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, 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 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?