Pa Real Estate Exam Study Guide

The Real Estate Recovery Fund is funded by {Ans: fees paid by licensees at initial licensure and at renewal}Your license can stay inactive status for hour many years until you will need to retake the exam? {Ans: 5 years}Who is responsible to present the offer? {Ans: listing agent has the fiduciary relationship w the owner. Also sellers cannot accept offer over the phone, but can reject. If presented over phone, agent should email the offer}A licensee must give notice of his/her ownership interest in a real estate transaction _ {Ans: at the outset of the transaction}For a rental listing referral agent company to receive referral money: {Ans: must have rental listing referral license. NOT affiliated with a broker. need to take 60 hours of class + pass exam}an ad by a broker about the number of offices they operate: {Ans: shall refer to only the ones that have been issued branch office licenses by the commission}A licensee who does not have an agency relationship with either party is known as a {Ans: transaction licensee}You must submit a sworn statement by the broker with whom you will be affilliated certifying that the broker will