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Homework 3

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  1. In Pennsylvania, which of the following are required to open your own real estate office in your home?
    (Check all that apply)
    a.  must have sign
    b.  must have separate entrance
    c.  must prominently display Fair Housing Notice
    d.  must have license for office
    e.  must prominently display licenses in the office near the office entrance.
  2. At least how long must you keep PA  listing agreements after they have expired?
    (Check all that apply)
    a.  you may discard them immediately
    b.  1 year
    c.  2 years
    d.  3 years
    e.  7 years
  3. Which of the following events require you to notify the Pennsylvania Real Estate Commission within 10 days?
    (Check all that apply)
    a.  change of address
    b.  change of office location
    c.  change of employing broker
    d.  escrow account dispute between seller and buyer
    e.  listing or selling of the licensee's personal real property
  4. 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)
    a.  Real Estate Recovery Fund information
    b.  licensee's agency relationship with the seller
    c.  commission and duration is negotiable
    d.  the presence of an automatic renewal clause in an exclusive-right-to-sell listing
    e.  the commission rate
  5. Which of the following information is required to be disclosed in Pennsylvania on a sales agreement or other documents at the time the listing is taken?
    (Check all that apply)
    a.  Real Estate Recovery Fund information
    b.  licensee's agency relationship with the seller and buyer
    c.  zoning of commercial property
    d.  sales price
    e.  dates for execution


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