Brokerage Management, Offices, and Escrow (Broker Only)
Broker-management topics appear only on the Pennsylvania broker exam and cover running a compliant office, handling escrow, and supervising licensees. This chapter also addresses special property forms a broker may encounter.
Office Requirements and Inspections
A Pennsylvania broker must maintain a fixed office that meets RELRA and Commission requirements, and the office and records may be subject to inspection. Maintaining a compliant place of business is a broker-only responsibility that distinguishes the broker from a salesperson working under the firm.
Escrow Accounts and Supervision
A broker must deposit client money such as deposits and earnest money into a separate escrow account and must not commingle those funds with the broker's own money. The broker is also responsible for reasonably supervising affiliated salespersons and the firm's compliance with RELRA, including advertising and disclosures, and can be disciplined for failing to supervise.
Time-Shares, Planned Communities, and Condominiums
Pennsylvania has specific requirements for time-shares, planned communities, and condominiums, including disclosure and, for some, registration obligations. A broker handling these interests must understand the applicable rules, which go beyond ordinary single-family sales.