RE Fundamentals CHAPTER 10: Real Estate License Law/Rules and Regulations

Real Estate Recovery Fund

"When you apply for an initial real estate license, or renew an active license, you will notice that in addition to the application or renewal fee you are required to pay, you must also pay a "Real Estate Recovery Fund" fee. As the name implies, that fee is used to fund the Real Estate Recovery Fund which is used to compensate victims of fraud, misrepresentation, or deceit by a salesperson, broker, or anyone else holding a real estate related license. To qualify for payment from the fund, a victim must first obtain a final court order or judgment against someone licensed under RELRA and then fi le an application with the court to enter an order directing payment from the Real Estate Recovery Fund. The applicant must show all the following: - That he/she is not a spouse of the debtor, or the personal representative of the spouse. - That he/she has obtained a final judgment. - That all reasonable steps have been taken to try and collect the money owed pursuant to the judgment. - That no more than one year has passed since the termination of the court case that resulted in the judgment. The one year time limit begins after all court reviews and appeals have been exhausted.

If you change employers, you must notify the Commission no later than ............ days after your change of employment. - 10 - 60 - 100 - 180

10

If you wish to change your employment and work for a different licensed Broker, you must notify the Commission in writing within ............days. - 90 - 60 - 180 - 10

10

In order to renew your real estate salespersons license, you must take ............ hours of Commission approved continuing education classes every two years. 25 60 2 14

14

In order to take the real estate broker's exam, you must have completed ............hours of study approved by the Commission. 360 120 90 240

240

RELRA regulation which states the following: "(a) Each broker (which term in this section shall include cemetery broker) and rental listing referral agent who holds a standard license shall maintain a fixed office within this Commonwealth. The current license of such a rental listing referral agent or broker and of each licensee employed by such broker or rental listing referral agent shall be prominently displayed in an office of the broker or rental listing referral agent. The address of the office shall be designated on the current license. In case of removal of a broker's office from the designated location, all licensees registered at that location shall make application to the commission before such removal or within ten days thereafter, designating the new location of the office, and shall pay the required fees, whereupon the commission shall issue a current license at the new location for the unexpired period, if the new location complies with the terms of this act. Each broker who holds a standard license shall maintain a sign on the outside of his office indicating the proper licensed brokerage name. (b) If the applicant for a standard broker's license intends to maintain more than one place of business within the Commonwealth, he shall apply for and obtain an additional license in his name at each office. Every such application shall 15 state the location of such office. Each office shall be under the direction and supervision of a manager who is either the broker or an associate broker: Provided, however, That such broker or an associate broker may direct and supervise more than one office."

455.601. Duty of brokers, cemetery brokers and rental listing referral agents to maintain office

RELRA regulation which states the following: "(a) Any person who holds a current license to provide real estate services issued by another state and whose principal place of business for the provision of those services is outside of this Commonwealth may be issued a reciprocal license under this act in accordance with this section. The reciprocal license shall be the type of license that the commission determines is most similar to the type of license issued by the otherstate. (b) Obtaining a reciprocal license shall constitute sufficient contact with this Commonwealth for the exercise of personal jurisdiction by the commission and the courts of this Commonwealth over the licensee in any action or proceeding arising out of acts or omissions by the licensee: (1) in this Commonwealth; or (2) relating to an actual or proposed transaction involving real property located in this Commonwealth. (c) The commission shall issue a reciprocal license upon the filling with the commission of an application and the receipt of: (1) a duly certified copy of a current license issued to the applicant by the state in which the principal place of business of the applicant is located, or a certified statement that the applicant holds a current license in that state, in either case sent to the commission by the appropriate licensing body in that state; (2) a certified statement sent to the commission by that licensing body as to whether the applicant has been the subject of any disciplinary proceeding and the details of those proceedings; and (3) a verified statement from the applicant that: (i) to the knowledge of the applicant, the applicant is not the subject of discipline or a current investigation or proceeding alleging misconduct under a licensing law or criminal law of either this Commonwealth or another jurisdiction; (ii) the applicant has reviewed and is familiar with this act and the rules and regulations of the commission and that the applicant agrees to be bound by this act and those rules and regulations; and (iii) the applicant agrees to permit the disclosure to the commission of the record in any disciplinary proceeding involving alleged misconduct by the applicant from any jurisdiction in which the applicant is or has been licensed. (4) payment of a fee in the same amount as the fee required to be paid in connection with the issuance of a standard license of the same type; and (5) a consent to service of process in a form prescribed by the rules and regulation of the commission. (d) This section may be implemented by written reciprocal licensing agreements with the real estate licensing authorities of other states as follows: (1) The Commission may enter into such an agreement whenever the commission in its discretion determines that such an agreement is necessary or desirable to provide residents of the Commonwealth with the opportunity to secure a license in the other state substantially comparable to the opportunity afforded to residents of the other state by this section. (2) It shall not be necessary for the commission to have entered into an agreement with a particular state in order for the commission to issue a reciprocal license under this section to an applicant from that state, subject to the restrictions in subsection (e)."

455.602. Reciprocal licenses

RELRA regulation which states the following: "(a) No associate broker or salesperson (which term in this section shall include cemetery salesperson) shall be employed by any other broker than is designated upon the current license issued to said associate broker or said salesperson. Whenever a licensed salesperson or associate broker desires to change his employment from one licensed broker to another, he shall notify the commission in writing no later than ten days after the intended date of change, pay the required fee, and return his current license. The commission, shall, upon receipt of acknowledgment from the new broker of the change of employment issue a new license. In the interim at such time as the change in affiliation of the salesperson or associate broker occurs, he shall maintain a copy of the notification sent to the commission as his temporary license pending receipt of his new current license. It shall be the duty of the applicant to notify the commission if a new license or other pertinent communication is not received from the commission within 30 days. (b) No campground membership salesperson or time-share salesperson shall be supervised by any other broker than is designated upon the current license issued to such salesperson. Whenever a campground membership salesperson or a timeshare salesperson desires to be supervised by a different broker, such licensee and the commission shall follow the procedure specified in subsection (a) for real estate salespersons."

