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Latest Pennsylvania Real Estate Commission RePA_Sales_S Braindumps | Latest RePA_Sales_S Exam Objectives
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Latest RePA_Sales_S Exam Objectives - RePA_Sales_S Exam Guide
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Pennsylvania Real Estate Commission PA Salesperson State Exam Sample Questions (Q11-Q16):
NEW QUESTION # 11
Which of the following conditions MUST be met before a licensee participates in the sale of real property in which the licensee has an ownership interest?
- A. The Pennsylvania Real Estate Commission must be notified of the transaction.
- B. The percentage of the licensee's ownership interest must be stated on the sales contract.
- C. The licensee must provide written disclosure of the ownership interest to all parties.
- D. The listing agreement must identify the licensee's name and status as a licensee.
Answer: C
Explanation:
Under49 Pa. Code ยง 35.283 (Disclosure of Interest),a real estate licensee must disclose in writing if they have a direct or indirect ownership interest in a property they are selling or purchasing.
* This disclosure ensures transparency and prevents conflicts of interest.
* Failure to disclose ownership interest could be considered fraudulent and result in disciplinary action by the Pennsylvania Real Estate Commission.
Why the other answers are incorrect:
* Option A (Commission Notification Required):TheCommission does not need to be notifiedunless a violation occurs.
* Option B (Listing Agreement Disclosure):Disclosure isnot required in the listing agreementbut must be made to all parties.
* Option D (Percentage of Ownership on Contract):The specificpercentage of ownership is not required to be on the contract; general disclosure is sufficient.
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NEW QUESTION # 12
A salesperson who operates as an independent contractor for a broker is seldom in the office. Earnest money deposits received by this salesperson:
- A. Should be returned to the buyer to transmit to the broker.
- B. May be held by the salesperson for 3 business days.
- C. Should be transmitted promptly after receipt to the broker.
- D. May be kept temporarily in an escrow account opened by the salesperson.
Answer: C
Explanation:
Under49 Pa. Code ยง 35.324 (Handling of Deposits and Escrow Money), all earnest money deposits must be promptly transmitted to the employing broker for deposit into an escrow account.
* A salesperson cannot hold earnest money or maintain an escrow account on their own.
* Brokers are responsible for ensuring that all escrow funds are properly handled and protected from commingling.
Why the other answers are incorrect:
* Option A (Salesperson Holding Escrow Funds):Salespersons are prohibited from maintaining independent escrow accounts.
* Option C (Holding Funds for 3 Days):Earnest money must be turned over to the broker as soon as possible; salespersons cannot hold it for any period.
* Option D (Returning to Buyer for Transmission):Earnest money must go directly to the broker, not back to the buyer.
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NEW QUESTION # 13
A "For Sale by Owner" property owner has offered a flat fee to any licensee who procures a buyer. The owner's terms specify that 50% of the fee is payable upon contract acceptance, with the other 50% payable upon transfer of title. A CORRECT statement about this arrangement is that it is:
- A. in violation of license law since compensation for real estate sales can come only from listed properties.
- B. acceptable if the fee does not exceed the prevailing commission rate.
- C. acceptable if the fee is paid to the employing broker.
- D. in violation of license law since all compensation must be paid at closing.
Answer: C
Explanation:
Under49 Pa. Code ยง 35.283 (Compensation and Commission),a salesperson can only receive payment through their employing broker. This means thatif the flat fee is paid to the broker (not directly to the salesperson), then the arrangement is legal.
* Commission does not have to be paid at closing; payment terms can be negotiated, including split payments.
* For Sale by Owner (FSBO) properties are not required to be listed with a brokerage, so compensation can still be earned if a licensee brings a buyer.
Why the other answers are incorrect:
* Option B (Commission Rate Limitations):There areno "prevailing" commission ratessince commissions are always negotiable.
* Option C (Compensation Must Be at Closing):Commission can bestructured differently(e.g., partial upfront payment).
* Option D (Only Listed Properties Qualify for Commission):Agents can earn commission on FSBOsas long as the broker is involved.
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NEW QUESTION # 14
Which of the following is a REQUIRED general duty of a licensee?
- A. Accept liability and responsibility for acts of the consumer.
- B. Conduct an independent inspection of the property.
- C. Independently verify the accuracy of any representation on a property condition disclosure statement.
- D. Provide assistance with document preparation.
Answer: C
Explanation:
Under68 Pa. C.S. ยงยง 7301-7314 (Real Estate Seller Disclosure Law),a licensee has a duty to ensure that the property condition disclosure statement is complete and accurate as provided by the seller.
* While the licensee does not conduct a formal property inspection, they must not ignore material defects that are apparent or known to them.
* If a licensee knows of an issue that contradicts the seller's disclosure, they must disclose this to the buyer to prevent misrepresentation.
* This protects consumers from fraudulent or misleading property conditions.
Why the other answers are incorrect:
* Option A (Independent Inspection):A licensee is not a home inspectorand is not required to perform a physical inspection.
* Option C (Accept Consumer Liability):A licenseeis not responsible for actions taken by a buyer or seller.
* Option D (Document Preparation Assistance):A licenseecan help explain documents but cannot prepare legal contracts without an attorney.
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NEW QUESTION # 15
A listing agreement must contain all of the following EXCEPT:
- A. The broker's license number.
- B. The duration of the listing.
- C. The broker's compensation.
- D. A description of the services to be provided.
Answer: A
Explanation:
Under49 Pa. Code ยง 35.332 (Exclusive Listing Agreements), all listing agreements must specify the services provided, the duration of the agreement, and the compensation of the broker. However, there is no requirement to include the broker's license number.
* A listing agreement must clearly state the terms under which the broker will perform services and how they will be compensated.
* The duration of the agreement must also be specified to prevent misunderstandings.
Why the other answers are incorrect:
* Option A (Description of Services):This is a required component of the listing agreement.
* Option B (Duration of Listing):A listing agreement must have a start and end date.
* Option D (Broker's Compensation):Compensation must be clearly stated in the listing agreement.
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NEW QUESTION # 16
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