4. 174. 3. 189. License law requires the licensee to furnish a copy of the listing to all signatories at the time of execution (604 (a)(9)). If the Commission pays any amount from the Real Estate Recovery Fund in settlement of a claim against a licensee, the license of the person is. When advertising property for sale, what must the broker include in the advertisement? 86. d. enable this firm to obtain a normal, but not an economic, profit. Terms in this set (14) The Indiana Real Estate Commission consists of. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. 5. 69. 193. There is no education requirement or exam required for a cemetery salesperson (541). 24. 22. A purchaser has the right to cancel the purchase of a time-share interest until midnight of the fifth day following the date on which the purchaser executed the purchase contract (609 (a)). The Real Estate Commission may take all of the following actions except: Which of the following situations would be unlikely to result in the disciplinary action by the Commission? The current statute does not require disclosure of situations such as suicide of the former seller. 45. Official permission to do a particular thing that the law does not allow everyone to do. The original listing salesperson now represents a buyer interested in the seller's property. The real estate commission policy regarding internet advertising requires that the broker' s name as it appears on the license must be included on each page of the site on which the firm's advertisement occurs. 2. License law requires that each branch office shall be under the direction and supervision of a manager who is either the broker or an associate broker (601 (b)). 85. The best evidence is the buyer's signature on the form, but a licensee may provide a service without the buyer actually signing the document. 4. Qualifications for licensure as a salesperson do not include college education nor a minimum age of 21. The fiduciary duty of confidentiality continues after the termination of the agency relationship (606.1 (g)). 156. 1. What fines may be imposed by the Commission for rules violations? 69. 4. 130. Consist only of independent contractors, no employees. The cooperating broker acting as a subagent must provide the consumer notice and appropriate documentation to the buyer prospect (606.1 (b)(4)). The rules do provide that the office must have a separate entrance, that the business name be displayed, and that the office allow for business to be conducted privately (35.342). C) 3. D) possessing, selling, making illegal drugs 2. Any violation of the Pennsylvania Human Relations Act also constitutes a violation of the license law (604 (a)(22)). How many members of the Pennsylvania Real Estate Commission are required to be licensed real estate brokers at the time of their appointment? 183. Real Estate - A Business of Many Specializations. A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. D) Rules governing offices do not prohibit a licensed broker from employing salespersons or associate brokers when the brokers office is located in a private residence. 11. The applicant must be a high school graduate or provide proof of an education equivalent thereto (511(2)). 1. 13. Section 608.1 establishes requirements for the written agreement. 4. 203. Which of the following statements about the Real Estate Recovery Fund is true? Although all four options may be important issues to address in an agreement of sale, commission rules specifically address the issue of the zoning classification. 39. 131. 196. b) establishing fees and issuing licenses. 133. C) Any person who remains inactive for a period of five years without renewing his or her license must, prior to having a license reissued, take and pass the examination pertinent to the license for which the person is reapplying (501 (b)). Members on the Washington Real Estate Commission serve terms of Texas Real Estate Commission P.O. 36 hours every three years 116. 119. 12 members. 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. Real estate salespersons may not advertise under their own names. May the broker accept an oral open listing? 1. The broker. 1. The Washington Real Estate Commission includes commissioners Calculate the new ROE for LL.$RO === (Net income)/(Common equity). Fees are not determined by law, the real estate commission, or local brokers. No, because it would violate federal law, which prohibits it. Of the following licensed individuals, who must complete 14 hours of mandatory continuing education as a condition of license renewal? 141. 2. Statements of cost and return must be presented prior to entering into an agreement of sale. 76. A licensed salesperson may perform all of the following activities for or on behalf of his or her employing broker EXCEPT. C) 197. 8 members. Pennsylvania law requires the seller to provide the buyer with the property condition disclosure statement prior to the buyer entering into an agreement of sale with the seller. 198. a. The broker has developed a Web site advertising the broker's office. 160. the nucleus and valence electrons d. Where To Download Chapter 6 Physical Science Test simple chemical reactions, solar system, solutions, sound waves, transportation in plants workbook for middle school exam . A licensed salesperson secures a listing and wants to advertise it on the salesperson's own internet Web site. Exercise During Pregnancy : An Important Part Of Being Healthy For People Of All Ages. An individual who undertakes to promote the sale, exchange, purchase, or rental of real estate or who represents himself to be a real estate consultant, counselor, agent, or finder is required to hold a broker's license (201(1)). Campground membership salespersons are required to be licensed and are subject to disciplinary action on the part of the commission (581). 25 mychart kettering health network Take this free practice test to get an idea of what is on the Texas Real Estate . 36. A real estate company has entered into agency agreements with both a seller and a buyer, both of whom have signed a Dual Agency Consent Agreement. The broker does not have to include license numbers, lists of licensees, or their addresses and phone numbers. There is neither a requirement addressing number of employees nor a requirement that a licensee affiliate with any professional organization. A broker's escrow account is required to designate the broker as trustee. They are expected to be as accurate as may be reasonably expected of a person having knowledge of real estate sales. 44. Greeting people at an open house or model unit and distributing preprinted promotional literature or providing security Citizenship is not a requirement for licensure. The associate broker maintains a copy of the notification sent to the commission as a temporary license pending receipt of the new current license (603(a)). 179. How accurate are statements of estimated cost and return provided by licensees required to be? Requirements governing inclusions and exclusions in listing agreements cover both residential and commercial property listings without distinction. 