Under RELA, a Pennsylvania broker, Ray, dies unexpectedly while holding $45,000 in escrow funds across multiple transactions. What happens to the escrow funds and the brokerage?
Correct Answer
B) The SREC may appoint a temporary broker or take steps to ensure the proper disposition of escrow funds and the orderly winding down of the brokerage
Under RELA, when a broker of record dies, the SREC may take steps to ensure the proper disposition of escrow funds and the orderly wind-down or transfer of the brokerage. This may include appointing a temporary broker to handle pending transactions and escrow matters.
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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 buyer asks a Pennsylvania broker to hold a $10,000 earnest money check uncashed until the seller responds to the offer. The purchase agreement is silent on this point. Under RELA, what must the broker do?
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Under RELA, a Pennsylvania broker, Sheila, is asked by a seller client to hold a post-dated earnest money check from the buyer. The check is dated two weeks in the future. How should Sheila handle this situation?