Under the PA Real Estate Recovery Fund, what happens to a licensee's license if a claim is paid from the fund on behalf of that licensee?
Correct Answer
A) The licensee's license is automatically suspended until the fund is repaid in full
Under the PA Real Estate Recovery Fund provisions, when a claim is paid on behalf of a licensee, the licensee's license is automatically suspended until the licensee repays the full amount paid from the fund, plus interest.
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Previous Question
A licensee in Pennsylvania has their license suspended by the SREC for 1 year due to a RELA violation. During the suspension period, the licensee continues to conduct real estate activities through an unlicensed associate. What additional consequences may the licensee face?
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A salesperson in Pennsylvania wants to know how experience requirements for a broker license work. Under RELA, how many years of experience as a licensed salesperson are typically required before applying for a broker license?