4. License Test, Study Guide. The listing price or name of the listing salesperson is not required in advertising. The governor appoints members to the State Real Estate Commission (202 (a)). 60. Oct 6. An airline pilot told a broker about some friends who were looking for a new home. This requirement does not apply if the property is listed for sale with a real estate company (35.304). T All of the commissioners are appointed by the governor and confirmed by the senate for five-year staggered terms. What determines the amount of compensation to be paid to a licensed real estate salesperson by the employing broker? 2. It also includes items specific to running a real estate agency, such as agency creation and closure, and commissions and fees. A for-sale or for-rent by owner is exempt as is a resident manager and a licensed auctioneer at a bona fide auction. The broker is required to deposit earnest money into an escrow account. The purpose of laws, including licensing laws, is to provide for the good, safety, and welfare of the public. 139. A written agreement is necessary when the broker is providing a service for a fee. A broker operating as a sole proprietor wants to locate the main office of his business at his personal residence. The building owner and the broker agree that the building air conditioning system needs to be replaced, and the broker is authorized to contract for the work to be done. The Georgia Real Estate Commission's authority involves. A broker may not incorporate an option to purchase property in a listing agreement for the property, and the broker may not conduct business through a straw party. 23. 1. 152. The state tax is 1% of the full consideration paid for the property, and the local taxing bodies can levy an additional tax on the transfer. 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)). 171. The salesperson also cashed a $25,000 earnest money check from a prospective buyer and used the proceeds to buy a new car. Such activities include holding open houses for the public, preparing comparative market analyses, and negotiating loans on real estate. 156. Lenders provide statements to prospective borrowers, rather than both parties involved in the transaction. 143. In this situation, the individual. 2. 171. It's important, therefore, to monitor a comprehensive set of metrics, which can help businesses understand the overall performance of a call center. All of the following are exempt from the Property Condition Disclosure Act EXCEPT a. When most people begin house hunting, they contact an agent and the first thing out of their mouths is, "We're looking for a home to live in." 187. Verification of income and credit checks to determine the applicant's ability to meet financial obligations are legal and do not constitute discriminatory conduct. c) monitor the availability of licensure to the public. Violations of the license law include placing a "For Sale" sign without written consent of the seller, failing to specify a definite termination date, and failing to exercise adequate supervision of a licensee's activities (604(a)(8)). The broker does not have to gain permission from the neighbors, local governing body, or sell the property. In response to this inquiry, which of the following actions by the broker are legal? Find out how you can intelligently organize your Flashcards. 84. A listing broker offers a $500 bonus to any salesperson that sells a particular listing within the next 30 days. 40. The broker may not refuse to rent based on the prospect's age. To remain in active practice, the affiliates are required to find new employing brokers. 123. A) 1. 158. Which is true concerning the Commission Chairperson? 2. 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)). 90. 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)). Brokerage fees are established solely as a result of a negotiated agreement between the broker and the consumer. 158. A qualified expert's report covering property condition is not required when a seller lists property for sale with a broker. 43. Recently adopted commission policies require that the broker's name and telephone number be included on each page of internet Web site advertising. 2. Study with Quizlet and memorize flashcards containing terms like Moral principles that govern a person's or group's behavior, Official permission to do a particular thing that the law does not allow everyone to do. 147. C) 4. 4. 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? 80. The broker does not charge a fee to prospective tenants; rather, the broker receives compensation from landlords. The Statute of Frauds does not apply to listing contracts. He may not sue the buyer and cannot retain the deposit as compensation. Exclusive-right-to-sell listing contracts are required to contain a statement in bold type that the broker earns a commission on the sale of the property during the listing period no matter who made the sale, including the owner (35.332 (b)). 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)). 4. 3. automatically suspended upon the effective date of payment by the Commission. the real estate commission includes quizlet. D) 3. If the broker's license is suspended or revoked, licenses of the associate brokers and salespersons are terminated. If an agreement of sale is conditioned on the ability of the buyer to obtain mortgage financing, all of the following must be included in the agreement EXCEPT. Renewal fees established by the commission must also be paid. Forced Marriage And The Commonwealth Criminal Code Act 1995, The Theory And The Social Learning Theory. 92. 1. The penalty for the first offense includes a fine. A transfer of unimproved land is subject to transfer taxes. #1. Calculating Common Real Estate Commissions. Several days later, the salesperson meets prospective buyers at the property and tells them, "I am the listing agent for this property, and so I'm very familiar with it." b) establishing fees and issuing licenses. Each member of the Pennsylvania Real Estate Commission is appointed by the governor (202 (a)). Below is more complicated real estate commissions calculator scenario. 71. Officers of banking institutions and attorneys in fact are excluded from the license law (304). Subsequent to a Real Estate Commission hearing of a licensee, the Commission may do all of the following actions except: Sentence a licensee to prison for a minimum of 3 years The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. An increase in price from P3P_3P3 to P5P_5P5 would: a. shift this firm's MCM CMC curve to the right. 2. 94. (In order to reinstate the license, the licensee must pay back the total amount of the claim plus 10% interest per annum.). Written consent, however, is always required. 29. The original amount of Company Gross Fee, Total Inside Commission, and Company Net was $ 60,000. Anyone over the age of 40 constitutes a protected class in Pennsylvania.

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