Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
|
What is the purpose of License lasws?
|
To protect the public
|
|
|
Who adminsters and act and supervises the activites of licensees in PA?
|
State Real Estate Commission
|
|
|
What is a Broker?
|
One who buys and sells for another for a commission.
|
|
|
What are the requirements for Licensure?
|
At least 21v years of age
High School grad or equivalent Completed 240 hrs of real estate instruction w/i 10 years of the date of passing the exam Been engaged as a licensed RE salesperson for at least 3 yr or have equivalent experience |
|
|
What is a Broker of Record
|
Individual broker who is responsible for the RE transactions of a partnership, association or corp. licensed as a broker. Assumes all responsibility for the business conducted by the firm.
|
|
|
What is an Associate Broker?
|
Individual broker who is employed by another broker. An individual who wants to manage a branch office for a licensed broker must have an associate broker license.
|
|
|
What is a Salesperson?
|
An invidual who is employed by a licensed broker to sell , offer to sell, list RE, buy, negotiate a purchase or loan for RE, perform a comparative market analysis
|
|
|
What is a cemetary broker?
|
An individual or entity who engages in the busienss in the capacity of a broker, that applies to cemetery lots, plots and mausoleum spaces or openings.
|
|
|
Cemetery Associate Broker?
|
Individual cemetery broker who is employed by another cemetery broker.
|
|
|
Cemetery Salesperson
|
An individual who is employed by a cemetery broker for cemetery lot sales. Need to be 18 years old
|
|
|
What is a builder-owner salesperson?
|
An individual who is a FT employee of a builder-owner of single-family & multifamily dwellings who list, sell, negotiates the sale etc for the builder-owner.
|
|
|
What is a Rental Listing Referral Agent?
|
An individual who owns or manages a business that collects rental info for the purpose of referring prospective tenants to rental units. Don't lease or show property but rather sells lists of available rentals. Not affiliated with a broker.
|
|
|
What aer the penalty's for engaging in unlicensed activity?
|
Up to $500 fine and/or imprisonment (not to exceed 3 mos) for 1st offense. 2rd or more - fine of $2,000 -$5,000 &/or imprisonment for 1-2 yrs.
|
|
|
Who issues Licenses?
|
Dept of state (through BPOA-Bureau of Professional & Occupational Affairs)
|
|
|
What are the 3 disciplianry actions can the State Real Estate Commission administer?
|
1. Suspend License
2 Revoke a license and 3. Levy fines not to exceed $1,000 |
|
|
What is the maximum amt payable from the recovery fund?
|
$20,000 per claim & $100,000 per license. License is suspended as of the date a pyment is made from the fund. Not reinstated until licensee repays amt of claim plus 10% interest per year.
|
