Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/17

Click to flip

17 Cards in this Set

  • Front
  • Back

associate broker

a person licensed as a real estate broker who chooses to work under the supervision of another broker

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.


broker of record

the individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation

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.

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.

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.

campground membership salesperson

a licensee who, either as an employee or an independent contractor, sells campground memberships under the supervision of a broker.

cemetery associate broker

a licensed cemetery broker employed by another cemetery broker or broker

cemetery broker

an individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings

cemetery salesperson

a licensee employed by a broker or cemetery broker to sell cemetery lots exclusively

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.

Real Estate Recovery Fund

a fund established for aggrieved parties who have obtained uncollectible judgments against real estate licensees for fraud, deceit, or misrepresentation.

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.

Rules & Regulations

real estate licensing authority orders that govern licensees' activities'; they usually have the same force and effect as statutory law.

salesperson

a person who performs real estate activities while employed by or associated with a licensed real estate broker.

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.

time-share salesperson

a licensee who, either as an employee or independent contractor, sells time-shares under the supervision of a broker.