Exam (elaborations)
PA RE Fundamentals Quiz -13 (1).
- Institution
- Pennsylvania Real Estate Fundamentals
PA RE Fundamentals Quiz -13 (1).
[Show more]
Seller
Follow
Content preview
PA RE Fundamentals Quiz #13All five real estate commissioners licensed as brokers are appointed by the governor and
confirmed by the senate for five-year staggered terms, and the commission elects a chairman
from its members annually.
a. True
b. False - ANS-A. TRUE.
The five real estate commissioners licensed as brokers must have been engaged in the real
estate business for at least ten years. All of the commissioners are appointed by the governor
and confirmed by the senate for five-year staggered terms. The Commission annually elects a
chairman from its members.
The Pennsylvania State Police requires each applicant to attach a criminal record check dated
within 90 days of submission of the license application.
a. True
b. False - ANS-B. FALSE.
The Real Estate Commission requires applicants to attach a criminal record check completed by
the Pennsylvania State Police to their application for licensure. The criminal record check must
be dated within 90 days of submission of the license application.
Unlicensed people may host open houses that are not conducted for the public and
communicate property information to licensees.
a. True
b. False - ANS-A TRUE.
Unlicensed people may not perform activities for which a license is required, including
telemarketing. They may host open houses that are not conducted for the public and
communicate, but not interpret or explain, property information to the licensees.
All licensees are required to renew electronically, except for those licensees who do not have
Internet access, who are instead required to apply for renewal in person at the Commission's
office.
a. True
b. False - ANS-B. FALSE.
, For licensees who choose not to renew electronically, renewal applications will be available for
download on the Commission's Web site and can be completed and mailed to the Commission.
A licensee who does not have Internet access is required to submit a request for application by
mail or e-mail.
Licensees from a state that has reciprocity who change their principal place of business to the
state where the reciprocal license is held are exempt from passing an examination.
a. True
b. False - ANS-B. FALSE.
The intent of reciprocity agreements is to allow licensees from one state to engage in licensed
activities in other states. A licensee who changes a principal place of business to the state
where the reciprocal license is held is required to obtain the standard license from that state.
A broker is NOT permitted to pay a commission to a principal, whether the buyer or the seller, in
a real estate transaction.
a. True
b. False - ANS-B. FALSE.
A broker is permitted to pay a commission, fee, or other valuable consideration only to licensees
employed by the broker, another licensed real estate broker (as in cooperating transactions),
and to a principal in a real estate transaction (buyer or seller) as long as written disclosure is
provided to all principals.
The Bureau of Professional and Occupational Affairs created a Charging Unit that makes
prosecutorial decisions, and decisions to dismiss complaints.
a. True
b. False - ANS-A. TRUE.
The Bureau of Professional and Occupational Affairs created a Charging Unit in 2006 to provide
better, more timely, and more efficient processing of complaints than has been the case in the
past. This unit makes prosecutorial decisions, including negotiated consent agreements and
recommendations for formal actions by prosecutors, and decisions to dismiss complaints.
The broker is responsible for maintaining the signed acknowledgement portion of the Consumer
Notice that was provided for at least three years following consummation of the transaction.
a. True
b. False - ANS-B. FALSE.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutormodock. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.83. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now