455.603. Employment of associate brokers, salesperson

RELRA regulation which states the following: "(a) The commission may upon its own motion, and shall promptly upon the verified complaint in writing of any person setting forth a complaint under this section, ascertain the facts and, if warranted, hold a hearing for the suspension or revocation of a license or registration certificate or for the imposition of fines not exceeding $ 1,000, or both. The commission shall have power to refuse a license or registration certificate for cause or to suspend or revoke a license or registration certificate or to levy fines up to $ 1,000, or both, where the said license has been obtained by false representation, or by fraudulent act or conduct, or where a licensee or registrant, in performing or attempting to perform any of the acts mentioned herein, is found guilty of: (1) Making any substantial misrepresentation. (2) Making any false promise of a character likely to influence, persuade or induce any person to enter into any contract or agreement when he could not or did not intend to keep such promise. (3) Pursuing a continued and flagrant course of misrepresentation or making of false promises through salesperson, associate broker, other persons, or any medium of advertising, or otherwise. (4) Any misleading or untruthful advertising, or using any other trade name or insignia or membership in any real estate association or organization, of which the licensee is not a member. (5.1) Failing to comply with any of the requirements of section 608.e. (6) Failing to preserve for three years following its consummation records relating to any real estate transaction. (7) Acting for more than one party in a transaction without the knowledge and consent in writing of all parties for whom he acts. (8) Placing a "for sale" or "for rent" sign on or advertising any property without the written consent of the owner, or his authorized agent. (9) Failing to voluntarily furnish a copy of any listing, sale, lease, or other contract relevant to a real estate transaction to all signatories thereof at the time of execution. (10) Failing to specify a definite termination date that is not subject to prior notice, in any listing contract. (11) Inducing any party to a contract, sale or lease to break such contract for the purpose of substitution in lieu thereof of a new contract, where such substitution is motivated by the personal gain of the licensee. (12) Accepting a commission or any valuable consideration by a salesperson or associate broker for the performance of any acts specified in this act, from any person, except the licensed real estate broker with whom he is affiliated. (12.1) Paying of a commission or any valuable consideration by a broker to anyone other than his licensed employees or another real estate broker for the performance of any acts specified in this act. (13) Failing to disclose to an owner in writing his intention or true position if he directly or indirectly through a third party, purchased for himself or acquires or intends to acquire any interest in or any option to purchase property which has been listed with his office to sell or lease. (14) Being convicted in a court of competent jurisdiction in this or any other state, or Federal court, of forgery, embezzlement, obtaining money under false pretenses, bribery, larceny, extortion, conspiracy to defraud, or any similar offense or offenses, or any felony or pleading guilty or nolo contendere to any such offense or offenses. (15) Violating any rule or regulation promulgated by the commission in the interest of the public and consistent with the provisions of this act. (15.1) Failing to provide a disclosure required by this act or any other Federal or State law imposing a disclosure obligation on licensees in connection with real estate transactions. (16) In the case of a broker licensee, failing to exercise adequate supervision over the activities of his licensed salespersons or associate brokers within the scope of this act. (17) Failing, within a reasonable time as defined by the commission, to provide information requested by the commission as the result of a formal or informal complaint to the commission, which would indicate a violation of this act. (18) Soliciting, selling or offering for sale real property by offering free lots, or conducting lotteries or contests or offering prizes for the purpose of influencing by deceptive conduct any purchaser or prospective purchaser of real property. The commission shall promulgate necessary rules and regulations to provide standards for nondeception conduct under this paragraph. (i) Any offering by mail or by telephone of any prize, gift, award or bonus in relation to the offering of sale of real property, including time sharing, shall be accompanied by a statement of the fair market value, not suggested retail price, of all prizes offered, plus a statement of the odds of receiving any such prize. If the offering is by mail the statement of value and odds shall be printed in a clear and conspicuous manner. (ii) If a prize is to be awarded as a rebate, coupon or discount certificate, a statement of that fact shall be included. An offering by mail shall include a statement of any fees and the maximum amount of each which the prizewinner must pay in order to receive the prize. Such fees shall include, but not be limited to, dealer preparation, shipping, handling, redemption and shipping insurance. Each fee associated with a prize and the odds of receiving the prize shall appear in a clear and conspicuous manner on any offering by mail. (iii) An offering by mail shall be written in a clear and coherent manner, using common usages of words and terms. A concise description of the real property or interest being promoted shall appear in any offering and shall include a statement that the interest is a time share, where applicable. If the prospective prizewinner must personally visit and inspect the real property or interest being promoted and listen to a sales presentation in order to win a prize, the offering shall include a statement of that fact. An offering may include instructions for a recipient to contact a certain telephone number within a specified time period or by a specified date, if the offeror identifies the business entity and its relationship to the offeror and complies with this paragraph. (iv) Substitutions of prizes having equal or greater fair market value may be made if the offeror complies with this paragraph. (v) (a) If a prospective purchaser must attend a time share sales presentation as a condition of the offering, the required disclosures for the offering shall: (I) Be provided in writing or electronically, notorally. (II) Be stated in a clear, coherent and conspicuous manner. (III) For the disclosure regarding the scheduled sales presentation, appear in bold face type. (b) The disclosures shall be provided at least once before the scheduled sales presentation and in a reasonable period of time before the scheduled sales presentation to ensure that the prospective purchaser receives the disclosures before departure to attend the sales presentation. If the initial invitation to the sales presentation is made to a prospective purchaser while the purchaser is on the premises, the disclosures may be provided directly to the prospective purchaser prior to the sales presentation. (c) The required disclosures need not be in every advertisement or other written, oral or electronic communication provided or made to a prospective purchaser before a scheduled sales presentation. (vi) As used in this paragraph, the term "prize" includes, but is not limited to, money, personal property, vacations, travel certificates, motor vehicles and appliances. (19) Paying or accepting, giving or charging any undisclosed commission, rebate, compensation or profit or expenditures for a principal, or in violation of this act. (20) Any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency. (21) Performing any act for which an appropriate real estate license is required and is not currently in effect. (22) Violating any provision of the act of October 27, 1955 (P.L. 744, No. 222), known as the "Pennsylvania Human Relations Act," or any order or consent decree of the Pennsylvania Human Relations Commission issued pursuant to such act if such order or consent decree resulted from a complaint of discrimination in the area of activities authorized by virtue of this act. (i) Such activities include but are not limited to: (A) Accepting listings on the understanding that illegal discrimination in the sale or rental of housing is to be practiced due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of a prospective lessee or purchaser. (B) Giving false information for purposes of discrimination in the rental or sale of housing due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of a prospective lessee orpurchaser. (C) Making distinctions in locations of housing or dates of availability of housing for purposes of discrimination in the rental or sale of such housing due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of the prospective lessee or purchaser. (ii) Nothing contained in this paragraph is intended to preclude the State Real Estate Commission from conducting its own investigation and maintaining its own file on any complaint of discrimination. The intent hereunder is to allow the Pennsylvania Human Relations Commission a reasonable period of time to conduct its own investigations, hold hearings, render its decisions and inform the State Real Estate Commission of its findings prior to the State Real Estate Commission taking action against any broker, salesperson or sales associate charged with a violation of this paragraph. (iii) If in the event the Pennsylvania Human Relations Commission does not act on a discrimination complaint within 90 days after it is filed with the Pennsylvania Human Relations Commission then the State Real Estate Commission may proceed with action against such licensee. (iv) The 90-day waiting period delaying State Real Estate Commission action against licensee accused of discrimination applies only in initial complaints against such licensee, second or subsequent complaints may be brought by individuals or the Pennsylvania Human Relations Commission directly to the State Real Estate Commission. (v) The Pennsylvania Human Relations Commission shall notify the State Real Estate Commission of findings of violations by the Human Relations Commission against licensees under this act concerning the sale, purchase or lease of real estate in violation of the "Pennsylvania Human Relations Act." (23) In the case of a cemetery company registrant, violating any provisions of Title 9 of the Pennsylvania Consolidated Statutes (relating to burial grounds). (24) In the case of a cemetery company registrant, violating any provisions of the act of August 14, 1963 (P.L.1059, No.459), entitled "An act prohibiting future need sales of cemetery merchandise and services, funeral merchandise and services, except under certain conditions; requiring the establishment of and deposit into a merchandise trust fund of certain amount of the proceeds of any such sale; providing for the administration of such trust funds and the payment of money therefrom; conferring powers and imposing duties on orphans' courts, and prescribing penalties." (25) Violating section 606 or 607. (26) Violating section 609. (27) In the case of a broker licensee, failing to exercise adequate supervision over the activities of a campground membership salesperson or a time-share salesperson within the scope of this act. (28) Failure of a broker, campground membership salesperson or time-share salesperson to comply with the requirements of paragraph (5), or such alternative requirements established by the rules of the commission, in connection with deposits or other moneys received by the broker, campground membership salesperson or time- share salesperson in conjunction with the sale of a campground membership or a time share. (29) Violating section 602 (30) Having been disciplined under a real estate licensing law of another jurisdiction, including, but not limited to, having a license suspended or revoked, a fine or penalty imposed, or being censured or reprimanded publicly or privately; except that the commission shall not have the authority to levy a fine solely on the basis of this paragraph. (31) Owning an interest in a qualified association that does any of the following: (i) Participates in any of the prohibited acts under this subsection. (ii) Is not solely owned by licensees who are all affiliated with the same broker. (iii) Holds itself out to the public as providing real estate services or real estate-related services. (b) All fines and civil penalties imposed in accordance with section 305 and this section shall be paid into the Professional Licensure Augmentation Account. (c) Notwithstanding any other provision of this act, it is not unlawful for a broker to pay a commission or compensation to a qualified association or for an associate broker or salesperson to receive a commission or compensation for the provision of real estate services or real estate-related services from a qualified association in which the associate broker or salesperson owns an interest."

