Exam (elaborations)
PA STATE SALESPERSON TEST
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PA STATE SALESPERSON TEST
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PA STATE SALESPERSON TESTA broker is found guilty and ordered to pay monetary damages to a consumer. What
timeframe must the injured party file a claim for payment from the real estate recovery
fund? - Answers -Injured parties must file claim to real estate recovery fund one year
after termination of proceedings in connection to judgement awarded consumer.
What statement is TRUE regarding the real estate recovery fund? - Answers -An
agreement of sale must contain disclosure language advising parties of the existence of
the real estate recovery fund with a phone number to call for complete details.
The primary purpose public meetings held by the real estate commission is to - Answers
-solicit from members of the public their suggestions, comments, and objections about
real estate practice in PA.
The term broker includes in its definition all of the following activities except - Answers -
appraising real estate. A broker may manage real estate, do a CMA, and be a real
estate consultant or counselor but appraisal activities are regulated by the State Board
of certified real estate appraisers.
When a person obtains a final judgement against a licensee and seeks payment from
the real estate recovery fund, what is the timeframe for making application for payment
from the fund? - Answers -No more than 1 year after termination of the proceedings,
including reviews and appeals, in connection with the judgement.
In order to qualify for examination as a broker, the candidate must - Answers -be a high
school graduate or have passed a high school GED equivalency.
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. What is the best course of action for the licensee to follow? - Answers -
Disclose the salesperson's professional opinion of value and recommend that the
property be listed at market value.
An unlicensed salesperson negotiated the sale of real estate in return for compensation.
After the transaction closes, the salesperson encounters difficulty collecting the agreed
fee. In this situation, the salesperson may - Answers -do nothing to recover the agreed
compensation.
Real estate licensing is required in order to engage in - Answers -the sale of time-share
intersts.
A buyer is interested in seeing a house listed with XYZ realty but does not wish to enter
in to an agency relationship. A salesperson from LM realty can show the buyer the
house if - Answers -XYZ realty has obtained the seller's written consent to offer
subagency, and the buyer is given a consumer notice and disclosure stating that LM
, realty represents the seller. WHY? THE SELLER MUST CONSENT IN WRITING IN
ORDER FOR THE LSITING BROKER TO EXTEND AN OFFER OF SUBAGENCY.
THE COOPERTAING BROKER ACTING AS A SUBAGENT MUST PROVIDE THE
CONSUMER NOTICE AND APPROPRIATE DOCUMENTATION TO THE BUYER
PROSPECT. THE BUYER IS NOT THE ONE TO AGREE TO THE OFFER OF
SUBAGENCY.
A real estate broker has signed an agency agreement with a tenant who is looking for
an apartment to rent. The broker does not charge a fee to prospective tenants but,
rather, receives compensation from the landlords. The broker tells a landlord that the
prospective tenant could probably pay a higher rent than the landlord is asking. In this
situation, the licensee - Answers -violated fiduciary duties owed to the tenant. BY
ENTERING INTO AN AGENCY AGREEMENT WITH A PROSPECTIVE TENANT, THE
BROKER ASSUMES FULL FIDUCIARY RESPONSIBILITIES WITHOUT REGARD
FOR THE ISSUE OF COMPENSATION.
The salesperson represents the seller in a transaction. When prospective buyers ask to
look at the property, the salesperson must - Answers -inform them that the salesperson
represents the seller's interest and maintain appropriate documentation of the
Disclosure. THE CONSUMER MUST BE PROVIDED WITH THE CONSUMER NOTICE
AT THE INITIAL INTERVIEW. THE BEST EVIDENCE IS THE BUYER'S SIGNATURE
ON THE FORM, BUT A LICENSEE MAY PROVIDE A SERVICE WITHOUT THE
BUYER'S ACTUALLY SIGNING THE DOCUMENT. THE LICENSEE MUST RETAIN
APPROPRIATE DOCUMENTATION THAT THE CONSUMER NOTICE WAS
PROVIDED.
The PA Real Estate Commission may take disciplinary action against a licensee when
the licensee violates all of the following EXCEPT - Answers -the Sherman Antitrust Act.
ANTITRUST LAWS ARE ENFORCED BY FEDERAL AND STATE AGENCIES OTHER
THAN THE PA REAL ESTATE COMMISSION, BUT THE LICENSE LAW, RULES OF
THE COMMISSION , AND STATE FAIR HOUSING LAWS ARE ALL TOPICS
ADDRESSED BY LICENSE LAW AS GROUNDS FOR DISCIPLINARY ACTION
AGAINST LICENSEES BY THE COMMISSION.
An agreement between a broker and a consumer in which the consumer is committed to
pay a fee must be in writing, signed by the consumer, and contain all of the following
information EXCEPT - Answers -a statement authorizing the broker to designate a
licensee employed by the broker to act as sole and exclusive agent of the consumer.
WRITTEN AGREEMENTS BETWEEN BROKERS AND CONSUMERS THAT
OBLIGATE A CONSUMER TO PAY A FEE, COMMISSION OR OTHER VALUABLE
CONSIDERATION MUST CONTAIN INFORMATION AS REQUIRED BY THE THE
REAL ESTATE LICENSING AND REGISTRATION ACT. A BROKER, WITH WRITTEN
CONSENT OF THE PRINCIPAL, MAY DESIGNATE A LICENSEE TO ACT
EXCLUSIVELY AS AN AGENT OF THE SELLER-LANDLORD AND ANOTHER
LICENSEE TO ACT EXCLUSIVELY AS AN AGENT OF THE BUYER-TENANT IN THE
CASE WHERE A BEROKER SERVES AS DUAL AGENT.
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