Getting the books module 8 everfi quiz answers now is not type of challenging means. A 55-year-old individual inquires about renting a three-bedroom single-family home that a broker has listed for rent. 53. Mandatory provisions of exclusive listing contracts are established by real estate commission regulation (35.332). 2. 75. 11. At what point may the commission assess an additional fee against each licensee in order to add to the amount of money in the recovery fund? How accurate are statements of estimated cost and return provided by licensees required to be? An individual directly employed by the owner of residential multifamily buildings is EXEMPT from licensing requirements when. Which of the following is a requirement that the salesperson must comply with when advertising on the internet? Commission rules require the broker to provide a letter authorizing release of records pertaining to the escrow account (35.325 (d)). Indiana real estate commission consists of: 12 members - all appointed by the governor serve a 4 year term. She lists the property with a broker on an exclusive-right-to-sell basis for a term of six months. 49. Under no circumstances may a licensed salesperson act on behalf of two employing brokers at the same time. 128. A listing broker offers a $500 bonus to any salesperson that sells a particular listing within the next 30 days. The Pennsylvania Human Relations Act specifically prohibits discrimination against handlers or trainers of guide or support animals as well as persons with disabilities who use guide or support animals. 176. The Statute of Frauds does not apply to listing contracts. 4. Simply providing comparable market data about recent sales to the buyer does not compromise the duties owed to the seller and would therefore not be a violation of the agent's duty under the law of agency. 76. 3. 123. B 10 hours each year Licensed attorneys, partnerships acting as owners of property, and resident managers employed by owners of multifamily residential properties are excluded from the license law (304). Regarding licensing and employment of personal real estate assistants in Pennsylvania, the personal assistant. Commissions earned by a broker in a real estate sales transaction. All of the following must complete education or training requirements prior to licensure EXCEPT. 91. Greeting people at an open house or model unit and distributing preprinted promotional literature or providing security 608.1 establishes that any agreement between a broker and a principal whereby the consumer is obligated to pay a fee must be in writing and signed by the consumer. Salesperson and broker licenses all expire the last day of May in even-numbered years and must be renewed on or before June 1. 182. The agent may provide information on properties for sale in the area, discuss mortgage interest rates and terms, and discuss various levels of representation available to the buyer. 73. 12. administering/enforcing the provisions of the Indiana real estate codes. Recently adopted commission policies require that the broker's name and telephone number be included on each page of internet Web site advertising. Automatic renewal clauses are prohibited (35.332(c)). 117. a. The governor appoints members to the State Real Estate Commission (202 (a)). What is the parameter \lambda of the distribution? 4. A buyer has just entered into a contract to buy a time-share interest in a unit from the developer. -appointing a chairperson. 1. Pennsylvania law limits the amount landlords can charge as a security deposit. 17. 4. c) comprised of 6 members appointed by the governor and confirmed by the Senate. Generally, the nature and severity of the violation are considered when a disciplinary action is assigned. 141. At what point may a sales license candidate begin to engage in activities for which a license is required? 143. 3. 31. License law prohibits a salesperson or associate broker from accepting a commission or any valuable consideration for the performance of any act specified in the law from any person except the licensed real estate broker with whom he is affiliated (604 (a)(12)). 6. 1. Regarding agreements of sale, all of the following statements are true EXCEPT. A real estate broker has signed an agency agreement with a tenant, who is looking for an apartment to rent. How should the broker proceed? In Pennsylvania, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the following statements is true? An individual who wants to take the broker's examination must be a high school graduate or have passed a high school general equivalency exam (35.271 (a)). 7. 81. When the court orders a payment to be made from the recovery fund owing to the improper activities of a licensee, what happens to the licensee? Answers For Everfi Module 7 celsen de. Under these facts the buyer. The broker is required to keep records relating to real estate transactions for three years following consummation or termination of the transaction. Campground membership salespersons are required to be licensed and are subject to disciplinary action on the part of the commission (581). The amount of the mortgage payment is not included in mortgage contingency clauses (35.333 (b)). The Real Estate Seller Disclosure Act requires property condition and defects to be disclosed to the prospective buyer. Although the salesperson may be guilty, the employing broker is not always liable. Without the knowledge of the owner, the broker and the contractor selected to do the work agree that as a condition of receiving the contract the contractor will install central air conditioning in the personal residence of the broker at no charge to the broker. 