Pa real estate 3 Study guides, Class notes & Summaries

When was RELRA originally passed in Pennsylvania? - Answer-May of 1929 When was RELRA changed to a different name? - Answer-1980 What is one of the most important thing RELRA does? - Answer-grant ruling- making and enforcement authority to the State Real Estate Commission What does the State Real Estate Commission function under? - Answer-The Bureau of Professional and Occupational Affairs, which is part of the Pennsylvania Department of State Who amends RELRA? - Answer-State Legisla...

PA -REAL ESTATE EXAM questions and answers latest top score. 1. A listing broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker... - correct answer. 1. 1. The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and ...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

PA RE Practice Quiz 3 with Questions and Answers An agency relationship is one whereby the licensees in the employ of the broker act in a fiduciary capacity for a consumer, with the express authority of the broker. a. True b. False ANSWER B. FALSE. By definition in the real estate licensing law, an agency relationship is one whereby the broker or licensees in the employ of the broker act in a fiduciary capacity for a consumer of real estate services, with the express authority of th...

Pa practice Exam questions and answers 100% guaranteed success. What are the consequences when a real estate salesperson is found guilty of violating any provision of the Pennsylvania Human Relations Act? The employing broker is liable for the conduct of the salesperson, so the employing broker will also be guilty of the violation. The Pennsylvania Human Relations Commission will notify the state real estate commission of findings of violations against licensees under ...

1. Brokerage definition... - the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - schools and cemetary 3. What is an example of functional obsolescence? - bathroom 4. Principal definition... - a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... - the process of determining the present value of a propert...

PA State Real Estate Exam (2022/2023) Already Passed RELRA and State RE Commission Rules and Regs are laws.. that govern how licensees provide real estate services in PA Broker of record is responsible for.. all activities performed by an affiliated licensees Appraisal process of estimating a property's market value, based on established methods, and professional opinion Appraisers must be certified by the... State Board of Certified Appraisers to engage in this activity Home Inspectors are...

How many members is Pennsylvania Real Estate Commission a. 11 b. 9 c. 5 d. 7 - Answer-A. 11 Which of the following are required by law to be licensed or registered in PA? 1. brokers 2. Real Estate salesperson 3. Cemetery brokers 4. Cemetery salesperson 5. Campground membership salesperson 6. Timeshare sales person 7. Builder owner sales person - Answer-All 7 Any person in the Commonwealth of Pennsylvania who engages in the selling of real estate without a license or registratio...

Designated Agent Correct Answer A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. Income Approach Correct Answer What approach does an appraiser take primarily for an investment property? 1.) "Personal Assistant" (Answer) 2.) "Agent-Assistant" 3.) "Proxy-Agent" 4.) "Broker-Assignee" Correct Answer Charlie is the personal assistant fo...

What is the purpose of PA real estate law? - Answer-to protect the public against incompetence or dishonest real estate transactions, to enhance standards for licensees, and to protect licensees from improper or unfair competition The PA real estate commission is responsible for - Answer-passing rules and regulations to implement the license law, setting fees, issuing licenses, insuring compliance with the law, investigating into improper conduct, and investigating charges from the public ...