455.604. Prohibited acts

RELRA regulation which states the following: "(a) The commission may upon its own motion, and shall promptly upon the verified complaint in writing of any person setting forth a complaint under this section, ascertain the facts and, if warranted, hold a hearing for the suspension or revocation of a license or registration certificate or for the imposition of fines not exceeding $ 1,000, or both. The commission shall have power to refuse a license or registration certificate for cause or to suspend or revoke a license or registration certificate or to levy fines up to $ 1,000, or both, where the said license has been obtained by false representation, or by fraudulent act or conduct, or where a licensee or registrant, in performing or attempting to perform any of the acts mentioned herein, is found guilty of: (1) Making any substantial misrepresentation. (2) Making any false promise of a character likely to influence, persuade or induce any person to enter into any contract or agreement when he could not or did not intend to keep such promise. (3) Pursuing a continued and flagrant course of misrepresentation or making of false promises through salesperson, associate broker, other persons, or any medium of advertising, or otherwise. (4) Any misleading or untruthful advertising, or using any other trade name or insignia or membership in any real estate association or organization, of which the licensee is not a member. (5.1) Failing to comply with any of the requirements of section 608.e. (6) Failing to preserve for three years following its consummation records relating to any real estate transaction. (7) Acting for more than one party in a transaction without the knowledge and consent in writing of all parties for whom he acts. (8) Placing a "for sale" or "for rent" sign on or advertising any property without the written consent of the owner, or his authorized agent. (9) Failing to voluntarily furnish a copy of any listing, sale, lease, or other contract relevant to a real estate transaction to all signatories thereof at the time of execution. (10) Failing to specify a definite termination date that is not subject to prior notice, in any listing contract. (11) Inducing any party to a contract, sale or lease to break such contract for the purpose of substitution in lieu thereof of a new contract, where such substitution is motivated by the personal gain of the licensee. (12) Accepting a commission or any valuable consideration by a salesperson or associate broker for the performance of any acts specified in this act, from any person, except the licensed real estate broker with whom he is affiliated. (12.1) Paying of a commission or any valuable consideration by a broker to anyone other than his licensed employees or another real estate broker for the performance of any acts specified in this act. (13) Failing to disclose to an owner in writing his intention or true position if he directly or indirectly through a third party, purchased for himself or acquires or intends to acquire any interest in or any option to purchase property which has been listed with his office to sell or lease. (14) Being convicted in a court of competent jurisdiction in this or any other state, or Federal court, of forgery, embezzlement, obtaining money under false pretenses, bribery, larceny, extortion, conspiracy to defraud, or any similar offense or offenses, or any felony or pleading guilty or nolo contendere to any such offense or offenses. (15) Violating any rule or regulation promulgated by the commission in the interest of the public and consistent with the provisions of this act. (15.1) Failing to provide a disclosure required by this act or any other Federal or State law imposing a disclosure obligation on licensees in connection with real estate transactions. (16) In the case of a broker licensee, failing to exercise adequate supervision over the activities of his licensed salespersons or associate brokers within the scope of this act. (17) Failing, within a reasonable time as defined by the commission, to provide information requested by the commission as the result of a formal or informal complaint to the commission, which would indicate a violation of this act. (18) Soliciting, selling or offering for sale real property by offering free lots, or conducting lotteries or contests or offering prizes for the purpose of influencing by deceptive conduct any purchaser or prospective purchaser of real property. The commission shall promulgate necessary rules and regulations to provide standards for nondeception conduct under this paragraph. (i) Any offering by mail or by telephone of any prize, gift, award or bonus in relation to the offering of sale of real property, including time sharing, shall be accompanied by a statement of the fair market value, not suggested retail price, of all prizes offered, plus a statement of the odds of receiving any such prize. If the offering is by mail the statement of value and odds shall be printed in a clear and conspicuous manner. (ii) If a prize is to be awarded as a rebate, coupon or discount certificate, a statement of that fact shall be included. An offering by mail shall include a statement of any fees and the maximum amount of each which the prizewinner must pay in order to receive the prize. Such fees shall include, but not be limited to, dealer preparation, shipping, handling, redemption and shipping insurance. Each fee associated with a prize and the odds of receiving the prize shall appear in a clear and conspicuous manner on any offering by mail. (iii) An offering by mail shall be written in a clear and coherent manner, using common usages of words and terms. A concise description of the real property or interest being promoted shall appear in any offering and shall include a statement that the interest is a time share, where applicable. If the prospective prizewinner must personally visit and inspect the real property or interest being promoted and listen to a sales presentation in order to win a prize, the offering shall include a statement of that fact. An offering may include instructions for a recipient to contact a certain telephone number within a specified time period or by a specified date, if the offeror identifies the business entity and its relationship to the offeror and complies with this paragraph. (iv) Substitutions of prizes having equal or greater fair market value may be made if the offeror complies with this paragraph. (v) (a) If a prospective purchaser must attend a time share sales presentation as a condition of the offering, the required disclosures for the offering shall: (I) Be provided in writing or electronically, notorally. (II) Be stated in a clear, coherent and conspicuous manner. (III) For the disclosure regarding the scheduled sales presentation, appear in boldfacetype. (b) The disclosures shall be provided at least once before the scheduled sales presentation and in a reasonable period of time before the scheduled sales presentation to ensure that the prospective purchaser receives the disclosures before departure to attend the sales presentation. If the initial invitation to the sales presentation is made to a prospective purchaser while the purchaser is on the premises, the disclosures may be provided directly to the prospective purchaser prior to the sales presentation. (c) The required disclosures need not be in every advertisement or other written, oral or electronic communication provided or made to a prospective purchaser before a scheduled sales presentation. (vi) As used in this paragraph, the term "prize" includes, but is not limited to, money, personal property, vacations, travel certificates, motor vehicles and appliances. (19) Paying or accepting, giving or charging any undisclosed commission, rebate, compensation or profit or expenditures for a principal, or in violation of this act. (20) Any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency. (21) Performing any act for which an appropriate real estate license is required and is not currently in effect. (22) Violating any provision of the act of October 27, 1955 (P.L. 744, No. 222), known as the "Pennsylvania Human Relations Act," or any order or consent decree of the Pennsylvania Human Relations Commission issued pursuant to such act if such order or consent decree resulted from a complaint of discrimination in the area of activities authorized by virtue of this act. (i) Such activities include but are not limited to: (A) Accepting listings on the understanding that illegal discrimination in the sale or rental of housing is to be practiced due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of a prospective lessee or purchaser. (B) Giving false information for purposes of discrimination in the rental or sale of housing due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of a prospective lessee or purchaser. (C) Making distinctions in locations of housing or dates of availability of housing for purposes of discrimination in the rental or sale of such housing due to race, color, religious creed, sex, ancestry, national origin, physical handicap, disability or use of a guide dog because of blindness of user of the prospective lessee or purchaser. (ii) Nothing contained in this paragraph is intended to preclude the State Real Estate Commission from conducting its own investigation and maintaining its own file on any complaint of discrimination. The intent hereunder is to allow the Pennsylvania Human Relations Commission a reasonable period of time to conduct its own investigations, hold hearings, render its decisions and inform the State Real Estate Commission of its findings prior to the State Real Estate Commission taking action against any broker, salesperson or sales associate charged with a violation of this paragraph. (iii) If in the event the Pennsylvania Human Relations Commission does not act on a discrimination complaint within 90 days after it is filed with the Pennsylvania Human Relations Commission then the State Real Estate Commission may proceed with action against such licensee. (iv) The 90-day waiting period delaying State Real Estate Commission action against licensee accused of discrimination applies only in initial complaints against such licensee, second or subsequent complaints may be brought by individuals or the Pennsylvania Human Relations Commission directly to the State Real Estate Commission. (v) The Pennsylvania Human Relations Commission shall notify the State Real Estate Commission of findings of violations by the Human Relations Commission against licensees under this act concerning the sale, purchase or lease of real estate in violation of the "Pennsylvania Human Relations Act." (23) In the case of a cemetery company registrant, violating any provisions of Title 9 of the Pennsylvania Consolidated Statutes (relating to burial grounds). (24) In the case of a cemetery company registrant, violating any provisions of the act of August 14, 1963 (P.L.1059, No.459), entitled "An act prohibiting future need sales of cemetery merchandise and services, funeral merchandise and services, except under certain conditions; requiring the establishment of and deposit into a merchandise trust fund of certain amount of the proceeds of any such sale; providing for the administration of such trust funds and the payment of money therefrom; conferring powers and imposing duties on orphans' courts, and prescribing penalties." (25) Violating section 606 or 607. (26) Violating section 609. (27) In the case of a broker licensee, failing to exercise adequate supervision over the activities of a campground membership salesperson or a time-share salesperson within the scope of this act. (28) Failure of a broker, campground membership salesperson or time-share salesperson to comply with the requirements of paragraph (5), or such alternative requirements established by the rules of the commission, in connection with deposits or other moneys received by the broker, campground membership salesperson or time- share salesperson in conjunction with the sale of a campground membership or a time share. (29) Violating section 602. (30) Having been disciplined under a real estate licensing law of another jurisdiction, including, but not limited to, having a license suspended or revoked, a fine or penalty imposed, or being censured or reprimanded publicly or privately; except that the commission shall not have the authority to levy a fine solely on the basis of this paragraph. (31) Owning an interest in a qualified association that does any of the following: (i) Participates in any of the prohibited acts under this subsection. (ii) Is not solely owned by licensees who are all affiliated with the same broker. (iii) Holds itself out to the public as providing real estate services or real estate-related services. (b) All fines and civil penalties imposed in accordance with section 305 and this section shall be paid into the Professional Licensure Augmentation Account. (c) Notwithstanding any other provision of this act, it is not unlawful for a broker to pay a commission or compensation to a qualified association or for an associate broker or salesperson to receive a commission or compensation for the provision of real estate services or real estate-related services from a qualified association in which the associate broker or salesperson owns an interest."

455.604. Prohibited acts

RELRA regulation which states the following: "A broker may act in a real estate transaction, subject to the provisions of this act, as a seller/landlord agent, buyer/tenant agent, as a dual agent for seller/landlord and buyer/tenant or as a transaction licensee. Licensees employed by a broker shall bear the same relationship to the consumer as the broker, except that a broker, including one serving as a dual agent, may designate a licensee to act exclusively as agent of a particular seller/landlord and may designate another licensee to act exclusively as agent of a particular buyer/tenant."