43. 87 percent The original amount of Company Gross Fee, Total Inside Commission, and Company Net was $ 60,000. 60. 153. 83. C) Mini book 1-50. In Pennsylvania, certain deed transfers are exempt from the transfer tax. The term "broker" includes in its definition all of the following activities EXCEPT. All of the following are exempt from the Property Condition Disclosure Act EXCEPT a. d) Any new rules passed must not increase business costs without a compelling need. During the initial interview the licensee must provide a Consumer Notice containing disclosures required by the rules of the commission (608). The original listing salesperson now represents a buyer interested in the seller's property. An individual directly employed by the owner of multifamily residential property for the purpose of managing or maintaining the property is exempt from provisions of the license law. The commission has no authority to imprison a licensee. This type of project requires a great deal of experience 164. My name is William Watkins. 96. percentages: 175. 4. The broker does not have to gain permission from the neighbors, local governing body, or sell the property. The security deposit funds. b. The original agent may not disclose offers received during the first listing. A real estate firm may not conduct brokerage services if at an office location where the real estate firm or designated broker concurrently conducts a separate, business activity. Before suspending a license, the Real Estate Commission will first: Give the licensee the opportunity to have a hearing regarding the suspension. 4. who have three years of experience in the sale, operation, or management of real estate in Washington. The buyer then asks the salesperson if she can help them secure a mortgage loan. 2. The broker of record is the individual broker responsible for the real estate transactions of a licensed partnership, association, or corporation (35.201). 181. 100. B) 125. Unit 24: Washington Agency Overview (11%), Unit 7: Purchase and Sale Agreements with Ear, Unit 8: Residential Financing and the Closing, Unit 7: Purchase and Sale Agreements With Ear, FINAL EXAM: all conceptual questions (powerpo. D) Estimate the time it will take to complete the fourth unit of a 12-unit job involving a large What are the symptoms of anorexia nervosa? 104. To remain in active practice, the affiliates are required to find new employing brokers. 59. License law specifically prohibits a broker from paying a commission or other valuable consideration to anyone other than his or her licensed employees or another real estate broker (604(a)(12.1)). Introducing Cram Folders! In this situation, the licensee. 177. 4. 2. A broker signs a 3-month listing agreement with a seller. 138. 52. 6. The telephone number of the broker must be included if the advertisement includes the name and telephone number of a salesperson or associate broker. Advising parties on the significance or consequence of contract terms is engaging in the practice of law and should be avoided. 174. While the change of employment forms are being processed by the commission, the associate broker may. A receiver or trustee in bankruptcy acting under the order of the court Completing the requirements for licensure and processing paperwork to the state does not mean that a candidate is "licensed". 205. A broker received an earnest money deposit from a buyer. One of the duties of licensees when working with consumers is to advise the consumer to seek expert advice on matters related to the transaction that are beyond the licensee's expertise (9606.1 (a)(8)). A lease for a term of more than three years must be written in order to be enforceable. The Pennsylvania Real Estate Commission has the power and authority to administer and enforce the license law (406). A licensed salesperson may hold an active license with more than one Pennsylvania broker under which of the following circumstances? What type of listing agreement would require the broker to provide the seller with a written memorandum stating the terms of the agreement? Failure to include which of the following in an agreement of sale would give a buyer the option to void the agreement without a requirement of court action? To remain in active practice, the affiliates are required to find new employing brokers. Employ at least one managing broker 4. An individual who holds a salesperson's license issued by another jurisdiction wants to obtain a Pennsylvania salesperson's license. 2. Which of the following is true regarding agency relationships between licensees and consumers? What Causes Romantic Relationships Break Up? 1. The Life Of A Birmingham Jail By Martin Luther King Jr. 151. C) Performed service for Green Pro, receiving a 90-day, 6% note for$6,000. The business name as designated on the license must be included in all advertising (35.305). The buyer is interested in making an offer on the seller's property. Every two years, on the date of issuance Which of the following activities may a builder-owner salesperson employed by a builder-owner of single and multifamily dwellings legally engage in? 81. Owners of real estate conducting business with respect to their own property are not required to be licensed. 