3-PA Real Estate Salesperson Exam:
Regulation of Conduct of Licensees
Duties of Buyer's Broker - ✔️✔️(1) to be loyal to the buyer by taking action that is
consistent with the buyer's interest in a transaction;
(2) to make a continuous and good faith effort to find a property for the buyer, except
that a buyer's broker is not obligated to seek additional properties for purchase while the
buyer is subject to an existing contract for sale; and
(3) to disclose to the listing broker, at first contact, that the broker has been engaged as
a buyer's agent. In the absence of a listing broker, this disclosure shall be made to the
seller.
Advertising From RELRA - ✔️✔️You can be fined up to $1000 or license revoked for
(1)Placing a "for sale" or "for rent" sign on or advertising any property without the written
consent of the owner, or his authorized agent, or (2)Soliciting, selling or offering for sale
real property by offering free lots, or conducting lotteries or contests or offering prizes
for the purpose of influencing by deceptive conduct any purchaser or prospective
purchaser of real property.
Advertising From RSREC - ✔️✔️(a) A licensee may not advertise the sale or lease of
real estate, or otherwise solicit prospective buyers or tenants for the real estate, without
the authority of the seller or lessor or of the agent of the seller or lessor.
(b) A rental listing referral agent may not publish information about a rental property if
the lessor or property manager expressly states that the property is not to be included in
lists prepared by rental listing referral agents.
(c) A licensee who sells or leases his own real estate shall disclose that he is a real
estate licensee in advertisements for the property. This requirement does not apply if
the property is listed with a real estate company.
(d) Brokerage companies, including sole proprietorships, cemetery companies and
rental listing referral agencies shall advertise or otherwise hold themselves out to the
public only under the business name designated on their license.
(e) Licensees who wish to use and advertise a nickname for their first names shall
include the nickname on their licensure applications or biennial renewal applications.
(f) An advertisement by an associate broker, salesperson, cemetery associate broker
or cemetery salesperson shall contain the business name and telephone number of the
employing broker. The names and telephone numbers shall be of equal size.
, (g) An advertisement by a licensee for the solicitation, sale or offering for sale of real
estate that employs lotteries or contests or that offers prizes, certificates, gifts or free
lots shall contain:
(1) A description of each prize, certificate, gift or lot offered.
(2) The prerequisites for receiving each prize, certificate, gift or lot offered.
(3) Limitation on the number of prizes, certificates, gifts or lots offered.
(4) The fair market value of each prize, certificate, gift or lot offere
Broker-Salesperson Relationship - ✔️✔️Broker can be fined up to $1000 or have
license revoked
(1) In the case of a broker licensee, failing to exercise adequate supervision over the
activities of his licensed salespersons or associate brokers within the scope of this act.
(2) In the case of a broker licensee, failing to exercise adequate supervision over the
activities of a campground membership salesperson or a time-share salesperson within
the scope of this act.
(3) Failure of a broker, campground membership salesperson or time-share
salesperson to comply with the requirements of (written agreement with broker), or such
alternative requirements established by the rules of the commission, in connection with
deposits or other moneys received by the broker, campground membership salesperson
or time- share salesperson in conjunction with the sale of a campground membership or
a time share.
General Licensee Duties - ✔️✔️Regardless of whether a licensee is acting within the
scope of an agency relationship with a consumer, a licensee owes to all consumers to
whom the licensee renders real estate services the following duties, which may not be
waived:
■ Reasonable professional skill and care
■ Honest dealings in good faith
■ Presentation, in a timely manner, of all written offers, notices, and commu-
nications to and from the parties to a transaction, except when otherwise
waived
■ Compliance with the Real Estate Seller Disclosure Act
■ An accounting, in a timely manner, for all money and property received
from or on behalf of any consumer to a transaction
■ Proper information at the initial interview
■ Timely disclosure of any con icts of interest
■ Guidance regarding the use of expert advice for matters that are beyond the
licensee's expertise (including the use of attorneys for legal advice)
■ Information about the status of the transaction
■ Information regarding tasks that must be completed to satisfy an agreement
or condition for settlement, regarding document preparation, and regarding
compliance with laws pertaining to real estate transactions
Regulation of Conduct of Licensees
Duties of Buyer's Broker - ✔️✔️(1) to be loyal to the buyer by taking action that is
consistent with the buyer's interest in a transaction;
(2) to make a continuous and good faith effort to find a property for the buyer, except
that a buyer's broker is not obligated to seek additional properties for purchase while the
buyer is subject to an existing contract for sale; and
(3) to disclose to the listing broker, at first contact, that the broker has been engaged as
a buyer's agent. In the absence of a listing broker, this disclosure shall be made to the
seller.
