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8 Cards in this Set
- Front
- Back
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The Pennsylvania Licensing and Registration Act provides for penalties if a person |
•holds himself out as a licensed salesperson, etc., within the Commonwealth without a current real estate license; •Employs a person who is acting as a salesperson but does not have a license; •Advertises as a licensee if a |
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If a person or entry is found guilty |
•1st offense is a fine not to exceed $500 or suffer imprisonment for not more than three months •2nd or subsequent offense, is guilty of a felony of the third degree |
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The Commission, with a minimum of five member votes, can assess an additional civil penalty of up to $1000 per offense: |
•on any current licensee who violates provisions of the Act •on any person practicing real estate without being properly licensed to do so under the Act |
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No License = |
No commission or compensation for real estate acts |
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Who does not need a PA Real Estate License |
•an employee selling or leasing his own property •an employee of a public utility company performing utility work •an attorney-in-fact working as an attorney and receives fees as an attorney, not as a real estate broker •an attorney-in-fact, who is acting under the power of attorney, provides this is not used to avoid the law •A trustee, administrator, executive, or guardian who is acting under the authority of a court order, will or trust instrument |
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Comparative Market Analysis |
A written analysis relating to the probable sale price of a specified piece of property in an identified real estate market at a specified time |
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Licensees are prohibited from |
•failing to maintain proper escrow accounts, records of accounts, commingling •failing to preserve for three years following its consummation records relating to any real estate transaction •acting for more than one party in a transaction without the knowledge and consent in writing of all parties for whom he acts •advertising property without the written consent of the owner; Failing to voluntarily furnish a copy of any contract relevant to all signatories at the time of execution |
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Nolo contendere |
This plea does not indicate guilt or innocence on the part of the defendant |