455.606. Relationships between brokers and consumers of real estate services

RELRA regulation which states the following: "(a) Regardless of whether a licensee is acting within the scope of an agency relationship with a consumer, a licensee owes to all consumers to whom the licensee renders real estate services the following duties, which may not be waived: (1) to exercise reasonable professional skill and care which meets the practice standards required by this act; (2) to deal honestly and in good faith; (3) to present all written offers, written notices and other written communications to and from parties to a real estate transaction in a timely manner, except that the duty of a licensee under this paragraph to present written offers may be waived by a seller of a property that is subject to an existing contract for sale if: (i) the waiver is in writing; and (ii) the waiver is in the manner prescribed by the commission by regulation; (4) to comply with those obligations imposed upon a licensee by the act of July 2, 1996 (P.L. 500, No. 84), known as the "Real Estate Seller Disclosure Act"; (5) to account in a timely manner for all money and property received from or on behalf of any consumer to a transaction consistent with the provisions of section608.5; (6) to provide the consumer with information at the initial interview pursuant to section 608; (7) to timely disclose to the consumer any conflicts of interest; (8) to advise the consumer to seek expert advice on matters relating to the transaction that are beyond the licensee's expertise; (9) to ensure that all services that are to be provided to the consumer are provided in a reasonable, professional and competent manner in accordance with the practice standards of this act; (10) to advise the consumer regarding the status of the transaction; (11) to advise the consumer of tasks that must be completed to satisfy an agreement or condition for settlement, provide assistance with document preparation and advise the consumer regarding compliance with laws pertaining to real estate transactions; (12) to present all offers and counter offers in a timely manner, unless a party has directed the licensee otherwise in writing; and (13) to provide disclosure to the consumer regarding any financial interest, including, but not limited to, a referral fee or commission, which a licensee has in any services to be provided to the consumer by any other person, including, but not limited to, financial services, title transfer and preparation services, insurance, construction, repair or inspection services. The licensee shall also provide disclosure regarding any financial interest which an affiliated licensee may have in any services to be provided to the consumer by any other person. The disclosures required by this paragraph shall be made at the time the licensee first recommends that the consumer purchase a service in which the licensee or an affiliated licensee has a financial interest or when the licensee first learns that the consumer will be purchasing a service in which the licensee or an affiliated licensee has a financial interest. (14) A licensee must report to the commission within 30 days of forming or joining a qualified association all of the following: (i) Name of the qualified association. (ii) Names of the owners of the qualified association (iii) The jurisdiction where the qualified association is registered. (iv) Date the qualified association was registered. (v) Changes in ownership of the qualified association. (b) (1) A licensee may not perform a service for a consumer of real estate services for a fee, commission or other valuable consideration paid by or on behalf of the consumer unless the nature of the service and the fee to be charged are set forth in a written agreement between the broker and the consumer that is signed by the consumer. This paragraph shall not prohibit a licensee from performing services before such an agreement is signed, but the licensee is not entitled to recover a fee, commission or other valuable consideration in the absence of such a signed agreement. (2) Notwithstanding paragraph (1), an open listing agreement or a nonexclusive agreement for a licensee to act as a buyer/tenant agent may be oral if the seller or buyer is provided with a written memorandum stating the terms of the agreement. (3) Nothing in this subsection shall require a transaction licensee or subagent who is cooperating with the listing broker to obtain a written agreement from the seller. (4) A subagent or transaction licensee who is cooperating with the listing broker for a fee paid by the listing broker or seller shall provide the buyer, prior to performing any services, with a written disclosure statement signed by the buyer, describing the nature of the services to be performed by the subagent or transaction licensee and containing the information required by section 608. If the buyer refuses to sign the statement, the licensee shall note the refusal on the statement and retain it for sixmonths. (c) A broker may not extend or delegate the broker's agency relationship with a principal to another broker without the written consent of the principal. (d) A broker may compensate another broker who assists in the marketing and sale/lease of a consumer's property. Payment of compensation alone does not create an agency relationship between the consumer and the other broker. (e) The fact that a licensee representing a seller/landlord also presents alternative properties to prospective buyer/tenants does not in itself constitute a breach of a duty or obligation owed by the licensee to the seller/landlord. (f) The fact that a licensee representing a buyer/tenant also presents alternative properties in which that buyer/tenant is interested to other prospective buyer/tenants does not in itself constitute a breach of a duty or obligation owed by the licensee to that buyer/tenant. (g) A licensee may not knowingly, during or following the termination of an agency relationship reveal confidential information of the principal, or use confidential information of the principal to the advantage of the licensee or a third party, except when: (1) disclosure is made with the consent of the principal; (2) the information is disclosed to another licensee or third party acting solely on the principal's behalf and not for any other party; (3) the information is required to be disclosed under subpoena or court order; (4) it is the intention of the principal to commit a crime and the disclosure of information is believed necessary to prevent the crime; or (5) the information is used to defend the licensee in a legal proceeding against an accusation of wrongful conduct. (h) A consumer of real estate services shall not be liable for the acts of a licensee unless the licensee is acting pursuant to the express direction of the consumer or the licensee is acting based upon a representation of the consumer reasonably relied upon by the licensee. A licensee shall not be liable for acts of a consumer of real estate services unless the consumer is acting at the express direction of the licensee or the consumer is acting as a result of a representation by a licensee reasonably relied on by the consumer. (i) Unless otherwise agreed, a licensee owes no duty to conduct an independent inspection of the property and owes no duty to independently verify the accuracy or completeness of any representation made by a consumer to a transaction reasonably believed by the licensee to be accurate and reliable. (j) Nothing in this section shall be construed to relieve a licensee of any duty imposed by another provision of this act."

455.606.a Duties of licensee generally

RELRA regulation which states the following: "In addition to the duties generally required of a licensee as set forth in section 606.1, the duties of the broker acting as an agent for the seller include the following: (1) to be loyal to the seller by taking action that is consistent with the seller's interest in a transaction; and (2) to make a continuous and good faith effort to find a buyer for the property, except that a seller's broker is not obligated to seek additional offers to purchase the property while the property is subject to an existing agreement for sale."

455.606b. Duties of seller's agent

RELRA regulation which states the following: "In addition to the duties generally required of a licensee as set forth in section 606.1, the duties of the broker acting as an agent of the buyer include the following: (1) to be loyal to the buyer by taking action that is consistent with the buyer's interest in a transaction; (2) to make a continuous and good faith effort to find a property for the buyer, except that a buyer's broker is not obligated to seek additional properties for purchase while the buyer is subject to an existing contract for sale; and (3) to disclose to the listing broker, at first contact, that the broker has been engaged as a buyer's agent. In the absence of a listing broker, this disclosure shall be made to the seller"

455.606c. Duties of buyer's broker

RELRA regulation which states the following: "(a) A licensee may act as a dual agent only with the written consent of both parties to the transaction following the disclosures given at the initial interview required by section 608. The consent must include a statement of the terms of compensation. (b) In addition to the duties generally required of a licensee as set forth in section 606.1, the duties of a dual agent include the following: (1) to take no action that is adverse or detrimental to either party's interest in a transaction; (2) unless otherwise agreed to in writing, to make a continuous and good faith effort to find a buyer for the property, except that a dual agent is not obligated to seek additional offers to purchase the property while it is subject to an existing contract for sale; and (3) unless otherwise agreed to in writing, to make a continuous and good faith effort to find a property for the buyer, except that a dual agent is not obligated to seek additional properties to purchase while the buyer is a party to an existing contract to purchase. (c) A dual agent may show alternative properties not owned by the seller to prospective buyers and may list competing properties for sale without breaching any duty to the seller. A dual agent may show properties in which the buyer is interested to other prospective buyers without breaching any duty to the buyer"

455.606d. Duties of dual agent

RELRA regulation which states the following: "(a) (1) In an agency relationship with a principal, the broker may, with the written consent of the principal, designate one or more licensees employed by the broker to serve as the designated agent of the principal to the exclusion of all other licensees employed by the same broker. A broker who represents both the seller/landlord and the buyer/tenant in the same transaction is a dual agent. Dual agency is permitted only as provided in section 606.4. (2) A broker designating licensees to act as designated agents shall take reasonable care to protect any confidential information disclosed by a principal to his or her designatedagent. (3) A broker has the responsibility to direct and supervise the business activities of designated agents and thereby owes duties to both the seller/landlord and the buyer/tenant as a dual agent. (b) In addition to the duties generally required of a licensee as set forth in section 606.1, where principals to a transaction are represented by designated agents employed by the same broker, the duties of a designated agent include the following: (1) to be loyal to the principal with whom the agent is working by taking action that is consistent with that principal's interest in the transaction; (2) to make a continuous and good faith effort to find a buyer for a principal who is a seller, or to find a property for a principal who is a buyer. A designated agent is not, however, obligated to seek additional offers for a seller principal while the property is subject to an existing contract for sale or, with regard to a principal buyer, to seek additional properties to purchase while the buyer is a party to an existing contract for purchase; and (3) to disclose to the principal, prior to writing or presenting an offer to purchase, that the other party to the transaction is also represented by a licensee employed with the same broker. The disclosure shall confirm that the broker is a dual agent in the transaction."

455.606e. Duties of designated agent

RELRA regulation which states the following: "In addition to the duties generally required of a licensee as set forth in section 606.1, the duties of a transaction licensee include the following: (1) to advise the consumer to be assisted that the licensee is not acting as an agent or advocate of the consumer and should not be provided with confidential information;and (2) to provide limited confidentiality. A licensee shall not disclose information that the seller will accept a price less than the asking price or listed price, that the buyer will pay a price greater than the price submitted in a written offer or that a seller or buyer will agree to financing terms other than those offered."

