Under RELA, a broker in Pennsylvania must maintain a separate escrow account for client funds. Which of the following is an acceptable type of financial institution for the escrow account?
Correct Answer
B) A federally insured depository institution such as a bank or savings association in PA
Under RELA, escrow funds must be deposited in a separate account at a federally insured depository institution, such as a bank, savings association, or credit union located in Pennsylvania. The account must be specifically designated as an escrow or trust account.
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- → How many hours of pre-license education must a candidate complete to qualify for a Pennsylvania real estate salesperson license?
- → Karen is a PA-licensed salesperson who has been inactive for several years. She wants to reactivate her license. Under SREC rules, what must Karen do?
- → A real estate company in Pennsylvania operates as a corporation. Under RELA, what special licensing requirements apply to a corporate real estate entity?
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- → A PA licensee wants to voluntarily surrender their license. Under SREC rules, what happens when a license is voluntarily surrendered?
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