting people at an open house or model unit and distributing preprinted promotional literature or providing security 179. 139. 36. The commission does not arbitrate such disputes. Owners of real estate conducting business with respect to their own property are not required to be licensed. The broker is responsible for holding the escrow deposit pending consummation or termination of the transaction (35.321) (35.325). 114. The term "broker" includes in its definition all of the following activities EXCEPT. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. 606.1 (b)(l) requires the nature of the service to be provided must be set forth in a written agreement between the consumer and the licensee. 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. a. It does allow the salesperson to list for sale, sell or offer for sale, buy or offer to buy, or to negotiate the purchase sale or exchange of real estate and to negotiate a loan, lease, rent, or offer to lease or rent or place for rent any real estate. Approved names may be used only by the licensed firm receiving the approval. There is currently no statutory requirement addressing the disclosure of the murder. 147. 1. 2. An unlicensed individual who engages in activities for which a real estate license is required is subject to which of the following penalties upon conviction for a first offense? The maximum compensation that will be paid from the Real Estate Recovery Fund to satisfy claims against a licensee is. 167. 67. 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} The Pennsylvania Realty Transfer Tax is 1% of the full sale price. 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. The commission has no authority to imprison a licensee. Who of the following is not exempt and must hold a real estate license? F Certain topics must be included in exclusive listing agreements or the licensee may face disciplinary action. What is the best course of action for the licensee to follow? How long must a managing broker provide a heightened level of supervision to a newly licensed broker as provided by rule of the Director? 177. The liability of the recovery fund shall not exceed $20,000 for any one claim and shall not exceed $100,000 per licensee (803 (d)). 57. B) Every two years, on the licensee's birthday. What are the consequences when a real estate salesperson is found guilty of violating any provision of the Pennsylvania Human Relations Act? An individual is found guilty of engaging in business as a broker or salesperson without being properly licensed. One year of active licensure 173. 168. A seller is required to give a buyer a Property Condition Disclosure in all of the following transactions EXCEPT. The seller requests that the salesperson order one. Regarding a real estate salesperson's license, it. 199. marilyn mulvey opera singer; hidden cosmetics owner; pre insulated pex pipe I strive to inform and educate my clients during the home buying process. 36. 94. 1 member from real estate industry. 158. 3. 2. The Real Estate Recovery Fund was established to be: a mean to compensate damaged consumers after all legal remedies have been exhausted. 37. 90. Negotiating the sale of real estate for another in return for a fee is a license-required activity. The applicant must be a high school graduate or provide proof of an education equivalent thereto (511(2)). The broker quotes the prospect a higher rental rate than is quoted to non-minority prospects considering the same space. B) 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. At closing, the broker handed the seller a personal check for $5,300, representing the original earnest money plus 6 percent interest. The department of state arranges for the services of a professional testing service to write and administer examinations (403). A licensee is required to notify the commission of being convicted, pleading guilty, or nolo contendere to a felony or misdemeanor within 30 days of the verdict or fee (35.290 (a)). The Wayne County Sheriff's Merit Commission is accepting applications now until 5pm on December 2nd for the position of Deputy Sheriff. 63. 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). A broker's compensation is negotiable between the parties. The Pennsylvania Human Relations Act differs from federal fair housing law in that it covers both residential and commercial properties. 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. 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)). 30. 3. 2. 72. The broker should not deposit rents in either an escrow account or the broker's general business account. -hiring a director who keeps records of the meetings. Any person receiving his or her initial license shall, in addition to all other fees, pay how much money into the Real Estate Recovery Fund? 42. 182. 51. 4. The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). 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." How does a person get to serve on the Real Estate Commission quizlet? 4. The maximum amount that landlords can require a residential tenant to pay as a security deposit in the first year of the lease is an amount. Upon obtaining an exclusive listing, a broker or licensed salesperson is obligated to. 200. 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. Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. 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)). 3. The buyer is interested in making an offer on the seller's property. License Test, Study Guide. The broker does not have to include license numbers, lists of licensees, or their addresses and phone numbers. Brokerage fees are established by agreement between the broker and the consumer to whom the broker provides service. 58. 124. License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits (604(a)(5)). 69. 49. 132. Any advertisement, including internet Web site advertising, must include the business name of the broker as it appears on the license. 162. Is this a violation of the license law? In this situation, the licensee. When does a real estate license in Washington expire? Which of the following best describes the responsibility of the broker in this situation? If commissioner dies or resigns, governor appoints a new commissioner to the unexpired term. A recorded stipulation against liens, a release of liens document, and mechanic's lien insurance can all be used as a means of protecting the property against claims of subcontractors of suppliers. 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. In the absence of a buyer agency relationship with the buyer, a salesperson from the real estate office should do all of the following EXCEPT. Are individual states allowed to have laws protecting LGBTQ applicant or employee rights? A licensed salesperson obtains a listing. Official permission to do a particular thing that the law does not allow everyone to do. Practice all cards. gathering information for comparative market analysis. 44. 52. Of the following licensed individuals, who must complete 14 hours of mandatory continuing education as a condition of license renewal? At this time, the broker. How much interest revenue did Caribou earn this year? We'll bring you back here when you are done. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. 39. 161. When a licensed broker changes his or her place of business, all of the following are true EXCEPT. 87. 33. 4. 194. B) 907386858087907884717288, Mark686558947691628175838574\begin{array}{lllllllllllll}\text { Mark } & 68 & 65 & 58 & 94 & 76 & 91 & 62 & 81 & 75 & 83 & 85 & 74\end{array} 44. 31 - Loan Qualifying and Underwriting, Ch. 4. The referral fee is not discussed with the seller. Accepting a listing on such conditions subjects the licensee to possible disciplinary action by both the Pennsylvania Real Estate Commission and the Pennsylvania Human Relations Commission (604 (a)(22)). 120. Under no circumstances may a licensed salesperson act on behalf of two employing brokers at the same time. 50. 165. 114. Which of the following candidates for licensure is required to take the standard real estate salesperson's license examination and score a passing grade but is not required to complete any mandatory education requirement prior to taking the exam? 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. The commission prescribes subjects to be tested (403), approves schools (402), and may waive continuing education requirements (404.1). There is no requirement that the money MUST be repaid, it must be repaid in order to reinstate a license. Fees are not determined by law, the real estate commission, or local brokers. The broker may not require notification to terminate the listing. An attorney-at-law in the performance of the practice of law 147. Before the license will be reissued, the applicant must. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. Unit 24: Washington Agency Overview (11%), Unit 7: Purchase and Sale Agreements with Ear, Unit 8: Residential Financing and the Closing, Unit 7: Purchase and Sale Agreements With Ear, FINAL EXAM: all conceptual questions (powerpo. 156. 115. In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. 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. 3. The Commission is authorized to suspend or revoke a license and/or levy fines up $1000. 185. 1. The broker is required to keep records of all funds deposited into the account. The following table contains information on this products task times and precedence relationships. 68. Introducing Cram Folders! 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. 201. 55. 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)). 55. assembly if the initial unit required approximately 80 hours for each of these learning A candidate for a broker's license in Pennsylvania must. At what point may a sales license candidate begin to engage in activities for which a license is required? Citizenship is not a requirement for licensure nor is a degree from a college or university. 66. 105. How Necessary Is College For An Aspiring? Every licensee is required to pay $10 into the Real Estate Recovery Fund at the time of his or her initial license application (802). Investigations may be initiated by the Pennsylvania Real Estate Commission in each of the following circumstances except: upon a written complaint regarding state testing services procedures. B. The licensee's responsibility is to. She lists the property with a broker on an exclusive-right-to-sell basis for a term of six months. 4. There is no requirement that a buyer include a copy of his or her credit report with an offer to purchase property.