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25 Cards in this Set

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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
SECT 301

Unlicensed person selling Real Estate
It's unlawful engage in selling real estate without being licensed - unless exempt by section 304
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
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
SECT 305

Civil Penalty
By majoity vote - may levy penalty up to $1000

Hearing must be had first
SECT 401

Duty to issue licenses & registration certificates
Licenses and registrations are issued by the
DEPT of Occupational & Prof. Affairs
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
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
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
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
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
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
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
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
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
SECT 602

Nonresident Licensees
Nonresident Licensees
anyone who meets the the requiremnts, regulations, and standards shall qualify for the license
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
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
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
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
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
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
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
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
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