455.606f. Duties of transaction licensee

RELRA regulation which states the following: (a) Except as set forth in subsections (b), (c), (d), (e), and (f), the commission shall establish rules or regulations which shall set forth the manner and method of disclosure of information to the prospective buyer/tenant or seller/landlord during the initial interview. For the purposes of this section, the initial interview is the first contact between a licensee and a consumer of real estate-related services where a substantive discussion about real estate needs occurs. Such disclosure shall be provided on a form adopted by the commission by regulation and shall include, but shall not be limited to: (1) A disclosure of the relationships in which the broker may engage with the consumer. The disclosure shall describe the duties that the broker owes in each relationship provided for in this act. (2) A statement informing sellers and buyers of their option to have an agency relationship with a broker, that an agency relationship is not to be presumed and that it will exist only as set forth in a written agreement between the broker and consumer of real estate service acknowledged by the consumer. (3) A statement that a real estate consumer has the right to enter into a negotiated agreement with the broker limiting the activities or practices that the broker will provide for on behalf of the consumer and that the fee and services to be provided are to be determined by negotiations between the consumer and thebroker. (4) A statement identifying any possibility that the broker may provide services to another consumer who may be party to the transaction and, if so, an explanation of the duties the broker may owe the other party and whether the broker may accept a fee for those services. (5) A statement identifying any possibility that the broker may designate one or more licensees affiliated with the broker to represent the separate interestof the parties to the transaction. (6) A statement of the broker's policies regarding cooperation with other brokers, including the sharing of fees. (7) A statement that a buyer's broker may be paid a fee that is a percentage of the purchase price and the buyer's broker, even if compensated by the listing broker, will represent the interests of the buyer. (8) A statement that the duration of the broker's employment and the broker's fees are negotiable. (9) The purpose of the Real Estate Recovery Fund and the telephone number of the commission at which further information about the fund may be obtained. (10) A statement that the duration of the listing agreement or contract and the broker's commission are negotiable. (11) A statement that any sales agreement must contain the zoning classification of a property except in cases where the property (or each parcel thereof, if subdividable) is zoned solely or primarily to permit single-familydwellings. (b) The following apply to leases: (1) Subsection (a) shall not apply and disclosure shall be in accordance with paragraph (2) if the licensee is providing information on a property or otherwise dealing with a prospective tenant for the purpose of rental only and if the licensee is: (i) the actual owner/landlord of the real property, including the owner of an equity interest in an actual owner/landlord of the real property; (ii) the direct employee of the owner/landlord of the real property; or (iii) leasing the real property pursuant to a property management agreement or an exclusive leasing agreement with the owner/landlord of the real property. (2) In cases under paragraph (1), the licensee shall provide to the prospective tenant a written statement indicating the capacity in which the licensee is acting. The written statement shall be provided at the time of the initial interview unless a rental application is required by the licensee, in which case the written statement shall be provided at the time the rental application is taken. The written statement shall be provided at the beginning of the rental application and shall be in the followingform: CONSUMER NOTICE THIS IS NOT A CONTRACT (licensee) hereby states that with respect to this property, ( describe property), I am acting in the following capacity: (check one) (i) owner/landlord of the property; (ii) a direct employee of the owner/landlord; or (iii) an agent of the owner/landlord pursuant to a property management or exclusive leasing agreement. I acknowledge that I have received this notice: (consumer) (date) I certify that I have provided this notice: (licensee) (date) (3) The licensee shall provide a copy of the written statement under paragraph (2) to the prospective tenant and shall retain a copy signed by the prospective tenant and the licensee for six months. If the prospective tenant refuses to sign the statement, the licensee shall note the refusal on the form and retain it for six months. (c) If an initial interview with a consumer in a situation which is not covered by subsection (b) or (e) does not occur in person, the licensee shall orally advise the consumer of the various business relationships that the licensee may have with the consumer and provide an oral disclosure to the consumer asfollows: The Real Estate Law requires that I provide you with a written consumer notice that describes the various business relationship choices that you may have with a real estate licensee. Since we are discussing real estate without you having the benefit of the consumer notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential, and any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting I will provide you with a written consumer notice which explains those business relationships and my corresponding duties to you. (d) If an oral disclosure is given as provided in subsection (c), the written disclosure form required by subsection (a) shall be provided to the consumer not later than the earlier of: (1) the first meeting that the licensee has in person with the consumer after the initial interview; or (2) the time a property is first shown to the consumer by the licensee or any person working with the licensee. (e) The following apply to time-share estates: (1) Subsection (a) shall not apply and disclosure shall be in accordance with paragraph (2) if the licensee is showing a time-share estate as defined in 68 Pa.C.S. § 3403(a) (relating to public offering statement; time-share estates). (2) In cases under paragraph (1), the licensee shall provide the consumer with a written statement indicating the capacity in which the licensee is acting. The statement shall be provided at the time of the initial interview and shall be in the following form: CONSUMER NOTICE THIS IS NOT A CONTRACT (licensee) hereby states that with respect to this property, ( describe property) , I am acting in the following capacity: (check one)(i) owner of the property; (ii) a direct employee of the owner; or ( iii) an agent of theowner pursuant to a property management or exclusive leasing or selling agreement. I acknowledge that I have received this notice: (consumer) (date) I certify that I have provided this notice: (licensee) (date) (3) The licensee shall provide a copy of the statement under paragraph (2) to the consumer and shall retain a copy signed by the consumer and the licensee for six months. If the prospective tenant refuses to sign the statement, the licensee shall note the refusal on the form and retain it for six months. (f) The disclosures required under subsections (a), (b) and (c) do not apply in commercial property sale or lease transactions unless the prospective buyer/tenant or seller/landlord is an individual."

455.608. Information to be given at initial interview

RELRA regulation which states the following: "The following apply to time-share estates: (1) Subsection (a) shall not apply and disclosure shall be in accordance with paragraph (2) if the licensee is showing a time-share estate as defined in 68 Pa.C.S. § 3403(a) (relating to public offering statement; time-share estates). (2) In cases under paragraph (1), the licensee shall provide the consumer with a written statement indicating the capacity in which the licensee is acting. The statement shall be provided at the time of the initial interview and shall be in the following form: CONSUMER NOTICE THIS IS NOT A CONTRACT (licensee) hereby states that with respect to this property, ( describe property) , I am acting in the following capacity: (check one)(i) owner of the property; (ii) a direct employee of the owner; or ( iii) an agent of the owner pursuant to a property management or exclusive leasing or selling agreement. I acknowledge that I have received this notice: (consumer) (date) I certify that I have provided this notice: (licensee) (date) (3) The licensee shall provide a copy of the statement under paragraph (2) to the consumer and shall retain a copy signed by the consumer and the licensee for six months. If the prospective tenant refuses to sign the statement, the licensee shall note the refusal on the form and retain it for six months. (f) The disclosures required under subsections (a), (b) and (c) do not apply in commercial property sale or lease transactions unless the prospective buyer/tenant or seller/landlord is an individual."

455.608.e

RELRA regulation which states the following: "An agreement between a broker and a principal, or any agreement between a broker and a consumer whereby the consumer is or may be committed to pay a fee, commission or other valuable consideration, that is required to be in writing by section 606.1, shall be signed by the consumer and shall identify the services to be provided and the fee to be paid, if any. The agreement shall also contain the following information which shall be disclosed in the manner and method the commission shall establish by regulation: (1) A statement that the broker's fee and the duration of the contract have been determined as a result of negotiations between the broker and the seller/landlord orbuyer/tenant. (2) A statement describing the nature and extent of the broker's services to be provided to the seller/landlord or buyer/tenant and the fees that will be charged. (3) A statement identifying any possibility that the broker, or any licensee employed by the broker, may provide services to more than one consumer in a single transaction and if so, an explanation of the duties that may be owed the other party and whether the broker may accept a fee for thoseservices. (4) In an agreement between a broker and seller, a statement of the broker's policies regarding cooperation with subagents and buyer agents, a disclosure that a buyer agent, even if compensated by the broker or seller will represent the interests of the buyer and a disclosure of any potential for the broker to act as a disclosed dual agent. (5) In an agreement between a broker and a buyer, a statement identifying any possibility that the broker's compensation may be based upon a percentage of the purchase price, a disclosure of the broker's policies regarding cooperation with listing brokers willing to pay buyer's brokers, a disclosure that the broker, even if compensated by the listing broker or seller, will represent the interests of the buyer and disclosure of any potential for the buyer broker to act as a disclosed dual agent. (6) A statement describing the purpose of the Real Estate Recovery Fund established under section 801 and the telephone number of the commission at which the seller can receive further information about the fund. (7) A statement regarding any possible conflicts of interest and informing the consumer of the licensee's continuing duty to timely disclose any conflicts of interest."

455.608a. Written agreement with broker

RELRA regulation which states the following: "In a sales agreement or sales contract, a broker shall disclose the following information which shall be disclosed in the manner and method the commission shall establish by regulation: (1) A statement identifying the capacity in which the broker is engaged in the transaction and whether the broker, or any licensee affiliated with the broker, has provided services relating to the subject transaction to any other party to the transaction. (2) A statement describing the purpose of the Real Estate Recovery Fund established under section 801 and the telephone number of the commission at which the parties to the transaction can receive further information about the fund. (3) A statement of the zoning classification of the property, except in cases where the property or each parcel of the property, if subdividable, is zoned solely or primarily to permit single-family dwellings. Failure to comply with this requirement shall render the sales agreement or sales contract voidable at the option of the buyer, and if voided, any deposits tendered by the buyer shall be returned to the buyer without a requirement for court action. (4) A statement that access to a public road may require issuance of a highway occupancy permit from the Department of Transportation"

455.608b. Mandatory provisions of sales contract

RELRA regulation which states the following: "(a) A comparative market analysis must contain the following statement printed conspicuously and without change on the first page: This analysis has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest. It is not to be construed as an appraisal and may not be used as such for any purpose. (b) A comparative market analysis prepared in accordance with this act shall not be deemed to be an appraisal within the scope of the act of July 10, 1990 (P.L. 404, No. 98), known as the Real Estate Appraisers Certification Act. (c) Any fees charged for a comparative market analysis shall be paid to the broker."

455.608c. Comparative market analysis disclosure

RELRA regulation which states the following: "In any sales agreement or sales contract, a cemetery broker shall be subject to the requirements of section 608.2(2) as it relates to the Real Estate Recovery Fund and the disclosure of information."

