A Pennsylvania broker is found to have failed to maintain proper escrow account records as required by RELA. Which of the following consequences may the broker face?
Correct Answer
B) Disciplinary action by the SREC, which may include civil penalties, suspension, or revocation of the broker's license
Under RELA (63 P.S. §455.501 and §455.604), failure to maintain proper escrow account records constitutes a violation subject to SREC disciplinary action. The Commission has authority to impose civil penalties of up to $10,000 per violation, and may suspend or revoke the broker's license depending on the severity and pattern of the misconduct.
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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?
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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?
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- → Under RELA, how long must a Pennsylvania brokerage retain transaction records?
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A Pennsylvania broker receives a property management fee from a landlord client for services the brokerage has already rendered. Under RELA, where must this fee be deposited?
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Under RELA, a Pennsylvania salesperson receives a $2,000 earnest money check from a buyer at a property showing. Can the salesperson deposit the check directly into the escrow account?