Pennsylvania Real Estate Salesperson Exam — All Questions
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Under Pennsylvania's Real Estate Licensing and Registration Act (RELRA), earnest money deposits a salesperson receives in a transaction must be:
- a.Deposited into the salesperson's personal account
- b.Held in cash by the salesperson until closing
- c.Kept by the buyer's attorney
- d.Turned over to the employing broker for deposit in the broker's escrow account✓
In Pennsylvania a salesperson must promptly deliver any deposit to the employing broker, who holds it in a separate escrow or trust account. Salespersons may not hold or commingle client funds. This safeguards consumer money until the transaction closes or the funds are properly disbursed.
Under Pennsylvania law and 49 Pa. Code, how long must a broker generally retain complete records of real estate transactions?
- a.1 year
- b.3 years✓
- c.6 months
- d.10 years
Pennsylvania's Rules and Regulations require a broker to keep records of each transaction for at least three years following consummation or termination. These records must be available for inspection by the Commission. Proper recordkeeping is a core compliance duty of the broker.
In Pennsylvania, a licensed salesperson may lawfully receive compensation for a real estate transaction from:
- a.Only the broker with whom the salesperson is affiliated✓
- b.The buyer directly
- c.The seller directly
- d.Any party to the transaction
Under RELRA a salesperson may accept a commission or fee only from the employing broker, never directly from a buyer, seller, or other party. All compensation flows through the broker who holds the salesperson's license. Accepting money directly from a consumer is a violation.