455.608d. Cemetery broker's disclosure

RELRA regulation which states the following: "(a) All deposits or other escrows accepted by a broker must be retained by the broker pending: (1) consummation of the transaction involved; (2) termination prior to consummation of the transaction involved where there is either: 30 (i) no dispute as to entitlement to the deposit or other escrows;or (ii) a prior agreement in writing or electronic form as to disposition of the deposit or other escrows in the event of a dispute regarding entitlement to the deposit or other escrows; (3) receipt by the broker of instructions in writing or electronic form, signed by all of the parties to the transaction at any time after the broker's receipt of the deposit or other escrows, directing the broker to release some or all of the deposit or other escrows; or (4) an order of a court of competent jurisdiction specifying disposition of the deposit or other escrows becoming final and not subject to appeal. (b) Deposits and other escrows must be accounted for in the full amount thereof at the time of consummation, termination or release as provided in subsection (a). If less than the full amount held pursuant to subsection (a) is released, notice must be given in writing or electronic form to all the parties to the transaction of the amounts released, the persons to whom distribution is made and the amounts that continue to be held pursuant to subsection(a). (c) Every associate broker or salesperson shall, promptly following receipt of a deposit or other escrow, pay over the funds to the broker employing the associate broker or salesperson. (d) A broker shall not commingle deposits or other escrows or property of another person with the broker's own funds or property. (e) A broker must deposit moneys and property, of whatever kind or nature, belonging to others, in a separate custodial or trust fund account maintained by the broker with a bank or recognized depository by the end of the business day following their receipt by the broker. The moneys and property must be held by the broker until they are paid or released as provided in subsection (a), at which time the broker shall account for the full amount received. Under no circumstances shall a broker permit any advance payment of funds belonging to others to be deposited in the broker's business or personal account or to be commingled with any funds the broker may have on deposit. (f) If a deposit in connection with an offer to buy or lease real estate is in the form of a check and the buyer and seller or lessee and lessor consent in writing or electronic form, the broker may hold the check and not deposit it as otherwise required by this section pending acceptance of the offer. If the offer is not accepted, the broker shall promptly return the check uncashed to the buyer or lessee. If the offer is accepted, the broker shall deposit the check into a custodial or trust fund account by the close of business on the business day following acceptance of the offer. (g) A broker must keep records of all funds deposited in a custodial or trust fund account, which records indicate clearly the date and from whom the broker received the funds, the date deposited, the dates of withdrawals and other pertinent information concerning the transaction, and must show clearly for whose account the money is deposited and to whom the money belongs. All such records and funds shall be subject to inspection by the commission, and must be available to the commission, or its representatives, immediately after proper demand or after notice in writing or electronic form given to the broker or depository. Each separate custodial or trust fund account must designate the broker as trustee, and the account must provide for withdrawal of funds without previousnotice. (h) A broker is not required to hold in escrow rents that the broker receives for property management for alessor. (i) A broker must deposit rents received into a rental management account that is separate from the broker's escrow account and general businessaccounts. (j) A broker is permitted to deposit moneys into an escrow account to cover service charges to the account assessed by the banking institution. (k) This section does not preclude the parties to a transaction from agreeing in writing or electronic form to have deposits or other escrows held by a person other than the brokers who represent the parties. This subsection shall not be construed to allow an associate broker, salesperson or qualified association to hold deposits or other escrows."

455.608e Handling of deposits and other escrows

RELRA regulation which states the following: "(a) A broker price opinion must contain the following statement displayed conspicuously and without change: This analysis has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest. It is not to be construed as an appraisal and may not be used as such for any purpose. (b) A broker price opinion prepared in accordance with this act shall: (1) Not be deemed to be an appraisal within the scope of the act of July 10, 1990 (P.L.404, No.98), known as the "Real Estate Appraisers Certification Act," or a valuation of real estate for purposes of section 8(b)(1) of the act of February 2, 2012 (P.L.30, No.4), known as the "Appraisal Management Company Registration Act." (2) Be deemed to be a comparative market analysis for the purposes of the "Appraisal Management Company Registration Act." (c) A broker price opinion must be signed manually or electronically by the person who prepared it and must contain all of the following information: (1) An identification of the intended users and intended uses of the broker price opinion, if known. (2) A brief description of the subject property and the property interest to be priced. (3) The basis for the conclusion as to the price, including applicable market data or capitalization computation. (4) Any assumption or limiting condition. (5) Any existing or contemplated interest of the licensee who prepared the broker price opinion. (6) The effective date of the broker price opinion and the date that the document is signed. (7) The real estate license number of the preparer. (d) Any fees charged for a broker price opinion shall be paid to the broker. (e) A broker price opinion may be prepared by a broker, associate broker or salesperson only for use in conjunction with: (1) a property owned by a lender after an unsuccessful sale at a foreclosure auction; (2) a modification of a first or junior mortgage or equity line of credit; (3) a short sale of a property; or (4) an evaluation or monitoring of a portfolio of properties. (f) A broker price opinion may not be used prepared by a broker, associate broker or salesperson for use: (1) as the basis to determine the value of a parcel of real property for a mortgage loan origination, including a first or junior mortgage, refinancing or equity line of credit; or (2) in connection with: (i) an eminent domain proceeding; (ii) a Federal, State or local tax appeal; (iii) a bankruptcy or insolvency proceeding; (iv) an action or proceeding involving divorce or equitable distribution of property; or (v) any other action or proceeding before a court of record.; or (vi) the distribution of a decedent's estate. (g) The provisions of this section shall not preclude the preparation of a broker price opinion to be used in conjunction with or in addition to an appraisal. (h) A registered appraisal management company may recruit, engage and negotiate fees with a broker to prepare broker price opinions and may receive orders for and submit broker price opinions to clients. (i) A broker, associate broker or salesperson may not prepare a broker price opinion, and a broker or associate broker may not sign a broker price opinion under subsection (j), unless the broker, associate broker or salesperson: (1) has satisfied the requirements prescribed by the rules of the commission to obtain education in the preparation of broker price opinions; and (2) has completed at least three hours of continuing education during the current or immediately preceding two-year license period in broker price opinion topics prescribed by the rules of the commission. (j) In addition to the requirements under subsection (i), a salesperson may not prepare a broker price opinion unless the salesperson has held an active license for the three years immediately preceding the effective date of the broker price opinion. A broker price opinion prepared by a salesperson must be signed by the broker or an associate broker designated by the broker in addition to the salesperson. (k) In order to facilitate the prompt implementation of this section, regulations promulgated by the commission shall be deemed temporary regulations which shall expire no later than three years following the effective date of this section. The commission may promulgate temporary regulations which shall not be subject to: (1) Sections 201, 202 and 203 of the act of July 31, 1968 (P.L.769, No.240), referred to as the Commonwealth Documents Law. (2) The act of June 25, 1982 (P.L.633, No.181), known as the "Regulatory Review Act." (l) The authority provided to the commission to adopt temporary regulations under subsection (k) shall expire three years from the effective date of this section. Regulations adopted after that date shall be promulgated as provided by law."

455.608f. Broker price opinion

RELRA regulation which states the following: "(a) A purchaser shall have the right to cancel the purchase of a time share or a campground membership until midnight of the fifth day following the date on which the purchaser executed the purchasecontract. (b) The right of cancellation shall be set forth conspicuously in boldface type of at least ten point in size immediately above the signature of the purchaser on the purchase contract in substantially the followingform: "You, the purchaser, may cancel this purchase at any time prior to midnight of the fifth day following the date of this transaction. If you desire to cancel, you are required to notify the seller, in writing, at (address). Such notice shall be given by certified return receipt mail or by any other bona fide means of delivery which provides you with a receipt. Such notice shall be effective upon being postmarked by the United States Postal Service or upon deposit of the notice with any bona fide means of delivery which provides you with a receipt." This clause is to be separately initialed by the purchaser. Copies of all documents which place an obligation upon a purchaser shall be given to the purchaser upon execution by the purchaser. (c) Notice of cancellation shall be given by certified return receipt mail or by any other bona fide means of delivery, provided that the purchaser obtains a receipt. A notice of cancellation given by a bona fide means of delivery shall be effective on the date postmarked or on the date of deposit of the notice with any bona fide means of delivery. (d) Within ten business days after the receipt of a notice of cancellation, all payments made under the purchase contract shall be refunded to the purchaser and an acknowledgment that the contract is void shall be sent to the purchaser. In the event of a cancellation pursuant to this section, any promotional prizes, gifts and premiums issued to the purchaser by the seller shall remain the property of the purchaser. (e) The right of cancellation shall not be waivable by any purchaser. (f) A purchaser who exercises the right of cancellation shall not be liable for any damages as a result of the exercise of that right. (g) In addition to constituting a violation of this act, a violation of this section by any individual, corporation, partnership, association or other entity shall also be deemed a violation of the act of December 17, 1968 (P.L. 1224, No. 387), known as the "Unfair Trade Practices and Consumer Protection Law." The Attorney General is authorized to enforce this section. Any actions brought by the Attorney General to enforce this section shall be in addition to any actions which the commission may bring under this act. (h) The right of the purchaser to bring an action to enforce this section shall be independent of any rights of action which this section confers on the Attorney General and the commission. (i) Nothing in this act shall affect any rights conferred upon the purchaser by 68 Pa.C.S. Pt. II Subpt. B (relating to condominiums). (j) This act shall be applicable to time shares and campground memberships which are located within this Commonwealth and to time shares and campground memberships which are located outside this Commonwealth but for which the purchase contract was executed by the purchaser within this Commonwealth."

455.609. Right to cancel purchase of time share and campground membership

RELRA regulation which states the following: (a) A purchaser shall have the right to cancel the purchase of a time share or a campground membership until midnight of the fifth day following the date on which the purchaser executed the purchase contract. (b) The right of cancellation shall be set forth conspicuously in boldface type of at least ten point in size immediately above the signature of the purchaser on the purchase contract in substantially the following form: "You, the purchaser, may cancel this purchase at any time prior to midnight of the fifth day following the date of this transaction. If you desire to cancel, you are required to notify the seller, in writing, at (address). Such notice shall be given by certified return receipt mail or by any other bona fide means of delivery which provides you with a receipt. Such notice shall be effective upon being postmarked by the United States Postal Service or upon deposit of the notice with any bona fide means of delivery which provides you with a receipt." This clause is to be separately initialed by the purchaser. Copies of all documents which place an obligation upon a purchaser shall be given to the purchaser upon execution by the purchaser. (c) Notice of cancellation shall be given by certified return receipt mail or by any other bona fide means of delivery, provided that the purchaser obtains a receipt. A notice of cancellation given by a bona fide means of delivery shall be effective on the date postmarked or on the date of deposit of the notice with any bona fide means of delivery. (d) Within ten business days after the receipt of a notice of cancellation, all payments made under the purchase contract shall be refunded to the purchaser and an acknowledgment that the contract is void shall be sent to the purchaser. In the event of a cancellation pursuant to this section, any promotional prizes, gifts and premiums issued to the purchaser by the seller shall remain the property of the purchaser. (e) The right of cancellation shall not be waivable by any purchaser. (f) A purchaser who exercises the right of cancellation shall not be liable for any damages as a result of the exercise of that right. (g) In addition to constituting a violation of this act, a violation of this section by any individual, corporation, partnership, association or other entity shall also be deemed a violation of the act of December 17, 1968 (P.L. 1224, No. 387), known as the "Unfair Trade Practices and Consumer Protection Law." The Attorney General is authorized to enforce this section. Any actions brought by the Attorney General to enforce this section shall be in addition to any actions which the commission may bring under this act. (h) The right of the purchaser to bring an action to enforce this section shall be independent of any rights of action which this section confers on the Attorney General and the commission. (i) Nothing in this act shall affect any rights conferred upon the purchaser by 68 Pa.C.S. Pt. II Subpt. B (relating to condominiums). (j) This act shall be applicable to time shares and campground memberships which are located within this Commonwealth and to time shares and campground memberships which are located outside this Commonwealth but for which the purchase contract was executed by the purchaser within this Commonwealth."

