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PA State Salesperson Test | Questions and Answers| Latest Update
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PA State Salesperson Test | Questions and Answers| Latest Update
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PA State Salesperson Test | Questions andAnswers| Latest Update
The term broker includes in its definition all of the following activities except - ✔✔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?
- ✔✔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 - ✔✔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? - ✔✔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 - ✔✔do nothing to recover the agreed compensation.
Real estate licensing is required in order to engage in - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔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 - ✔✔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
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