Real Estate Agent Exam Questions For Pennsylvania State

Give legal effect to agreements bargained for electronically, as long as they meet all other provisions of contract law. {Ans: Electronic Transaction Act enacted in January 2000}Real Estate Recovery Fund {Ans: The license of the person involved in a claim is automatically suspended as of the date a payment is made from the fund. The license cannot be reinstated until the licensee repays the amount of the claim plus interest at 10 percent per year. The Commission can also take action in an attempt to recover monies paid out of the fund.}Prohibits unfair practices in the conduct of commerce, also provides remedies for tenants of residential property. {Ans: Pennsylvania Consumer Protection Law}The Commission is also required to hold _________ to solicit suggestions, comments, and objections about real estate practices from members of the public. These meetings are held each year in Philadelphia, Harrisburg, and Pittsburgh {Ans: public meetings}Must be given to prospects at least 15 days before a sales contract is signed. Must detail 22 caterogies of info. i.e, bylaws, R&R, projected budgets, leins or encumbrences on the bldg, etc. If a purchaser is not provided the statement within the prescribed timeframe they may cancel the