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1. What is the MINIMUM number of hours of continuing education which a real estate licensee MUST complete within the license renewal period?

10

12

14

16

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2. The Real Estate Commission is empowered to take action against a licensee who is found to have engaged in any of the following activities EXCEPT:

Making any substantial misrepresentation.

Failing to furnish a copy of a listing contract to an owner after taking a listing.

Failing to include the salesperson’s name in all advertising.

Failing to provide information requested by the Pennsylvania Real Estate Commission in response to a complaint about the licensee engaging in prohibited acts.

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3. According to the Pennsylvania Landlord-Tenant Act, a tenant must be notified of the final disposition of their security deposit within what time period following the end of the lease?

Within 5 days

Within 30 days

Within 60 days

Immediately upon completion of the landlord's final inspection of the premises

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4. Can a licensed real estate broker prepare an appraisal for a new loan on property that the broker has listed for sale?

Yes, if the appraisal is identified as a comparative market analysis.

Yes, if the appraisal is done before an offer to purchase is accepted by the seller.

Yes, with proper disclosure to the lender about the broker’s qualifications.

No, real property appraisals are not within the scope of practice for a real estate broker.

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5. According to the Real Estate Commission, which of the following is REQUIRED to hold a real estate license in Pennsylvania?

An attorney who holds himself out as a provider of brokerage services

A home builder selling his brand new houses

A bank selling its foreclosed properties

An individual selling five unimproved lots that she owns

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6. The Commission, after obtaining the facts of a verified complaint against a licensee, holding a hearing, and finding that licensee guilty, may:

Levy a fine of $2,000 - $5,000 if this is the licensee’s first offense.

Suspend or revoke a license and/or levy a fine of $1,000 or less.

Make the licensee take up to 20 hours of ethics training.

Imprison a licensee for no more than 90 days.

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7. A "For Sale by Owner" property owner has offered a flat fee to any licensee who procures a buyer. The owner's terms specify that 50% of the fee is payable upon contract acceptance, with the other 50% payable upon transfer of title.

A CORRECT statement about this arrangement is that it is:

acceptable if the fee is paid to the employing broker.

acceptable if the fee does not exceed the prevailing commission rate.

in violation of license law since all compensation must be paid at closing.

in violation of license law since compensation for real estate sales can come only from listed properties.

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8. In order to work as a property manager for compensation, an individual must:

Complete a certification for property management.

Pass a separate examination in principles of property management.

Complete at least one course in property management every two years.

Hold a real estate license and, if not a broker, be supervised by a broker.

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9. A person is employed by a real estate owner to manage a multifamily residential property.

Which of the following activities is the person permitted to perform without a real estate license?

Provide information on rental amounts and building rules and regulations.

Enter into leases on behalf of the owner.

Negotiate terms and conditions of occupancy.

Hold money belonging to tenants other than on behalf of the owner.

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10. An exclusive listing MUST be in writing and it MUST:

contain a provision allowing the owner to cancel all exclusive features within 24 hours' notice

contain provisions regarding acceptable financing arrangements

be signed by the cooperating broker

specify the duration of the listing

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11. A salesperson owns a residence and wishes to sell it without listing it. Under Pennsylvania license law, the salesperson MUST:

list the property with their firm

disclose in all advertising that the owner of the property is a real estate licensee

offer a sales commission or fee to cooperating brokers

have an active license

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12. Licensing law in the Commonwealth of Pennsylvania requires that a real estate salesperson be supervised by a licensed real estate broker or a broker-assigned:

Team leader.

Salesperson.

Associate broker.

Transaction coordinator.

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13. Which of the following is a REQUIRED general duty of a licensee?

Conduct an independent inspection of the property.

Independently verify the accuracy of any representation on a property condition disclosure statement.

Accept liability and responsibility for acts of the consumer.

Provide assistance with document preparation.

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14. A real estate ad in a newspaper placed by a salesperson MUST include the:

Municipality in which the property is located.

Legal description of the property.

Employing broker’s name and phone number.

Name of the principal.

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15. A real estate licensee may be disciplined by the Pennsylvania Real Estate Commission for which of the following reasons?

Inability to obtain automobile liability insurance

Habitual intoxication or drug addiction

Nonpayment of Federal income taxes

Any felony conviction

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