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COLIBRI PA SALESPERSON 30 HR EXAM 2024/2025
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COLIBRI PA SALESPERSON 30 HR EXAM 2024/2025
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COLIBRI PA SALESPERSON 30 HREXAM 2024/2025
Pete is a sole proprietor broker and has six salespeople who he employs.
On June 9th, Pete is killed in a car accident. Tom is one of the
salespeople and his listing is set to close on June 20th. What will happen
to the proposed closing?
A). Nothing will happen. Business will go on as usual with the
salespeople in charge until a new broker is found.
B). The estate will notify the Commission within 15 days of death and
tell the Commission that a new termination broker has been found. The
closing will continue.
C). The seller will have to cancel the listing and lose the sale since the
broker died.
D). The buyer will have to wait for closing until a new listing of the
property happens when a new broker is found and the seller signs a new
listing with the new broker. - Precise Answer ✔✔B
What type of discipline can the Commission use for an unlicensed
person acting as a real estate licensee?
A). A suspension from real estate of six months.
B). Fines up to $2,000 to $5,000.
C). Revocation of the transaction
,D). Nothing, the Complaint's office must handle these individuals -
Precise Answer ✔✔B
The bank where Broker Bill has his escrow account calls for Bill to be
the trustee and sends him monthly reports so that he can reconcile the
books. The bank requires a 48 hour notice for withdrawal of funds and
no service charge. Is this bank acceptable to the Commission?
A). Yes, because there is no service charge, the broker will not have to
worry about commingling of funds.
B). Yes, Bill is the trustee which is a requirement of the Commission for
bank depositories.
C). No, the Commission requires that Bill reconcile his books more
often than once a month.
D). No, the broker must have a bank which allows for withdrawal of
funds without previous notice. - Precise Answer ✔✔D
Jack has committed several violations of the Act and has been found
guilty. His license has been suspended. What must Jack do?
A). Jack must pay a fine to the Real Estate Recovery Fund.
B). Jack must tell his salespeople of his actions.
C). Jack must return his license to the SREC.
D). Jack must wait 6 months before he can practice real estate again. -
Precise Answer ✔✔C
,The purpose of a comparative market analysis is?
A). To provide the bank a value on which to give a loan.
B). To provide the insurance company a value for a homeowner's policy
C). To provide the probable range of price to list the house
D). To provide the tax assessor with sale information - Precise Answer
✔✔C
Internet advertisement is an important part of the real estate business in
the 21st century. The broker must do all of the following to do internet
advertising EXCEPT:
A). The advertisement must contain the name of the firm.
B). The advertisement must contain the city, state and country where the
firm's main office is located.
C). The advertisement must state the jurisdiction where the licensee is
located.
D). The advertisement must contain the phone number including area
code. - Precise Answer ✔✔D
How long must a broker retain the acknowledgement portion of the
consumer disclosure if the transaction is not completed?
A). Six months
B). One year
, C). Three years
D). Five years - Precise Answer ✔✔A
When a financing contingency clause is included in a sales contract all
of the following are included except:
A). The buyer's credit rating
B). The mortgage principal
C). The type of mortgage
D). The interest rate of the mortgage - Precise Answer ✔✔A
When a sole proprietor broker dies, his estate must notify the
Commission within 15 days of the death to tell the Commission of
another licensed broker who will serve as a termination broker. Which
of the following statements is NOT true?
A). No new listings are permitted.
B). All unexpired listings will automatically expire after 90 days unless
cancelled sooner by the seller.
C). New licensees may be hired to help with the transition.
D). All pending agreements of sale are permitted to close. - Precise
Answer ✔✔C
Justin is an unlicensed person and he has been appointed a trustee of a
special needs trust for his nephew. The trust will be funded by the sale of
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