455.609. Right to cancel purchase of time share and campground membership

RELRA regulation which states the following: "(a) The said hearings may be held by the commission or any members thereof, or by any of its duly authorized representatives, or by any other person duly authorized by the commission for such purpose in any particular case. (b) The commission may adopt the findings in the report or may, with or without additional testimony, either return the matter to the representative for such further consideration as the commission deems necessary or make additional or other findings of fact on the basis of all the legally probative evidence of the record and enter its conclusions of law and order in accordance with the requirements for the issuance of an adjudication under Title 2 of the Pennsylvania Consolidated Statutes (relating to administrative law and procedure). (c) Proceedings before the commission shall be conducted in accordance with Title 1, Part 2 of the Pennsylvania Code."

455.701. Hearings held by commission

RELRA regulation which states the following: "(a) No violation of any of the provisions of this act on the part of any salesperson, associate broker, or other employee of any licensed broker, shall be grounds for the revocation or suspension of the license of the employer of such salesperson, associate broker, or employee, unless it shall appear upon the hearings held, that such employer had actual knowledge of such violation. (b) No violation of any of the provisions of this act on the part of any cemetery broker or cemetery salesperson or other employee of any registered cemetery company, shall be grounds for the revocation or suspension of the registration certificate of the cemetery company, unless it shall appear that such cemetery company had actual knowledge of such violation. 34 (c) A course of dealing shown to have been followed by such employee shall constitute prima facie evidence of such knowledge upon the part of his employer. (d) No violation of any of the provisions of this act on the part of any campground membership salesperson or time-share salesperson shall be grounds for the revocation or suspension of the license of the broker responsible for supervising such salesperson unless it shall appear upon the hearings held that such broker had actual knowledge of such violation. A course of dealing shown to have been followed by such salesperson shall constitute prima facie evidence of such knowledge upon the part of such broker."

455.702. Imputed knowledge, limitations

An advertisement by a licensee for the solicitation, sale or offering for sale of real estate that employs lotteries or contests, or that offers prizes, certificates, gifts, or free lots shall contain all of the following, except? - Limitation on the number of prizes, certificates, gifts or lots offered - A guarantee that playing means you will win something - The prerequisites for receiving each prize, certificate, gift or lot offered - A description of each prize, certificate, gift or lot offered

A guarantee that playing means you will win something

An exclusive listing agreement may not contain...? - The sales price - A listing period exceeding 1 year - A clause that allows the parties to renew the agreement - Details about the agent's commission that may be earned

A listing period exceeding 1 year

Agreements between Broker and Principal, or between Broker and Consumer, if the consumer is required to pay a fee and the agreement is required to be in writing, require all of the following statements, except? - A statement identifying any possibility that the broker, or employee of the broker, may provide services to more than one consumer in a single transaction - A statement explaining any history of complaints filed against the Broker - A statement describing the purpose of the Real Estate Recovery Fund - A statement regarding any possible conflicts of interest and the duty to continue to disclose any

A statement explaining any history of complaints filed against the Broker

When is the mortgage recorded? - When the mortgage is late and the lender files to foreclose. - After all documents are signed at the closing and the title company transfers the title. - When the home's debt is paid in full. - After the trustee completes the paperwork.

After all documents are signed at the closing and the title company transfers the title.

What does RELRA specify in Section 455.608(a): Agreements between Broker and Principal OR between Broker and Consumer if the consumer is required to pay a fee and the agreement is required to be in writing.

Agreements must: Be signed by the consumer. Identify services to be provided. State the fee to be paid. Include a statement that the Broker's fee and length of contract are the result of negotiations between broker and the seller/landlord or buyer/tenant. Include a statement identifying any possibility that the broker, or employee of the broker, may provide services to more than one consumer in a single transaction and if so, an explanation of the duties that may be owed the other party and whether the broker may accept a fee for those services. Include a statement of the broker's policies regarding cooperation with subagents and buyer agents, a disclosure that a buyer agent, even if compensated by the broker or seller will represent the interests of the buyer and a disclosure of any potential for the broker to act as a disclosed dual agent. Include a statement identifying any possibility that the broker's compensation may be based upon a percentage of the purchase price, a disclosure of the broker's policies regarding cooperation with listing brokers willing to pay buyer's brokers, a disclosure that the broker, even if compensated by the listing broker or seller, will represent the interests of the buyer and disclosure of any potential for the buyer broker to act as a disclosed dual agent. A statement describing the purpose of the Real Estate Recovery Fund. A statement regarding any possible confl icts of interest and the duty to continue to disclose any. Payments of money to a Broker must be held in escrow until the sale is consummated."

After a disciplinary hearing, a report must be submitted to the Commission after which time the Commission may do any of the following, except? - Enter its conclusions of law and order - Request additional testimony - Arrest the licensee - Adopt the findings in the report

Arrest the licensee

Defined by RELRA as a broker who is employed by another broker

Associate Broker

Defined by RELRA as any person who, for another and for a fee, commission or other valuable consideration: - Negotiates with or aids any person in locating or obtaining for purchase, lease or an acquisition of interest in any real estate; - Negotiates the listing, sale, purchase, exchange, lease, time share and similarly designated interests, financing or option for any real estate; - Manages any real estate - Represents himself to be a real estate consultant, counselor, agent, or finder; - Undertakes to promote the sale, exchange, purchase, or rental of real estate: Provided, however, that this provision shall not include any person whose main business is that of advertising, promotion, or public relations - Undertakes to perform a comparative market analysis; or - Attempts to perform any of the above acts

Broker

Each office must be under the supervision of a manager who is either a ............or .............. Associate Broker, Salesperson Lawyer, Accountant Salesperson, Lawyer Broker, Associate Broker

Broker, Associate Broker

Defined by RELRA as any person who is a full-time employee of a builder- owner of single and multifamily dwellings located within the Commonwealth and as such employee shall be authorized and empowered to list for sale, sell or offer for sale, or to negotiate the sale or exchange of real estate, or to lease or rent, or offer to lease, rent or place for rent, any real estate owned by his builder-owner employer, or collect or offer, or attempt to collect, rent for the use of real estate owned by his builder-owner employer, for and on behalf of such builder-owner employer.

Builder-Owner Salesperson

Defined by RELRA as a person who either as an employee or an independent contractor sells or offers to sell campground memberships. Such person shall sell campground memberships under the active supervision of a broker. A person licensed as a broker, as a salesperson or as a time-share salesperson shall not be required to be licensed as a campground membership salesperson as a condition for selling or offering to sell campground memberships.

Campground Membership Salesperson

Defined by RELRA as any person engaging in or carrying on the business or acting in the capacity of a broker within this Commonwealth exclusively within the limited field or branch of business which applies to cemetery lots, plots and mausoleum spaces or openings.

Cemetery Broker

Defined by RELRA as any person employed by a broker or cemetery broker to perform duties as defined herein under "cemetery broker."

Cemetery Salesperson

A broker shall not ............deposits or other escrows or property of another person with the broker's own funds or property. - Spend - Withdraw - Commingle - Count

Commingle

A legal jargon used by RELRA for right of ownership in material things, or in something tangible, such as a building.

Corporeal

Defined by RELRA as an estate, or ownership interest, that has an indefinite duration but that lasts at least as long as the lifetime of the present title holder. For example, the home you own is likely held as a fee simple absolute estate, a type of freehold estate that is owned indefinitely and can be passed down to heirs

Freehold

What is RELRA's policy for reciprocal, out of state active licenses?

If you hold an active license from another state, the Commonwealth of Pennsylvania may issue you a Pennsylvania license if you submit the following to the Commission: - Certified copy of license or statement indicating the license is active sent directly from the licensing body in the state in which you hold a license. - Statement sent to the Commission from the licensing body indicating whether you have even been disciplined and, if so, the outcome. - A verified statement from you that: You are not the subject of discipline or being investigated for misconduct or violation of a criminal law in Pennsylvania or another jurisdiction; You have read RELRA and agree to be bound by the rules and regulations found therein; You agree to permit disclosure of any disciplinary record from any other jurisdiction to the Commission; Payment of the appropriate fee; Agreement to service of process

A legal jargon used by RELRA referring to the rights to property having no physical existence, or in something intangible, such as a mortgage.

Incorporeal

If a real estate office is in a private residence, the following must apply? - The electric bill must be paid separately - It must have a separate entrance - Only the property owner may work there - It must be in the garage

It must have a separate entrance

Which of the following is NOT a requirement for an escrow account? - Must be maintained in a Federally- or State-insured bank or recognized depository - Must designate the broker as trustee - Must be used exclusively for escrow purposes - Must be at the same bank as your operating account

Must be at the same bank as your operating account

Defined by RELRA as representation of property interests with a limited or specific duration. A tenancy for years is an example of a non-freehold estate. The tenant has an interest in the property; however, the interest is not absolute and is for a limited duration.

