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17 Cards in this Set
- Front
- Back
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associate broker |
a person licensed as a real estate broker who chooses to work under the supervision of another broker |
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broker |
one who buys and sells for another for a commission. in real estate, a broker must be properly licensed to perform certain activities specified in the real estate license laws and collect compensation.
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broker of record |
the individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation |
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builder-owner salesperson |
an individual who is a full-time employee of the owner or builder of a single-family or multifamily residences who is licensed to perform certain acts on behalf of the builder-owner.
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business name |
the name in which the broker's license is issued. anytime the name of the business appears, it must be represented exactly as it appears on the broker's license.
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campground membership |
an interest, other than in fee simple or by lease, that gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle, trailer, tent, camper, or other similar device on a periodic basis pursuant to a membership contractor.
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campground membership salesperson |
a licensee who, either as an employee or an independent contractor, sells campground memberships under the supervision of a broker.
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cemetery associate broker |
a licensed cemetery broker employed by another cemetery broker or broker |
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cemetery broker |
an individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings
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cemetery salesperson |
a licensee employed by a broker or cemetery broker to sell cemetery lots exclusively
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Real Estate Licensing & Registration Act (RELRA) |
the Pennsylvania Law that protects the public interest by governing real estate practices and the activities of the licensees.
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Real Estate Recovery Fund |
a fund established for aggrieved parties who have obtained uncollectible judgments against real estate licensees for fraud, deceit, or misrepresentation.
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rental listing referral agent |
a licensee who owns or manages a business that collects rental information for the purpose of referring tenants to rental units or locations. |
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Rules & Regulations |
real estate licensing authority orders that govern licensees' activities'; they usually have the same force and effect as statutory law.
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salesperson |
a person who performs real estate activities while employed by or associated with a licensed real estate broker.
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State Real Estate Commission |
the agency established by the Pennsylvania Real Estate Licensing and Registration Act to administer this law and supervise the activities of licensees.
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time-share salesperson |
a licensee who, either as an employee or independent contractor, sells time-shares under the supervision of a broker. |
