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?
Correct Answer
A) Disclose the post-dated nature of the check to all parties and hold it securely until the date on the check, then deposit it by the next business day after the check date
Under RELA, a post-dated check cannot be deposited before its date. The broker should disclose the post-dated nature of the earnest money to all parties, hold the check securely, and deposit it into the escrow account by the next business day after the check date arrives.
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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?
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- → 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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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?
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Under RELA, what happens if a Pennsylvania broker fails to maintain an escrow account as required?