Real Estate Unit 5 & 6 Quizzes

Unit 5: To be approved as a real estate education provider, the individual or company must post a surety bond to the Commonwealth for?

$10,000

Unit 5: If an applicant has filed a Statement of Record under the Promotional Land Sales rule and it is rejected by the Commission upon review, how long does the applicant have to request a hearing before the Commission?

20 Days

Unit 5: If an application under the Promotional Land Sales rule is rejected by the Commission, the applicant has _______ after such notice to request a hearing before the Commission.

20 Days

Unit 6: All brokers must maintain records that are part of a transaction, such as disclosure summaries, listing agreements, offers etc. These records should be maintained for ________________ after the consummation or termination of a transaction.

3 years

Unit 5: When a salesperson wishes to change employment, the new broker sends a receipt of acknowledgement to the Commission. While awaiting the new license, the salesperson/licensee keeps a copy of this notification as a temporary license. The licensee must inform the Commission if the new license is not received within?

30 Days

Unit 6: The rental list prepared by the rental listing referral agent for prospective tenants must be verified by the agent no more than ___________ prior to the date the agent collects a fee from the prospective tenant.

4 days

Unit 5: Bill is looking at an offering of real estate classes. Which of the following will probably be approved by the Commission for continuing education?

A course explaining income taxation as it applies to real estate

Unit 5: Continuing education is required for license renewal for which of the following licensees?

A salesperson

Unit 6: Connie wants to lease a two bedroom condo with a waterfront view. She can afford $1000 a month, and she wants to be on the third floor. She also wants a garage for her car and a basement storage unit. The rental listing referral agent meets all requirements if she gives Connie a list that includes properties with

A waterfront view, third floor, two bedroom condo, $1000 or less a month, a basement storage area, on a list verified no more than 4 days earlier.

Unit 5: The legislature gives the Commission the right to grant continuing education waivers. What group may automatically be given a waiver of continuing education by the Commission?

Any licensees deemed by the Commission to be hardship cases

Unit 6: The Disclosure Summary notice should be given to a purchaser/tenant by a salesperson

At the initial interview.

Unit 6: The purpose of the disclosure notice called the Disclosure Summary is to advise the ______________ that the broker (or salesperson) is not representing the consumer in the transaction.

Consumer

Unit 6: A licensee working on behalf of an owner must provide tenants seeking to lease residential or commercial real estate with a?

Disclosure Summary

Unit 5: Jim is the sole broker-owner of Super Real Estate Company. He is severely injured in a major car wreck and lies in a coma at the hospital. He has several listings, some closings and some salespeople who work for him. What will happen now?

His attorney must notify the Commission within 15 days of the accident and alert the Commission that a new interim broker has been appointed.

Unit 6: A buyer's loan is not approved and the loan company notifies Jim, the broker. Neither Jim nor the loan company tells the buyer or the seller that the loan has been denied. Jim would like to find another way to finance the home. What should Jim do?

Inform both the buyer and seller of the problem in a professional and good faith manner

Unit 6: Joe, a buyer, is wary of real estate agents. He is given a copy of the disclosure summary at the appropriate time. He refuses to sign anything at this time. What should the broker do?

Make a notation of Joe's reluctance on the disclosure summary and keep a copy

Unit 6: A licensee who provides financial services, title services, and insurance, construction, repair or inspection services

May not require a consumer to use any of these services.

Unit 5: Jane teaches a one-hour continuing education course approved by the Commission. She teaches the course ten times in two weeks and she applies for a continuing education waiver for 10 hours, leaving only four for her to receive in another course. Is this an appropriate solution?

No. The credit of continuing education can only be applied once for each course taught.

Unit 6: Written documents covered under the Statute of Frauds include all of the following, except

Open listings

Unit 6: Under Pennsylvania law all agreements between a broker and a principal or between a broker and a consumer where that person is committed to paying a fee must be in writing. The basis of this law is called the?

Statute of Frauds.

Unit 6: A salesperson is showing a home and the buyer asks, " I heard termites are a problem here. Is this home free from termites?" What should the salesperson do?

Tell the buyer that a termite inspection by a qualified professional is a good idea

Unit 5: In advertising its classes, the real estate education provider may say which of the following in regard to the Commission?

The Commission approved the provider.

Unit 5: Ryan was stationed in Iraq with the US Army during the license renewal period and was unable to complete his continuing education. He submitted a waiver of continuing education by March 31 of the renewal year. Which of the following is the most likely outcome?

The Commission will provide a waiver of continuing education due to hardship.

Unit 6: Customers visiting a time-share office are given the disclosure summary and sign the form. They are shown units, but do not buy anything at the time. How long must the broker maintain their disclosure summary?

The acknowledgement portion of the time-share notice must be kept for 6 months.

Unit 5: Land promotion sales companies who advertise out-of-state land to Pennsylvania residents must be registered with the Commission?

Yearly

Unit 6: A broker or salesperson who is selling his own real estate must disclose his licensed status to a prospective buyer _________ the buyer enters into an agreement of sale.

before

Unit 5: It is the responsibility of the broker to directly supervise all licensees who work for him. In the case of a corporation, partnership or association, it is the _____________________who is accountable for the actions of the employees.

broker of record

Unit 5: It is possible for renewing licensees to take CE real estate instruction delivered in an independent or instructor-led format during which the student and the instruction are separated by distance and sometimes time. This option is known as?

distance education

Unit 6: A broker who has had his license suspended must return his license to the Commission and?

post a notice provided by the Commission to be displayed prominently on or near the front of every office or branch office of the broker.

Unit 5: Registration under the Pennsylvania Promotional Land Sales rule is unnecessary if the promotional land project is subject to?

the Federal Interstate Land Sales Full Disclosure Act.

Unit 6: If the initial interview with a consumer does not occur in person, a licensee must provide the consumer with a written disclosure no later than the earlier of the first meeting in person or?

when the licensee first shows a property to the consumer.

Unit 6: A broker who manages rental property may not accept a commission rebate or profit on expenditures made for the lessor?

without the lessor's written consent.