Under RELA, how long must a Pennsylvania brokerage retain transaction records?
Correct Answer
C) Three years from the conclusion of the transaction
Under RELA (63 P.S. §455.604), brokerages must retain all transaction records for a minimum of three years from the conclusion of the transaction. This includes listing agreements, purchase contracts, correspondence, and escrow records.
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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, a Pennsylvania brokerage changes its name from 'Smith Realty' to 'Smith & Associates Real Estate.' What must the brokerage do under RELA?
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Under RELA, a Pennsylvania broker of record, Richard, wants to hire an unlicensed assistant to help with administrative tasks at the brokerage. Which of the following tasks may the unlicensed assistant perform?
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Under RELA, a Pennsylvania salesperson, Beth, is terminated by her brokerage after a dispute over commission splits. Beth has an active listing with a seller client. What happens to Beth's listing after termination?