Non-Freehold

All of the following are reasons your license could be suspended or revoked, except? - Obtaining by false representation or a fraudulent act or conduct - Making any substantial misrepresentation - Using misleading or untruthful advertising - Not selling enough real estate

Not selling enough real estate

An exclusive listing agreement must contain all of the following, except? - Sale or lease price - The commission, fees, or other compensation expected on the sale or lease price - Open house schedule - Duration of the agreement

Open house schedule

As specified by RELRA Section 202, is responsible for administering and enforcing the rules specified by the act in addition to supervising the activities of all licensees in the state of Pennsylvania. Also takes disciplinary action and has the authority to impose fines, suspend or revoke licenses, and deny initial applications for licensees. Consists of the following members, appointed by the Governor for five year terms: - Commissioner of Professional and Occupational Affairs - Director of the Bureau of Consumer Protection, or his designee - Three members who shall be persons representing the public at large - Five other persons, each of whom shall at the time of his appointment be a licensed and qualified real estate broker under the existing law of this Commonwealth, and shall have been engaged in the real estate business in this Commonwealth for a period of not less than ten years immediately prior to his appointment. - One other person who shall have been licensed as a real estate broker, or cemetery broker, for a period of at least five years and shall have been engaged in selling cemetery lots for at least ten years immediately prior to his appointment. Meets on a regular basis as needed; however, they are also required to conduct at least one public meeting each year in Pittsburgh, one public meeting each year in Philadelphia and one public meeting each year in Harrisburg.

Pennsylvania State Real Estate Commission

What is a federally backed loan program? - Fannie Mae and Freddie Mac lenders - Loans given by any bank to a home borrower including conventional loans - Programs like FHA and VA loans, which help borrowers avoid default and help them get into low-interest loans. - A loan given to those with very good credit with very low interest rates

Programs like FHA and VA loans, which help borrowers avoid default and help them get into low-interest loans.

The Real Estate Licensing and Registration Act (RELRA) defines this term as the following: "Any interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, whether the land is situated in Pennsylvania or elsewhere including leasehold interests and time-share and similarly designated interests. A sale of a mobile home shall be deemed to be a transfer of an interest in real estate if accompanied by the assignment of the lease or sale of the land on which the mobile home is situated."

Real Estate

The name of the act that governs much of the practice of real estate in Pennsylvania is the...? - Real Estate Licensing and Registration Act - Real Estate Rules Act - Real Estate Brokers and Salesperson Act - Real Estate Practice Act

Real Estate Licensing and Registration Act

Enforces applicable laws and licensing requirements for real estate agents and brokers in the Commonwealth of Pennsylvania. Enacted in 198- to help protect buyers, sellers, tenants, and landlords from dishonest real estate brokers and salespersons. Requires that all covered transactions include very specific information in the contract which reduces the likelihood of conflicts or disagreements down the road. As an agent, complying with these terms is important because failing to do so puts your commission at risk and potentially subjects you to costly litigation.

Real Estate Licensing and Registration Act [RELRA]

Defined by RELRA as any person who owns or manages a business which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units. The term "rental listing referral agent" shall not include any employee or official of any public housing authority created pursuant to State or Federal law.

Rental Listing Referral Agent

A person who owns or manages a business, which collects rental information for the purpose of referring prospective tenants to rental units or locations of such units, is known as a...? - Broker - Timeshare salesperson - Campground membership salesperson - Rental listing referral agent

Rental listing referral agent

Defined by RELRA as any person employed by a licensed real estate broker to perform comparative market analyses or to list for sale, sell or off er for sale, to buy or off er to buy or to negotiate the purchase or sale or exchange of real estate or to negotiate a loan on real estate or to lease or rent or off er to lease, rent or place for rent any real estate or collect or offer or attempt to collect rent for the use of real estate for or in behalf of such real estate broker. No person employed by a broker to perform duties other than those activities as defined herein under "broker" shall be required to be licensed as a salesperson.

Salesperson

All of the following are examples of violations of the "Pennsylvania Human Relations Act" that could lead to imposition of a fine and/or the suspension or revocation of your license, except? - Selling or renting a house to a minority - Accepting listings on the understanding that illegal discrimination in the sale or rental of housing is to be practiced - Giving false information for purposes of discrimination in the rental or sale of housing - Making distinctions in locations of housing or dates of availability of housing for purposes of discrimination in the rental or sale of such housing

Selling or renting a house to a minority

The Real Estate Licensing and Regulation Act (RELRA) gives the ............the authority to enforce RELRA. - Attorney General - Law enforcement officer - State Real Estate Commission - Broker

State Real Estate Commission

If a sales agreement is conditioned upon the ability of the buyer to obtain a mortgage, it shall contain all of the following, except? - The maximum interest rate of the mortgage - The deadline for the buyer to obtain the mortgage - The amount of down payment - The type of mortgage

The amount of down payment

If a prospective purchaser must attend a time-share sales presentation as a condition of the offering for the sale of real property, the required disclosures for the offering shall include all the following, except? - For the disclosure regarding the scheduled sales presentation, appear in boldface type - Be provided in writing or electronically, not orally - Be stated in a clear, coherent and conspicuous manner - The complete legal description

The complete legal description

A broker must keep records of all funds deposited in a custodial or trust fund account, which records indicate clearly all the following, except? - The date the account was opened - The date the broker received the funds - The date deposited - From whom the Broker received the funds

The date the account was opened

What is RELRA's requirements for change of employment?

The license you are issued by the Commission is only valid while you are working at the business listed on the application. If you wish to change employers, you must do the following: - Notify the Commission no later than 10 days after the change of employment - Pay the required fee - Surrender your current license - Keep a copy of your notice to the Commission which acts as your temporary license until you receive a new one from the Commission.

A sales contract or agreement must contain all of the following, except? - The name of the lender being used by the buyer - The names of the buyer and seller - The sale price - A description of the property and the interest to be conveyed

The name of the lender being used by the buyer

A broker must deposit money and property belonging to others, in a separate custodial or trust fund account by the end of ............following their receipt by the broker. - The third business day - The month - The first week - The next business day

The next business day

In addition to the penalties the Commission may impose under the authority found in Section 455.604 of RELRA, an additional civil penalty of up to $1,000 may also be ordered pursuant to the authority found in Section 455.305. That section allows the additional penalty to be imposed by a vote of any of the following, except? The majority of the duly qualified and confirmed membership The majority of the duly qualified and confirmed membership The majority of the maximum number of the authorized membership of the Commission as provided by law The three oldest members of the Commission

The three oldest members of the Commission

Defined by RELRA as a person who either as an employee or independent contractor sells or offers to sell time shares. Such person shall sell time shares under the active supervision of a broker. A person licensed as a broker or as a salesperson shall not be required to be licensed as a time-share salesperson as a condition for selling or offering to sell time shares.

Time-Share Salesperson

Most violations of RELRA can be classified as ............ or ............. - Criminal offenses, civil infractions - Unlicensed activity, violations of the rules and regulations of RELRA - Felonies, misdemeanors - Mistakes, intentional acts

Unlicensed activity, violations of the rules and regulations of RELRA

What is RELRA's requirement for Duty to Report Criminal Offenses?

When you apply for your initial real estate license you will be asked about your criminal history, or lack thereof. Admitting that you have a conviction does not necessarily preclude you from qualifying for a license. Assuming you are issued a license, your duty to report convictions continues for the duration of the time you hold your license. Specifi cally, a licensee shall notify the Commission of being convicted of, or pleading guilty or nolo contendere to, a felony or misdemeanor, within 30 days of the verdict or plea. In addition, you must notify the Commission of disciplinary action taken against you by the real estate licensing authority of another jurisdiction within 30 days of receiving notice of the disciplinary action.

The Commission meets as needed; however, it is also required to conduct at least one public meeting a year in all of the following places, except? Philadelphia York Harrisburg Pittsburgh

York

A claim was filed against you with the Real Estate Recovery Fund and a settlement was reached with the victim. As a result, all of the following may happen, except? - A petition is filed with a court to enter a judgment against you for the amount of the claim paid on your behalf - You are banned from ever being licensed again - You must repay the funds, plus interest, before your license can be reinstated - Your license is suspended on the date the claim is paid

You are banned from ever being licensed again

If you change your fixed place of business, all of the following are true, except? - You must retake the licensing exam. - You must apply to the Commission prior to the move, or within ten days after the move, for a new license that reflects the new address. - You will be required to pay a fee. - The Commission will issue a new license showing the new address as long as the new location meets the requirements of RELRA.

You must retake the licensing exam.

Escrow involves the deposit of ............, with a third party to be held until the completion of a specified event or until specific conditions have been met. At that time, the ............. is released to a designated party. Which answer is correct? - a check - a title - money - funds, a deed, or other legal instrument

funds, a deed, or other legal instrument

As a licensee, you will often be asked to perform a comparative market analysis (CMA) for a prospective seller. When you perform a CMA, you are required to include the following statement on the first page of the report: "This analysis ............been performed in accordance with the Uniform Standards of Professional Appraisal Practice which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest. It ............to be construed as an appraisal and ............be used as such for any purpose." What words belong in the blanks? - has not, is not, may not - has, is, may - could have, is not, must - might have, is, might

has not, is not, may not

A broker's escrow duty ............be waived or altered by an agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers who may be involved in the transaction. - may - may not - under certain circumstances may - should

may not