2. d) To protect the public from dishonest real estate agents, 14. 4. He then proceeds to engage in substantive discussion about their needs and motivations as he shows them the property. 7. Based on these facts, which of the following is true? Any promotional prizes or gifts issued to the purchaser remain the property of the purchaser (609 (d)). I am Real Estate and Property Management professional with extensive experience in multi-state real estate management. There is no provision in the commission rules for interviewing consumers or members of the public (35.246 (d)). 4. 11. In reference to license laws and rules and regulations of the commission, what does the term "broker of record" refer to? What is the maximum penalty that could be imposed on an individual found guilty for the second time of engaging in the real estate business without a license? 1. 158. Appointed by governor. 116. automatically suspended upon the effective date of payment by the Commission. red wing mens dress shoes; c. set regulations governing a broker's authority to interpret the terms of a contract. 44. The zoning classification, unless the property is zoned for single family housing, must be included or the buyer has the option of voiding the agreement with no requirement of court action (35.333 (a)(6)). The provisions of the license law do not apply to owners conducting business with regard to their own property. 175. 190. After 30 days, the broker calls the Pennsylvania Real Estate Commission and leaves a message informing the commission of the conviction. 3. 1. This requirement does not apply if the property is listed for sale with a real estate company (35.304). 16. 6. 64. The seller must consent in writing in order for the listing broker to extend an offer of subagency (606.1 (c)). 2. What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with an employing broker and affiliate with a different broker? When a sole proprietor broker has his or her license suspended for two years, what effect does this have on the associate brokers and salespersons affiliated with the broker? Which of the following statements about the Real Estate Recovery Fund is true? (b) How long does it take (approximately) for the balance to reach 6000 euros? 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The agent should not gain information about motivation and urgency, which is generally of a confidential nature and should not be discussed outside of an agency relationship. 39. The Commission's authority is based upon. How much is the Pennsylvania state transfer? In order to be licensed as a salesperson, the candidate must submit a license application with a sworn statement from the broker certifying that the broker will actively supervise and train the applicant (35.223 (a)). License law provides that the employing broker might not be liable for a violation committed by a licensee employed by the broker. This includes brokerage agreements: seller listing and buyer representation. Who of the following is not exempt and must hold a real estate license? B) getting keys made and installing signs. 1. 154. Explaining contract terms may be construed as practicing law. An officer of a corporation is designated by the corporation to handle the sale of a parcel of real estate owned by the corporation. The Pennsylvania Real Estate Commission does not have statutory authority to issue licenses. C) From whom may a broker receive a commission? All of the following are true regarding the Real Estate Recovery Fund EXCEPT. Serving as a courier delivering documents, or picking up keys, so long as he or she does not discuss or interpret the documents or submitting forms and changes to multiple listing services or obtaining status reports on loan progress and credit reports. Licensees must be aware of potential legal liability that could arise in this situation and should seek guidance from legal counsel. A transfer of unimproved land is subject to transfer taxes. 2. 1. C) 3. The Real Estate Commission consists of Brokers are prohibited from sharing fees with or paying compensation to an unlicensed person (604(a)(12.1)). What fines may be imposed by the Commission for rules violations? Campground membership salesperson and cemetery salesperson applicants have no examination requirement. 1. 74. 126. The commission does not arbitrate such disputes. If the commission pays an amount in settlement of a claim against a licensee, the license of that person is automatically suspended upon the effective date of payment and will not be reinstated until the licensee has repaid the amount in full plus interest at the rate of 10% per year (803 (f)). There is no education requirement or exam required for a cemetery salesperson (541). Past Chairman of the RICS Scotland Board and Chair of the RICS Scotland Regeneration and Education Forums and continues to play an active . Such activities include holding open houses for the public, preparing comparative market analyses, and negotiating loans on real estate. 51. D) 2. scripture where god says no as a protection. In most cases, it ranges from 2-3%. 1. The associate broker may manage a branch office on behalf of the broker. 124. 78. 76. This may be done after default but before the foreclosure sale. The commission may not investigate a random selection of licensees. The purpose of South Carolina license law is to: a. determine the amount of commission an agent can charge a seller. The commission website includes hearing dates and information on preparing for a parole. 