A Pennsylvania real estate transaction falls through and the broker is holding earnest money in escrow. The buyer and seller have each signed a written agreement directing the broker to return the funds to the buyer. Under RELA, which action is the broker required to take?
Correct Answer
A) Disburse the earnest money to the buyer in accordance with the signed written agreement
Under RELA, a broker holding disputed or unclaimed escrow funds must disburse them in accordance with a written agreement signed by all parties. When both the buyer and seller have provided written direction, the broker is required to follow that instruction promptly and has no authority to delay or redirect the funds.
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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
A SREC investigator requests transaction records from a Pennsylvania broker for an escrow account audit. Under RELA, what is the minimum period for which the broker is required to retain those records?
Next Question
Under RELA, a Pennsylvania broker is closing his brokerage and currently holds $25,000 in escrow funds across three pending transactions. Which of the following correctly describes his obligations regarding those funds?