Name: Homework 3

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Instructions:  

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Question 1   Multiple Answer (1.0000 points)
  Question: Which of the following events require you to notify the Pennsylvania Real Estate Commission within 10 days?
(Check all that apply)

 
    change of address
change of office location
change of employing broker
escrow account dispute between seller and buyer
listing or selling of the licensee's personal real property
 

 
Question 2   Multiple Answer (1.0000 points)
  Question: Which of the following information is required to be disclosed in Pennsylvania on a listing agreement or other documents at the time the listing is taken?
(Check all that apply)

 
    Real Estate Recovery Fund information
licensee's agency relationship with the seller
commission and duration is negotiable
the presence of an automatic renewal clause in an exclusive-right-to-sell listing
the commission rate
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: At least how long must you keep PA listing agreements after they have expired?
(Check all that apply)

 
    you may discard them immediately
1 year
2 years
3 years
7 years
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: A licensed Pennsylvania real estate broker's place of business does not have to:
 
    be the same as that appearing on his or her license.
be located in a commercial building.
constitute at least one room used for the transaction of real estate.
display licenses.
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: A licensee must renew his or her license:
I. every other year
II. on or before May 1.

 
    I only
II only
both I and II
neither I nor II