PA Real Estate State Portion
maximum payment per claim for recovery fund?
$20,000
Maximum penalty for an individual found guilty for the 1st time?
$500.00 or imprisonment for 3 months
maximum penalty for individual found guilty for the second time?
$5000 and imprisonment for 2 years
An exclusive listing agreement may not contain
A listing period exceeding 1 year An automatic rewneal clause A cancellation notice to terminate the agreement at the end of the listing period set forth in the agreement.
An exclusive listing agreement shall contain
The sale or lease price Commission/Fees Duration of agreement
A BROKER is prohibited from paying a commission to anyone other than
a broker's own licensed employee OR another broker
A property manager must
be licensed to receive compensation
PA commission must include one
cemetery broker
an agreement of sale must contain
dates for payment and conveyance
real estate continuing education
must be approved by the commission
PA commission conducts business in order to
protect public interest
Lender may consider age if
the applicants income might drop due to retirement
Open Listings can be oral if
the client is provided with a written memorandum stating the terms of the agreement
broker is responsible for depositing funds into escrow by
the end of the business day
PA prizes as promotions must include
the fair market value of the prize
Real Estate Advertisements must include
the name of the license holder placing the ad and the broker's name and phone number equal size text
a salesperson is prohibited from accepting payment/commission from any person except
their licensed broker
if a licensee has ownership interest in a property
they must disclose their interest in writing to all parties
Cemetery Salesperson
No education required
A salesperson can only work for
One broker at a time
timeshare
5 days!
A tenant with a service/support animal applies for lease with a "no pet" policy, the landlord
Can not deny derive animal "service animal is not a pet"
PA code for continuing education
Complete 14 hours of continuing education Renewal date on May 31st
