Under RELA, what happens if a Pennsylvania broker fails to maintain an escrow account as required?
Correct Answer
A) The SREC may take disciplinary action against the broker, including civil penalties and license suspension or revocation
Under RELA (63 P.S. §455.501, §455.604), failing to maintain an escrow account is a serious violation. The SREC may impose disciplinary sanctions including civil penalties up to $10,000 per violation, license suspension, or revocation.
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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?
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- → Under RELA, a Pennsylvania salesperson must operate under the supervision of which type of licensee?
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- → Under RELA, how long must a Pennsylvania brokerage retain transaction records?
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Previous Question
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?
Next Question
A Pennsylvania broker receives a wire transfer of earnest money from an out-of-state buyer. The funds arrive directly into the broker's escrow account at 4:00 PM on Tuesday. Which statement best describes the broker's obligations under RELA?