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Pennsylvania Real Estate Commission PA Salesperson State Sample Questions:
1. A listing agreement must contain all of the following EXCEPT:
A) A description of the services to be provided.
B) The broker's license number.
C) The broker's compensation.
D) The duration of the listing.
2. Which of the following conditions MUST be met before a licensee participates in the sale of real property in which the licensee has an ownership interest?
A) The licensee must provide written disclosure of the ownership interest to all parties.
B) The Pennsylvania Real Estate Commission must be notified of the transaction.
C) The listing agreement must identify the licensee's name and status as a licensee.
D) The percentage of the licensee's ownership interest must be stated on the sales contract.
3. When representing a seller, which of the following is a TRUE statement regarding the duties a licensee owes to the principal?
A) A licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker.
B) A licensee is not obligated to disclose the existence of another offer during negotiations on a purchase contract.
C) A licensee is required to keep confidential the price the seller would accept if lower than the list price.
D) A licensee's obligation of confidentiality ends at the conclusion of the listing contract.
4. A real estate ad in a newspaper placed by a salesperson MUST include the:
A) Legal description of the property.
B) Municipality in which the property is located.
C) Name of the principal.
D) Employing broker's name and phone number.
5. Interest earned on an escrow account is:
A) Equally divided between the buyer and seller.
B) Equally divided between the listing and selling brokers.
C) Payable subject to an agreement between the parties.
D) Payable to the broker holding the deposit.
Solutions:
Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: C |