The agent's duty of confidentiality continues after termination of the agency relationship. red wing mens dress shoes; 2. 7. A broker intends to open a branch office in a neighboring town. 152. B) An agent is representing the seller and working with a buyer. 2. 3. (The Commission will not intervene in issues that result from disputes involving real estate sales commissions or broker cooperation.). An individual holding a salesperson's license issued by another jurisdiction must prove that this license has been active within five years prior to submission of the application. Caribou Golf has an October 31 fiscal year-end. 4. An exclusive-right-to-buy contract must be in writing and contain a specific termination date. The requirement is informed consent after full disclosure as provided at the initial interview (606.4(a)). A broker received an earnest money deposit from a buyer. Real Estate Commission meetings. 4. When a judgment is entered against a licensee and a claim is paid from the Real Estate Recovery Fund, which of the following statements is true? by jwkotler@mac.com, 146. Although the salesperson may be guilty, the employing broker is not always liable. working without a license License law provides that a broker involved in property management activities on behalf of a lessor is required to maintain a separate rental management account for such deposits (604(a)(5)). The agreement contains the following clause: "If the Property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional 3 month periods thereafter until the property is sold." Largely because of the assistant's efforts, the sale went through with no problem. 70 percent. 1. Rules of the commission provide that an agreement of sale must contain the dates for payment and conveyance, in addition to other specified items. A broker may place a "For Sale" sign on a property after receiving permission to do so. Is this permitted? The Pennsylvania Real Estate Commission may take disciplinary action against a licensee when the licensee violates all of the following EXCEPT. 156. 89% of home sellers use real estate agents. After all the real estate commission calculations Company Gross Fee is $ 45,000, Total Inside Commission $34,100, and Company Net $34, 100. 90. 84. How are members of the Pennsylvania Real Estate Commission selected? 84. Add to folder 4. 149. If the commission pays an amount in settlement of a claim against a licensee, the license of that person is automatically suspended upon the effective date of payment and will not be reinstated until the licensee has repaid the amount in full plus interest at the rate of 10% per year (803 (f)). An exclusive listing may not contain an automatic renewal clause or language giving the broker authority to execute an agreement of sale. In Pennsylvania, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the following statements is true? However, a tax will have to be paid on a transfer. The following table contains information on this products task times and precedence relationships. Licensees must be aware of potential legal liability that could arise in this situation and should seek guidance from legal counsel. 3. Students also viewed. 3. 199. The clause in a listing contract that protects the broker's commission entitlement beyond the listing term in the event of a sale of the property by the owner to a prospect who was shown the property by the listing firm or it's agents is called. The agent may provide information on properties for sale in the area, discuss mortgage interest rates and terms, and discuss various levels of representation available to the buyer. 180. 48. 2. 85. Regarding a broker's escrow account. Conviction for a felony offense does not preclude the applicant from being issued a license. 60. The associate broker may manage a branch office on behalf of the broker. 4. The Real Estate Recovery Fund was established to be: a mean to compensate damaged consumers after all legal remedies have been exhausted. All of the following are mandatory provisions of a sales contract EXCEPT. A. 68. c. decrease this firm's average variable costs. a) inform licensees and public about changes in the law and provide opportunities for public discussion. 4. Employees of a public utility, trustees in bankruptcy, and licensed auctioneers are all exempt from licensing requirements (304). When a broker advertises his or her production or position in the market, what must be included in the advertisement? Citizenship is not a requirement for licensure nor is a degree from a college or university. A listing contract is not required to specify the complete legal description of the property being sold. A foreign corporation that owns a building in Pennsylvania decides to sell without listing it for sale. During the initial interview the licensee must provide a Consumer Notice containing disclosures required by the rules of the commission (608). The licensee should advise the seller of the disclosure requirements and the seller's obligation to comply with requirements of the statute. The Pennsylvania Real Estate Commission may enforce its power to issue disciplinary action upon which of the following? 157. 2. 150. 1 real estate member at large - broker at least 5 years. If a licensee is found guilty of making substantial misrepresentation when dealing with the public, the commission may. 151. 126. marilyn mulvey opera singer; hidden cosmetics owner; pre insulated pex pipe When does a real estate license in Washington expire? administering/enforcing the provisions of the Indiana real estate codes. Anti-trust laws are enforced by federal and state agencies other than the Pennsylvania 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. Four days later, they decide they do not want to go through with the transaction. . The broker is responsible for holding the escrow deposit pending consummation or termination of the transaction (35.321) (35.325). 172. The original listing agent. Appointed by governor. 72. Under certain circumstances, which of the following agreements may be oral? Real estate agents charge a certain percentage of commission for their services. Consumers must have exhausted all legal remedies before requesting assistance from the real estate commission and the real estate recovery fund. 117. 