47. The Statute of Frauds in Pennsylvania applies to leases for more than three years' duration. 31. A salesperson's licensed assistant worked late nights and weekends to help ensure the successful completion of a difficult transaction. There is no examination or coursework required for a cemetery salesperson. The section of the Real Estate License Exam makes up approximately 17% of the whole exam and covers knowledge of real estate trends and developments, fair practice laws, math calculations, and real estate forms. 191. Three members are appointed to represent the public at large.). The broker must maintain the earnest money deposit until the transaction is consummated or terminated. 120. Brokers are required to maintain a separate custodial or escrow account separate from any business or personal account. Adopt a name that is similar to a non-profit organization Oct 6. 2. 84. Real estate salespersons may not advertise under their own names. 166. A housing discrimination charge must be filed with the Pennsylvania Human Relations Commission within. 3. 1. 197. 85. providing legal advice on issues contained in the Indiana real estate laws and rules. 16. Appraisal activities are regulated by the State Board of Certified Real Estate Appraisers, rather than the Pennsylvania Real Estate Commission. We'll bring you back here when you are done. Can the salesperson refer the buyers to this lender in order to collect the referral fee? Campground membership salespersons (581), time-share salespersons (591), and rental listing referral agents (561) are all required to complete education or training requirements as a condition of licensure. 4. 72. 2. The commission may suspend or revoke a license or impose a fine of up to $1,000 or do both if a licensee is found guilty of making any substantial misrepresentation. Corporations, partnerships, and associations can be issued a broker's license if the individual designated as the broker of record meets the individual requirements to be issued a broker's license. 85. Statements of estimated costs and returns must. Brokers may not engage in discriminatory conduct (604(a)(22)). 3. 3. Citizenship is not a requirement for licensure nor is a degree from a college or university. 3. 206. The agent's duty of confidentiality continues after termination of the agency relationship. 15. F A firm may conduct real estate brokerage services at an office location where the firm or designated broker concurrently conducts a separate, business activity if the real estate brokerage service activities are carried out separate and apart from any other business activities by the firm or designated broker. Regarding a broker's escrow account. 122. Officers of banking institutions and attorneys in fact are excluded from the license law (304). Call: 1 669 254 5252 or +1 669 216 1590 . 155. A broker operating branch offices must maintain a list of all licensees at the main office with references to which branch office the license is displayed at. A broker is found guilty of fraud or misrepresentation and ordered to pay monetary damages to a consumer. In the license law, a "person" is defined as. 71. Being convicted in a court of competent jurisdiction in Pennsylvania or any other state could result in suspension or revocation of the broker's license (604 (a)(14)). Licensees are subject to disciplinary action by the commission including possible suspension or revocation of their licenses. A) Terms in this set (14) The Indiana Real Estate Commission consists of. 117. B. extender clause. B) Certain topics must be included in exclusive listing agreements or the licensee may face disciplinary action. 178. According to the Pennsylvania Statute of Frauds, which of the following agreements must be in writing in order to be enforceable? The salesperson with the realty company who has been working with the buyer may. 163. A broker is required to advertise under the business name designated on the license (35.305). To develop data to decide whether her theory is valid, she recorded the amount of time (in minutes) taken by students to submit their midterm tests (time limit 90 minutes) and the subsequent mark for a sample of 12 students. Mandatory provisions of an agreement of sale include disclosure to the parties regarding the role of the broker, the existence of the Real Estate Recovery Fund, and the zoning classification of property (608.2). The license of the salesperson or broker is automatically suspended 79. A salesperson engaged in activities that constitute violations of the Pennsylvania Human Relations Act, including blockbusting and discrimination on the basis of disability. c. 95 percent. The firms HL and LL are identical except for their debt-to-total-assets ratios and interest rates on debt. Regarding a real estate salesperson's license, it. The five real estate commissioners licensed as brokers must have been engaged in the real estate business for at least 10 years. A broker is convicted of felony possession and distribution of a controlled substance. 2. The Department of Housing and Urban Development generally handles fair housing, not licensing issues. 72. As a result of a hearing alleging a violation of the license law, what action may the real estate commission take? In response to this inquiry, which of the following actions by the broker are legal? 2. 