PA Real Estate State Portion; Questions and Answers
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Module
PA REAL ESTATE
Institution
PA REAL ESTATE
PA Real Estate State Portion; Questions and
Answers
RELRA Correct Answer-Real estate licensing and registration act - the
commission is responsible for administrating and enforcing rules found in RELRA
as well as supervising all activities
RELRA comission members: Correct Answer-appointed ...
PA Real Estate State Portion; Questions and
Answers
RELRA Correct Answer-Real estate licensing and registration act - the
commission is responsible for administrating and enforcing rules found in RELRA
as well as supervising all activities
RELRA comission members: Correct Answer-appointed by the Governor for 5
year terms. meet on regular basis as needed, but conduct at least one public
meeting in 3 cities
Corporeal Correct Answer-right of ownership in material things, something
tangible such as a building
Incorporeal Correct Answer-rights to property having no physical existence.
something intangible such as mortgage
freehold Correct Answer-estate, or ownership interest that has indefinite
duration but that lasts at least as long as the lifetime of present title holder
Rental Listing Referral Agent Correct Answer-person who owns or manages a
business which collects rental info for purpose of reffering tenants to rental
units
, PA Real Estate State Portion; Questions and
Answers
To become a broker, you must: Correct Answer-have worked as a licensed
salesperson for at least 3 years
After passing salesperson/broker exam, you have _ years to apply for
license: Correct Answer-3 years
To renew your license, you must take __ hours of continuing education classes
every two years, ALL education should be approved by commission Correct
Answer-14 hours
Your license can stay inactive status for hour many years until you will need to
retake the exam? Correct Answer-5 years
If you wish to change employers, you must: Correct Answer-notify the
Commission no later than 10 days after the change of employment, pay fee,
surrender current license and wait for new one
what must be prominently displayed at a brokers' office? Correct Answer-
Brokers license, along with license of all salespeople
, PA Real Estate State Portion; Questions and
Answers
Each office must be under the supervision of a? Correct Answer-manager who
is either a broker or associate broker
Can a salesperson work for more than one broker? Correct Answer-NO -
cannot work for anyone other than the broker on your license
if you do not receive your new license within 30 days, Correct Answer-it is
your responsibility to notify the commission
how long do you have to preserve real estate transactions for? Correct
Answer-3 years
cannot take any disciplinary action against you without first giving you
the: Correct Answer-opportunity to be heard, a hearing set by the
commission
some penalties from the commission: Correct Answer-suspension of license,
revocation of license, impose fine not to exceed $1,000
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