Under RELA, a Pennsylvania broker of record must maintain written office policies. Which of the following topics should these policies address?
Correct Answer
A) Procedures for handling earnest money deposits, advertising compliance, fair housing practices, and supervision of licensees
Under RELA (63 P.S. §455.604), written office policies must address substantive operational matters including escrow fund handling, advertising compliance, fair housing practices, and supervisory procedures. These policies establish the framework for RELA compliance.
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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, 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?
- → 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, Phil, operates a brokerage and also personally acts as a real estate salesperson, listing and selling properties. Phil simultaneously serves as the supervisor of 12 other salespersons. If one of Phil's own transactions results in a client complaint while Phil was also neglecting to review the activities of his salespersons, what is the SREC's likely approach?
Next Question
Under RELA, a Pennsylvania brokerage operates an internet-based real estate business, conducting most client interactions online and via video calls. The brokerage's website prominently displays property listings. What advertising compliance requirements apply to the website under RELA?