A licensed salesperson receives a buyer's $1,500 earnest money check on Monday morning. By Friday of the same week, the salesperson has not delivered the check to the broker. Under RELA, which statement best describes the salesperson's obligation regarding client funds?
Correct Answer
B) The salesperson must deliver client funds to the broker by the next business day following receipt
Under RELA (63 P.S. §455.604), a salesperson must promptly deliver all client funds to the broker, who is responsible for depositing them into the escrow account by the next business day. Holding a check for five days without delivering it to the broker violates this prompt delivery requirement.
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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 lease agreement specifies that a tenant's security deposit held in escrow will earn interest for the tenant's benefit. Under RELA and the Pennsylvania Landlord and Tenant Act, how must the broker handle that interest?
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A broker holds $50,000 in escrow on behalf of multiple clients. A creditor obtains a judgment against the broker's brokerage for unpaid business debts. Under RELA and trust law principles, what is the creditor's ability to access the escrow funds?