Under RELA, a Pennsylvania broker maintains escrow records including a journal and individual client ledgers. During an SREC audit, the auditor requests to see these records. Must the broker make the records available?
Correct Answer
C) Yes, the broker must make all escrow records available to the SREC upon request, as the SREC has audit authority under RELA
Under RELA (63 P.S. §455.604), the SREC has the authority to audit and inspect broker escrow accounts and records. Brokers must make all escrow records available to the SREC upon request as part of the Commission's regulatory oversight.
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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, when a Pennsylvania salesperson places their license with a new brokerage, the salesperson is said to be operating under the authority of which individual?
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Previous Question
During a monthly reconciliation, a Pennsylvania broker discovers that her escrow account balance exceeds the total of all client ledger balances by $2,000. Under RELA, what is the broker's required course of action?
Next Question
Under RELA, a Pennsylvania broker, Peter, holds a buyer's $20,000 earnest money deposit in escrow. Before closing, the buyer's attorney sends a letter demanding that the earnest money be released directly to the buyer because the seller allegedly breached the contract. The seller's attorney sends a conflicting letter demanding the deposit be released to the seller as liquidated damages. Peter has received no court order. What is Peter's MOST legally sound course of action?