Chapter 12- Study Guide

What is the main purpose of real estate license laws?

• To regulate the real estate market

• To protect consumers and ensure professional standards

• To increase government revenue

• To promote real estate investment

What legislation was enacted on February 19, 1980, to oversee the licensing of real estate professionals in Pennsylvania?

• Real Estate Licensing and Registration Act

• Pennsylvania Real Estate Code

• Property Management Act

• Real Estate Oversight Act

What does the State Real Estate Commission not have the authority to do?

• Issue real estate licenses

• Enforce real estate laws

• Set commission rates for real estate agents

• Conduct investigations into complaints

The Rules and Regulations of the State Real Estate Commission are used for:

• Ensuring fair housing practices

• Regulating real estate transactions

• Licensing real estate professionals

• All of the above

The commissioners of the State Real Estate Commission are appointed by whom?

• The Governor

• The State Legislature

• The Chief Justice

• The Secretary of State

How many members are there in the State Real Estate Commission?

• 5

• 7

• 9

• 11

Individuals must have what before engaging in any activity for which a license is required?

• A permit

• A license

• An application

• A certificate

What is the maximum fine that the Commission can levy for violations?

• $10,000

• $50,000

• $100,000

• $500,000

What are some common violations listed under prohibited acts in section 604 of the RELRA?

• Misrepresentation, false promises, and failure to account for funds

• Proper disclosure of property defects

• Timely submission of all required documents

• Accurate representation of property boundaries

What is prohibited in terms of making representations in real estate?

• Misleading or deceptive conduct

• Accurate and truthful advertising

• Providing full disclosure

• Offering competitive pricing