A PA broker of record is also a licensed appraiser. Under RELA, can the broker appraise a property that their brokerage is listing for sale?
Correct Answer
A) This creates a conflict of interest that should be disclosed and may be prohibited depending on lending requirements
While PA does not specifically prohibit a broker from appraising a listed property, this creates a significant conflict of interest. Lending regulations and USPAP standards generally prohibit an appraiser who has a financial interest in the transaction from performing the appraisal.
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More Pa Licensing Requirements Ce Questions
A salesperson in PA completes their CE online but cannot locate the completion certificate when it's time to renew. What should the salesperson do?
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- → The SREC publishes a consent agreement with a licensee who committed RELA violations. What is a consent agreement?
- → In Pennsylvania, what is the National portion of the real estate salesperson exam?
- → 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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