Pa State Real Estate Salesperson Exam Prep

Front 1

At what time should the real estate licensee present the consumer notice to the prospective buyer?

A. When they get together to discuss the buyers needs and financial ability

B. When the buyer, who is driving by a licensee’s listing, calls to ask what the price is

C. During a busy open house with at least four couples milling around

D. When the buyer calls on a newspaper ad

Back 1

A. When they get together to discuss the buyer’s needs and financial ability

Front 2

A Broker must keep records for all real estate transactions for how long?

Back 2

Broker must keep records for at least three years following the date of confirmation or termination

Front 3

The real estate commission may take disciplinary action against a licensee for all the following except

Back 3

Violating blue sky laws

Front 4

What is the best definition of a broker of record?

Back 4

The broker of record is a broker who is the licensee responsible for the activities in a real estate Corporation

Front 5

Which of the following is true regarding the laws for escrow accounts?

Back 5

The buyer and the seller can agree in writing that the escrow money will not be deposited until the agreement of sale is Accepted

Front 6

The Pennsylvania real estate commission makes and enforces the rules by which real estate licensee’s must abide. True or false

Back 6

True

Front 7

Examinations that must taken By applicants for real estate licensing or administered by an independent testing company rather than by the commission.

True or false

Back 7

True

Front 8

Members of the Pennsylvania real estate commission are selected by the state association of realtors. True or false

Back 8

False they are selected by the governor

Front 9

The Pennsylvania real estate commission must submit annual reports to legislative committees in the state Senate and House of Representatives.

True or false

Back 9

True

Front 10

How does an agency relationship developed?

Back 10

Only with express written authority

Front 11

An unlicensed assistant may independently hold an open house for other licensees.

True or false

Back 11

True. Because it is only for other licensees

Front 12

Who must hold a real estate license in Pennsylvania?

A. And attorney in fact acting under a property executed power of attorney.

B. Full-time employee of a builder who negotiates the sale of the real estate of the builder- owner.

C. Builders of single or multi family dwellings.

D. Employees of public utilities who are acting on behalf of their employing entity

Back 12

B. Full-time employee of a builder who negotiates the sale of the real estate of the builder-owner

Front 13

Sales person wants to change offices. The sales person returns her current license Along with the required fee and the change of employment notification. At what time may the sales person be involved in real estate activities on behalf of the second broker?

Back 13

Immediately upon mailing the change of employment notification the sales person will be able to be involved in real estate activities on behalf of the second broker

Front 14

Brokers must keep records of all real estate transactions for what time period?

Back 14

3 years

Front 15

The Pennsylvania real estate commissions right to re-issue a license to a broker that’s been suspended is how long?

Back 15

5 years

Front 16

how many hours of instruction does an unlicensed person need for a brokers license?

Back 16

315 hours

Front 17

If a licensed agent does not make an application to the real estate commission before a brokers office closes how many days do they have to make the application?

Back 17

10 days

Front 18

Within what time limit of a court judgment, including review and appeals, must and aggrieved party file an application for compensation from the Pennsylvania real estate recovery fund?

Six months, one year, two years, three years

Back 18

1 year

Front 19

The official approval of a Pennsylvania real estate school must come from?

Back 19

Pennsylvania real estate commission

Front 20

Within how many years of passing the real estate licensing examination must a salesperson candidate have successfully completed his or her required hours of real estate instruction?

Back 20

5 years

Front 21

The licensee shall have the records of the name and address of each person who responded to the advertisement but did not receive a prize or gift is true or false concerning the advertisement for the solicitation of the sale of real estate lots with prizes and gifts?

Back 21

True

Front 22

The Pennsylvania real estate commission discovers a person has obtained a real estate license due to false representation the commission may do all the following except?

A. Levy a fine of $500

B. Levy a fine of $2000

C. Suspend the license

D. Revoke the license

Back 22

B. Levy a fine of $2000

This constitutes a first offense which has a limit of a fine up to $500 and or imprisonment, not to exceed three months.

Second or subsequent offense is fine of $2000-$5000 and or imprisonment of 1 to 2 years

Front 23

A real estate broker must make all the following disclosures to a prospective buyer during the initial interview except a disclosure of brokers business name, business address and real estate license number.

True or false

Back 23

True

Front 24

When the Pennsylvania real estate commission suspends the license of a cemetery broker or broker, the license of those must be given back to the commission.

True or false

Back 24

True

Front 25

I Pennsylvania real estate office must have an exterior office sign on which is listed the name of the business true or false

Back 25

True

Front 26

If a salesperson assists a broker in the management of real property, the salesperson may negotiate the terms of the lease but only if acting under the supervision in control of the employing broker.

True or false

Back 26

True

Front 27

The licensing laws usually require the listing agreement for the sale of real property to be in writing.

True or false

True or false

Back 27

True

Front 28

The licensing laws usually require the contract between two brokers cooperating on a real estate transaction to be in writing.

true or false

Back 28

False

Front 29

One of the responsibilities of the real estate licensing agency is:

A. To arbitrate commission Disputes between brokerage firms

B. to arbitrary between an employer-broker and his or her sales people

C. To conduct real estate classes

D. To grant licenses

Back 29

D. Two grant licenses

The state licensing agency handles disputes between the customer in licensees, but not disputes between licensees

Front 30

A broker-sales person employed by a corporation, as a sales person, may do which of the following?

A also operate as an independent agent

Be open a trust account for a client

C. Show a buyer property is not listed by the corporation

D. Sign contracts on behalf of the corporate clients

Back 30

C. Show a buyer property is not listed by the corporation

A broker-sales person is essentially a sales person. They cannot act independently as a broker which is what would be required to show properties that are not listed by the corporation

Front 31

If a sales person fails to obtain an earnest money deposit is the contract still binding?

Back 31

Yes it is still binding. There is no legal requirement to obtain an earnest money deposit although good practice dictates that there should be some monetary indication of the buyers good faith desire to complete the transaction

Front 32

Timeshare and campground membership contracts.

Cancellation rates exist until mid night of the fifth day following the Date on which the purchaser executed the contract. True or false

Back 32

True

Within 10 days after receipt of a notice of cancellation, all payments made under the contract must be refunded to the purchaser

Front 33

When a sales person switches to a new broker they are responsible for notifying the commission if the new license is not received within how many days?

Back 33

30 days

They have no more than 10 days to notify the commission that they intend to change officers and when the new broker acknowledges the employment, a new license will be issued

Front 34

How many hours of continuing education are required during each two-year period licensing periods?

Back 34

14 hours

Front 35

Campground membership sales person 18 years of age, complete 15 hours of instruction, no less than 30 days of on-site training.

Timeshare sales person 18 years of age, complete 30 hours of instruction and complete not less than 30 days of on-site training

Back 35

Only difference is the campground membership sales person 15 hours of instruction and timeshare sales person requires 30 hours of instruction

Front 36

Real estate recovery fund how’s the maximum amount payable of $20,000 per claim and $100,000 per license

Back 36

True