A PA broker discovers that escrow account records show a $500 shortage due to a bank fee that was incorrectly charged to the escrow account. What should the broker do?
Correct Answer
A) Immediately deposit personal or operating funds to cover the shortage and correct the bank error
The broker must ensure the escrow account balance is correct at all times. If a bank fee incorrectly caused a shortage, the broker should immediately deposit funds to cover the deficit and then work with the bank to resolve the error and recover the incorrectly charged fee.
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A Pennsylvania salesperson was issued an initial license fewer than six months before the end of the current biennial renewal cycle. Under Pennsylvania State Real Estate Commission rules, what continuing education is required for that first renewal?
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A PA licensee receives notification from the SREC that they did not complete sufficient CE for their last renewal. What is the typical consequence?