Under RELA, a Pennsylvania salesperson, Tim, is negotiating a real estate transaction in which he personally wants to purchase the property. What disclosure requirement does RELA impose on Tim?
Correct Answer
A) Tim must disclose his status as a licensed real estate professional to the seller before making an offer
Under RELA, when a licensee is a principal party in a transaction (buyer, seller, landlord, or tenant), the licensee must disclose their licensed status to all parties. This disclosure allows other parties to understand that they are dealing with a real estate professional who may have superior market knowledge.
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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, how long must a Pennsylvania brokerage retain transaction records?
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Previous Question
Under RELA, a Pennsylvania broker of record, Nancy, learns that one of her salespersons has been engaging in net listing practices — telling sellers he will sell their property and keep any amount above a minimum price as his commission. What is Nancy's RELA obligation?
Next Question
Under RELA, a Pennsylvania broker of record, Victoria, wants to establish a cooperative compensation arrangement with another brokerage for a listing. The cooperating brokerage would bring a buyer and receive a portion of the commission. What must Victoria ensure under RELA?