Under RELA, a Pennsylvania broker, Deborah, manages a portfolio of 20 rental properties. She collects rent from tenants on behalf of property owners. Deborah wants to simplify her accounting by depositing all rents into a single escrow account. Is this permissible under RELA?
Correct Answer
D) Yes, provided Deborah maintains detailed individual ledgers that clearly identify each property owner's funds within the account
Under RELA (63 P.S. §455.604), a broker may use a single escrow account for multiple clients, including multiple rental property owners, provided that accurate individual ledgers are maintained to identify each owner's funds. The key requirement is proper accounting and record-keeping.
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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
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?
Next Question
A Pennsylvania broker changes financial institutions and opens a new escrow account. Under RELA, which statement best describes the broker's obligations regarding the transition?