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25 Cards in this Set
- Front
- Back
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SECT 202 a
Real Estate Comission's Copmosition |
Consitist of:
Commisioner of Prof. & Occup Affaris Director of Bureau of Consumer Protection 3 members of public at large 5 Real estate Brokers (10 yrs exp) 1 licensed cemetery broker (5yrs exp) All appointed by Governor |
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SECT 301
Unlicensed person selling Real Estate |
It's unlawful engage in selling real estate without being licensed - unless exempt by section 304
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SECT 303
Criminal Penalties |
1st time - Summary Offense
up to $500 fine & 3 mos jail or both 2nd time - 3rd degree felony $2K-$5K fine & 1-2 yrs jail or both |
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SECT 304 (1,4,5,9)
Exclusions from Licensing |
RE owned by partnership corportaion
not more than 5 partners An attorney-in-fact under executed & recorded power of attorney Person acting as trustee, administrator,executor, or trustee/guardian An auctioneer licensed under THE Auctioneers License Act |
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SECT 305
Civil Penalty |
By majoity vote - may levy penalty up to $1000
Hearing must be had first |
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SECT 401
Duty to issue licenses & registration certificates |
Licenses and registrations are issued by the
DEPT of Occupational & Prof. Affairs |
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SECT 404, 406
RE Commission Power & Duties |
404-Power to promulgate
The comission shall do this in order to administer & effectuate this act 406-Administration & Enforcement The Commissoin shall: monitor activities which a license is required monitor activitives of a cemeteries & cemetery companies monitor activities of all campground membership people |
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SECT 501 a,b, c
General Rqmnts & regulations for licensees |
Grant license to peson who bears good reputation
Make licensee retake test if inactive for more than 5 years May revoke a license or grant re-issue |
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SECT 511 1-4
Qualifications for a Broker |
21 yrs old
High school grad or equiv. 240 hrs RE Instruction 3 yrs salesperson exp Submit app in writing w/in 3 years of passing exam App must state place of business |
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SECT 604 a-21
Activity a person may perorm after completeing the salesperon's exam |
They can perform any act for which they their license is in effect for
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SECT 521 & 522
Rqmts for a Salesperson's License |
18 yrs old
60 hrs on RE instruction submit written app w/in 3 years of passing exam submit sworn statement from broker of their intent to train and supervise passing grade on the exam |
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SECT 541 & 542
Rqmts for a Cemetery Salesperon's License |
18 yrs old
submit written app bubmit sworn statement from broker/cemetery broker of their intent to train and supervise |
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SECT 551 & 552
Rqmts for a Builder-Owner Salesperson's License |
18 yrs old
emplyed by builder/owner submit written app w/in 3 years of passing exam submit sworn staement from builder/owner to certify employment passing grade on the exam |
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SECT 561
Rqmts for a Rental Listing Referral Agent |
18 yrs old
60 hrs RE Instruction submit written appl w/in 3 years of exam passing grade on exam DOES NOT NEED BROKER STATEMENT |
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SECT 601
Duties to maintain an office |
Brokers/Cemetery Brokers/ Rental listing agents
each licensed broker/agent shall maintain a FIXED office. License must be Prominantly displayed Correct/current address on the license if moving - rqd 10 day notice if more than 1 office - need license for each office |
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SECT 602
Nonresident Licensees |
Nonresident Licensees
anyone who meets the the requiremnts, regulations, and standards shall qualify for the license |
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SECT 603 a
Notification of change of broker emplyment |
if changing office - notify Comm in WRITING w/in 10 days
pay required fee retunr current license use copy of comm notification as temp license if new license isn't in had w/in 30 days - notify Comm |
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SECT 604 a (1-7)
Prohibited Acts of a licensee |
a licensee can not
make any misrepresentation make a flase promise to influence - or thru advertising a lincesee must retain $ to consummation or termination of contract-give to broker broker can not co-mingle money broker must deposit it trust account broker keeps records of transactions broker deposit rents into approp account maintain records for 3 yrs get written concent to act for more than 1 party in a transaction |
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SECT 604 a (8,10,13,& 16)
Illegal actions of licensees |
a licensee can not:
place a for rent/sale sign w/o written consent fail to specify a termination date fail to disclose in writing intention on interest in the property (broker) fail to supervise a licensee |
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SECT 404.1 1-2
Continuing Education |
Commission rqs:
licensee to get 14 hrs addl RE education each 2-year period Comm may waive if proof of illness, emergency, hardship keeps licensee from obtaining PA EVEN YEAR - 2006, 2008 etc |
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SECT 606.1 b 1
Brokers action that may/maynot create an agency |
Must have a written agreement to recive payment for the work. If done without written agreement - no $ can be collected
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SECT 701
RE Comiisions Control Over Hearings |
Can hold hearings themselves or thier authorized agents
may adopt findings may return or make additional findings issue an adjudication under Title 2 MUST be done in accordance with Title 1, Part 2 - PA Code |
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SECT 702
Violations affect licenses |
No voilation can result in suspension or revocation of a employers license or registration - of a lincensed salesperson, cemetery salesperson, or campground membership salesperson unless they fad KNOWLEDGE of the employess actions
Patterns of dealing - followed by employee shall contitue prima facie evidence of knowledge by employer |
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SECT 802
Recovery Fund's Fee - Minimum Balances, etc.. |
Real Estate Recovery Fund Funding
2/28/1980 - all agents are charged $10 upon license renewal (every 2 yrs) to be put into the fund. If inadequate (less than 300K)- may assess aditional $10 fee to get up to $500K. Fee paid to Sate Treasury |
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SECT 803 b 1-3
Rqmts for recovery of defrauded funds |
Agreeviated prson must show:
not spouse of debtor or personal representative has obtained final judgemant as set in this section all reasonable personal acts, rights of discovery have been exhausted |
