Under RELA, a Pennsylvania broker is required to maintain specific records related to the escrow account. Which of the following would NOT be required as part of proper escrow record-keeping?
Correct Answer
B) A journal of all wire transfer confirmations received from the broker's affiliated title company for non-escrow transactions
Under RELA (63 P.S. §455.604) and SREC regulations, brokers must maintain escrow records that document the receipt, holding, and disbursement of client funds held in trust. Wire transfer confirmations from an affiliated title company for transactions that are not part of the broker's own escrow account are not among the required escrow records. The broker's record-keeping obligation is limited to funds the broker directly receives and holds in trust — not third-party financial activity conducted by separate entities.
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More Pa Rela Brokerage Rules Questions
Under RELA, a Pennsylvania brokerage must ensure that all licensees affiliated with the brokerage have completed what requirement before practicing real estate?
Under RELA, a Pennsylvania broker of record has a duty to ensure that all affiliated licensees maintain current and active licenses. If the broker discovers that a salesperson's license has expired, what must the broker do?
Under RELA, a Pennsylvania brokerage receives a written complaint from a consumer about one of its salespersons. The broker of record must take what immediate action?
Under RELA, where must a Pennsylvania brokerage display its current real estate license?
Under RELA, a Pennsylvania brokerage employs both salespersons and associate brokers. What is the key difference between a salesperson and an associate broker under RELA?
- → Under RELA, when a Pennsylvania salesperson places their license with a new brokerage, the salesperson is said to be operating under the authority of which individual?
- → Under RELA, a Pennsylvania salesperson, Jake, earns a commission from a closed transaction. How should the commission be paid?
- → Under RELA, a Pennsylvania broker of record must maintain written office policies. Which of the following topics should these policies address?
- → Under RELA, a Pennsylvania broker of record, Sarah, is retiring and wants to close her brokerage. What steps must Sarah take regarding her affiliated salespersons?
- → Under RELA, when a Pennsylvania salesperson terminates their affiliation with a brokerage, what happens to the salesperson's license?
- → Under RELA, a Pennsylvania broker of record, Steve, wants to change the brokerage's physical office location. What must Steve do under RELA?
- → Under RELA, a Pennsylvania salesperson must operate under the supervision of which type of licensee?
- → Under RELA, a Pennsylvania brokerage is required to maintain a physical office location. Which of the following is a requirement for the brokerage office?
- → Under RELA, a Pennsylvania salesperson, Monica, wants to transfer from Brokerage A to Brokerage B. What is required for the transfer to be valid under RELA?
- → Under RELA, how long must a Pennsylvania brokerage retain transaction records?
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Previous Question
During a routine reconciliation, a Pennsylvania broker discovers that the escrow account balance is less than the total of all client deposits currently being held. Under RELA, which of the following best describes the broker's obligation?
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Under RELA, a Pennsylvania broker operates a main office and two branch offices. Which statement correctly describes the escrow account requirements for these offices?