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?
Correct Answer
D) Sarah must notify all affiliated salespersons of the closure, give them time to transfer to another brokerage, and notify the SREC of the closure
Under RELA, when closing a brokerage, the broker of record must notify all affiliated licensees so they can transfer their licenses to new brokerages. The SREC must also be notified of the closure. The broker must handle all pending transactions and escrow funds properly.
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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, 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?
- → 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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Previous Question
Under RELA, a Pennsylvania broker of record, Howard, operates a brokerage that participates in a franchise (e.g., Century 21, RE/MAX). Howard's franchise agreement requires certain advertising standards. If the franchise advertising standards conflict with RELA advertising requirements, which takes precedence?
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Under RELA, a Pennsylvania salesperson, Rita, is offered a $2,000 gift card by a home inspector for referring clients to the inspector's business. May Rita accept this gift under RELA?