Under RELA, a Pennsylvania broker handles various types of funds in the course of real estate activities. All of the following must be deposited into the broker's escrow account EXCEPT:
Correct Answer
B) The broker's commission earned from a completed transaction
The broker's earned commission is the broker's own money and must be deposited into the brokerage operating account, not the escrow account. Depositing earned commissions into the escrow account would constitute commingling.
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More Pa Rela Brokerage Rules Questions
Under RELA, what is the primary purpose of requiring Pennsylvania brokers to maintain escrow accounts?
Under RELA, a Pennsylvania broker of record has several statutory responsibilities regarding brokerage operations. All of the following are broker of record responsibilities EXCEPT:
Under RELA, a Pennsylvania salesperson, Rita, is offered a $2,000 gift card by a home inspector for referring clients to the inspector's business. May Rita accept this gift under RELA?
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?
A Pennsylvania broker is opening a new bank account to hold client funds. Under RELA, which of the following account titles would satisfy the statutory requirement for proper escrow account identification?
- → 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?
- → Under RELA, a Pennsylvania salesperson, Beth, is terminated by her brokerage after a dispute over commission splits. Beth has an active listing with a seller client. What happens to Beth's listing after termination?
- → Under RELA, a Pennsylvania salesperson, Eric, receives a $3,000 earnest money check from a buyer during a weekend showing. Eric's broker is on vacation and unreachable. What should Eric do with the check?
- → 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, 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, where must a Pennsylvania brokerage display its current real estate license?
- → 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, when a Pennsylvania salesperson terminates their affiliation with a brokerage, what happens to the salesperson's license?
- → 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, a Pennsylvania salesperson, Monica, wants to transfer from Brokerage A to Brokerage B. What is required for the transfer to be valid under RELA?
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Previous Question
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?
Next Question
Under RELA, a Pennsylvania broker, Sandra, receives competing written demands for the same $8,000 earnest money deposit from both the buyer and the seller after a transaction falls apart. Sandra is uncertain which party is entitled to the funds. After 30 days with no resolution, what is Sandra's best course of action?