128. Study with Quizlet and memorize flashcards containing terms like T or F The mission of the Washington Real Estate Commission (WREC) is to uphold, protect, and promote the public interest., T or F The Real Estate Commission consists of three members appointed by the Governor for three-year terms., T or F An individual may engage, direct, or assist in procuring prospects or in negotiating or . C) Working together for an inclusive Europe. How much is the Pennsylvania state transfer? D) 2. 110. Rental listing referral applicants have both an education and an examination requirement. 9. 4. When the house was listed, the seller told the broker that the roof leaked, but they agreed not to disclose the fact to prospective buyers. 39. 47. No licensed salesperson shall be employed by any other broker than is designated upon the current license issued to the salesperson. 24. Indiana real estate commission consists of: 12 members - all appointed by the governor serve a 4 year term. 70. Mandatory requirements and disclosures are addressed in the law (608.2 (1)), requirements regarding estimates of cost and return are addressed in (35.334), and records must be maintained for 3 years (604 (a)(6)). 160. 95. The neighbor refuses to pay N the agreed commission. There is currently no statutory requirement addressing the disclosure of the murder. 1. The Commission is authorized to suspend or revoke a license and/or levy fines up $1000. The salesperson knows a lender that pays a fee for referring purchasers to them. Everfi MODULE 6 "FINANCING AND HIGHER EDUCATION" DRAFT. The business name as designated on the license must be included in all advertising (35.305). two years. B) 99. No, because it would violate federal law, which prohibits it. 2. 2. 20. Although a branch office may be under the direction and supervision of a manager who is an associate broker, the associate broker does not have authority to directly hire or employ other licensees (603(a)). 8. A broker listed a small office building. 2. When is the Pennsylvania Real Estate Commission required to suspend a licensee's license? 143. who have three years of experience in the sale, operation, or management of real estate in Washington. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. A real estate firm may not conduct brokerage services if at an office location where the real estate firm or designated broker concurrently conducts a separate, business activity. The unlicensed person may do nothing. When an initial interview takes place prior to entering into a listing, the broker must provide information about the broker's policy regarding cooperation with other brokers (608(6)). Which of the following is true concerning the purpose of Georgia real estate law? Rents must be deposited in a rental management account maintained by the broker, not in the broker's escrow account. As an owner, the corporation can designate no more than five of the corporation's officers to act on behalf of the corporation as the owner. 18. Rules of the commission require the licensee to provide written estimates of reasonably foreseeable expenses before an agreement of sale is executed (35.334 (a)). 4. Education providers issue transcripts, not employing brokers. -hiring other employees for the commission staff. 172. A salesperson engaged in activities that constitute violations of the Pennsylvania Human Relations Act, including blockbusting and discrimination on the basis of disability. License law provides that the broker may have his or her license suspended or revoked only if the broker had actual knowledge of the violation (702 (b)) or if the conduct of the salesperson demonstrated a course of dealing that could serve as prima facia evidence of knowledge on the part of the broker (702 (c)). While the change of employment forms are being processed by the commission, the associate broker may. B. In a dual agency situation, a broker may collect compensation from both the seller and the buyer if. 80 percent. 173. There is no requirement that a commercial listing must be an exclusive-right-to-sell contract. Are both projects equal in desirability? A broker's escrow account is required to designate the broker as trustee. 195. The state legislature enacts laws that govern licensees. 194. 4. 3. This fee includes the exam and the card mailed to your home. 191. The first offense is a summary offense punishable by a fine not exceeding $500, imprisonment not exceeding three months, or both (303). d) considered the same as violating the license law itself. b. 2. An assembly line is to operate eight hours per day with a desired output of 240 units per day. What, if anything, does the broker need to include? However, most escrow accounts do not bear interest. 107. 62. 2. 37. 16. scripture where god says no as a protection. When is a violation of the license law on the part of a salesperson grounds for revocation or suspension of the license of the employing broker? The Commission's disciplinary authority includes. 16. License law prohibits a licensee from accepting a commission or any valuable consideration for the performance of any act specified in the Act from anyone except the licensed real estate broker with whom he or she is affiliated (604 (a)(12)). What Do Our Senses Give Us Knowledge Of The World As It Is? A waiver of liens in a construction contract protects the title from liens being filed by the general contractor, not subcontractors. 2. From whom may a broker receive a commission? A salesperson may not manage a licensed branch office. Requirements governing inclusions and exclusions in listing agreements cover both residential and commercial property listings without distinction. The disclosure must be made in writing on forms developed for such purpose. In Pennsylvania, certain deed transfers are exempt from the transfer tax. C) 119. 171. All of the following will provide protection against the possibility of mechanic's liens being filed against property by subcontractors EXCEPT. 152. 104. 63. Advertisements regarding prizes must state the pre-requisites for receiving the prize or gift (35.306 (a)(2)). b) A maximum of $1000 for a single offence or $5000 for multiple violations. 98. 