Under RELA, a Pennsylvania broker, Victor, manages 50 rental units and holds approximately $75,000 in security deposits in his escrow account. Under the Pennsylvania Landlord and Tenant Act, after how many years of a tenancy must a landlord (or the managing broker) place the security deposit in an interest-bearing escrow account?
Correct Answer
A) After two years of the tenancy
Under the Pennsylvania Landlord and Tenant Act (68 P.S. §250.511a), after the first two years of a tenancy, the landlord must place the security deposit in an interest-bearing escrow account at a federally or state-insured financial institution. The tenant is entitled to receive annual interest minus a 1% administrative fee.
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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?
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Previous Question
A Pennsylvania broker has not reconciled her escrow account for four months. No client complaints have been filed and no funds appear to be missing. Under RELA and SREC regulations, which of the following is correct?
Next Question
During a routine SREC audit of a Pennsylvania broker's escrow account, the auditor finds that client ledgers are accurate, all funds are fully accounted for, and monthly reconciliations are current. The broker deposited one client's earnest money one business day after receipt rather than the same day. Which of the following best describes the audit outcome?