Advertising From RELRA - ✔️✔️You can be fined up to $1000 or license revoked for
(1)Placing a "for sale" or "for rent" sign on or advertising any property without the written
consent of the owner, or his authorized agent, or (2)Soliciting, selling or offering for sale
real property by offering free lots, or conducting lotteries or contests or offering prizes
for the purpose of influencing by deceptive conduct any purchaser or prospective
purchaser of real property.
Advertising From RSREC - ✔️✔️(a) A licensee may not advertise the sale or lease of
real estate, or otherwise solicit prospective buyers or tenants for the real estate, without
the authority of the seller or lessor or of the agent of the seller or lessor.
(b) A rental listing referral agent may not publish information about a rental property if
the lessor or property manager expressly states that the property is not to be included in
lists prepared by rental listing referral agents.
(c) A licensee who sells or leases his own real estate shall disclose that he is a real
estate licensee in advertisements for the property. This requirement does not apply if
the property is listed with a real estate company.
(d) Brokerage companies, including sole proprietorships, cemetery companies and
rental listing referral agencies shall advertise or otherwise hold themselves out to the
public only under the business name designated on their license.
(e) Licensees who wish to use and advertise a nickname for their first names shall
include the nickname on their licensure applications or biennial renewal applications.
(f) An advertisement by an associate broker, salesperson, cemetery associate broker
or cemetery salesperson shall contain the business name and telephone number of the
employing broker. The names and telephone numbers shall be of equal size.
, (g) An advertisement by a licensee for the solicitation, sale or offering for sale of real
estate that employs lotteries or contests or that offers prizes, certificates, gifts or free
lots shall contain:
(1) A description of each prize, certificate, gift or lot offered.
(2) The prerequisites for receiving each prize, certificate, gift or lot offered.
(3) Limitation on the number of prizes, certificates, gifts or lots offered.
(4) The fair market value of each prize, certificate, gift or lot offere
Broker-Salesperson Relationship - ✔️✔️Broker can be fined up to $1000 or have
license revoked
(1) In the case of a broker licensee, failing to exercise adequate supervision over the
activities of his licensed salespersons or associate brokers within the scope of this act.
(2) In the case of a broker licensee, failing to exercise adequate supervision over the
activities of a campground membership salesperson or a time-share salesperson within
the scope of this act.
(3) Failure of a broker, campground membership salesperson or time-share
salesperson to comply with the requirements of (written agreement with broker), or such
alternative requirements established by the rules of the commission, in connection with
deposits or other moneys received by the broker, campground membership salesperson
or time- share salesperson in conjunction with the sale of a campground membership or
a time share.
General Licensee Duties - ✔️✔️Regardless of whether a licensee is acting within the
scope of an agency relationship with a consumer, a licensee owes to all consumers to
whom the licensee renders real estate services the following duties, which may not be
waived:
■ Reasonable professional skill and care
■ Honest dealings in good faith
■ Presentation, in a timely manner, of all written offers, notices, and commu-
nications to and from the parties to a transaction, except when otherwise
waived
■ Compliance with the Real Estate Seller Disclosure Act
■ An accounting, in a timely manner, for all money and property received
from or on behalf of any consumer to a transaction
■ Proper information at the initial interview
■ Timely disclosure of any con icts of interest
■ Guidance regarding the use of expert advice for matters that are beyond the
licensee's expertise (including the use of attorneys for legal advice)
■ Information about the status of the transaction
■ Information regarding tasks that must be completed to satisfy an agreement
or condition for settlement, regarding document preparation, and regarding
compliance with laws pertaining to real estate transactions