67. A candidate for a broker's license in Pennsylvania must. The Pennsylvania Real Estate Commission has statutory authority to perform all of the following duties EXCEPT. Mandatory inclusions in agreements of sale include the following: copy of sales contract given to signatories, statement regarding broker's services, and that access to a public road may require obtaining a highway occupancy permit: statute (608.2) and commission rules (35.333). 139. 156. The requirement is informed consent after full disclosure as provided at the initial interview (606.4(a)). There is no education or training requirement as a condition to reactivating a license on inactive status over five years. D. No, because the Supreme Court ruling in Obergefell v. Hodges now protects these rights. The Department of State, not the Pennsylvania Real Estate Commission, issues real estate licenses (401). 1. 4. 4. 188.2. I have been a licensed mortgage broker for over ten years. - quorum is a majority of its members. A recorded stipulation against liens, a release of liens document, and mechanic's lien insurance can all be used as a means of protecting the property against claims of subcontractors of suppliers. The consumer must be provided with the Consumer Notice at the initial interview. A real estate licensee is required to provide each party with a written estimate of reasonably foreseeable expenses associated with the sale before an agreement of sale is executed (35.334 (a)). This new buyer has a right to cancel the contract. All listings, transactions, management agreements, and other contracts related to providing brokerage services are property of. 36. December 31 of the third full year Any person employed by an owner for the purpose of managing or maintaining multi-family residential property is excluded under the license law with regard to certain activities they may perform (304 (10)). The clause in a listing contract that protects the broker's commission entitlement beyond the listing term in the event of a sale of the property by the owner to a prospect who was shown the property by the listing firm or it's agents is called. In order for the licensee to have the license reinstated, the licensee must repay the full amount plus interest at the rate of 10% per year (803 (f)). 4. Real estate licensees are not permitted to practice law unless they are licensed attorneys at law. When licensees change employing brokers, they are required to notify the commission in writing no later than 10 days after the intended date of change, pay the required fee, and return their current license. A broker listed a small office building. 90. 189. 18. 4. 606.1 (b)(l) requires the nature of the service to be provided must be set forth in a written agreement between the consumer and the licensee. Under what conditions may the salesperson sell the property? Both license law and fair housing law make it illegal for a broker to accept any listing on the understanding that illegal discrimination in the sale or rental of housing will be practiced. 4. by jwkotler@mac.com, An assembly line is to operate eight hours per day with a desired output of 240 units per day. License law prohibits a salesperson or associate broker from accepting compensation from anyone other than his or her employing broker (604 (a)(12)). 32. The Pennsylvania Real Estate Commission administers and enforces laws governing the conduct of licensees (404). Interest bearing accounts are not required until the second anniversary of the lease. A licensed real estate salesperson may engage in all of the following activities on behalf of his or her employing broker EXCEPT. 2. Four days later, they decide they do not want to go through with the transaction. 179. 1. What is the best course of action for the salesperson in this situation? 20. The penalty for the first offense includes a fine. In Pennsylvania, dual agency is permitted if both parties give their fully informed consent in writing 606.4(A). Before the associate broker can begin actively selling for the new company. Employees of cities involved in an acquisition of property for eminent domain 165. Cram has partnered with the National Tutoring Association, Advantages And Disadvantages Of Dual Agents, Importance Of Listing Your Contract With A Sole Agency, Orwell 's 1984 : A Great Piece Of Literature. Approve education providers that offer or conduct courses of study in real estate. D) Forced Marriage And The Commonwealth Criminal Code Act 1995, The Theory And The Social Learning Theory. A licensed broker supervising the termination of a deceased broker's business can continue to promote existing listings unless otherwise directed by the seller but may not enter into new listing agreements nor hire new licensees. The Sun Also Rises And Daisy Buchanan Of F. 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Clerical duties such as typing, answering the phone, forwarding calls, and scheduling appointments for licensees Real Estate - A Business of Many Specializations. The listing expired, and the property was listed with a different broker. Rules of the commission permit a licensed broker to deposit personal funds into an escrow account to cover service charges assessed by the bank or to maintain a minimum balance as required by the bank (35.326 (b)). 38. The broker has fulfilled his obligation under the terms of the listing contract with the seller by procuring a ready, willing, and able buyer and is therefore entitled to recover his agreed-upon compensation.
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