148. salesforce sandbox url format. License law specifically prohibits a broker from paying a commission or other valuable consideration to anyone other than his or her licensed employees or another real estate broker (604(a)(12.1)). 51. An attorney-at-law in the performance of the practice of law Which of the following provisions must be included in an agreement of sale? Recommendations are required for licensure as a broker, rather than a condition of taking the examination. A broker is required to advertise under the business name designated on the license (35.305). 2. May the broker accept an oral open listing? 111. 203. Federal fair housing laws prohibit any discussion of AIDS or HIV. Two projects have an identical net present value of $9,000. Oct 6. 116. 174. 2. C) B) Builder-owner salespersons (551), rental listing referral agents (561), and cemetery brokers (531) are all required to pass a written exam prior to licensure. No active experience is required Under what circumstance may a broker deposit his or her own money into his or her escrow account? 3. 192. Qualifying experience is not limited to the field of real estate sales; a candidate could qualify for licensure with other experience. Advertisements by a broker about production or position in the market must identify the municipality that the market comprises (35.307 (b)). An unlicensed salesperson negotiated the sale of real estate in return for the promise of compensation. When discussing the possibility of listing a large parcel of vacant land with an owner, the broker determines that he would like to secure an option to purchase the property. 124. Immediately upon passing the salesperson licensing examination, which of the. One responsibility of a Commission member is to. This includes brokerage agreements: seller listing and buyer representation. The maximum payment from the fund is $20,000 for any one claim (803 (d)). The referral fee is not discussed with the seller. Any promotional prizes or gifts issued to the purchaser remain the property of the purchaser (609 (d)). There is no education or training requirement as a condition to reactivating a license on inactive status over five years. When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespeople affiliated with the broker? The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. 1. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. d) They must fall under the "umbrella" of the license law. b. define disclosure requirements concerning material defects in property. If commissioner dies or resigns, governor appoints a new commissioner to the unexpired term. B) A broker who discriminates against a prospect in either commercial or residential property transactions is in violation of both the Pennsylvania Human Relations Act and the license law. 16152315141211211661281919141661624121416915151051313162514189261717192212206101318524101528. 2. If a licensed salesperson, without the knowledge or consent of the employing broker, violates requirements regarding delivery of a Consumer Notice at the initial interview, what are the consequences? 1. possessing, selling, making illegal drugs Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. but little innovation. 4. F 74. 4. 30. It does allow the salesperson to list for sale, sell or offer for sale, buy or offer to buy, or to negotiate the purchase sale or exchange of real estate and to negotiate a loan, lease, rent, or offer to lease or rent or place for rent any real estate. The purpose of laws, including licensing laws, is to provide for the good, safety, and welfare of the public. The liability of the recovery fund shall not exceed $20,000 for any one claim and shall not exceed $100,000 per licensee (803 (d)). A disclosure notice must be provided at the initial interview with a consumer. Write your answers in simplest terms. Firm HL, however, has a debt-to-total-assets ratio (D/TA) of 50 percent and pays 12 percent interest on its debt, whereas LL has a 30 percent debt-to-total-assets ratio and pays only 10 percent interest on debt. 166. Owners of real estate conducting business with respect to their own property are not required to be licensed. In this position, the on-site manager. D) 92. Lenders provide statements to prospective borrowers, rather than both parties involved in the transaction. a) to protect the public from any harmful acts committed by real estate licensees. 44. 2. The broker contacted the friends and eventually sold them a house. Each member of the Pennsylvania Real Estate Commission is appointed by the governor (202 (a)). 161. c) a written representation agreement between broker and client. Under the terms of a sales contract, the seller is required to pay for and provide a termite certificate. 118.4. 160. 75. 137. 204. 134. So long as the owner retains the authority to make decisions, the employee may show apartments and provide information on rentals. Salesperson licensees are not qualified to serve on the commission. License law requires the broker to keep records relating to a real estate transaction for three years following consummation of the transaction (604 (a)(6)). The listing price or name of the listing salesperson is not required in advertising. Unit 24: Washington Agency Overview (11%), Unit 7: Purchase and Sale Agreements with Ear, Unit 8: Residential Financing and the Closing, Unit 7: Purchase and Sale Agreements With Ear, FINAL EXAM: all conceptual questions (powerpo. Chapter 1: Unit 2 - Georgia Licensing Law (Qu, Chapter 1: Unit 1- Georgia License Law (Quiz), Fundamentals of Financial Management, Concise Edition, Case Problem Analysis 20.1: Identifying the F. The agent, ha Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, 1. Study with Quizlet and memorize flashcards containing terms like The Real Estate Commission can seize a brokerage firms's or broker's records prior to receiving a response from a complaint., Brokers must respond to the Real Estate Commissions's request for a response or the broker's license may be revoked., Which duty would be appropriate for an agent and NOT for a transaction-broker? Licensees are responsible for ensuring that contracts are in writing (3 5.281 (a)), that copies are preserved for a period of three years (604(a)(6)), and that a copy of the agreement is presented to all signatories (604 (a)(9)).
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