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Pennsylvania Real Estate Commission Latest Update Questions And 100 Verified Correct Answers Guaranteed A
Question 1: Abigail is a Pennsylvania broker who supervises several salespersons and associate brokers. Which of these forms outlines how much will be paid to her when she or any of her associated licensees engages in a transaction?
Choices:
- Consumer Notice
- Buyer Agency Contract
- Listing agreement
- Brokerage Policy Manual
Correct Answer: C) Listing agreement
(Note: Listing agreements must include commission or expected compensation.
RELRA or the Sherman Act don't set these terms. The Consumer Notice simply informs consumers of the possible agency relationships.)
Question 2: An interest that gives the buyer the right to periodically park a
recreational vehicle or erect a tent or other similar structure on a piece of land in Pennsylvania, based on the agreement terms, is called a ______.
Choices:
- Campground membership
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- Fee simple absolute
- Timeshare estate
- Leasehold interest
Correct Answer: A) Campground membership
Question 3: Ted is a real estate licensee in Pennsylvania. He was found guilty of violating license law. The commission has the power to dole out various penalties, but which of these is beyond the scope of its powers?
Choices:
- License suspension
- Hefty fines
- License revocation
- Jail time
Correct Answer: D) Jail time
Question 4: Within how many days must a Pennsylvania licensee notify the
commission when changing broker affiliation?
Choices:
- 5 days
- 10 days
- 14 days
- 30 days
Correct Answer: B) 10 days
Question 5: Which is a requirement for the Pennsylvania real estate broker's
license?
Choices:
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- 75 hours in approved real estate instruction
- A bachelor's degree in real estate
- 240 hours in approved real estate instruction, including fair housing and
- 120 hours in approved real estate instruction and an apprenticeship
ethics
Correct Answer: C) 240 hours in approved real estate instruction, including fair housing and ethics
Question 6: Louis is a real estate broker in Pennsylvania. He's moving his office.What obligation does he have?
Choices:
- To re-apply for a new broker's license
- To notify the commission within 10 days after the move
- To inform all past clients within 5 days
- To notify the commission 30 days prior to the move
Correct Answer: B) To notify the commission within 10 days after the move
Question 7: Which of the following individuals would be in violation of
Pennsylvania license law if performing the activity for a fee?
Choices:
- A property owner selling their own home
- An executor of an estate selling a deceased person's property
- An unlicensed employee of the owner of a multi-family residential property
- A trustee managing real estate assets for a trust
who is collecting rent from tenants
Correct Answer: C) An unlicensed employee of the owner of a multi-family
residential property who is collecting rent from tenants
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(Note: Generally, anyone performing real estate services for another and for
compensation must hold a real estate license. There are exceptions for executors and trustees. Any person can sell his or her own property with or without a license.)
Question 8: You decide to help negotiate the sales price of a buddy's place even though you don't yet have a Pennsylvania real estate license. After the sale he pays you $50 in appreciation of your efforts. Why would this be considered an illegal activity?
Choices:
- Because $50 is below the legal commission minimum in Pennsylvania.
- Because you didn't have a written contract with your buddy first.
- Because you can't accept any amount of compensation for negotiating the
- Because only brokers, not salespersons, can accept compensation from
sales price of a home that isn't your own if you don't have a license.
friends.
Correct Answer: C) Because you can't accept any amount of compensation for
negotiating the sales price of a home that isn't your own if you don't have a license.
Question 9: Which of the following would require a real estate license in
Pennsylvania?
Choices:
- A homeowner privately selling their own property
- A property manager who negotiates and enters into leases on the owner's
- An executor of a will handling the sale of estate property
- A maintenance worker repairing a rental unit for a landlord
behalf